Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1882-07-28

exact more than three or four per cent for
money loaned on real estate security"
"Will the first movement OF the Western
agricultural product cause any emharrass-
ment to none borrowenT
aI think not There Il call OF bonds for
the Treasury department for an early date
In September, involving the putting into
circulation, i believe, Of ten or twelve mil.
lions. This will have the sHect Of pre-
msnd for money to move the crops win Be
greatest. There will be littl( movement be.
fore that excepting that OF WOOL 49, =
TranspeFtSlien Exfgeaefeo.
Mr.. BENJAMIN B. Sherman, president Of
the Mechanics National Bank, thought that
there might be some stringency In money
before the 1st of August Money would be
in great demand unless tine Secretary of the
Treasury issued an earlier call for bonds
than that for September. The great vol
ume of the ripening crop would require
much larger amount of money for its move
ment than it did last year. The renewed
activity in the stock market might COCA.
sion sudden and unexpected demands for
money. There had been an outflow OF the
precious metals which must sooner or later
be felt in the rate Of interest He did not
believe that there was sufficient increase
of reserve in the United States Treasury, or
in the amount Of currency permanently re-
tired to produce in itself any serious effect.
Mr.. George s. Coe. the president OF the
American Exchange National Bank, had
no apprehension OF the financial future.
Mr. Geo. /. Seney, president OF the Net.
ropolitan National Bank, was pleased with
the financial outlook. Money was too low
to loan with profit, and il did not seem uu-
der such circumstances that IL would soon
become very scarce.
A strinGency Net Imprsbahle.
Mr.. O. d. Baldwin, President Of the
Fourth National Bank, said that soon after
the 1st of August money would be In de-
mand for the movement OF crops, and
sharp strineency was not improbable. IL
the Egyptian war had q long continuance
ment bonds and American securities in
general. Those who had invested in the
Egyptian loans would seek here safer dis
position OF their money. There would also
be heavy expectation OF grain, cotton and
breadstuffs. All these causes would tend
to ameliorate the financial situation On
the other hand, IL the Egyptian war were
soon to terminate 1t would have no effect
whatever on the money market here.
Mr.. Harvey Fisk, of the firm Of Fisk 4
Hatch. was OF the opinion that more Amer.
ican securities would now be bought abroad
than in any previous years; but aside from
the limited prospect of q new inflow OF
gold, he found little to assure him OF con-
tinuance OF the present cheap rates for
loans longer than the moment when the
need for funds to move the crops should be
felt.
Mr.. Acton, the assistant United States
Treasurer, was inclined TO think that while
the country would undoubtedly feel the
loss of its capital in the official statistics Of
expectation, its great resources and elastic
energies would be equal to any coming
financial emergency in the near future.
There was no danger of such q stringency
occurring this fall as should be viewed with
alarm.
Mr.. Floyd, the cashier OF the Sub-Treas.
ury, expressed similar views.
Mr.. l.. +. Holman, President OF the Pro
duce Exchange, did not believe that the
medium of commerce had been so much de-
pleted in this country as to affect seriously
its finances. He regarded the prospect for
the crops as unqualifiedly bright, promis.
ing the bringing back to US Of much OF the
specie of which We had lately been deprived.
He did not apprehend any general disaster
to business.
The stronger houses connected with the
Stock Exchange refuse to admit the posi-
bility of the situation becoming difficult
one for borrowers OF money. They look or
pretend to look at everything just now
through roseate spectacles.