Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-11-27

FIanters' Bank is in considerable de-
'BizRd at SIC buying and SSc selling.
Union Bank Is bought at nc, and is
hElA at SO@S2c
Southern Bank notes are very dull,
aid only few of the best banks can be
sold readily at at the advertised rate.
Nashville Corporation checks are bought
n Sc, and sold at &c discount.
Southesl State bonds have suffered
slight decline in New York. Tennessee
bonds sold on the 22d as follows: $4,000
* coupons at zoe, $4,000 at sixty-nine and
Ilsree-iourth cents, and 81, 900 new at CSC.
There was very little done in any deserip-
.4iaas Of State bonds on account of their
weakness. There was great fall in rail-
way shares, ranging from lsc to &c. The
chief purchases were to cover short con-
tracts, and no buyers appeared either for
Investment or as spectators for an ad-
SsUnee. The streets Of New York were
cEanmed with unproductive railway shares,
attracted thither by the enormous specula-
Eous Of the past five years, and for which
Czere is no investment demand at any
gising like quotations As long as paper
nancy was manufacturers and irredeemable,
prices naturally rose under the stimuleds
If cheap money and speculation, until they
Coached points where the boldest ''bu!r
paused aud attempted TO realize, with what
result has already been stated The New
York Herald has the following in regard to
the break down in the stock market on the
nd
There has b cen a grand crash in Wall street
tn day, although il has not resulted in any fail
ares The rush to sell was continuous during
the morning hours and heavy sacrifices were
wade both by brokers and operators. The former
found the banks unwilling to lend them on the
usual margins and were in consequence COM
Eelled to throw overheard their own or their Gus
toners stock, while the latter either chose or
we're forced TO sell out to protect themselves or
their brokers. The banks in one or two instances
summary sold considerable amounts of stock
the margins upon which were not kept good aud
a remorseless spirit was shown by some Of their
uUmber-in exactlng the.pOund of flesh, after the
MANNER Of Shyloek. The bears were meanwhile
hammering the market with a sort of revengeful
fury, which knew no bounds. The whole struc-
ture of the railway share market seemed 70
urumble into ruins under their almost magica
touch, and the devouring element eat its way
equally into modest and pretentious margins
and spread CONSERVATION among the bulls OF all
classes. The bears we're meanwhile jubilant,
and they acted upon the prOYerb of make nay
while the sun shines. BY covering their shorts .
some OF the brokers, who were unable 70 sell
their customers stocks safely without due notice
went short Of them rs a precautionary meas
ure, and others sold them out relentlessly after
notification. There was general shaking at
tho knees and trembling at the joints among bull
operators anu 5rokers; Failures were rum0red
which facts denied, and the further decline OF gold
wa used to assist the depression. Yet money
vHas thrO ugh0ut easy at seven per cent on wide
uaargins, although the banks exercised close
discrimination against weak houses. The mar
lKet surged upward and downward rather wildly I
during the afternoon and all arguments against
the unreasonablenessO of the panic were lost upon
the excited multitude Their disposition was
alternately 10 sell and 10 buy, and in the inter
fVatE stocks had nuStua-ed widely. The banks
received currency from the interior generally,
and the W est particularly, this morning, yet they
exhibited great reluctance TO lend during the
lay TO all but favored borrowers, disposition
On their part, or rather that of their managers
which was interpreted as favorable to the bear"
interest on the stock Exchange. Even the bears
1x5E In the day, b. covering their shorts" large
", manifested an anxiety to save the goose that
lays the golden egg, and not a few OF the proml-
Heut brokers on the bear side expressed the
aRinion, before the close Of business, that bot
sam had been touched, AT the same time it was
reported that the Secretary of the Treasury had
sent a dispatch to Mr.. ian Dyke, the Sub
XEeaSgrer here, say ing that twenty-five mil
o.
al plain legal tenders were at his disposal for
Sac redemption Of the Clearing house certificates
sykerever presented, but this was not officially
confirmed There Is no doubt that the Govern
--1o-,tis desirous of keeping the money market
ssSs-y and that it is now making eXceptlon CT
tigrfs TO do So but it appears that Mr., Metuii0ch
We for some days latterly secretly engaged IN
s-yfiHTr Gold to nearly the extent of the daily
.sli1,fs for customs duties IN this city. TINS ne
iisrss EEepended; but he had previously rendered
-,snsiderahle assistance by 50 doing to the bears
=, 10th stocks aud gold. The belief which
General that the bulls could control the stock
"a arcet whenever they saw htto assert their pow
- has been diss pated by the evident signs Of
6,iriDs bilitv 20 cope with therush to sell which
sITay have manifested to-day ana previously.
Ute fall Of prices has, however, been so great
sbat the decline has nearly, 1t not altogether,
s~xhausteditself and i would be senselesS 10 turn
I'd Che bear side at this juneture. The leading
Eylglg never made a greater mistake than they
nd on yielding to the suggestion of certain par
tfrs 10 "bear" the market with the view OF IN
,srsasing the short interest ana then twisting
rEss shorts" By SO doing they sowed the storm
S-Tr7 which they have reaped the whirlwind.
Yrq,p the day they suffered the market to fall
1gder the anipulatiOn of the bears their pres
tire declined. uptli now the late bull movement
= little more than a splendid Iuin-a floating
V,reol It's fragm ents will undoubtedly be reunl-
tsst and 1t will soon be reconstructed, but its
.ssrse viii be through troubled waters before it
1-sgsius the potion II has lost in the haven of
vESlic confidence.
Ttzde is stagnant in all directions, and
gHlLlre9 DtBii W BC dAhONiASSG AANSA III
,umstances which foreshadow much trou-
bic Five years ofspeculating upon paper
suoney, Issued under the pressure of the
rebellion, have advanced prices to points
where, having exhausted the supply OF
-1Qzey. the bubble bursts. After the pre-
ant souall is over, and values are reduced
70 the compass Of the remaining money,
urfces win RAILS, to be succeeded by another
6sIL. aud another reaction, until they reach
vsIues based upon the capacity q roads to
sHru dividends.
The New York Journal Of Commerce
avs of the recent sales Of gold in New
York by the Government:
Whist the true explanation of the sale Of gold
- be Is not publicly known, and we do moi
- az liberty to offer cur own suggestions where