Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-05-21
We quote the closing prices OF coin and
governments in this market as follows:

There appears to be a somewhat ugly col
lision in the Senate Finance Committee in
reference to the proposed 5 per cont. loan
bill of Senator Sherman. Mr.. Fessenden,
chairman Of the Committee, is opposed to
the measure, and upon an inquiry in the
Senate by Mr.. Sherman, some DAYS since,
of Mr.. Fessenden, as to when he thought be
couli report the bill, that gentleman replied
that so far as he was concerned it should
not be reported at all. Subsequently Mr..
Sherman obtained permission f. ola TIE ON
mittee to bring forward the bill, for the pur-
pose of an amendment reducing the allow
ance for preparing and marketing the bonds
from two to one per cent. When the bill
will again come forward is not known. The
probabilities Of the success of the measure,
if adopted, are not deemed so strong as the
matter il more th~oughtfully and thoroughly
~eanvassed. The chances of the people ccn-
verting 8 and Z $40 per cent. securities into
a 5 per cent. bond ere not generally regard
ed as the best, and the likelihood of dispos-
ing Of a 5 per cent. security to a sufficient
amount to secure an material advantage,
while money is worth from Z to 10 per cent.
in the markets. of the country, is less freely
and generally held than upon the first gush.
1t is undoubtedly best to view these subjects
in a business-like, matter-of fact way, and
omit all sentimental considerations, which
are to some extent employed by writers in
treating these matters and taking this
view, we question whether any business
man, however substantial and reliable he
might be, would expect to effect any such
arrangement with his creditors as is pro-
posed to be done by the government in this
measure. Moreover, to make this proposed
loan desirable at all, it is intended to ex-
empt it from all taxation, Federal as well as
State and municipal step the government
does not need and should not take, and one
which we believe would prove to be most
il-advised, at least in a political aspect, if
adopted.
The local money market was very quiet
to-day, for Saturday, in the demand for
loans, and with freer deposits, currency bal
ances were rather more comfortable at the
close of business. The market, however, is
generally reported close, and accommoda-
tons are afforded with less freedom.
Eastern Exchange keeps very close, and
as there is very little produce going forward ]
to make any, the prospects for a relief are /
not favorable. Rates are steady at par buy q
ing and lilo premium selling.
The general markets to-day were dull, :
and there is nothing essentially new to re- {
port either as to the situation or in relation :
to prices. The movements of Flour are on G
a very moderate scale, simply to supply $
trade wants. Prices of high grades are fully :
maintained, but upon common the market n
is irregular and reliable quotations are hard s.
% make. In Wheat there is only a moder- D
ste demand from interior millers, who take
few car lots daily; but there is no speeu-
alive feeling whatever. Milwaukee spring n
old to-day by the car lot sc below previous +
quotations. Corn and Oats are quiet, and
ach 1c lower. Provisions are firm, but
rade is moderate. Produce is without de-
ided change. Petroleum is weak, and the
resent tendency downward. th
The receipts and shipments at this point hs
( Produce and Merchandise, during the Re
4 hours ending at Z o'clock this morning, at
Tere as follows: Ga