The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-08-30
! Commercial and Financial.
Money, Bonds, Gold and stocks.
From Rsary casus d Coz Monthly Circular.
~ NEwYoRK, August 20, 1870.

From Rsnry clsws d Coz Afonthly Circular.
q NEW YORK, August 2s, 1870
The Money Market shows the harden.
ing tendency usual at this season Of the
wear, The western banks arc steadily
drawing out their balances from the New
York banks, in preparation for the moving
of the grain crops; and the result has
been that the legal tender line has fallen
TO $50 100000, against $53, ,000, 600 on
August 21st, 1860. The export OF specie
has reduced the specie line 10 sec, 200, 600,
asainst $21 100000 at tho same date Of
1860; willie the deposits arc $500, 600
higher tlan- then, and tho loans stand
$l3,O00,00O higher. i will thus be seen
that the condition 'of the banks Is less
favorable than year ago. Il Is, however,
to ID kept ii mind that the Treasury now
holds a very large currency balance
S15 900, 900 more than year ago--which
the Secretary, according TO bis expressed
purpose, indends to employ. for the reliet
Of tho money market, ifnced requires, by
liberal purchases Of bonds Its also to be
kept In mind, that preparations are being
made for the issue Of new currency, under
the law of last Congress authorizing an
addition of $4,000, 900 TO the circulation.
Although tho amount Of 8 per cent Certid-
Gates retired will nearly equal the new is
sues Of bank notes, yet q virtual increase
Of the circulation will arise from the fact
that, in establishing new banks in the
South and, Southwest, large amounts OF
grCenbacks now absolutely boarded will
be brought into active circulation, and
that after the banks have commenced
operations they will draw into their depo-
sits o considerable amount Of currency
thus at present held entirely out Of. use.
As the new issues Of circulation will COM
mcncc forthwith, tits reasonable TO hope
that considerable relief will be thereby al.
fordcd to those sections whore 1t IS most
needed. .0n.!0 ala'G ~
United States Securities at present OK
hibit a very gratifying firmness. The
chiet buyers, for some time past, have
been the foreign bankers, who appear to
have come TO the conclusion that, pend
ing the war, our bonds are likely TO prove
O iavorite security on tho London market.
The prospect ofincreased purchases by
tho Treasury, for tho" next two months.
and the expectation Of q free demand
from national banks to be organized under
the bank act Of last session Of Congress
have also very direct tendency to sus-
tain the market The uneaslness created
by the war at first checked the flow OF
investment into now railroad bonds; but
the interruption has proved, to be only
temporary. Sound railroad enterprises
still command tho attention Of home In:
visitors, first on account ot the proved
satetyiof such Investments, and next from
the TACT that they yield q much larger re-
turn OF interest than United States bonds.
The Stock Market Is singularly devoid
Of speculative Interests moro 80 indeed
than Usual at this ordinarily dull season
Of tho year. The agreement Of tue, trunk
lines 'upoh an AdF FRnced scale.of freight
charges has not had the effect Of advanc-
Ing prices Of stock, perhaps mainly be-
cause prices have been 80 held up during
the late competition that operators do not
consider the ,hiEliGr rates call for Higher
prices. Moreover, the steadily growing
activity irl iIiiOheyy Is Infav0rlble to puf-
chases for 9 protracted speculation. ~.
> The future course ofthe Gold Premium
is more than usually uncertain. Home
influences are at present favorable. to a
low price for gold, The reduction Of tax
alton, the generally prosperous condition
oR tue business Of the country and the
steady improvement in the public credit,
| If allowed to have their due weight,
without countcraction, would eylikely 70
carfyt6e premium To, a lower figure. than
was touched during the decline Of late
months. But with great war influence
ing our exchanges with countries with
which we have Ind immense commercial
and financial transactions, and with .
constant liability to an export Of specie,
from causes noted above, the premium Is
to be regarded, as being controlled by
wholly exceptional influences, the precise
effect Of which at any particular period
It must be difficult 10 forecast.