Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-11-08
FINANCIAL 6 COMMERCIAL.
Tr rspAY EvENEe. Nov. Z. Is65.

IL ESUA SNENAndf NV - AouJs
The event in local monetary circles to-
day wus the Suspension of the banking firm
of C. A. Read & Co, which was announced
at the commencement of business hours this
morning, and rapidly circulated through
financial and commercial circles. The an
nouncement was received with profound as
constituent, mingled it may be said, with
deep regret, the long standing of the firm
in this city-abOut ele ven years we believe
giving their credit an almost unquestion-
able position, and closely Identifying them
with the business of the city. And in adj
dition to this the members of the firm, and
more particularly Mr.. C. a. Read himself,
possessed universal respect for und e~viating
courtesy and affability in business a~ssocia-
tions. The eYent was of course ate nded by
the usual unauthorized street gossip, none
of which, we are in a position to say, can be
relied upon. Up to four o'clock Il lis after
noon the actual condition of affairs had
not been ascertained. The liabiliti es of the
firm are estimated from $4,000 10 $4,000.
Immediately after the closing up Of the bank
the office and effects were taken possession
of by Mr.. Geo. s.. Wright, of tie firm of
Wright & Bro, who assumed the lease of the
premises. A further investigation to-day
will probably develop the real condition of
things.
1t would be useless to ate mPt to conceal
the fact that this misfortune i due chiefly,
if not entirely, to speculate, N IN gold and
stocks, entered into, of cours :, with perfect
ly honorable intentions, but none the less
speculation, and therefore eHl Pahle whether
resulting in success or disaster Such a sys-
tenn cannot be too often or too. strongly CON
demned, as alike disastrous t o1rade, and de-
s~tructive of the morals an d integrity of
business men.
The money market is qui ct and without
marked change in any resp Get Notwith-
standing the persistence with which bank
ers adhere to the limit the y have placed
upon discounts, the currency balances i'm
prove very slowly, and the market keeps
close. Under the well understood order of
things, the offerings of paper are not large,
but it is probable that a let up on the part
of the banks would promptly reverse this
fact. Eastern Exchange continues close,
and banker draw as sparingay as possible.
Rates are firm at par buying and / premi-
nm selling.
The Commercial National Bank of his
city yesterday declared a s~e'mi-annuaI divi-
deDd of ) per cent, and to-day the Mer-
chants National made a halfyearly divi-
dcnd Of 7 per cent. Each carries forward a
handsome surplus, and show a condition in
the highest degree satisfactory. The re-
naming three national banks of the city
have not yet made their dividends.
The stock excitement in New York con-
tinues, the details of which will be found in
our dispatches. The leading stock to-day
was Cleveland & Pittsburgh, the movement
on Prairie du Chen having partially sub
sided. Over $4,000 shares Of c.. & ?. changed
hands yesterday and to-day, the price clos
ing this afternoon at 92@92s.
Gold is firm, but the market is steady ana
without any symptoms of a decided turn IN
either direction. The closing price to-day
is I47.
Of the Cincinnati money market the Com
mercial says: "The discount demand for
money is fair, and the market is a little
more comfortable for the best of paper than
it was, though absolutely hard, we are Civ
en- to understand, for any other"
In Chicago money is easier for general
business, but very stringent for produce pa
per, unless accompanied by shipping bills.
Five new National Banks were authorized
last week, making the total number 1,665,
with a capital of SlOS,3OS 1913. Total circu-
Iation issued, S2O7, PIP, 9So; leaving yetto be
issued, S92, 1900.
The total currency aHOst in The country
is as follows:
Government legal tenders. ..... ..-.-.-i 633, 700, GIL
Notes of National Banks-.---. 1900 2Ul ,2l2, $50
Notes of State G~O,oOO,OOO
5000, 922 IA
The amount of fractional currency de-
stroyed last week was S349, 700
Local commercial circles continue with
out especial animation, and prices undergo
very little change. Breadstuffs tire a shade
firmer under the European news. There is
a moderate demand for Wheel in car lots,
choice grades ruling firm. Corn is neglect
ed. Oats were in more inquiry to-day and
steady. Provisions are unchanged II firm,
and very scarce. A little beef has been put
down by packers during the past two days,
but no pork has yet been cut, though prep
a%rations for moderate operations in this line
are about completed. Produce is steady and
firm. Highwines are in very light stock
and firm. Alcohol and Spirits advanced
Petroleum is irmer.
Another advance ON 4th class freights and
flour is noted.
The receipts and shipments at this point
of Produce and Merchandise, during the
L ...-L- - -. -r-I--L- IL : l