The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-11-22
Financial and Business Review,

Financial and Business Review,
Prom ClOwS & Co.'s NORthly Circular.
Contrary to general expectation, thu
money market has taken q decided turI
toward ease, at the period when 1t usually
becomes especially active. This course
of things may perhaps be regarded az
mainly a reaction from the arrangements
caused by the Chicago fire. The extreme
Slringency In money and the low prices OIL
securities which prevailed month ago
were favorable TO the flow of money In
this direction, as capital always goes In.
slantly where the highest rate OF interest
prevails, and exceptionally low prices iOE
securities always induce purchases on &C.
count of the interior cities The inter.
ruption Of business. at Chicago has no
doubt interiered with the general move
ments Of grain at the West, which may
account for the fact that, instead Of cur.
rCnCy going IN that direction, II is flowing
thence 10 this city. We are, however,
close upon thepeRlod when large amounts
Of currency ara usually required for mar.
keting the hog crop, and II remains to be
seen how far that movement may cOun.
tCract the present, tendency toward ease.
We have, however, these facts bearing on
the Case-that both at Chicago and Gin
Cinnati, the pork centres, money iB very
abundant, and that each succeeding year
tho tendency strengthens 10 extend the
packing OF pork throughout the whole
year instead Of Centering Il In the winter
and spring months; indeed, the preference
now given 70 what Is known as ice.pack-
ed or summer pork, Is so decided that II
would seem quite likely that the amount
Of packing this winter may show rela.
tive falling oil, In which event tho none
tary requirements, In connection with
that interest, would be proportion.
alely diminished, Some currency hasre.
Gently been sent south, but the exchanges
between New Orleans and New York
have taken 0 turn In our favor, and the
movement has now ceased. Taking the
interior exchanges rs whole, they favor
this city; and hence tue lato steady &C.
CumulatiOn Of currency here and the In.
crease Of ~, 055, 100 in legal tenders shown
in the last bank statement. At present,
therefore, the situation and the prospect
favor the continuance of an easier cOndi.
ton Of the money market than IL usually
experienced during the last two months
d the year. With this prospect arising
from probable currency movements, we
can afford toleave out 0G the question any
chances Of an increase Of the specie 70.
serve Of the banks arising from the pay.
lnent Of $l00,O00,0 900 OF Five.TWenties nj
the beginning Of next month, Indeed, so
far rs we Can at present Judge, there
seems 10 DO little probability that the
Treasury will have TO pay out any con.
siderable amount Of coin in that opera
ton, the chances being that the called"
bonds will be turned into the Treasury
mainly In liquidation Of subscriptions for
The new Eve per cent bonds; so that
neither in paying for those securities nor
in rCdeeming the "Sixty.Twos,' Is any.
thing beyond q nominal amount Of gold
likely to be moved. .-..' '..---...'
In United States bonds there Is steady
movement, but the transactions are quite
limited. The supply OF bonds has been
so much limited by the purchases Of the
Treasury and by export TO Europe, that
It is now difficult to buy, any moderate
amount even, without influencing prices.
A large proportion Of tho supply q held
by trusts permanently, and the amount
subject to coming upon the market Is be.
coming comparatively nominal. From
this TACT, and owing TO the liability OF the
Government to renew It's efforts 10 put
out the new bonds upon any important
advance In the price Of Five.Twenties,
wo have almost reached the point at
which Government bonds will cease TO be
available for expectations; and, there.
lore, II becomes question Of
pressing importance-with what kind Of
securities shall we In future supply the
European demand for American invest.
mentsH Have we other securities Of q
class which will command the confidence
Offoreign investors or shall we proveu I'm.
able TO send out the hitherto large amount
Of obligations with consequent necessa.
~ Limitation Of our importations and Of
the whole course Of our foreign commerce.
We are disposed to conclude that, In the
solution Of this problem, II will be found
that Europeans, after due investigation,
will accept our better class Of State and
railroad bonds, as alFOrding ut the same
time sale and profitable Investment. The
practice Of making the interest payable In
Europe or New York, now very common.
adopted in the issue Of new railway
bonds, will facilitate the negotiation Of
That class Of securities In the foreign mar.
ketS, 1t might also be well, where II Is
contemplated to place any important
amount OF the obligations Of a company
IN foreign countries, to include in the di.
tectlon some person or persons Of high
Standing In the community where the
bonds Nre to be distributed.
The gold premium Is steady and, at the
moment, inClines toward weakness. The
market Is comparatively devoid Of specu.
!alive interest beyond what arises from
us being largely oversold, mainly on mer.
camille account; but with considerable
amount Of coin yet TO come out Of the
reasury In payment of the November
interest, and In prospect of further large
payments Of interest on the public debt
10 January, spectators arc perhaps not
likely to make any special effort to turn
MS condition Of the market TO account
Nevertheless. this condition Of things
must tend TO hold my downward ten.
lency in check. The easier condition Of
me European money markets has the ef.
Iecl OF discouraglng any clique efforts 10
advance the premium; but, at the same
ume, the feeling that new cmbarrass.
ments may arise from the indemnity pay.
mens Of France during the next few
months, and from the creation Of a mill.
@iry fund Of specie by Germany, equally
dslavors any attempts TO force down The