Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-04-06
FINANCIAL & COMMERCIAL.
FINANCIAL.
MORNING LEADER oFFIOE,
: $500 Aurf 1e66

MLDNEEDAE 1NAAANdl FAAs y -~13-y
The tone of financial and commercial affairs East
to day was decidedly hrmer, sBd Gold snd Stocks
took strong upward turn. What the immsdiate
cause or causes of the reaction may be is not very
clear, ard financial advicss give satisfactory
explanations 1t is well known that in Gold
oorneriDg movement has been going on for some
time, Ias ge purchases having been made oy heavy
caIitAIis.s and Withdrawn from The market, thus
decreasing tte suppy Of cash gold until it has got
to be worth = Per cent. over regular, while st tbs
same time large short interest was put out in an
ticipstion Of another heavy breakdown. Il is also
probable that the Government vas a large buyer
a. $50 and urder, and to this combination o; iDfu-
enc5s m y Se traced, We think, the controlling
causes Of the present advance. We do mo-, how
ever apprehend that the change will be permanent,
for reasons that seem to US obvious, thO7gh fur
ther slight advance may be e-eoled The hTst Of
these movements we have spoken Of was doubtlt IS
chiefly e3rri d cut by those heavy produce, dry
goods and other dealers who were compelled to
make heavy sacrifices upon their stocks, and who
sought this means Of repaciug their l6sses and at
the same time checking the cline and restoring
conhdsncs. If Id can uoS be carried to 66 or
5s pr, um it will enabls these parties to unload at
a handsome lrodI, thus returning the sod to the
marx t. The purchases of the Government are Of
course fer carly di'bursemest, and within month
reventesn millions from this source viii have gone
into the public purse and teen added to the smount
afioat In the meantime the short contracts will
have been covered by some means or Other, AID
it is probable comparatively fes will be put out,
as clr.ua anees vii be for a time against such
operations. Thus 1t sgeLs to Us that while the
present advance may be maintained, and perhaps
slightly added to, with show of frmness, it can
not be re led upon for any considers be period, and
the necessii o those now holding gold, in the
eve0t Of 8 sudden tightening Of the money Market
which aog considerable advance would : nd to pro
dUce by r-viying speculation, u light effect com.
pete reversal even within tha time We have mon
toned We think it we'll, theref re, that business
men shou d not be ,ctived to any extreme op
erations by the present appearance Of things. Tn
range of the n srket to-day was i4s74gi545s. clos
iug to nig at i5s7S-An sdvsnce upon the closing
rat, of yesterday Ot511s per Gems.
Railway stocks opened this morning buoyant
acd advanced steadily throughout the day, closlnl
at an advance over yesterday on neATly everythin
in the list Of 69lO per cent. The movement wa
partially in sympathy with, but tine market Is Hlst
hesviy short, and to toe pressing dema1d fro1
this source the advance nu,t be largely Attrbutsd
Gov rnment Bonds are firm at an advance. Tn
demand from the interior increases and capitalist
are al o buying heivily for permanent inve,tnent
The tendency is decidedly upward.
Ths local money market rules decidedly NOR
active both for discounts and Exchange, and III
latter is working close. Rates are st.ady at q O.
buy ing and par telliUg. Currency is so far CON
fortably easy, though with some Of the Banks bal
ances have been largely reduced within q fsw dsy'
There is very lite favor shown to outside paper
We invite the e,reful attert ton Of our readers t
the quarterly Bank Statements publish in thi
column be'ow. They each and all present a mos
6 stiying view Of the growing financial import
snce of cur city aud tbs increasing wealth OF tn
section of country tributary to it. The also bes
the most satisfactory tt stim7ny to to beuefcIl
working Of the National Banking system, and e.
test its advantages over the old system. Nevs
were cur Banks in better coalition than now, an
never before were the financial wants Of cur bus
ness community more promptly and satsfaotoril
met. This state of things also reflects great cred
up n the cficsrs Of cur Banks as able prAotici
fnanei rs. Busiuess men especially should rsa
these Statements.
The subscriptions to the 7.3O Loan to-day at II
Second National Bank of this city were sS4, 500.