Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-03-27
FINANCIAL & COMMERCIAL.
FINANCIAL.
MORNING LEADER OFFICF,
as-ropav TvugrEa Mavcb o. TneE


Our dispatches from New York to night report
8 further improvement in Gold and Stocks, and
represent also an increased cling Of nrmness and
a steadily returning confidence among operators.
We have no faith. however, in the lAttef repre-
ssntstion but on the cor trsry regard It as simply
3 bait thrown out by interruptions combinations
to catch the eredulous, Of whom there are always
enough ready to swallow everything thrown in
their way. To give credenoe to such 9 reaction Of
feeling we must assume that no sufficient cause
existed for the recent panelzy decline, aud to do
his would be at least to hold IN very low estimate
the financial judgmsnt Of those large capitalists
snd experienced business men who yielded at
heavy sacrifices to tho Of the reoeding tide.
There we're, however, powerful causes for de-
cline in Bpecu ativs prices, on whatever held, and
the reason it came so Suddenly and Overwhelmingly
Is due simply to the fact that spectators, blinded
BY their eupidity, insi. ted upon maintaining in
Ated values in utter viJlation snd diIreeard Of al
the warning Of events and the lessons Of expeii-
sncs The action Of the spectators has been q
systematic betting against the Government. or
more operly perhaps thu people ihemsslv's, and
involved the hypoth sis that they were urable to
accomplish what they had undertaken. The double
task of lighting rebels and gold gamblers was &C
cepted, and the peope having fully established
lheIr power to crush out rebellion snd mAintaia
the integrity of their Government, thus giving the
he to the teachings Of rebel sympathisers, that
condition of things which found its bsing and sus
tsnance in opposition to the pecpie falls from its
inherent weakness. It will not do noW that these
men prate Of reputation. and indulge in efforts to
depreeiate the credit Of the nation. The ques ion
Of the rebellion is settled and with the mt ld-re-
sources of the country yet but in the Or s cps
Of development, and a hightoned, I o. Orabls and
patriotic people to meet the Obligations it has i'm
posed, no reasonable man can doubt that ev-
cry cent Of national debt will be fully and fairly
met What, then, have these gold operators upon
which to base their " confidence for an advance :
We shall be very much astonishsd il this COZ b6dence
bubble is not severely pu otured BY the military
n VS. we publish this morni'g
Gold elesed OF call at GsEasher's EGehsnge this
ever ing at 1895, and ter call sola at 1875 Gov
ernment Gold and Railway stocks were g / better,
and the disposition to buy considerably strong
er, though coming chisdy from parties to cover
short contracts. The closing rates FIR stoeks wall
be found upon our first page.
In the local money mari ct the week closed IS It
ruled throughout-vsry quiet. The supply Of cur
reney in the han5s Of Bankers is ample To- sll le
git'msts wants. There is scarcely anything being
done in the discount line, which is limited to the
nArrowsst prAci abe limits, outtiders getting nc
countsnAncs whatever. When business shall be
ecme steady the supply ofeurrsncy, under tbs re-
duotiOn in values, promises to be very easy, and
the danger Is that e new impetus, though on 8 fsI
less extended reaIe than heretofore, will be given
to speculation. Exchange is ltesdy at q discount
buying and par selling.
The salts Of 1905 at the Second Estional Bsnk
to-day show heavy falling OF. having been only
$40 $50. This Bank has paid Government drafi'
during the week for SsOO,0 900.