Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-05-27
MONETARY AND COMMERriiI
oFFIcE 90 THE UNION AND ANsRIcAS.

1FrIcE 90 THE UNION AND AMsRIcAS,
SUNDAY. May q. 1896.
MoXETAEY.-Gold declined steadily in New
York yesterday. The following are the quota
tons Of Thos. s. Mari: Opened at 1891 /; fell TO
1897 at II, and TO l39 at 1870. and was 1857 at
100. and closed at 4 Pm. at Us.
The following are the quotations received for
Government securities 5-2Os 1Ol 1zalOl75; 1O-4Os.
9i5z@95; 1905 lO1jzglOl24; certificates. 9g7S9lOO
Exchange on New York is taken by the banks
at par, and sold at = premium.
There Is very little doing in uncurrent money
and rates are unchanged
Bank of Tennessee is decidedly weak at 80 buy
ing, and % selling.
Planters' Bank is dull at 90 buying, and 90 sell
ing. while Union Bank is firm at 70@72.
Southern money is generally dull and fiat Only
a few of the best banks sell readily.
In relation to the English panic, the New York
Journal Of Commerce, Of Tuesday, thus dis
courses:
The principal topic Of conversation is the panic
in England. said to be the seyerest known there
for quarter OF century. Ii must be distin-
guished. however, in its effects from any excite
ments somewhat similar in appearance but far
more disastrous. The reason for this difference
NAV be found in the causes which have produced
the present trouble. The decline in cotton, and
the consequent fall in market value, not only of
disc, sympathiZing with this movement, has led
no doubt to severe losses. But the main cause of
trouble has been the prevalent speculative mania,
extending to all branches of possible and impOss-
BILE enterprises all over the globe. Railroads in
England absorbed much money but the facility
with which the capital stock of new organizations
for any purpose was distributed upon the mar
ket led TO the strangest adventures until British
capital was distributed all over the globe in a
great variety of enterprises many of which had
no practical foundation. The pressure, there
fara ftu1llh he IL MI mn qInlf hon
mercantile and has less to do with legitimate
trade and commerce than most superficial OBJ
servers have supposed: For this reason the losses
on this side will fall to great extent in new
quarters, although all who have foreign cOnnec-
tons must share TO some extent in the general
distribution OF liabilities The JOINT stock feature
engrafted on the organization of English banking
firms has proved element of weakness instead
of strength. The gambling in the shares natu-
rally led to efforts by the bears TO depress their
market price; that depression in the stock Of the
association, unexplained TO the general public, led
20 distrust and run on the banks by depOsitors.
and thus came suspension.
The advice of the Government 10 the Bank of
England TO over issue, II necessary fifty million
dollars in paper, with promise to introduce
bill into Parliament for an act of indemnity for
such a breach OF the law Is in reality equivalent
20 premium TO suspend specie payments. Of
course there Will not be wanting those who re-
member the English upon our financial troubles,
and the resort here to paper money, and who Will
not be slow to retOrt the epithets then employed.
Our market here stands up bravely under the
pressure, and there is thus far neither panic nor
undue excitement. The steamer will bring out
considerable amounts of United States bonds up
on previous orders, and we learn also of number
of conignments upon English account. The fool
ish attempts of the Treasury TO help the English
spectators by selling gold, are now generally
condemned. How the thing could ever have been
attempted by distinguish he'd Government officer,
is beyond all possible explanation.
CoTToN.-The market was active yesterday, and
prices firm, at from 81 to 3319 for good cotton. We
note sales Of - bales at 3c; q do. at 1876, and IS
do. at 33l2. The receipts were 81 bales and the
shipments lS6. The New York market was active
at Il to i2c for middlings.
GROCERTEs.-The market closed last night at
previous quotations, but our merchants manifest
ed but little anxiety TO press sales.