Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-11-02
FINANCIAL & COMMERCTXI.
WEDvrspAy EyEs1Se. Nov 1ss5

WEDNESDAY EVENING, Nov. 1, 1865.
The local money market remains in all
essential particulars unchanged. The chief
movement against currency balances at
present is from depositors, as the banks per-
sistcntly refuse to discount. For the next
few days taxpayers will MAKE a heavy
drain for currency, a movement from this
source having commenced to-day. The ten
dency is consequently toward greater strin-
+gency.
Exchange is very close, and the demand
is in excess of the offerings. Rates are firm
er at par buying and 5@4 premium selling,
In Cincinnati bankers continue to draw
the reins tightly upon borrowers, and rates
of interest are held firmly at IO@I5 per
cent. Exchange is in light supply.
The New York Herald of Tuesday says:
There was a large return of legal tenders
from Chicago and other points in the Weet
10 the banks here this morning, and this i'm
parted increased ease to the money market.
This return was owing to the banks at this
centre with Western accounts having de-
clined to accept the thirty and sixty days
paper offered by their correspondents, and
consequently there is no alternative for the
latter but q return of the currency which
they withdrew during the last two or three
weeks, unless produce issent forward in suf-
ficient quantities to neutrblize the existing
disparities. The effect may soon be seen in
a slight deduction of the prices of produce in
the West; but this will not necessarily react
materially upon prices at the East, for the
decline will stimulate exports in proportion
to its extent, and SO the equilibrium will be
preserved.
Gold was not so firm in New York to-day,
the return of a portion sent abroad in pay
ment of ive-twenty interest having eased
the market. The price closed at 1853. Ad-
vices of an advance of t per cent. on Five
twenties in the London market, induced a
similar advance in the New York market
to-day, and an improvement also of ] on
ten-fOrties and seven-thirties.
A source of qualification in connection
with the finances of the Government is the
large and increasing returns from internal
revenue. 1t is estimated that at least six
millions a week flow into the national trea-
sury. Since the commencement of the cur
rent fiscal year, July LIST, the treasury has
received from this prolific source about one
hundred and fifteen million dollars, or a
weekly average of nearly seven millions
dollars, equal to an aggregate of over three
hundred and sixty millions a year. This
revenue will enable the Government to de-
fray its expenses, reduce its indebtedness,
strengthen its credit, and take safe and de-
cided steps toward the restoration of the cur
rency and business of the country to a spe-
Gle basis.
Attention is called to an advertisement in
our columns announcing a loan of S3O ,OOO,-
900 for the Republic of Mexico. Liberal and
inviting terms are offered those who may
desire to invest.
Local commercial circles were without
animation to-day, and we have nothing es-
sentially new to note in any Department.
There is a strong disposition on the part of
holders of grain to realize, but there are no
buyers, partly because there is no money to
be had, and partly doubtless because sellers
are unwilling to make the concessions de-
manded. The hope of ultimately gaining
their point will of course keep buyers off,
In the meantime the warehouses and eleva-
tors are filled nearly to their utmost capac-
ity, and without some decided movement
within a week, no storage room will be left
in the city. We heard of no transactions in
Wheat today, and omit quotations. A sale
of Corn is reported at a-decline of lie; Oats
are also 1e lower. Rye and Barley inactive.
Flour continues quiet and unchanged.
Provisions arc quiet and unchanged. The
stock is run dow very low, and one or two
packers will commenc cutting next week to
supply their trade. Prices of hogs here have
not yet transpired.
Produce is unchanged and firm. The de-
mand for Butter is only moderate. Cheese
is active.
Petroleum was in fair inquiry to-day and
steadier. No considerable transactions were
reported.
The receipts and shipments at this point
of Produce and Merchandise, during the
twenty-four hours ending at z o'clock this
uOrpiO0 On co11Owo