Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-11-24

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! 7s. le4 1Stsl92
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1 London advices of the 22d inst, quote
5-2O's at 7Og, which is of from the day
previous. ...
/ Currency has become easier and ex-
change on the eastern cities is taken at par,
and is sold by the banks at / premium.
The uncurrent money trade is rather dulb
though there is some activity in the three
principal Tennessee banks. Bank Of Ten
nessee has become quite firm at 45c buying
and 47@4Sc selling Planters Bank has
become very scarce and is bought at SIC and
is sold at S3c. Union Bank notes are not in
quite SO much demand as those of the Plan
ters' Bank, and they may be quoted at VIC
buying and SOC selling. ,sls4E ASS
| Southern Bank notes generally are very
dull and but few of the banks are in any de-
mand among our Brokers.
| There is seldom any thing doing in cur
Railroad Stocks. Louisville and Nashville
Railroad Stock is worth 85c, while the Nash
vile and Chattanooga Railroad Stock is
worth about soc. s..
South Nashville Street Railroad Stock
may be quoted at 65c. age< f-si
Tennessee bonds sold in New York on the
10Th inst. as follows: $4,000 new at zoe and
81 900 at 69se. This shows decline of &c
on Mondays prices.
The New York Journal of Commerce re-
ports the receipts of specie at that port from
foreign ports, from the LIST Of January to the
Slst of October at SIS, 422, 999, while the re-
ceipts from California amount to S35, 627,-
244, making the total receipts $44,050, 243.
The exports to foreign ports during the same
period amount to S55, 4S9, 74O, showing &
loss since the LIST of January of ST., 439, 497.
The journal of Commerce says: "There has
been a steady gain in specie since the close
of June, each succeeding month having
shown a balance in favor of the receipts.
| The loss from January LIST, which was nearly
thirty millions at the date of the change, is
now reduced to eleven millions, ard will be
nearly wiped out by the close of the year,
unless the shipments shall again increase.
This is far better result than could have
been anticipated, and is one of the best fea-
lures of the financial prospect"
The New York Tribune has the following
in its financial article of the evening Of the
10th inst. in regard to the money market: E
Money on call is 6@7 per cent, and brokers of
good credit and ample capital have been free
borrowers at the latter rate. The leading lenders
/ of the street to-day put up their loans to per
| cent, and few are paid of in consequence. Cur
| reney is scarce among the banks and good deal
| of shopping has to be done when large checks are
called for in cash, and that too, by banks report
| ing the greatest strength in legal tenders The
| hanks whole, are not in a pOsltlOnto expand.
/ They have too large proportion Of their capital
and deposits invested in United States stocks, or
loaned upon them, to permit them to go to the
rescue Of traders in grain, provisions dry goods,
/ or stocks, and relief can only come to borrowers
by selling tho commodities they are holding on
| speculation by borrowed money. As affairs now
| stand, borrowers and lenders alike must concede
| that we are upon the summit OF the lntauon
/ growing out of the Rebellion. The National
| bankz have exhausted their power to issue cur
| rency, and the Secretary of the Treasury has
| commenced TO destroy the legal tenders by which
| National notes are rSQ6eueu. as ne Is dDAc W
/ continue this process, aud at the sanee time to
fund and pay of short currency debts. It follows,
| as a natural result, that the banks and the bor-
rowers of the country must reduce their Liabilities
in some proportion to the withdrawal of the legal
| tenders upon which they are now operating. The
| Treasury Department fully controls the money
Market and through funding and payment is
steadily working back to specie payments-not so
fas. rs many desire, but still to a degree which
should teach people prudence about making new
| engagements. The buying power of money in
crpases daV nv daV. all who Will take
the trouble to read the prices current OF the pro-
ducts Of the country, whether from the soil or
! frsm manufacture. Congress may leglslate IN the
direction Of expansion, and so defer for short
time the resumption OF specie payments, but pe0-
pie will do well not to be too sure Of this. and to
keep themselves as much out Of debt as possible.
In commercial paper little doing. call loans hav-
ing decided preference with lenders. g
The New York Herald has the following
ia its money article of the evening of the
Goth instant:
The bears continue their efforts to give the
money market an appearance OF ACTIVITY and to
exaggerate the somewhat gloomy feehng which
prevails among merchants, in consequence of the
dizziness of trade. into one of apprehension.
Practically. however. the dizziness IN mercantile
channels is more favorable than untavorable TO
speculation in Wall street. But even supposing
there should be commercial failures OF 1mp0r-
lance as the bears would like to make believe,
there is no good reason why they should react
upon the Stock Exchange. During the panic of
last spring in England the commercial eommu
nifty felt its influence but very lightly. 1t was
stock and bank panic as distinguished from
general crisis. The following official returns of
the export trade Of the United Kingdom for the
first nine months Of the present year afford com
plete evidence that, however much monetary in
stitutions may have suffered, the mass of the
mercantile body escaped without serious injury,
an inference Sustained by the absence Of more
than a very few failures among merchants at the
time and subsequently, Co o. 4. ~-a-H f-..s r
I.u-.- e1a osa zlo HTupo f1A 6Qn I90
February-,..-- Is 1l6,063 Juy........., l4s5I,S34
Msrch...... 17,520.354 August. 17,450,156
Aprii............ l5366.414 September l6,67l,OIS
May............ 1880, 1871 ------