The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-02-25
Commercial and Financial.
Government Bonds and Gold.
,pu Cls,s, q CO.. Monthly Circular.

NofcIuHleut buuuS unu AOlus
EspW C2eaSS tE Cos Monthly Circular.
Thu market for United States Bonds
exhibits stubborn dullneSs, contrary to u
somewhat general anticipation. In IL
former circular, we expressed the opinion
that the largo purchases Of Fivc-TwGnticS
by the Government were rIlnnuturally slim
ulating prices, and thnt, IN the event Of
those operations hGinE reduced In amount,
the market wOnld bGleSs buoyAnt ltnUw
proves thHt the diminished purchases Of
january and February have been attend
cd with a heayincss III prices; In spite Of
an ease In the money market calculated
10 induce large Investments in this class
ni securities. The fact Of gold having
ruled at Il lOwCrpricG than was generally
anticipated, and llIG feeling, IN some quar-.
ters, that It might Eill further decline has
had considerable influence in checking
purchases by the banks and Otllcr financial
Institutions ASllslINl whcii prices show
II drooping tendency, investors hnve post
pOnCd purchases; and stock has c0nSe-
qucnty been steadily, though perhaps in
no very large amounts, acrumulatlng on
tic hands Of dealers. Until within the
Inst few tlays, tic condition Of the Euro
pcan markets has not been such rs TO en-
courage Il firm feeling at home Al.
though, prices abroad have been steady,
yet there llas liccn " no demand
to relieve the acCunlMlGtions on
this market; on. the contrary, Within
tho Inst two weeks, some moderate
amounts Of bonds have been returned;
this tightening Of the stocks Of European
dealers has resulted, this week, in MI adj
vance Of ! per cent on the London mar
kct AT the present comparatively high
prices Of Fivc.Twcntics, foreign investors
show n preference for the gold bonds Of
our railroads, considerable amounts Of
which liIve been recently negotiated ut
Frankfort and London. Tho competition
Of this class Of securities, especially in the
German markets, must be regarded OS
quito an important element in tic future
regulation Of the prices Of Government
bonds Many Of tile new railroad bonds
afford q basis Of security calculated to
command entire confidence, and run from
so to 80 years, while they can be bought
at Is to 20 per cent below Five Juveniles,
and yield from too per cent upon the
Investment; iacts which sufficiently OK
plain the weight Of their competition with
Governments.
n, The funding bill introduced in the Sen
ate has Ind little influence upon either the
home or foreign markets, mainly owing
to the uncertainty whether tlie House will
accept the substantial features Of the
measure. Should 1t, however, prove TINT
tho Secretary Of the Treasury is author
lied to negotiate 4b to5 per cent gold
bond, free of taxation, Five.TwentiGS
would, In I'LL probability, approximate
closely To par In gold; such Is the conf
dcncc felt In tho feasibility Of negotiating
u loan at that rate. The future course Of
tho market must depend largely upon the
extent OF the Government purchases Of
Fiye-Twcnties. Should tho Secretary
of the Treasury feel mt liberty
to extend his purchases 10 about
tie scale Of the closing month Of
last year, prices could scarcely fall to
advance, from the scarcity Of stock; but,
from the tenor Of our adviccs from WASH
ington, we deem It doubtful whether Con-
lcoS o,,,so "ou'T X ' onn"ars ~ ~ ~ tS roIicv ~
~ CUIS TO,H,,,,,tcS ~ Wv ~ ~ and SfeSnS ~
~ Hnv ;n,n,o5|ste moas,,roS % INV
S,niin" SnJ n am ati T iSIirccsIv II cnI,nrc. I NO.
ing the public credit by reducing the
tio 'S ;,arnni ~ ,oros % "bo, ''SSIyS 'SsG mn 0SS Mn
MI, NY .oS;a,. ,,,onI ,oat % ,r;,,, GUWSi ,%O TonorOi
1ona, nmo U "I NV Ins;no"s e ~ co,nr,,nitv 1
SIU o1t%o''mI, ~ ro,,id "occ"o;1o,o ] " mntcr|oi
tn "aI"tEra or "u ,i.o Troos,,r,, n n,rch"Sos ~ nf
SorlI. teIuS''''I '" '"U '' 'N
OU.n'S' I.,,, I,,, p-,,,,,,,,, ,,.
rhe course OF Tue 1olu i,Lemiun ,,n.,I. nus
varied lroin tnS genera, anGll'."n; ,1o, ~
was expected that the diminished es sales o.; S
the Treasury and modeIate eSl,ort o. o.
specie would combine toprso,duce ,, a steady S',s!
advance. One cause tending 70 deielt
this expectation ms Deell Tue AeaVy ex;
ports Of cotton. From January Ssh 10
February lstI, we sllipp1ed nom ali ports
ga, 800 bales, against l05OOO nales' lor Tie
same period Of lust year, TIC exports iay: