Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-03-07
COMMERCIAL


monetary and OGmE1eretRks
In financial circles confidence has been re-esta6-
hshed pretty firmly and the future is regarded, with
out the semblance of fearful foreboding It's not
to be denied, that money is at this time more album
dant throughout the Commercial World than ever
before and in al the leading markets Of this coun-
try, notwithstanding improvement in general
business, capital continues to accumulate The New
York Banks now hold over S8S, 1000, 900 in specie.
with rising average and we see it stated. that Of
their deposits, amounting about $50 900 OOO they
able to use but little, the demand for loans being
hardly equal to their own capital So far, there
fore, regards money, a scarcity is not to be ap-
pretended for some time to come; but, on the con-
trary, an unusual plethora of capital during the
spring and summer may be anticipated.
With the money markets Of the world, in the con-
dition noticed, it is unreasonable to suppose that
general depression can continue in trade. The
probabilities sn against such conclusion, and
the facts that Low daily transpiring strengthen
the convictions on this side Of the question. The
business interests Of the country are rapidly emery
ing from the clouds by which they have been sur
rounded. The Provision, Grocery and Produce
trades generally, have fully recovered and are now
active DuOyant and healthy. These have been the
first to recover, because they are conducted upon
the cash or very short credit principle. The man
ufacturing interests have also improved in the West
and in dry goods and general merchandise an up
ward tendency is now noticeable In fact every
branch of business affords unmistakabe signs ofre.
covery; and the recovery in financial affairs and
the three departments Of trade noticed above, has
been unexpectedly rapid and extensive, so, we be-
ieye, the advance in those branches Of business that
are still depressed will disaPpoint even those Who
are disposed to regard matters il the most favorable
light
At Philadelphia the money market is tending to
greater ease daily and first class paper is scarce
and readily negotiated at 6 per cent. per annum.
AtNeW Orleans steady improvement is reported as
going forward and healthier feeling prevailing gen
orally in financial circles There has not beenmuch
paper Of any description Offering through the hands
of the discount brokers' and it has not been difficult
to effect negotiations when good securities Weee Of
fered Prime long dated acceptances and good
mortgage notes can be negotiated at from 9alO per
cent, and what are termed good names are in more
request than before at rates ranging fnm Halls per
cent per annum. For short commercial paper the
rates generally range from Ia14 per cent per month,
though in some instances much better terms are OBJ
tanned.
The Ciaebsaat Price Current Of the Sd instant
says
Our market for Provisions has relspsed into very
quiet state, and at close prices Of almost every ar
uele had downward tendency. The consumptive
demand has fallen off, and there are few orders in
this market except at prices below current range
This has checked the speculative movement and the
trade is quite tame StiI although holders are be-
coming more inclined 10 realize there is no great
disposition to press sales. These remarks pretty
fairly represent the condition Of the market through
out the country. Our quotations as compared with
last week, and the corresponding date last year. are
as follows