Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-12-28
FINAHCIAL& COMMERCIAL.
FINANCIAL,
MORNING LEADER oEFIOF,
Turcwaw Err.zvr-a naa OF TasA

TUESDAY EVENING, Dec. p, 1854.
The demand for currency in this market for the
past ten days, particularly upon the National
Banks, has been larger than was probably ever be-
fore experienced, AID as consequence very tight
market has existed, considerable part Of the time
the ability Of the Banks being tested to the extreme
to meet tho calls upon them. The disbursements
of the Second National Bank last week amounted
to about 81 10000, S6O3,OOO Of which we're for
1910 and T-SO bonds, and the balance on Govern.
ment checks This is an immense business for this
locality, and sEeaks we'll for the reliability Of this
Institution. The orders at the Bank to-day for
1905 were in roand figures $4,000. Exchange is
quiet, and rates steady at 4 OF buying selling
ct par fer currency.
Tbs Foreign trade Of the past week from New
York vas Iargs in the export elsarsnees of DOmes-
tic Produce, exceeding in currency value I've mil
lions of dollars. The Import entries wers light.
The New York Times OfyesterdSy says:
"The Gold Customs, pledged to the payment Of
the interest on the Funded Public Debt OF the Uni
ted States for the calendar year 1854 VIII exceed
the year 1868, at this port alone, about nins mill
lions, and for all the ports Of the country including
New York, about twelve millions. Since the be-
ginning Of tbs present Fiscal Yesf July l. 1864
however, the turn is in the opposite d 'esti5n in
common with the dscresse in Import Entries: Th1
secretary Of the Treasury calculates for only $40,
oO00OJ for the whole year, though we have no pres
ent reason to doubt that they will more nearly
| approach ss0,OOo,oOO."
The Misunderstanding oceasioned ~ the counter
reports concerning the withdrawal and further
issues Of 1910 gold bssring bonds, have had a
tendency to cheek operaii;ns in Government
securities somewhat, and good deal OF feeling is
reported in banking circles in Nsw York relative to
the matter, soms charging Mr.. Fessenden with bad
faith in giving out that the loan would be with.
drawn alter tha frat series Of s1cO coo COO hsd bean
filed, and upon this being prompry dons, rs-uaSt-
ting il to 20 out that hs should throw anothfr T
800, ,tOO,OOO upon tbs market. While Mr.. Fcsseu-
den has neither authorized nor denied such state
ment as the latter we doubt not be will be govern
ed in his c5nduct entisely by whai may seen to
him most advisable for the pablo good, without
reference to ths disappointments, one way or the
/ other, Of the New York Bankers. TIE Government
has perhpps already relied too much upon these
mercsnsTy capitalists, and too little upoa the peo.
pie as large, and we believe the present stats Of
things largely due to this fact. Our owa vIsw il
decidedly favorable TO 3 withdrawal Of the lO-40's
and o dependence upon currSnoy loans, as q mattsl
OF safety ifnothlng else. AM We are satisfied thai
currency rs will be taken By the psopls-TapidlJ
enough now. by proper exertion, to meet the cur
rent wants of the Government, and in case the VA
contineus with successes pTOPOrticnAts to thOs1 o
the past six weeks more rapidly than tbs Cove L
ment will need.
Gold staggered under the news from sherman
bu; the sustaining interest was 50 strong that i
did not undergo s1oh tumble as was exPecte !
Bankers dispatches quoted the rates this mornInl
as follows: 10 o'clock, 2l4i IL o'clock. 2l7. Tn
closing rate for the day will he found below.
Five-lwsRties in this mSrket are in fair inquiry
aud rates axe quoted at lCs buying and 10 selling