The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-10-04

rcuccd?
'rug Fourth mortgage bonds Of the
Cleveland " Pittsburgh Railroad Com.
pany are quoted in New York at lOl !
bid and lO!l asked This is ten per cent
higher than their price during the war,
and from twenty-five To thirty per cent
higher than their price five or six years
ago. During the war they ran up in
price because people were afraid Of Glow
crumrn bonds and grecnbacks, M did all
good railroad and miscellaneous 4ecuri.
tic4 iOr the same reason. Now they have
advanced again because grecnbacks and
bonds have become more valuable than
ordinary business enterprises So vaIHa.
bIe in fact, that the only investments that
compete with them are mortgages like
those Of the Cleveland and Pittsburgh
Nnd other first class railroads OF every.
thing else capitalists are shy. Consc-
lnently good securities go up even
though they only bear six per cent
interest and everything else almost
slrinks and goes down. Even real c.tatc,
except very eligible property, slrinks, as
witness the sale Of the valuable Sweeney
residence and grounds in this city short
time ago, and the still more recent sale Of
thcSLJohn's Church property, ,rIscwhcrn
alluded to in this mornings paper.
Nearly every kind Of real and personal
property save undonbtcd interest bearing
securities has been, and still il, shrinking
in value. This Is why trade is 80 dull.
Those who have money, or those who
have the whcrcwithal to borrow II, are
waiting 10 see the end Of this shrinkagc
before investing. Every day brings the
news Of failures Of greater or less I'M.
pOrtantc, and this news keeps capita
timid, As long ~ failures are 80 frc.
1nenIly announced the present stagnntiOn
will continue, and ~ long as the present
sI0gnation continues thcslrinking process
Will 90 on. The country Is is condi-
tiOn oi low fever and nervous prOsIratiOn
after the widest financial rCvcl ii has
ever known. Some people think that the
way 10 gel well is to turn in and get drunk
again-gct on another grcenbACk high
get steam up once mOtc-makC ourselves
rich in irredccmable paper money after
the fashion Of Nasbys "Onlimitcd Trust
and Confidence Company" But the
trouble with NNsby's money was that II
would not pass current away from home.
And this, too, is our trouble. Nashy's
money is only our own, zen extravaganza,
We cannot pay otir debts with II in Ell.
rope. \ Bank Of England note commands
aprcminmin this country, but green.
back note will not pass, except at n heavy
discount, in Europe. II has no fixed
Nlue and IIuctuatCs as much rs five per
cent in a month or two. This is
the hnmiliating attitude Of American
money in the eyes Of The financial
world, sam Gary, and men uf his kind,
lhlhS that this il matter Of mo moment.
Those however who have to Ito with
American securities in Europe think diff.
etcntly. For instance, Massachusetts,
bond, payable in live per cent gold inter.
"', 'cIIsatmr Or above, in London, while
aearrcncy bond il scarcely wanted at any
price.
Those who propose to make business
"v'tcr in this country by dcbasing our
money still fnrthcr are just rs silly ns
those who propose to reform nn inehriate
Oy Oylnrnishing him an unlimited supply Of
whisky. The last estate Of the incbrialc Is
DoNndto he worse than the first, just as the
,a'i estate Of this country will inevitably
NWot'c than this present time in case we
mock the wisdom Of ages by starting
oul ona carccrot imitation. We shall then
una people again putting their money
INTO railroad bonds for security, ns they
'd during the war, and when the crash
comes o4 very soon it will, We shall find
A H..