Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-10-16
GOVERNMENT N
FINANCIAL & COMMERCIAL.
SATURDAY EVENING. Oct. Il. 1sR.

Financial circles during the past week
have exhibited a contrast to the excitement
and hustle that characterized them the week
previous, and though it cannot be said that
any determined reaction occurred, vet there
has been a more or less decided break in the
strong speculative tide which last week was
so invincible. A natural result of so strong
a turn as was given to values last week, is to
unsettle business, and consequently the pres
ent week has been more marked in this re-
spect than any other. In fnancinal circles
the interest centers at present in the future
of the money market, and this is more par
ticulsrly the case in the West. Never per-
haps in the history of the West was there a
more general complaint of stringency in
money than exists at present, and the de-
mand was never stronger. In presence of
the vast volume of currency in the country,
this state of things could hardly be expected
to exist, and but for the speculative course
of our merchants, could not exist. The cur
rency of the West is locked up in produce,
which is being carried for higher prices,
with what show of obtaining them the wis
est are unable to tell. As a result of this
state of things trade languishes in a fever
ish and unsettled condition, and the close of
navigation, now near at at hand, promises a
winter of inactivity to all industrial pur-
suits, with probably financial ruin to many
of the large number of those whose greed
is now prompting them to throw aside their
opportunity to realize. In this market mo-
ney has daily worked closer, and to-day
closed more stringent than for a long period
in the experience of our banks. Still the
demand for loans presses and depositors
check down their balances, and no SIGNS
of relief are presented. In Chicago and Gin
einnati the same state of things exists, and
with the packing season close upon them,
there is less promise of relief than is given
to us. In the former city the pressure is so
great that bankers have felt called upon to
refuse all accommodations to produce men,
with a view of forcing shipments of grain
East. This policy, which should have be-
gun long ago, is still not too late to do good,
and ought to be generally adopted.
The s~tringeney in currency of course tends
to weaken exchange, some of the bank to-
day refusing to buy better than / discount.
The gsneral rates, however, were / off to par
buying and par to ! premium selling. The
supply of exchange is not large, and the de
mand quite liberal.
Gold during the past week has worked
steadily downward, and continues weak, in
hueneed by the heavy foreign orders for our
national and leading railway stocks, which
do away with the necessity of specie ship
ments for the present, thus promising an
increase of cash gold at home. The specie
reserve of the New York banks is now slS,-
Gold closed to-day t l44s, against
1853 last Saturday.
Railway stocks have ruled irregular and
during the week, but the advan-
tage of the market has been with the bulls,
speculation being against them in only
a few exceptions. Government gold bonds
have ruled firm throughout the week, at a
considerable advance over last weeks clos
ing rates. The shipments of fve-twenties
to Europe during the week are estimated at
$4,000, 600. The old issue of fve-twen-
is scarce.
Mercantile circles during the week have
been unsettled. In this market business has
been only moderate, but prices have been
we'll maintained, and close to day without
decided change from last Saturday. The
demand for Flour is fair, and the stock
light. City millers are still be-
hind their orders. Wheat is irregular, but
firm, choice grades being scarce. The de-
mand is light. Corn and Oats are inactive
nominal. Rye and Barley without re-
ported movement.
In Provisions and Produce there is no de-
eided change to note. Prices are firm, and
the demadd fair.
The Grocery market is active and firm,
The only essential change during the week
being an advance on refined sugars.
Petroleum was steady to-day, and the
market closed a shade frmer at quotations.
Wool in this market continues very quiet.
Nominal quotations are 6O@65c for good to
inc fleece; zoe for fancy lots do.
The receipts and shipments at this PORT
# Produce and Merchandise, during the