Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1856-06-13
COMMERCIAL.
DAILY PATRIOT OFFICE, /

DAILY PATRIOT OFFICE,
Nash yille, June -, 1856.
Monetary and Financial.
We have had an extremely dull market for the
past week, and glad to report the wants of the
community not very urgent at present. Money is
not very abundant-nor is the demand very great,
We think the Banks will be very sparing in their
loans for the next three weeks as the first OF July
is the time for their semannual statements, they
are all preparing for that and anxious TO make
a good showing of their operations and conduct for
the past six month. There has been a kind of over
reaching or under reaching on the part of some
Of the Banks, for some months past which has
suited injuriously both TO the Banks and to the
community. For instance, Bank A, in her daily or
weekly settlements, instead Of paying Bank B the
balance against herself, A, in sight exchange on n.
York or n. Orleans (which is customary among
Banksl she will say to Bank b, hereis my check on
~ York at 60 DAYS which is the best will do. Then
Bank B, is compelled to accept it as the best she
can DO, or she must take the notes of Bank A, and
pay them out az she can; and Of it is to
her interest to pay out the notes of Back A, when
she has notes OF her own TO circulate Then Bank
B. as she has been compelled as it were, to accept
the CO day bill instead Of sight exchange, must re
muncrate herself for having had to keep her money
idle so long Consequently she raises her rates Of
exchange TO Z, while Bank A is selling at l. Then
Be customers who wish to buy exchange, on learn.
ing that Bank A, is selling at lower than b, so and
purchase of A. This necessarily throws the balance
in favor Of A, 10y settlement day; then plays
off the same game on A, which A played off on her.
This manner Of settlement must prove injurious to
the Banks; aud the injury to the community grows
out OF the fact that Bank refuses to che for less
than T for her own notes; when Bank A will hardly
check at all unless it is for Bank BIS notes. This
mode Of proceeding among the Banks keeps up
spirit of retaliation, and gives their customers a
great deal Of trouble.
These difficulties, to a great extent cause the
banks to restrict their operations and renders them
unable to take large proportion Of the paper Off
fered. The strict rate for paper may be quoted at
from 10 to "a per cent per annum. Occasionally
prime piece Of paper 6nds its way to the streets,
and goes off readily at from 10 to 10 per cent. All
bills that FIRE proof having 80 to 30 days to run
are sought after by the Banks, and go readily at
per cent discount. There is good deal of gun"
powder paper being offered on the streets; but it
does not 20 well. Now and then piece is passed
at heavy shave, but the buyer has fear that he
will be bloom up before he gets through with it.
The stock market 10 without change. The pas.
week has developed nothing new IN stocks, so our
quotations remain the same as last week. Tennes.
see 6's % cents in New York. None selling here.
Nashville and Chattanooga Railroad bonds 80 cents.
Nashville and Chattanooga Railroad stocks S5a4O
cents. Davidson county per cent bonds so cents.
We will eudeavor in future to give fuller quotas
ton Of the States stocks and bonds which are
thrown upon our market so that persons abroad
may be fully posted in this important branch of
trade
EXCHANGE is in good demand at & ! to per
cent premium on the North. All the Banks are
checking at per cent on New Orleans, but not
much demand
LAND wARRANTS-Ths price is still unset.
tied; il is impossible to sell what the market price
is. The best quotation can give is from 10 TO
SO cents per acre, which is fully As high, If not
higher than they are in New York, and we look
for low prices for some time TO come.