Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-11-03
FINANCIAL & COMMERCIAL.
TnunspAY Errr1re, Nov. ., 1ss5.

THURSDAY EVENING, Nov. 2, 1885.
In its general features the local money
market is without change, and we have con-
sequently nothing new to report. Currency
balances continue low, and borrowers find
no improvement in their behalf. The offer
ings of paper, however, are qnite liberal,
each conner doubtless hoping to be made an
exception to the rule.
Exchange is close and firm, with a COED
demand and very little offering. Rates are
firm at par buying and I premium selling.
In Cincinnati, says the Commercial, the
discount operations Of the banks do not vary
much, either in amount or character, from
what they rave lately been, though all the
sensations of the market for money are those
of restriction and apparently of conserva-
tism. Exchange is heavy, ascribed to in
creased offerings, and the present tendency
is to reverse the drift of currency again.
In Chicago currency is still reported strin-
gent. Exchange is also very close, and
currency is being shipped to maintain bal
ances.
The general stringency Of money of course
engenders universal comment in business
circles, and in view of the large volume of
the currency, inquiries as to the reason of
its apparent scarcity are both natural and
numerous. While the explanation is found
to a large degree in the vast amount of mo-
ney employed in carrying the commodities
of the country, there are other agencies that
suggest themselves as having an important
bearing. One of these is the drain to the
South of currency, which is being employed
in retrieving old and developing new sour
ces of enterprise, q drain which it is esti-
mated exceeds the present increase of the
national bank curreney; and another, and
perhaps not the least, is the boarding of the
farmers and the laboring classes, which may
be estimated by tens, if not hundreds of mil
lions. The security of our present currency
especially invites this sort of thing. IL
the old system, the circulation mainly con-
sisted of a mixed lot Of bank notes with a
parentage scattered from Maine to Mime
sofa, and their always questionable value
rendered them extremely hazardous and
undesirable property for permanent keep
ingg, and consequently the hording of them
was very Limited. But all such difficulties
are done away with under the present sys-
TEN. When the causes we have cited are
considered in combination, the reasons for a
s~tringency in money are apparent.
Gold was frmer at an advance to-dey, the
price closing at 1888. The upward move
ment is ascribed to an increased demand for
customs.
The elevator proprietors to-day adopted
the following advanced rates of storage on
the grain indicated, together with a revised
scale of charges to purchasers, to take effect
from November LIST. Mother changes were
made foom the old schedule:
Storage on all Grain except " Rejected and Corn,
for each 10 days or parts theref, &c per bushel:
On new crop Of Corn, for every 10 days up to LIST
July, Q8G6) &c per bushel. After which date
same as other grain-
On rejected grain, other than Corn, each 10 days,
lc per bushel-
CHARGES TO PURCHASERS.
Bagging Grain-bags ed......--".--"I@c per bu.
Bagging Grain-bags ewed-..--.........l c per bu.
Loading cars in bulk-each car-----sl OO
CaT-boards-each cST .-..------.----. 20
The object of the adoption Of the rates Of
storage above is to influence. consignors Of
the grain indicated to sell upon arrival. The
elevators are largely filled with rejected
grain, for which there is no market, to the
exclusion of good grain, and the evil is q
growing one calling loudly for remedy. The
measure adopted looks to this end. In Chi
cago and Toledo a similar though much
f more decided step has been taken.
Commercial circles to-day were very
! quiet, and there is very little to note in the
way of change from the previously reported
condition of the market. Flonr is quiei anC
, unchanged. Wheat continues dull anC
heavy, with a further decline on new No.
l red. Corn was without reported sale to-day
Oats were very quiet at 45c.
In Provisions and Produce there is n,
change to note, and other articles remain a
/ previously reported.
The receipts and shipments at this poin
of Produce and Merchandise, during th,
! t%wenty-four hours ending at 7 o'clock thi
l morning. were "a follows: