Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-06-22
FINANCIAL { COMMERCIAL.
FHusspar Evening, June q, 1885.

THURSDAY EVENING, June q, 1866.
Gold opened this morning at 18Th, and
our dispatches this afternoon quoted the
price at lS5-a decline of 4 per cent: from
the closing price of yesterday. Thus spec
u~lation is steadily losing tsgrasp upon the
market, and a natural condition of things
succeeding. The export of gold this week
will be light, and 1t 10 believed that the end
of the severe specie drain is nearly, if not
quite reached. The event of s wal in Eu-
rope is no longer looked upon with the dread
that was given by the first information that
such a contingency was imminent, but on
the contrary it is beisg very justly rea-
soned, as we advocated seine days since,
that though it was quite possible that the
first effects Of a European war would be TO
increase the movement of the precious
metals from our shores, the ultimate results
would be to our benefit, for not only would
much of the specie we should send forward
be in time returned 10 US, but the sun be
greatly augmented through the very ma
tural desire of capitalists to make their in
vestments where peace prevails and pros
perity is fully assured. We think it an en-
tirely reasonable conclusioS that in the event
Of a wal in Europe, this country would re-
ceive the maximum sum of the capital that
would flow out of the hostile countries for
safe and profitable investment elsewhere.
The credit we possess in Europe, the great
field we offer for successful enterprise, and
the more important fact that in no contin-
gency could our peace be interfered with by
European comPlicatiOns-all these combine
to give us a peculiarly commanding posi-
ton. 1t is with this view that we are led
to believe that instead of there being a large
return of our securities, as has been aPpre-
hended, there will be a steadily increasing
demand for them, and that this demand,in-
stead of being chiefly for one denomination
of our securities, will extend itself to all
classes of the gold bearing bonds In this
connection we overlook the advantages that
would accrue to us in the increased demand
that a war would give for our products, for
our ability to fully profit by this would be
! citcumscribed by a limited supply. There
is, therefore, as wo lave before urged, no
ground for fear in connection with a war in
Europe but on the contrary, upon inan-
cial and commercial considerations, there
are abundant reasons for expecting the most
/ substantial benefit. Meantime the price OF
gold must be regulated by the laws that
control it, in common with every other com
modify, supply and demand, and all efforts
to override and disregard these must come
to grief.
The New York market for government
securities to-day was a little off upon Five
twenties of 1862, but ruled steady for all
other denominations. The cause of the de-
cline in old 5 eos is probably found in a re-
duced demand, or perhaps larger offerings
than the market is prepared to absorb pend
ing further foreign advices. In connection
with the standing of our securities in Ger
many, the following extract from a letter of
a German merchant, dated Bremen, June
I'd, will be rad with interest:
"a great Investment demand for j-2Os is
HOlg setting IN from the peaSaHtry and that
class Of people, especially since the war
looks inevitable. They consider the stock,
and probably justly so, the safest thing to
hold in such a crisis"
The prices of coin and government secu
rites in this market, at the close to-day,
- - cITor.