Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-05-23
MONETARY AND COMMERCIAL,
DFFIcE oF THE UNION AND AMERICAN,
WEnNFSnAY May q 1Sf6


( MONETARY.-GOld advanced considerably in
| New York yesterday. The following are the quo
tatons or'led at 1903; 1871 at IL; 1895 at $780,
and 1887 Pm. Brokers here were Offering
| rs in II ning. and 100 in the afternoon.
Govern. mt securities declined slightly. The
following are the quotations: Five-twenties. lola
1917 Ten -fortics. 95@95l. Seven thirties l03G
1925 Certificates. 100
Business in uncurrent money is dull and rates
are unmproycd. Bank Of Tennessee is weak at
3Gq32c. buying. and 81. selling. with no demand
Planters Bank is dull at 60 cents, buying, and
63e63, selling.
Union Bank is dull at 70 cents.
Southern money generally IS dull and in but
little demand.
The New York Commercially money article Of
the list, says that the stock market this morning
shows the effect Of the heavy gold movement of
last week.
The sales of the Government will call into the
Treasury about $l3,0O000 of currency, and the
demand upon the banks for this large amount has
caused some changing Of loans and slight furry
in the money market. The banks generally con-
tnue the rate call loans at per cent, but Dor
rowers in some cases are offering per cent. The
flow Of currency from the West has abated. At
Chicago exchange on New York is selling at dis
count, and at Cincinnati rates are much easier.
From this concurrence of causes 1t would seem
reasonable to anticipate partial reaction from
the extreme case in money. j. has been suggested
10 the Secretary Of the Treasury that he cal in
certain amount of certificates Of Indebtedness,
giving notice after specified period that interest
upon them will be discontinued. The Secretary
has the option Of calling in the certificates ut any
time within the year for which they are issued; the
authorizing act, which saws that certificates shall
be PAYABLE in one year. at the option of the Gov
eminent. We understand that there is much
probability that this course will be taken by Mr..
McCullOch, and that the amount of certificates
called in will be sufficient to return on the market
all the currency now being withdrawn through
sale of gold.
pean news fail TO excite favorable influence upon
our exchange within the next few weeks, there
will be large and steady decline Of gold from
this country. The export demand will be still at
the low price at which the Treasury IS willing to
sell. Government can, under the present circum-
still forty misns Of coin left after providing for
the whole Of the May coupons.
Meanwhile, by keeping the price low, IN the
face of heavy foreign demands, it encourages a
larger export than would otherwise be ventured
upon. On the other hand, should the German
difficulty meet with pacific solution, and Europe
subsde into its original tranquility, no harm Will
be done by these Treasury sales of gold, apart
from the violation of principle: but the danger
which this practice Of the Government IN thus in
discreetly assuming control of things which may
pass beyond its control involves should cause ITS
rejection.
We have no desire to see geld go any higher. for
what il most to be desired of il is steadneSs, but
to insure steadiness for a week or month, we must
not voluntarily incur the risk of having It go much
higher afterward than it otherwise.would go, thus
destroying the value and provoking evils which
intention to guard against.
The Times editOTially says that gold was parted
with II going rate at the market, with no stlngy or
grudging hand. and should later news be construed
to require double the sum OF last week we believe
II will be withheld. Since the lSt of July last the
Treasury has received at New FORK alone, about
Sl20 900 in gold customs where 1t has been re-
guired to pay out only SiiOOOOO Tor gold interest
The difference for currency interest and other OBJ
iectS of expenditures in currency is thus seen TO
ba ut New York and probably
$l00OO,0OO in gold at all other ports.
COTTON.-The market on yesterday was very &C
tive with sales of fully $50 bales at prices ranging
from q to 3O12c, mostly at 30. kilograms from
New York at noon. quoting the market dull,
nominal and without demand, caused buyers to
become more cautious, and lessened the activity
of the market. Later dispatches. however, quote
the market firm at 37@3Sc for middling. The fall
ing of in the receipts and the certainty of small
crop for the present year, renders 1t reasonably
certain that cotton will not fall again below pres
ent prices.
GRocERIEs-Since our last weekly review Of
the markets. some fluctuations have taken place
in the price of Flour, Bacon, Lard and Grain,
while all the balance of the trade has been rather
stationary and dull. In view Of the prospective
falling short Of the wheat crop Of the wheat
growing region, flour has gone up and we may set
il down as having still upward tendency with
a brisk demand and liberal sales. Bacon ami
Lard have each gone up with heavy trade to the
home market and to supply the Southern demand.
Corn has advanced about 5 cents, and we quote 1t
at from IS to % cents, according to quality. The
Sugar and Coffee trade is not so active, but Is sat
isfactory to most of our business houses; and
other staple articles are at stand still point
most that is being done. is simply to supply the
local demand.
FLoHR-S9 25a9 IS for superfne; SlO@lO - for
extra: Sll@l2 for family, and SO 5O@l3 for fancy
brands.
SuGAR-We quote 1912 for Cuba l5@l6 for
Porto Rico; l7dlS for Demarara; 1913 for New
Orleans; 1920 for standard hards; soft refined
usual proportion. We notice large receipts of
fair to choice Louisiana.
BACoN-We quote 151IG16 for shoulders; l734G
~ for ribbed sides lsl4@l9 for clear sides; 2 for
plain hams, 22@23 for canvassed.
L,RD-Prces ruled very firm at 2O@ p Cor coun-
try: - for prime city in tierces and "a for the
same in kegs.
CorFEE-We quOre common to good 24926;
good to fair 9j@2I; fair to prime 21@2S14; prime
to choice 2SlZ@29.
SALr-Is unchanged at 81 . for seven bushel
barrels
NAILS-Ne Stlll quote AT - IO9S . tor IOS, anu
| y per cent for each lower grade.
| CoRN-We now quote at $1,000 for yellow: and
| g0aq5 for fine white-an advance of fully sc on
| our previous figures.
| OATS-Firm mt 55g60c.
| PRovIsIoNs-Butter is now freely offered at 25c,
and eggs at 2Oc. Potatoes are in good supply at
| $3d2 .. according to quality. Meal is held at
| s. 50 per barrel of bushels.
LIQUoRs-We qoute Bourbon at S3a4 80; Rob
crtson s. 1885, common s. 25a2 50; French Sj@
! IS: Catawba $500; Ginger 5000 50; Apple $395;
! Peach s. 75d5 ..