The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-01-23
The Business Out1oOk-The kis'hi
~ Tide Of Speculation.

II -
Tide Of Speculation.
The New York bank returns OF SAT-
urday show that the average ofdeposits
| last week, as compared with the aver
age for the week ending December ~,
1873, was larger by more than thirty
six millions of dollars. This is an
enormous increase, and betrays flow
Of money into New York city which is
by far the most important fact in the
financial situation. 1t is not necessary
to inquire in detail whence this money
comes. The Times says, however, that
It Is only partly the result OF collec-
tons of Just matured obligations, or OF
extensions accorded by city creditors to
their debtors last fall, and that much
of it comes from country banks: In
connection with the accumulation OF
money at that point, there has been
reaction from the low prices OF few
months since, and this Is traceabie, per-
hans, not 80 much to actual current
demand as to disposition to discount
demand anticipated in the spring
The Times thus pictures the situation
ard prospect:
No one who knows this country only
from observations made, say between
the middle OF September and the mid
die of October last would believe II
possible that within three months from
the latter date the characteristic ot.the
money market should be full supply
not to cay an over-supply, OF money,
seeking almost in vain for profitable ln'
yestment Yet that this is now the
case no one will doubt. There is not
the slightest question among bushes;
men that the accumulation OF money sc
rapidly and in such large amounts If
reviving the spirit OF speculation, is get
ting O great many shaky enterprises on
their legs again, is making dealers
lventuresome, and is, in short, paving thu
way to an expansion OF operations tht
end OF which no one can ioresee. We
have already pointed out that TIT
vicious mode of doing business on TIT
stock exchange which prevailed befor'
the panic, and which was one OF TIT
things which caused the panic, has beer
resumed. We do not suppose it has los
its power for evil. 1t was argued then
and still is, that if the banks could no
follow up the old methods OF lendlpl
their money, they could not protitabl.
handle the immense balances which, q
a consequence of our banking system
are periodically heaped up in this city
Money has been arriving in New
York for three weeks at an averag
rate of twelve millions a week. Ih'
result is that it has pressed, and i
pressing into all the avenues where
can hope to find employment at ever
, moderate profit, and we may be sur
that the stimulus of plethoric none!
market in New York will be felt from
the Atlantic to the Pacific.
We need not point out the Cheerful
view which is taken Of the condition o
thinge by those who are brought mos
Immediately in contact with it. There
ia a very general and not an usnatura
feeling, that the effects OF the panic
! have passed away, AMI that now every
| thing is to 90 prosperously. With
: money plentiful, trade is expected to b.
active, new enterprises popular. and tn
, recovery from old embarrassments pos
sible, But there is reverse to Thu
z picture, which must be looked upon
! and which will not escape the caution
=, business man. II things are to 60 OF
4 as before, may they not also ED a
' they did before, or worseY Ii tn
! country has before been stimulated It
: undertake gigantic enterprises which l
c could not manage, and which swallow
: ed the capital and credit of great houses
= until their fall shook the country, ma,
not a recurrence OF the stimulus pro
= duce similar imprudence, bringing
=, about similar dangers? Have we re
covered from the effects OF the panic s.
completely that we can afford to forge
- that it ever occurred, and 10 disresar
e all the lessons weread ourselves at tina
It interesting period?
We have been passing through
D. period when credits were UNIVERSAL
e shaken, and from which large part
= the mercantile community emerge
q with an enormous load OF Extended
=. obligations to carry. The system
l. banking which depleted the ouuyir
ID country OF its currency at the earle
l. possible moment, to gather it in Ne
a York for the use and the abuse OF II
II spectators, is not reformed or modiiie
and stands small chances OF being e
w The whole country through, people a
IN crying to Congress to help them, b
30 that body is not likely to do anything
:. the kind, if, indeed, 1t does not ma
:, matters worse. Is it not safer, then,
Ii any business transaction 10 move ca
D. tiausly? We believe it is, and if '
TO were to sum up the business situate
in phrase, we should say it was o
of smooth and rapid sailing in t
81 midst OF unseen but possibly imm,ne
&c dangers.