Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-02-27
FINANCIAL & COMMERCIAL.
FINANCIAL.
MoBNIEG LEADER oTIIcE. !


Nothing has characterized ths money market
during the past week more than the extraordinary
demand that has sprung up for the popular $50
Loan. The activity which has been exhibited siuce
the sale of these bonds passed into the hands Of Jay
Cooke, is, ofeourss, not wholly, chiefly, due to
the excellent management Of Mr.. Cooke, 50 much
to the conviction Of the people that the present
loan is altogether the most profitable As well pat
riotic investment which can be made. II It Is ab-
sorbed as rapidly as It has been, but few weeks
will suffice to complste ths sale Of the two hundred
millions authorized. The loan win then command
a premium. This Will be the last gold interest
bearing loan put upon the market. Hereafter the
government will rely on the sale Of bonds bearing
interest in currency.
The l0-40's exhibit strong upward tendency.
It is understood in New York that parties are or
ganizing to effect an advance upon this loan. At
its present premium, larger quantities can be
bought up without too exciting an advances in
value. The coupons of thisloan are due on the lst
of March. At the present quotations Of the $40
Loan, the 1O-4O's certainly offer better invest.
ment than the 5-20's.
Considerable interest is naturally created in re-.
gard to the probable financial policy Of Judge
Mr.. Fessenden. Heis understood to be in favor Of
gradual contraction Of the currency and will not
in any event, consent to farther expansion. He
will rely on taxation and on appeal to the con-
dsnce and patriotism of the people for such farther
loans may be essential. Mr.. MeCulIoch will, no
doubt, have much to contend with. Expansion,
imitation, is always popular with merchants and
spectators, though not so with those owning real
estate or dependent on fixed incomes. If Mr..
McCullOch will rigidly oppose the efforts Of those
who desire still farther expansion and endeavOr to
return to a specie basis we have no doubt but that
the people will sustain him. 1t was an easy thing
to abandon the specie basis. FaeiIis dssosHsul
AverHi. But to return is difficult but yet this re-
turn must be made as the war draws to its close.
Gold does not seem to yield much to the recent
Osion victories. The capture of Wilmington has
scarcely appreciAble effect. Tbs reasons for thil
are several In the first place, is is well understood
that great battle is imminent between Sherman
and Beauregsrd. The results Of that battle will b,
very great. In case of shermsn's success as ther,
is no doubt, combination Of bull' interests car
keep gold up to its present level 1t must 90 down
and yet, In all probability, the decline will be SLOW
but sure. A sudden fall Of twenty per cent JUS
now might result IN financial panic, Merchant
and sPeeulatars are interested in keeping up th
price of gold and thus gradually meeting the revul
sion in prices that must come Its fall will, there
fore, be resisted stoutIy by the mercantile and spec
ulati7e classes, The evacuation Of RichmOn,
would ensure fall Of from ten to twenty per cent
according as he panic might follow. Those VIII
expect sudden and very large decline, however
viii be much mistaken, unless it shall come throusl
the destruction Of Gen. Lees army.
Exchange has been steady during the week at 2
@74 buying and per selling. The supply of curren
cy in the banks has been steadily sceumulatiDg, s
that the market is in an easy condition.