Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-01-10
COMMERCIAL.
Monetary aud Commercial.

money matters. The supply on call and short time
Is very abundant at from 5a7 y cent. Rates of
discount az tine private banking houses continue at
from ia9 cent for strictly first class paper, which
Is seldom offered outside ofthe banks and lOal5 for
signatures OF very good quality coming almost to
gllt-edged in point Of classification It is a diff
ncut matter Tor capitalists to employ their surplus
means at even low rates Of interest in loans of sat
sIaeio DRY stamp and the great bulk of recent ae,u-
mutations Is therefore unemployed, and is becoming
about as much source of anxiety and perplexitv to
lis proprietOrs before it had been gathered from
! the various channels Of business Until trade re-
yves with Ylgor TO furnish outlet for this really
Troublesome, II not useless, heap ofidle capital we
are threatened with plethora of money almost as
uncomfortable to portion Of the community as its
previous scarcity. New York and Boston hold more
specie than ever before, the former city greatly
beyond any precedent. England and France are
IouoWiDg IN the same direction, and Germany be-
gins also 10 manifest signs Of the same money dys
! PePsla, II we may use hOmely comparison and
over the Continent of Europe freadibg unon tLa
heeis OF panic and bankruptcy comes the aceumu
| latOn OF money at the great hearts of commerce
whose pusaions cease under the weight of prostrsts
credits and utter prostration in all branches trade
The weekly averages of the banks show a gsnara1
expansion OF the movement. Every item has in
creased. The volume Of general business being still
much contracted, the increase in the discount line
is not large the entire expansion since the astof
November having been only three millions and the
t aggregate Is only lew hundred thousand greater
/ Than when the specie reserve was twenty millions
less At this time LAST year the banks were CARRYING
line OF loans OF over Que hundred and nine millions
with bUj little over eleven millions OF specie The
specie reserve to-day exceeds tweny-eirht millions
aad half, the largest average line ever shown and
( with rising average. The accumulation Of capital
here it appears is still going on the deposit line
shows considerable increase, mainly resulting from
The last arrival OF California gold The loans Of the
Banks would doubtless show mOTerapid expansion
if The Legitimate wants Of The business world were
larger, but the unwilingness Of responsible parties
/ TO enter into new operations, and make new paper,
, confines the Banks almost entirely TO the en-
ploymeHt Of their daily receipts, andtO the renewal
/ Of maturing bills receivable. No important renewal
Of activity can be looked45r present. That must
! follow the slow movement Of returning confidence
| 10 the channels of trade and commerce.
/ The followiagi is comparative statement of the
/ condition Of the Banks December p, and an. >
Dec 90 Jan.
Loans..... S97, 9J2 OBS SOS JI9 9S3 uc.. S647 948
Specie...... o. l42 Og9 e, SCI 94C Inc. 4I9 847
| Circulation. 6,352lS7 6,49O, 4O3 Inc. l3S, 2IG
Deposits ... &C. 1888 $685., 22I Inc. . 495 327
Cndn dep's 63,O59,27O G5,O33, SG7 Incl, 974, 597
This position is certainly very strong one, and
likely to disarm the fears Of those who looked upon
/ specie resumption as injUdiciOus and premature.
The Cincinnati Enquirer of the 7th says;
! Currency has been in active demand during the
past week and very scarce and as yet there are no
indications Of relief 10 the close Monetary market
! The discount houses have been doing but a moderate
amour. Of the paper offered by their customers AT
lOal2 and in the street borrowers good standing
| have been glad TO obtain accommodations at 24a3O
! per cent.
Business Of general kind has been inactive in
/ Third-stTeet Those who had money to loan were
| besieged; but those who wished to trade only,
could not find parties wishing TO make operations
! IN uncurrenI money there has been no particular
| change. Missouri paper is not now baukable, but
quoted at dis, though little is purchased by the
bankers. Il is used without difficulty in small lots
but any large amount cannot be place at par.
Tie receipts Of Hogs having suddenly and largely
increased al the commencement OF the wOek, the
market became very dull and the 6rmness and con
idcnce which prevailed the previous week at once
disappeared, and Wednesday and thursday prices
assumed decided downward tendency, and, with
the exception of Monday,-when large business was
DONE the market has been dull and heavy throughout
the week. The weather yesterday was quite unfa-
vorable, which helped TO make the market duller and
spiritless. The market closed dull and nominal al
81 5Oa4SO.
