Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-12-03
FINANCE AND TRADE.
GENERAL CONDITION OF THE MARKETS
OF THE COUNTRY.
Governments Strong and Higher-Money
CIose-FIour, Wheat and Corn Strong.
Provisions Advancing Goods
DuII-Groceries Nominal
MINOR MATTERS OF MONEY.

In his annual report, Postmaster Gen
eral James revives the proposition, first
preached some ten years ago, of estab-
fishing u savings bank system in con-
nection with the postal service. The
advantages claimed for such system
are, the highest security of the surplus
earnings of the poorer classes; the ac-
cOmmOdation of people living in locali-
ties where no banks exist; the better
safeguards against panics and financial
crisis; the addition to the circulating
medium of money boarded in periods of
distrust or lack of confidence;
the strengthening of the national
finances by giving the nation the first
lien upon the accumulated proceeds
of the industries of its citizens, and,
finally, the absorption of a large portion
of the public debt with the effect of
keeping at home and in circulation
large amount of money paid out i'll the
shape of interest on securities held by
foreign creditors. The central idea of
the proposed system is to afford cncour-
agement to habits of thrift among the
lahOring classes. Whether postal saw
ings banks would perform this office in
the United States Ornot, they have been
maryelously successful in Great Britain,
where the deposits have risen from ten
millions to Il hundred and seventy-five
millions of dollars during the 20 years
that have elapsed since the system was
adopted. A bill was introduced in Con-
preSs i'm 1873, and again in 1878, for the
establishment of savings banks in con-
nection with the postal service, but in
neither instance did it meet with much
favor. The principal objection that has
been offered to d postal savings bank
system is that it would extend the func-
tons and responsibility of the govern
ment too far, and that it would serve to
increase the number of Otficcholders,
which already equals great army.
The subject, however, is likely to be
brought to the notice Of Congress during
! the ensuing session.
! The Philadelphia and Reading Rail-
road Company failed to meet the inter
est on the bonds of the Colebrookdale
| Railroad Company, due to-day. The
| Treasurer of the company states that the
! interest was scaled by the receiver from
/ 6 to4 per cent, to be paid Oh the 9TH
inst.
The arrivals of hogs in Chicago are
large and packers look forward to an in
creased business. The corn coming in
is of poor quality, and this, combined
with the high price of pork, causes the
farmers to rush III their porkers, the
corn not being of a good fattening quail
ity. Hog shipments are large, one rail,
road reporting 5000 barrels of pork and
2,5OO,O0O pounds of meats and lard on
Tuesday.
The decrease of canal traffic in New
York State is shown by official figures.
From November IA to November y
shows that l57 $50 tons were carried,
against 2G4, so the corresponding period
last year; and $l2,36G.S9 collected as
tolls, against Si7,34l in 1880. Since the
opcning Of navigation 5,O56,SiO tons
have been cleared on the canals, against
6,G4. $50 tons last year. The canals
closed November - last year. Perhaps
the trunk line war and subsequent cheap
railroad freights may have had some
thing to do with it.