Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-11-28


Our money market may be said to
be very stringent. 1t is impossible 70
Borrow money on the best paper. Oar
Banks we believe will only loan on good
collateral, such as gold, United States and
State bonds, or some other securities which
they can put in their vaults. Good paper
Is discounted on the streets at rates ranging
from SOS u cent per month.
Exchange on New York is taken At par
and is sold at &c premium.
The transactions in uncurrent money are
extremely limited. Bank of Tennessee is
IN but little general demand, but may be
quoted as firm at 45@46c buying, while
dealers are holding at 47@5Oc. Planters
and Union Banks are unchanged. The
former is in large demand at SIC buying,
and S3c selling, while the latter may be
considered weak at nc buying and soc
selling.
Southern Bank notes generally are very
dull, and rates seem to have a downward
tendency. For the standing Of the differ
ent banks we refer to the advertisement Of
the NationakSaving's Company.
There is but little trading in railroad and
other stocks. Nashville and Chattanooga
Railroad stock will not command more
than 30c on the dollar. Louisville and
Nashville Railroad stock is worth SIC.
while the Scrip and Tax Receipts will
bring 9Oc. South Nashville Street Rail-
road stock may be quoted at 65970e. We
have heard of no sales Of Suspension
Bridge stock, but suppose it may be quoted
at 9O695c.
Nashville Corporation checks are becom-
ing very dull at SC discount buying, and
&c discount selling they are used in paying
Corporation taxes.
Land Warrants are sometimes offered in
this market, and when properly authenti-
Gated and endorsed are taken at 81 per acre.
"What shall be done with the Banks Of
Tennessee p Was aquestion which re-
ceived good deal Of consideration several
years ago. Another question of equal inn
port, perhaps greater import, now comes
up-What Of the Bank of Tennessee?
When the bank was brought back from the
South great deal of anxiety was manifest
ed to know its condition, and the proba-
bility as to what could be realized out of its
assets. Perhaps the clearest exposition up
on these points is to be found in the report
of Mr. s. Watson, President and Trustee Of
the Bank, recently submitted to the Gov
ernor, and by him transmitted to the Legis-
lature. Mr.. Watson states that the whole
amount of the assets turned over to the
board of directors, which was organized on
the LIST day of March, 1866, was STATS
g53O4 The United States 7-30 bonds,
amounting to S6lS,25O, (the proceeds Of
the specie returned with the bank, are not
included in the assets designated above, as
they are claimed by the State as part of
the common school fund, and have never
been turned over to the present directors.
There is an account against the Treasurer
ofTennessee for S485, 48777, which APP
pears by the books of the bank, to be an in
debtedness by the State to the bank, created
after January l, 1882
Deducting this em................. S455, 49, n
Bank of Tennessee notes
on l5.sS9 e
Deductilg Confederate notes etc,
tWOrth less ................,..--. 81 S..UT -
In all.................. ...ss sl6,s72 p
hom s12478, 95SO4, the entire amount Of
assets received by the present Board of Dir
rectors, and it will leave S3,662, 6so,79 Of
assets to be applied to pay the Indebted
ness of the bank Mr.. Watson then says :
I'm this S26ja,906o are included the fol-
lowing accounts Real Estate, Bills and Notes
in suit, Balances due from Banks and Agencies
Southern Bank Notes, and also 80 1908 50 loaned
by J. A. Fisher, after the removal Of the Bank
aud Branches, from their places otbusiness. The
value OF the Real Estate can only be asce-tained
by actual sale. The bills and notes IN suit are
IN the hands OF numerous attorneys in al parts
81 the State, and correspondence with them
has disclosed the fact that many claims in suit
have been settled, that many are Of very old date
and the parties lns9iYent. The amount settled,
and the amount lnsOlycnt, we have not been
able to ascertain with accuracy. In our cores
pondenco with banks and agents indebted TO US,
we are advised that our accounts. in many in
stances are incorrect and also, that in many
cases, the balances appearing 70 be due, have
been paid So that the probability seems to be-,
that a very small amount viii be realized from
this source, The largest portion Of the loans
made by J. A. Fisher, are payable in Confeder-
ate money and the whole will probably prove 20
lie of little value. WHIST amount Of the bills
and notes will be collected it is impossible yet
70 determine
"The entire circulation Of the bank appears
from the books TO be Si.Sl6 79i 60, of which
SlOSl $50 was signed by g. G. Iorbett, and Sl06,-
los 90 issued al fractional currency. All Of tbs
remainder OF the circulation, as far as has come
TO the knowledge Of the present officers Of tnt
bank IS dated prior 10 9Th May, ls6l, whieh VII
leave 8 622 las 10 be redeemed by the bank IN
der the amended constitution and the Law iOl
winding up the BanlIAOf Tennessee
In a subsequent portion of his report Mr.
Watson says;
"By reference to section 2 of the act 70 winJ
up the bank, IL appears evident taat our mrs
duty was 20 make a schedule OF the assets OF tn
bank. examine and arrange the BOOKS, papers
etc. belonging 20 it. with view 70. the speed
collection Of the debts. After the appolntmen
of the undersigned as trustee in order 10 lnsur
accuracy a examination Of the papers bill;
notes and other assets of the bank was enterct
upon. and record of the same was CAREFUL,
made This labor has been but recently com