Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-01-30

oyrrcE OF THE UNION AND AxEnIcas. !


- TUESDAY. Jan. 80. 1856. J
MoSErARY.-Ciold opened in New York yester-
day at 1895. and closed at noon atthe same rate.
which Is a slight advance from Saturday.
Bank of Tennessee is very unsettled, Some
Brokers were offering only 20 and some Soc There
was some little demand by outside parties.
Union and Planters Bank unchanged.
Southern money il still down and difficult to
sell. afa ttfs fE 1;
A report was current in New York, ON FRI
day, that the Financial bill now before Con-
gress as prepared by Secretary McCulloch, had
been defeated in the Committee room Of the Com
mittee on Ways and Means. and that a new bill
would be prepared and reported instead. To this
is sttribnted the late decline in Government seeu
rites in New York.
The financial situation in England is being seri-
ously considered. The last Eupopean News adj
yised that the Bank Of England had advanced the
rate Of interest to eight per cent and the London
Times anticipates still further advance, even re-
galing il as possible that the rate will be increas
ed to L. Is, or even % per cent. The Times says,
:" il win be wen for all persons pledging them
selves to future liabilities to frame their calcula
tons on the possibility that the storm may over
take them at any instant" The Times thus al
ludcs 10 the bearing Of the American markets
upon the existins state of things:
As regards the probability of large credits
having been granted to America. it would
be difficult in any other way 10 account for
of gold arrivals from that country Our
expectations thither have been on an extra
ordinary scale and in return she has had little pro-
duce TO transmit to us, the cotton shipments being
still limited while in the grain trade the high
cost of transportation and of all the necessares
iifeconsequent upon excessive taxation. combined
with protective tariff, have caused Russia, Ger
many and France almost entirely to drive her
from competition. During the whole Of this year
she has sent only ,056 hlndred weight OF
wheat and four against 9,573, 437 in 1854 and 1868.
Even of petroleum, her new source of wealth, the
quantity shipped hither this year has been but
$3.50 tons, against Is, 40 in 1864 and 22 IN 1868
Among the Continental countries at the same time
time there has been a fIrore for purchasing Uni
ted States bonds so that all the riches they have
derived from the great increase OF their grain trai-
fc have disappeared from Europe. to be repre-
sented simply by these or analogous securities.
So long as the causes thus described continue, so
lon the gradual rise in the rate Of discount con-
that they will greatly increase during the new
year. a. ~
Corroy-We still continue almost without
market. there being but few sales on yesterday.
good grades ruling at IS cents. Holders seem
willing to sell without an advance.
In Foster, Copeland K Co.'s New York annual
circular, which has just reached US, we find the
following:
We are Of opinion that unless a material decline
takes place in gold and foreign exchange, de-
cline in Liverpool of two to three pence will not
affect this market to II great extent The quantity
now used by home manufacturers is on the in
crease. and with the heavy demand for their fab
ries, we anticipate a largely Increased consump-
ton. Holders show great taith in the future, and
part with good lists only wEe. compelled to sell,
believing that very materl.2 advance will take
place when the receipts fall oil, and when the
supply ceases to be subject Of speculation.
We have been favored with copy of Watts K
Cos Liverpool Market Report Of December %,
from which we copy the following:
The stock of Cotton in Liverpool, declared this
morning, amounts to 5000 bales, including
1872 bales American.
Bycomparing these figures with the estimated
stock it will be that the total stock il only
lTs5 in excess of the estimates, but the stock OF
American and other long stapled sorts turns out
&, 1876 bales less. In reference 20 the gem
eral position of this market we would add, the
popular opinion here at present Is that tie old
stock of cotton, in the Southern States at the
close of the war. and the crop of this year, will
turn out 10000 to 20O0OO0 bales or about 5O0,-
900 bales more than was generally supposed early
in October when Midding American was about
80 pence higher than at present This increase In
the estimated supply from the States would no
doubt have depressed prices below rates now chr
rent but for the unfavorable reports in reference
10 the present system Of labor in the Southern
States, and the very unfayorasle adyices from
Egypt to the crop this year. IL now being gener
ally conceded that the crop is not only much in
ferior in quality, but in quantity is not more than
half of last years crop.
GRooERIEs.-Transactions in this line arc per-
ceptibly lighter in various departments, owing in
part to the depressed condition of the Cotton
market. The prices have not materially varied
since our quotations of Saturday.