Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-11-13
FINANCIAL & COKMERCIAI.
SaTrpn.v Ev,v,wo

SATURDAY EVENING, Nov. IL, 1865.
The moderate improvement noted in cur
reney balances for a few days past was re-
versed to-day in consequence of freer dis
counting by some Of the banks, together
with liberal checking by depositors, and the
tendency of the market was turned toward
a closer condition. The increase in the dis
count was to meet the absolute necessities of
certain parties, and does not argue a change
of policy by the banks. On the contrary,
the expressions of bankers were never more
decided than at present against any enlarge
ment of their loan account not rendered i'm
peratively necessary for the benefit of their
customers. Bankers here, as elsewhere, have
no confidence in the present position of pro
duce values, and are not therefore willing to
assist in prolOnging a fictitious condition of
things that must sooner or later give place
to a reality in the settling down of prices to
a legitimate level. The conviction is be-
coming every day more settled that the ad-
ministration will urge upon Congress the
policy already declared by Secretary Me-
Culloch, and there is very little doubt that
Congress will sccede to it. The effect of this
policy upon prices is by no means uncer-
tain.
Exchange is in only moderate demand,
but there is very little making, and the
market is close and firm at par buying and
/ premium selling.
The New York Tribune of to-day says:
Money is active at I per cent among stock
houses, and at the close of business the in
quiry was strong. A few houses reported
money easy, but the cases are exceptional
The demands at bank are in excess of the
ability to discount, and there is general dis
position not to make long engagements in
til after Congress meets. The Secretary has
not abandoned his determination to repress
speculation and work steadily back to spe-
Gle prices.
The Cincinnati Gazette says of the money
market, " although there is no pressure, and
bankers are comparatively easy in the line
of currency, lenders have quite as much pa
per offered as they are disposed to take
There is a general want of confidence in
the stability of prices, and consequently
great caution is exercised"
In Chicago money is close. The Tribune
says "bankers are not over-well supplied
with currency, and besides, they are acting
on the conservative policy of contraction
rather than expansion, and they are dis
counting only to their best customers"
The depression in Government bonds is
still noted, and a further decline of 4@4 per
cent. is reported to-day. The depression is
due chiefly to forced sales by the country
banks and outside parties in need of cur
rency for active employment. The decline
can hardly be regarded as more than tenn
porary, in view of the admirable condition
of the national finances. The income Of the
government from internal revenue averages
nearly a million and a quarter dollars per
day, and this will be increased rather than
diminished; while the customs revenue in
coin is in excess of two and a half millions
a week, assuring a large balance in favor of
the National Treasury after the payment of
the annual coin interest charge on the en-
tire funded debt of the nation as it stands at
present. In view of these facts, and of the
oft-time expressed determination of the peo-
pie to maintain the national credit by the
payment of every cent of the public debt,
there is no reason why the holders of gov
eminent securities should feel any appre-
hension as to their future value, or regard
them as other than the very best and most
reliable of stock investment.
Gold is pretty steady, though a shade
frmer to-day, the price closing at 1465.
Commercial matters at all the leading
points are dull and heavy, and prices are
tending downward. In this market we have
to report continued inactivity in nearly all
departments of trade, and though prices do
not yield as at other points, the feeling is
not one of frmness. The demand for Bread
stuffs is very limited, but we can note nc
change in prices except on new No. 2 red
wheat, which sold at a decline. Corn and
Oats are unchanged. Flour is steady.
Provisions are unchanged and firm. Hog
products continue very scarce, and packers
are doing nothing beyond their orders in
this line. Butter and Cheese are steady
Highwines are scarce and better. Petrole-
UNI is steady, with moderate transactions at
quotations.
The receipts and shipments at this point
of Produce and Merchandise, during the
twentY-four hours ending at 7 O'clock his