The Baltimore Pa,rio, Of the afternoon Of the 4th
inst, says:
Financial affairs present no special change. Conf
dsnce is gradually restoring, andIEe note increasing
ease. The annual statement Of our banks will be
out tomorrow, making, as We have reason to know
a highly satisfactory exhibit. The resumption Of
specie payments is becoming a subject Of more care
nest consideration. Our banks are now, as we have
just reasons for believing, amply prepared to re
sumo, if necessary, ct moments notice; but having
acted with Philadelphia in susIending, are dis
posed to unite with her in resumiug. 1t is under
stood, however that the banks Of Pennsylvania are
contemplating resumption at an earlier period than
the LIST of April as required by the Legislature
Whatever period this may be, the Maryland banks /
will meet it promptly in Tesuming. The time con
templsed may be between the lst of February and /
the 18th Of March next, possibly sooner. Perhaps |
if mercantile and general business interests
fully consulted, later date might work better, bul
the banks must judge for themselves.
But little strictly commercial paper offering at /
bank 1t meets discount freely. We note decline !
IN the street rates. First-cass notes now being
negotiated at II 10 y per cent per annum. Not I
much doing in second-clsss paper. II ranges a, 4
23Cs 3 per cent a month, with very little demand
The New York papers say that there is more gold |
and silver in circulation in that city at the present
time than was ever before known.
The President of the Bank of the State Of India
ma reports that that institution, with circulation
Of only s. 284 Gag 90 has Of gold and silver in her
vaults, 81, O69, 264 80, with $4326S5 eastern eE
change, besides her other resources.
TIE Missouri Bank and branches were te resume
on the st inst, but it they have done so;
this looks bad for them, and the paper is oonse-
quenhy looked upon with suspicion
The Louisville Courier Of the Sth inst, in pub.
fishing the statement Of a number Of the Kentucky
Banks, remarks:
In these disastrous times, we are proud to have
our banks make such statements AS these. They
show that the management Of these institutions is
without parallel in this country, and we might
add in the world While most Of the banks Of the
world have either suspended resOrted to suJter-
fuge to maintain their credit ours have gene right
along without trouble. They have maintained them
selves and sustained people, and the result has
been that We have had, comparatively speaking, no
failures in Kentucky. Instead Of suspending du-
ring the financial crisis that has swept away
so many bOnks in other parts Of the country,
they have continued their regular business, and
declared dividend Of per cent for the last six
months. The dividend taken in connection with
the admirable showing they now make leaves no
doubt Of the impreguable position they occupied
during the financial storm.
Of the Produce market the Courier remarks:
The holidays have checked business very mate
rally which together with rather tightness in
the money market, have nearly produced IA stand
still in trade Transactions in every article have
been limited whilst some leading articles have been
totally neglected. Breadstuffs have been dull and
Flour declined from l5c to 25c during the week !
There are however, but few parcels pressing the
market as milIcrs have contracts ahead. Wheat has
declined SOC for all qualities Good Corn sells free
y at full prices, but nearly all that arrives is in
damaged condition, and for storing it is unsafe;
regular dealers hold of. Hogs have been dull du-
ring the week and prices have given way materially.
The asking price for good average 200 lbs is 81 30
% IS, but buyers shy. Close estimates result a
n 900 the probable number packed around the
alls. Provisions are lower; sales of mess pork ,
having been made S13 so for round lots and at
sl3 62I SIS S7 and Sl4 for retail and orders from
he coast.
The falling of in the receipts of produce from the
Interior, at all the ports is very great According
0 reliable calculations, including breadstuEs pro- ?
sions, cotton &C., it reaches the value of nearly
oriy million dollars
We are indebted to Messrs. McGTegor, Anovay
Co. for the following Tobacco Circular:
NEW ORLEANS. Jan. In our Inst circular we
eported the Tobacco market as being very dull and
rices nominal This state Of things has continued ?
throughout The past month; the sales scarcely SUM-
ng up $50 hhds., mostly private terms. Some
+ these transactions indicate decline from our