Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-06-16

|
~ luOt5
T-$os, ;-;.-...-;,;;,,- .,...-..- ..-- 1875
| I'd and Sd seTieS--..------.......--. lOots
| London advices Of yesterday quote 20s
at 73f.
Exchange on New York was bought at
par yesterday, by the banks and sold at I
premium ala1ill3 saa.si a
There was no change in uucurrent funds
and but little doing. Bank of Tennessee
was inacti"e at 33c. Other Tennessee
money and Southern bank notes generally,
were very dali at the advertised rates.
Nashville Corporation checks were
quite abundant on the market and dealers
were buying at 15c discount.
tITennessee bonds sold in New York on the
18th inst, as follows: $4,000 new at 674c,
$4,000 new at g. &c, $1,000 ex. coupons at
69ic, $1,000 ex. coupons at 69Ic, $4,000
new at Csc, and $4,000 new at 673c. Yir-
ginia new bonds sold at 42Ic and ex. con.
pons at 48c North Carolina new at SHE
and ex. coupons at 81 and Missouri 9SG1
oslo.
The New York Post of the afternoon of
the 18th inst. says: "The loan market is
easy at per cent. A few transactions at
on governments are reported. The ease
is attributed almost entirely to the change
of policy at the Treasury whence the dis
bursements are heavy, and to the discon-
tinuance of the locking up of currency
which has been carried on of late to an
excessive degree. 1t is supposed in some
quarters that the money market, being re-
lieved of the pressure from the Treasury,
will continue easy. But there are two
obstacles in the way Of this. First the
payment of income taxes and other annual
taxes will draw forty millions out of the
banks, and will make these institutions feel
poorin currency, and consequently disposed
to contract rather than expand their loans.
Secondly, the influx of grain from the
South for which payment will be required
in currency, will also curtail for time the
resources of the banks, and limit their
power of granting accommodation to their
dealers. Commercial paper is quiet at 81
97! for choice names"
Judge Reese in the Superior Court at
Augusta, Ga, on the 18th inst decided that
neither at common law nor under the Code
of Georgia could the banks of the State
make a legal surrender of their charters
unless accepted by the Legislature. This
decision annuls all attempted surrender Of
their charters by the banks of the State, as
the Legislature failed to accept in every
instance where the attempt has been made.
The New York Independent of the 18th
inst. says of the drygoods trade
The market for drygoods, we think it may be
safely said, has seen its lowest point of depres
sion. Last week their was an improved feeling
in the trade, though the month of June is the
dullest in the whole year for this business. Two
exceptional causes, not likely to occur again,
have operated. adversely to the trade. The first
and chleteSt was the OYer-ImpOrts of last year. |
which were induced by the expectations of a
large increase in the tarOn all kinds of fabrics
But these Oyer-impOrts have been gradually eX-
hausted, though to the great loss of the im-
pOrters.
The second cause ofdullness in seasopabIe and
fancy goods particularly. will be found in the
departure for the Paris Exposition of some ten
thousand of the very best customers, who, in
stead Of making their ordinary spring purchases
have waited until they get at the fountain head
of fashion before laying in their supply of sum
mer dresses. Secretary NcCullOeh estimated, in
casting his fin luciaI horoscope for 1867 that these
summer birds would extract from us about
seventy millions in gold. amounting to about a
hundred millions in currency, which should have
been spent at home.
1t is easy enough to see what an effect the de-
ductlOn OF this large amount must have on de-
partment of trade which was necessarily affected
by the same depressing influences which had
been felt In every other department of com
merce As an offset to these upper 10000" of
our population, who have gone over 10 Paris to
spend their money, we have imported about ten
times the number of Europeans who will be very
good customers by-and-by, but who for the pre-
sent are not OF much benefit to the dTygOOds
trade.
Bat the future is full of promise for the dry
goods dealer and the manufacturer. The half
naked South will begin to cOthe itselfas soon as
the crops are gathered, and the generous West
will not be slow to convert the Tedundance OF
their wheat fields into a redundancy of rament |
All depends upon the crops, and there never be-
tore has been known such loud and uniform
report ofpromising crops ofall kinds from every |
section. And good crops Interpreted into bust
ness language, means lively times for the dry
goods jObbers The imports at present are very
light; and except in wOOllens, of which the
SIOUX on udilu Is sui very NehNyt LIt Is
not likely to be OverstOcked in the fall.
The business in carpets has been very active
all the season, and prices have been fully sus-
tanned, though they have not advanced in pro-
portion to the increased duty; and they must
inevitably rule higher. The carpet dealers have
suffered less from dizziness Of trade than any
other class of drygoods dealers. Italian cloths
are in better demand for the manufacture of
clothing but the importers make great com
plants Of dizziness. The cOarser kinds of Itali-
ans of American manufacture are fast superse
fha 4 a.
style of goods is about eighty per cent, which
ought to be protection enough to stimulate do
nestle manufacturers. The best qualities of
printed lawns are in moderate demand.
Tine demand for muslin de LANES has fallen OF
as the season has advanced, but the West is still
reliable customers for certain styles of these
goods. The market for prints is limited. and
there is but little demand for summer styles.
The manufacturers are preparing for their fall
trade. and the certainty of decline in the price
OF raw material makes cotton goods Of gll kinds
a hand tO-mOuth sort OF purchase. Every one
is careful not TO be caught with an overstoek Of
cotton goods. Ginghams of good styles are in
moderate request; colored csmbrics are dull ;
tweeds command fair prices. but inferior grades
are pressed for sale. Prices are net firm for
wOOlens; the market is largely OvsrstOeked,
and, except for few fancy goods for summer
wear, the demand is principally for the large
ciOthiers. JObbers, commission houses and i'm
pOrters keep the auction rooms well supplied
with odds aud ends OF all kinds of seasOnable |
goods preparatory toclesing up Of the spring
trade. ..... .......-
The improved feeling in the market applies |
chiefly TO dOmestics, which are more freely pur-
chased asthe crop prospects are more assured. |
The exports Of domestics from this port and |
from Boston for the present year are largely in |
excess of those for any year since 1861 and they
will probably continue 10 increase the cotton |
crop increases. Brown sheetings aud shirtings |
are in abundant supply, and the stock on hand |
Is increasing. Prices are steady in anticipation /
Of a large fall demand.
Bleached goods are wanted in small lots to Gil |
country orders. The stock in jobbers' hands is |
better. Manufacturers are disposed 10 make |
sales as fast as goods are received. There is no
quOtable change in prices for standard goods. |
Denims and drills are dull and heavy, and the |
same u true of stripes and ticks. Collections |
from the interior are not so prompt a. could be |
desired. On account Of the dizziness OF trade |
N any second class merchants are asking eXteu |
slOu-saJ rssd.