The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-02-23
COMMERCIAL AND FINANCIAL.

UUMMIAO1A1 ANO A4NANO4AIA
FIEANCIAL gATCERS IN NEW
YORK.
III ON Horny Clews d; Co.'S February Circular.
THE MONEY MARKET.
A large amount of funds has to be re-
turned from the West and the South
before the banks can hold the position
of ease usual at this period OF the year.
The present conditions OF exchanges at
the leading commercial centres does
not indicate the probability OF any I'M
mediate flow OF currency to this city;
and there seems to be reason for antlc-
ipating that little will be sent here be-
Youd what may be necessary for the
settlement of balances. Early in April,
money is wanted by the banks OF the
nearby States for the annual settle-
ments made at that period. And should
navigation open earlier than usual,
which from the character of the wealth
er appears quito probable, the West
will require money earlier than Ordl-
narily for forwarding it's products to
the markets. 1t thus appears very
doubtful whether the interior banks
will consider that there is sufficient in
ducementto send money here on deposit
for the short period that will intervene
before they require it for local use. 1t
NAV, therefore, very possibly prove
that the legal tender line of the banks
will continue to rule unusually low.
The retention OF money by the country
banks, from the causes here indicated,
will, however, have this compensation
there will be so mach less drain upon
the New York banks in the Spring and
early Summer. For these reasons II
would seem probable that, for the next
few weeks, we may witness an active
demand for money at the legal rate OF
l. hAo 70 lrnE
this city an unusually large amount OF
currency in payment for its cotton; and,
as u considerable quantity remains to
be marketed at high prices, 1t IS
not impossible that even further
amounts may have to be re-
mitted. But, at the same time, the
merchants of that section are free
buyers of merchandise in our markets,
for which payment is made largely in
cash. 1t appears reasonably certain
that Congress will SO far modify the law
relative to the statements OF the nation
al banks as to ObvtRte the derange-
ments in the money market growing
out OF Drpparations for the quarterly
returns which removes one source OF
apprehension that the beginning OF
April will be attended with stringency.
AT the present moment, the loan mar
ket shows considerable activity, bro
kers having had in some instances to
pAy seven per cent. in gold; this turn
in the market, however, appears to be
due partly to speculative manipulation
designed ito promote fall in stocks,
governments and gold.
THE PUBLIC FUNDS.
Various causes have combined to pro-
duCe firmness in United States Securi-
ties not generally anticipated. In the
finance committees OF both Houses OF
Congress the proposal to declare the
1F
paVble in coin has been received with
unexpected favor; and it is now gener-
ally conceded that party considerations
alone would prevent resolution TO
that effect being adopted. Congress
also shows disinclination to attempt
anv detinitive settlement of the form of
the public debt until after the resu mp
ton OfSpecie payments, which is prac.
ticallY 81 step toward the payment OF
the bonds in gold or its equivalent
There appears to be little doubt that
bill will be adopted closing up all out
standing AUTHORIZATIONS Tor the issue OF
bonds, except those designed to aid the
completion OF the Pacific Railroad. The
strong opposition in Congress 10
every form OF unnecessary expenditure
and to- subsidies to corporations and
purchases of foreign territory, and the
emphatic declarations of the President
elect in favor of economy and the pay
by the public as contributing very di-
rectly toward an improvement OF the
credit of the Government. a similar
feeling has prevailed abroad, with the
result of an advance of two and one
half to three per cent. in the London
and Frankfort markets. Probably,
Sl7, 500 600 to $40, 900, 600 of bonds have
been exported within the last three
weeks; which has mainly contributed
to the advance OF 212a3 per cent. upon
the quotations given in our last advlces.
A suspicion prevails in some quarters
that the unprecedented advance in
bonds abroad is more or less connected
with operations for promoting a rise in
the New York market; however this
NAV be, the tenor of foreign letters
leaves no doubt that higher prices
abroad are anticipated upon the 1nau-
puration of the new administration.
Present quotations are unusually high;
and 1t remains for time to prove wheth.
er the advanced scale will prove per-
mauent.
THE STOCK MARKET.
| The Stock Market presents some
peculiar elements OF uncertainty. The
late advance in prices appears to have
been due to the purchase OF large
amounts of stock in furtherance OF
plans for the formation OF through
ombination of roads, connecting New
York with the principal western cities
and the Pacific Railroad. AS the COM
pletion of these schemes would involve
| the permanent control OF several lead
ing western Companies by eastern
capitalists, and would institute a
| powerful competition with the trans
portation interests and the trade OK
Pennsylvania, strong opposition to
the scheme has been raised In the legiS-
lasures ofthe States likely to be adverse
! ly effected: and, in this way, obstacles
have occurred which not only hold in
| present abeyance the prosecution OF the
plans, but suggest grave doubts wheth-
ar the policy, as q whole, may not fail.
It is very generally supposed that sew
eral millions of corporate capital is
employed in the prosecution of this
scheme, enabling the promoters to
carry very large amounts of certain
stocks; and hence the possibility of the
failure of the plan excites no small de-
gree OF uneasiness and an indisposition
to carry stocks. In the event, however,
of the consummation of the through
route arrangements, it is quite proba.
| bic that stocks might assume an extra
ordinary activity and hrmness, as the
opening Of the Pacific Railroad would
be the beginning of a new era in rail-
road progress, calculated to attract in
vestors and spectators to this class
| of securities; but in the meantime lower
prices appear probable.
| -~S-
Buffalo.
FEBRUARY 22.-This being holiday,
=