Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-11-09
FINANCIAL & COMMERCIAL.
WEDNESDAY, EvEyIyo,.Nov. 3, 1ss5.

WEDNESDAY EVENING, Nov. s, 1865.
our. information from the money centers
of the West is beginning to be more favor
able to the supply of currency, the banks
in Chicago and Cincinnati being considera-
bly, easier in this regard than for some time
past, with a steadily improving condition.
1t is a noticeable fact, however, that this
change of circumstances is not allowed to
interfere with or alter the policy of bankers
in relation to that class of borrowers who
want money only for the purpose of locking
it up in merchandise, but that on the con
tary there is even greater eir~cumspeeti6n
observed in the selection of produce paper.
As a consequence speculative dealings are
extremely light, and though business is
somewhat dull as a result, it is healthier
and safer, and will attain to activity Just so
rapidly as a legitimate demand shall pre-
sent itself.
In this market money continues close and
discounts are down to a very fine point
Bankers decline all the paper they consist
emily can, accommodating only those whose
necessities cannot we'll be postponed. Par
ties seeking money fornew engagements get
no countenance. Exchange is very tight,
and there is mons of consequence Offering
Bankers draw very sparingly. Rates firm
at par buying and I premium selling. y
The foreign news by the Cuba yesterday,
of date October 2sth, is financially rather
unfavorable, so far as American securities
in the English markets are concerned but
this fact may be attributed mainly to the
unsettled condition of political affairs incl
dent to the death of Lord Palmerston and
the reorganization that event renders ne
cessary. Commercially, however, the adj
vices are very favorable, showing a contin-
ued advance in breadstufis and provisions,
and a bare market for almost all classes of
produce. Our exports are perceptibly i'm
proving upon the advices of the past two or
three steamers, and will probably still fn--
Their increase if the greed of our people does
not prevent their a~vailing themselves of the
outlet thus offered for our surplus products.
The stock bubble in Now York seems to
have burst to-day, our dispatches tonight
reporting the market as closing heavy, with
something of a decline on certain prominent
stocks.
Gold was not so firm to-day, the price de-
clining and closing at 1863. The cause of
the change is perhaps partly ascribable to a
decline in sterling exchange consequent
upon the increased exports and a growing
supply of merchants bills; but it is not i'm
probable that the upward tendency during
the past week has brought the Treasury in
to market as a seller, with the inevitable eff
feet of reducing the premium. Government
bonds are quoted a shade lower, probably in
sympathy with the decline in the English
markets.
A Washington correspondent of the Chi
cago Tribune telegraphs that paper that the
statement which has been going the rounds
of the Eastern press that the Secretary of
the Treasury and the Comptroller of the
Currency are in favor of increasing the cir
c%ulation of the national banks to $500, OOO,-
900, is untrue. Both gentlemen oppose any
further initiation of the currency, and will
advise Congress to keep the legal limit of
the national bank circulation where it now
is, viz: three hundred millions.
There were no new developments to-day
in connection with the suspension of C. A.
Read 4 Co. The effects of the firm are in
the hands of Perry Prentiss, Esq, Assignee,
and an investigation into the condition of
affairs is being actively prosecuted, with a
view to settlement as soon as possible. We
were in error in stating yesterday that Mr..
Geo. S. Wright had taken possession of the
effects. 1t should have been that he had
purchased the office fixtures, &c.
Local commercial circles continue quiet,
and prices remain about as previously re-
ported. Flour and Grain move very slowly,
the former only in a small way to the trade,
and the latter in car lots upon interior or
ders. Millers are buying Wheat only as
their daily needs require. We hear of no
shipping demand for anything.
Provisions are steady and firm, with a fair
demand. Several packers are putting down
beef in a small way, and Mr.. CO.. Comstock
to-day cut the first hogs this season. He
will do nothing beyond the supply needed
for his trade at present, nor until prices are
in a safer relative position than now. We
hear of no transactions in hogs, and prices
are nominal.
In Chicago, the Tribune reports, a few of
the packers are cutting in a small way, " as
an experiment" Hogs were selling in that
city on Monday at a range of 50, al 1900,
with 10000 head in the sale pens. The Gin
cinnati Commercial says Of the market in
that city Tuesday "The market for hogs
has gradually lost nerve, and scarcely any
of the regular packers feel justified in open
ing business. To-day they were quite a drug,
and sales of heavy averages were made at
s1O,75, gross. There is no disposition to OPP
crate ahead, though this figure would not be
readily accepted"
Produce is firm at unchanged prices
There are nc Highwines in market, and
quotations cannot therefore be given. Pc
troleum is steady and firm. Groceries are
firm at previous quotations, with a good de-
mand.
A still further advance on flour and fourth
class freights to New York was made to-day.
The receipts and shipments at this point
of Produce and Merchandise, during the
twenty-four hours ending at Z o'clock this
morning, were as follows:
Received. Shipped.
Flour, bbls .............. zoos a- $50
Wheat, bush.-.".--...--- Abs 4,I4
Corn, bush 5000 49,
Oats, bush .~---.-....... 1850 ....
Rive, bush.m 6S3
Live Hogs, NO---.......-. $500 ....