Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-11-14
FINANCIAL & COMMERCIAL.
MoyDAy Fvrx,ve Nav. II. IseE

The banks to-day were quite vigorously
pressed by parties wanting money, and the
greater portion of the paper offering coming
from those whose necessities were very ur-
gent, discounting was more active than for
a month past, resulting in a generally tight
market at the close of business. Favors are
of course entirely confined to customers.
Exchange is without particular change.
The demand is comparatively moderate, but
the offerings are very light, and the market
is close and firm. Rates are steady at par
buying and / premium selling.
Our dispatches from New York tonight
report a still further decline in Government
securities, with a continued pressure to sell.
The most probable cause of this movement
seems to be in the fact that parties having
their means absorbed in governments, and
being compelled to realize money for active
employment, are overlooking the market,
the result being of course a decline in price,
aided to some extent by the continued de-
preston in our securities abroad. The New
York Commercial Advertiser says the
of further funding of interest-bearing notes,
to be inaugurated in January, produces, in
some quarters, an expectation of a further
decline, and induces sales of gold interest
bonds especially but this has probably a
very remote influence, and certainly is not
sufficient of itself to accounts for the sacrifices
now being made upon the national securi-
ties.
In relation to the rumored new funding
loan, the last number of the Commercial
and Financial Chronicle says:
We hear with pleasure the report that MI.
McCulloch is proposing to offer at the begin
ming OF the year a loan on five-twenty bonds
at a fixed price, the payment to be made in
Understanding legal-tenders at par and in
t%erest, the amount of the loan being unlim-
tied and the time for subscriptions indef-
nitely extended. This loan would come out
at a time when the money market is usually
in a favorable condition for such negotia
tlens. 1t would not act spasmodically upon
the current of the circulation. 1t would
quickly and gradually absorb and DESTROY
compound notes, and would have a tenden-
cy to lower the amount Of the call loans in
the Treasury. By this means preparation
would be mado for the future conversion of
part of the greenback currency into com
pound notes.
As the time for the assembling of Congress
draws near, the commercial bodies of the
country are giving expression to their views
in relations to the finances, all concurring
in the policy of contraction. The Chamber
of Commerce of New York led off some time
since in endorsing the views and policy
enunciated by Secretary McCulloch in his
Fort Wayne speech, and more recently the
Board of Trade of Boston has in a series of
resolutions given its most emphatic and
hearty approval to the Secretary's opinions.
The Board declares it to be the imperative
duty of the Government to institute a Judi
cious, gradual and regular contraction of the
currency, keeping the object of an early re-
sumption of specie payments steadily in
view and asserts, "that however we may
barter with each other, the only standard of
value by which w can settle with the rest
of mankind is the precious metals, and that
we cannot anticipate a healthy state eff bust
ness, finance, or even of morals in our com
munity, until we, as a nation, are prepared
to pay cur debts in gold and silver as they
fall due" A Chicago dispatch to the Gin
cihhati Commercial, dated Sunday evening,
says: cat a special meeting of the Chicago
Board of Trade, held last night, strong
grounds were taken in favor of the contrac-
ton of the national currency" These ex-
pressions are the sober, uhimpassioned indg-
ment of several of the wealthiest and most
influential mercantile bodies of the country,
deeply and vitality interested in this oues-
ton of the finances, and they give the most
~unbnunded assurance that no apprehension
of danger to the interests of the country
need be felt from the policy of contraction
inaugirated by the government; but on the
contrary%hst it is q necessity demanded by
every wise consideration.
Gold took an upward turn to-day, prob
ably in consequence of an increased customs
demand, the price closing at 1473. .
The foreign news received to-day is not
essentially different in its financial and
commercial aspects from previous advices.
The English produce markets were firm and
tending upward Cotton declining.
In local commercial circles the week
opens dull. Flour is steady, but quiet
New No. 2 red Wheat is irregular and low
err other grades steady. Corn and Oats un-
changed. In Provisions we note d decline
of s1,00 per Dbl on Pork and Ic per ID on
Lard; other kinds unchanged. Butter and
Cheese steady Eggs scarce and nominal.
Highwines are FIRM and scarer. Petroleum
quiet and steady.
The receipts and shipments at this point
of Produce and Merchandise, during the
twenty-fOur hours ending at Z o'clock this
mornin0 yvara 90 f,IIoue