Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-20
years noted

the New Yyrk Times of the 18th inst,
says: "The rates for money are nearly
per cent. cheaper to the Stock brokers, ow-
ing to the improved bank movement in the
receipt of Legal-Tender aud National
Bank Notes, and the disbursement Of about
ten millions of currency by the govern
ment by way of interest on the second Sc
ries of 1908. Although less than half Of
this will be paid ont at New York, the
whole sum will be indirectly felt on the
money market. The other currency dis
bursements of the government are about
equal to the internal revenues, while the
gold customs will propably be thelightestin
December of the year, although some i'm
provements may take place near the close
of the month";
The Chicago Tribune of the 18th inst,
says;
The money market was closer on Saturday
than at any time during the week, and in some
quarters 1t was pronounced decidedly stringent.
The banks are losing currency every day, owing
to the drain eastward to provide exchange and
the checking by country banks in order to move
the hog crop, which has now taken fair start
Paper is narrowly Disseminated and borrowers
find great difficulty in obtaining accommodation.
Discounts are entirely restricted to those whose
claims cannot be denied. The bank rate is
steady at 10 per cent. In the open market there
is more doing. and good names are taken at IA
Gl1I per cent, and less desirable signatures at
z per cent per month.
The shipments of produce to the East are eX-
ceedinglg light, and very little exchange is being
made Were it not that many of the banks have
paper maturing in New York, additional ship
ments of currency would be necessary. The eX-s
change market was weaker too day. owing to the
tightness Of money, and sales were made be-
tween banks a. p cents premium. The counter
rates were Neutrality-suspicious. buying and HOPPE
MUM selling.
The improvement.w which has taken place
in the condition of the Bank of England
since the Sd of May is by many considered
to Justify a lower rate of discount than the
present minimum Of four per cent. At the
time mentioned the rate was ten per cent,
and the reserve of notes and coin had beenre-
duced to 1853, $50, and the bullion to ell,
S7s,775, while the circulation was &c.
562, 525, and the advances e33, AZ, 463.
The return of the 2Sth of November, how
ever, showed the reserve of notes and coin
to be el0,6SS, 800, and the bullion els, 1885,
$50, while the circulation was only e23,-
003, 209, and the advances Gig, 1876, O0S.
There has consequently been decrease in
the circulation Of about three millions and
half sterling, and of fourteen millions
and quarter in advances, while there has
been an increase of E6,3O0 900 in the bul-
lion and e9,S00,000 in the reserve. The
circulation is still, however, one or two
millions above the ordinary average. Ow-
ing to the negotiation of new Russian
loan of six millions, a New Zealand loan
for e250,OO0, and the payment in fnll, cali
ing for Gs50O0o, of the Victoria, Australia
six per cent loan, the demand for money
was sufficiently active to make further
reduction ofthe bank rates improbable
TheGreeneviIle Tenn Era, Of the 18th
inst, SAYS someof the corn spectators in
that section are getting sick Of their har-.
gains, and adds "One thousand bushels
corn, sacked and delivered in our depot at
a cost of over 65c. per bushel, is now offered
at Soc Money is too scarce TO snslain war
prices. Pork started at l0c. bat has been
bought during the last few days at &c
The New York Times OF the 18th inst