The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-07-25

return Of bonds Is 70 he expcctedfF;3In til,
war crisis OF 1866, nbout $10,0000OO o
Fivc.Twcnties were returned from Europe
but scarcely had the bonds begun 70 ar
rive here before IL rcAuX movement set III
which resulted In our sending out
witlliH two or three WeeksS Eaboa
$15 100000 Of bonds TO Europe
With this knowledge Of the pre-
ference for United States securities In
Europe in periods Of war, there Is, botl
abroad md at homo, little disposition Il
run into panic upon them and although
1t Is possible that, in the event Of the com
plicatiuns involving powers at present
neutral, prices might still further decline
yet it seems probable that there would bG
an ultimate recovery. This conyictiou
produces comparatively steady feeling
on the market here, and is an ettectuaI
stay against panic.
Although It would he manifest error
10 suppose that q country could be per
manently benefited through war between
other nations with which 1t was in COM
mercial intercourse, yet there are some
important advantages which this country
may be expected 10 derive from the mis-
fortunes Of Europe. Our exports OF food
products will realize higher prices; our
securities, .being exempt from the fntlI-
cnces which affect seriously the credit Of
some Of tic European governments, will
naturally stand higher in the foreign mar.
kctS afler the first paniClSy effects of war;
md when the war has terminated, the
population Of Europe being oppressed
with taxation and wearicd Of their liabil-
ity to be used rs tic tools 6fWNf, will be
the more disposed to seek u home amitl
the peaceful pursuitsof the United States,
swelling emigration and promoting the
commercial development Of this country,
But it must bc admitted that, beyond
these hopeful views, to which our
Ouoyant people naturally decline, there
are dangers upon which 1t Is neces-
sary TO keep close eye, 1t Is not impOs.
sibie that the strugglemsy enlist ultimate
ly all the leading powers Of Europe, in
Guiding even England; and although we
cannot but regard that danger us some
what remote, yet Il involves, II realized,
such an extent of devastation, panic and
common arrangement, that a certain de-
gree Of timidlty and caution must prevail
until the, danger Is past. It Is not to be
overlooked that, ut present, we are run
ming trading account with Europe
which requires us 10 remit nearly $780,
000, 900 or securities per annum in settle.
ment Of an adverse balance. This con.
ditiUn Of things requires us not only TO
feel sure that our bonds will not be sent
home again, but also To lie satisfied that
Europe will continue, to Increase its IN
vestments in our securities. This is the
weakest spot in our arniOr; and, with this
In view, it would not be unfortunate were
the war TO cmbArruss our importing oper-
atoms. .ia -H.r.n.. d Um.m
With 50 much uncertainty respecting
the future course oil affairs In Europe, it Is
impossible 10 form Il satisfactory opinion
as to the tendency Of prices Of any class
OF securities. Railroad stocks arc ut pres
cnt comparatively firm, upon an idea that
the advance in western produce, the am-
pie crops and the active demand for food
products from Europe, will Induce Il large
traffic over the roads; hut, although there
Is some force In this view, the dangers
connected with the war hang constantly
over the markGtnnd resist any speculative
advance. Moreover, the period ap-
proaclleS when the demand for money for
moving crops usually proves unavorable
to the carrying Of stocks on speculation.
As totha market for Government bonds,
II C;ltshardlE be otherwise thAiiMnsettled,
Willie a Condition of War prevails in colifl-
tries where nearly 81, 900, 900, 900 Of the
bonds are held. At the same time, unless
the struggle should asspmc European dt-
mensions, there Is reason to hope that our
securities will be better sustained abroad
than those of most other countries; for the
United States Government being removed
from the probabilities of ENHANCEMENT ip
h6stHiticS, Its credits win stand higlB as
COMPARED with; that, OF tlle goyernments
involved IN the struggle or liable 70 bc so.
In spite Of this, however, it. is 10 be re.
garded rs possible, that the situation may
become so serious as to produce q univer7
sal distrust a4tl AN indisposi ton toinVest
In any kind oi securities. II Is too evident
that all efforts at funding tivetwenties,
under the Funding Bill just adopted, must
be postponed in consequence Of the chang
ed condition ofA1faits. 'gAtfprcsens sour
fife.tRenty Nmds range about 4 Oyer cent.
belo%l put il gblda Which distinctly
enough means TINT q bond paying 4, At
or 8 per cent. interest could not be nego,
tiated Ut anything near par in gold. It is
important to keep In mind that the mar
ket, will be steadily projected against the
effect Of any return oribonds from abroad,
by the purchases Of the Treasury. Not
withstnndlng the reduction Of taxation, It
Is quite likely that The Treasury viii still
have nearly $10O, 900, 900 annual surplus
for the reduction Of the debt so that there
islittle danger Of the home market being
oversupplied through the return Of securi-
tics from abroad, I't., t,..,.i, t,..,,