Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-10-31
FINANCIAL 6 COMMERCIAL.
MorpAr EVENING. Oct. 80. 1ss!


In local monetary affairs there was moth
ing transpired to-day to essentially change
the condition of the market. The banks
continue 10 report currency very close, and
the demand, both from depositors and ber-
rowers, active. The latter, however, are no
longer regarded to any extent, and with the
exception of a few whom the banks feel es-
pecially bound to favor, all paper is posi-
lively declined. The purpose of the banks
at present Is to force, if possible, a return of
the money now in the hands of parties hold
ing property out of market, and to this end
they find it necessary to adopt the general
course of refusing money to all corners. The
effect is probably a little announcement to le-
gitimate operators, but if the result in some
degree aids the return of trade to a more
healthy condition, the end will justify the
means.
Exchange is in more comfortable supply,
and the tendency of the market is to easier
rates, though no change was made to-day,
the prevailing prices being par buying and
] premium selling.
The Philadelphia Press, in commenting
upon speculation in the West, save:
The trouble is, that in the West bankers
too often join hands with the spectators,
and as long as margins are sure, they hest
tate to call in their loans, and often they are
forced, or believe themselves to be, to pre-
vent a wiping out of margins by increasing
their loans to buy other lots off the market.
This practice is but too common. 1t serves
for a short time, but is indefeasible, ~iilegiti-
mate and dangerous in the extreme.
While we may justly claim for Cleveland
banks, as a rule, an exception to this state
ment it is undoubtedly true with reference
to the larger cities, where speculative enter
prises are the rule with merchants. The
dangerous effects of such a system are album
dainty shown in the present position of
trade, and we imagine that none more clear
ly discern it than bankers themselves.
The Cincinnati Commercial of TODAY
says: "The discount marketed does not change
its complexion in any ssentia particular.
Borrowers are made to feel that bunk rsvors
are favors indeed, and worth, on the best of
names, IO@I2 per cent"
The announcement that there will be no
further movement in the direction of fund
ing the currency at least until after the as
sembling of Congress, has given an easier
turn to currency in New York, and money
Is seeking borrowers. As a natural result
to this, stock speculation is being vigorously
renewed, and a large advance, at least upon
dividend paying stocks, may be expected.
Gold rules very steady, no material change
having occurred to-day, the price closing at
1453-
Local commercial circles to-day were very
quiet and there is but little change to note
in prices. The demand for Flour is still con-
fined to the wants of the local and interior
trade, and business is very moderate; but
prices are steady and unchanged. Wheat
Is dull, but choice grades are firm new No.
2 red was offered to-day at a concession of
SC, without buyers. Corn ruled quiet to-
day, but frmer, and closed 1@2c better
Oats are in moderate request, steady and
firm. Sales of Rye are noted at s5e. Bar
ley is inactive and nominal.
IBthe Provision line there is no change
and the market is rather quiet. Produce is
firm, and a more active demand is noted to-
day for Butter. Cheese is in brisk demand
and irmer Eggs are rather quiet.
We hear of no considerable movement in
Highwines, but the market is firm at g, 80.
Petroleum is dull and the market rather
weak, though Refners are not disposed to
recede materially below the figures estab-
lished on Saturday, until the pressure shall
be stronger than at present.
An active demand exists for Potatoes, and
prices are advancing
The receipts and shipments at this point
of Produce and Merchandise, during the
fOrty-eight hours ending at I o'clock this
morning, were as follows: