Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-08-17


MONETARY AND C0mmERoEAL.
Ehs Kew York Pcs ofts sfenoen efss lish says feeling
IN Cha discount market continues to 10 towards grss en-
long date PAPER No material alteration has taken place the
rates but there IS less eagess to lend the h q those who
have invested in the loan The bank rates. certainly,
tribe against the borrower The Pos knows Of notes that passed
readily fortnight ~ per cent which cannot be
done at less thsn 5a51< per cent
The New York Z5Re the new Government cent loan
called Stock Board on the llth At the close 81
cent premium was bid cent asked Under the advice
the Committee appointed previous day, Board decided
that the new loan sold until lt January
next is interest aocuing between the present date and
ls January, 1850 should go tie seller Who collects from
Government The buyer thus loses the interest upon his in
until l aunar, 1853, which accounts for the low rate
premium ruling the Board compared re-
ported the l0th which aiO6. Whatever,
ever the seller loses in reduced premum be makes the
erest 20 be collected in January The Te heard Of
some further transactions at private sale 5596 cent
MUM Tia aggregate sales we're nearly s90OOOOO which
perhaps Onehalf will go abroad holders asking
cent, but others willing sell 5l@5 cent There is
fair demand for the loan from private individuals and institutions,
but mainly from Institutions. Several large negotiations
foot. The loan appears to have been taken as follows:
At At l los to iS5.os cent $4,000 $4,000
At lO4.l4 to los sec: 4,s96,OoO
At l04.l21l $4,000
The bids for this loan reveal the existence Of and
instructive facts financial circles which thus referred
toby the New York Herald.
The point strikes examining the list Of bids
market value Of Uuited per cent loan with fifteen
The next point that our domestic bankers have
higher and more hopeful estimate OF the market value OF the
stock than that entertained by the foreign bankers ana those who
generally supposed hold intimate relations with parties in
Europe Belmont and Riggs offered 10 axe me ere loan at
81 premium Rittenhouse Co. proposed 70 do me same at },
and Of the German banking houses I'D from 20 to pre-
mium The award Of the has been made at approximate
Of s5 premium mostly to parties who are supposed to
m time hat American CAPITALISTS have ever taken one Of our
government lOans the entire exclusion Of foreign bank
by outddng them and the fact leads to some curious efe
The reason of this may be attributed causes First the
great increase Of capital among US and its concentration without
employment the centres Of trade Second the dcedt of in
dura enterprises anged 6S corporate associations as safe in
had more do with the unexpected high premium at which the
loan has taken than other The accumulation money
in burbank vaults more owing to He temporary sagnaon Of
trade Of employment in that dectan to the
accumulation Of capital among Yet there denying that
last years. while the facility Of procuring it has tended slim
uate the spirit Of extravagance and bad faith ths has eharac
terized many Of industrial associations.
To this LAT er attribute the evident increase among
Of that class capital which seeks safe investment rather than
revuson shown exist both the expenditure Of
capital and the Of exorbtan and unWarranted dividends
have disguised large portion OF the minor capitalists and turn
an especial manner from investment railroad
rites frs 70 te same cause may De the apparent
anomaly that Of State stocks command high premiums
par Public confidence investments does not in
fast does capita and the consequences that few
tbis o 6Je,c mon or destj batS. bst hes iac5 ~,
position bidders for the loan, great
surprise Of Wall Each has found in the his Gus
portion prefer stocks at Eve per cent
State associate securities much higher figure
it the aggregation Of these in separate bids for the public
loan that has shown the tone Of the public mind
The suppoon that is generally entertainedat the govern
ment will into the the rest Of the loan authorized
by COngTeshad doubt effect keeping down the
premium bid for this Had it been definitely known that
Mr. Cobb viii require the rest Of the authorized by
Congress- the rates OF premium at which the present stock would
have been taken would have been much higher than those OBJ
tanned We believe that the prices Of this stock will feel the
effect Of the fact papaby put evidence by the forty
millions Of dollars only required that should
Of the authorized upon will
considerable advance on the present rates.
Mr.. SASI- P. WALKER has resigned the Presidency
Branch Of the Bank of Memphss his
ship in that Branch Mr. has been elected Pres
dent, +. w N. KING, Esq, Director.
The Charleston Mercury Of the 18th says OF Provisions
We have report Bacon exception
perhaps that holders, the advances, claim er prices
for strictly prime meat We continue however former quota
top article in air tight casks having sold 10 Prime
Shoulders continue scarce and bring &c in small lots Hams
lu, usual at from 90 49,, in qualiyhe bulk Of fair
Lard sells but slowly at from aJaI3 for bills and kegs
much depending On the quality particularly at this season Of the
OF Bagging and Bale Rope the Mercury says:
There have been several transactions both Of these articles
Turing past week. and latter particular the feeling
be improved. OF Gunny Cloh 50 bales have
Bale Rope about 500 coils changed hands at &c We quote
renes at 6 = CSC including Press RO pc.
New Herald says recent depression in the sugar
Market mainly by the ofdemand caused
purchasers reappar in the market the 12th bought
RELY, causing prices which measuabIy
the previous decline. The
800 hhdso Cuba Muscoyado within the range
&c, and about 1900 boxes prices ranging from IKE
DC Nearly third said bought
Montreal refining house.
the auction New York the 18th Of So,
Bonds at Tx.
The Havana correspondent Of the Charleston Conrer writes
under Of the 9th
The Sugar market closed firm last week at considerable adj
In rate Of
ally public. Post Office being rather coach, the
correspondence the time write IL o'clock has been de
will however, doubtless still further
which buyers viii have yield, the entire stock in
MatanZas does no.
900 hONeSO 600 boxes less than in stock this period last
year.
Provisions, the 18th:
The produce quite active, rates. and in
prices higher Flour, though better supply good
demand, very fun rates, chiefly fer export.
further advanced 25c bushel, In active
demand, White selling 81 o.. The receipts quite
liberal Oats offering to-day, and price
therefore nominal Holders refuse to SELL except in their retail
There comfortable supply Of this article now in
warehouses.
There was better demand for Corn and the market is firm at
60G6 Whisky closed buOyant under the favorable advces
from New York, and 23c was asked for tomorrow.
The Provision market has assumed feature
holders very firm extreme rates. but buyers
The advices Baltimore favorable Bacon
Virginia this advancing;
but season consumption becoming quite Short
there being good stock in the country purchases will be
Flax Seed has advanced 81 25, with good demand The
crop reported failure and it is stated bad This art
Gle is worth 50 per bushel in New York, perceive.
TENNESSEE MARINE AND FIRE INsU
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