Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-10-23
FINANCIAL 4 COMMERCIAL,
sArURDAY EvrN1Nc. Oct, 81. Is65

-UNa
The course of monetary affairs at the
financial centers during the past week has
been feverish and unsettled, and the week
closes in anything but a satisfactory condi-
ton. In New York there has been q steady
tendency toward ~stringency in currency, a
natural effect of which has been to embar-
rass trade and unsettle values. In the West
the same state of things has existed, and
though a gradual adjustment of exchanges
between the two sections is undoubtedly be-
ing made, the improvement is as yet SO mod
crate as to be hardly perciptible. In this
market during the greater part of the waek
currency was fairly easy, depositors' balan-
ces having been largely replaced, and an
active demand for exchange adding consid-
erably to the supply, but to-day a very act
i've demand materially reduced balances,
and the market left off with a complaint of
c~loaeness. Exchange has ruled close and
firm, with an active demand, throughout
the week. The prevailing rates have been
par buying and t premium selling, the mar
ket closing tight at these rates.
The course of Gold during the week has
been steadily upward, the price closing to-
day at I46s, against 144s on last Saturday.
The condition of the English funds, which
since the 3Oth September has compelled an
advance of from 4 to I per cent. in the Bank
of England rate of interest, leading to ap-
prehensions of a withdrawal of English bal
ances from this country, and not unlikely a
return of ive-twenties held upon American
account in the English markets, are the
influences at work to advance gold. 1t is
feared the English rate of discount will be
carried to 10 per cent, which could not but
have a most adverse influence upon hertrade
with this country.
Government bonds have been heavy du-
ring the week, with a considerable decline
in price, influenced mainly by the same
causes that decided the advance in gold
The Commercial Advertiser of Friday says:
Government securities are flowing freely
into the market, from parties pressed for
currency, and in part from banks anxious
to keep up their legal tenders. Large guam
titles of Seven-thirties are arriving from the
West in this way, producing a still further
decline in prices"
Commercial matters during the week have
been unsettled, and the course of prices
steadily downward ct all the leading points.
The reason for the decline in the West has
been mainly the scarcity of money, which
has forced produce shipments, this in turn
inducing a fall in prices East, which has
been steadily noted up to to-day, when a
shade more frmness and a trihing improve
ment is reported. In this market business
has been quiet, but prices have not fully
| sympathized with the decline elsewhere
In Flour and Grain the feeling has however
been uniformly weak and unsettled, and
prices close very irregular, though in view
of the improvement East, holders are a lit
tie more confident. We can report no actu-
al change in prices of Flour during the
week, though quotations only cover trade
lots. Wheat has been pretty steady for up
per qualities, while lower grades have been
neglected and close lower. Corn and Oats
declined 4c. Rye and Barley have ruled
nominal. In Provisions Pork has declined
$500 during the week, and Lard 1c per Id.
Butter has been steady and firm, but the de-
mand for shipping qualities has been light.
Cheese, under an active demand, has ruled
very firm. Eggs are scarce and nominal
Highwines have ruled irmer, but without
decided change, and quiet. Petroleum has
been dull and weak, and shows a decline fol
the week of 1@2e. Groceries nave ruled
very steady, no material change being re-
ported in any article. Hay has been in good
demand at better prices for loose. To-day
there was more inquiry for grain than du.
ring any other day of the week, and the
market closed with a somewhat better feel
ing.
The receipts and shipments at this point
of Produce and Merchandise, during the
twenty four hourz ending at : o'clock TIN