Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-10-22
WI y III1INIIN "NNHI TITO" "VIU VWOtNNt 7
New York yesterday as follows

Exchange on New York was fur
nished by the banks yesterday at 81 per
thousand.
There was but little doing in Nashville
corporation checks. Brokers were buying
at zoe discount and holding at 15c dis
count.
Tennessee bonds sold in New York on
the 18th inst. as follows: $4,000 new at
Coo, $1,000 new at COZ, $4,000 new, ID
call, at Coo, $4,000 ex. coupons at 62lc,
$lO,OOOex. coupons at 62sc, and $4,000
new at Coo. North Carolina ex. coupons
and new sold at sic.
The New Y ork Times saws in its money
article of the evening of the 18th instant :
" The state Of the markets for gold and
foreign exchange is quite singular and
contradictory, especially when reviewed in
connection with the full, though not very
urgent, demand for money at seven per
cent. The gold room advanced from 1884
@1444 per cent. The cash gold was
scarce, and lenders obtained a considera-
ton of 1909 of one per cent. per day;
the currency being advanced to them free
of interest. The rise in the price Of gold
was ostensibly on disturbing political news
from Europe, and the consequent fatuess
of the French and English funds. Yet
our own foreign exchanges are t@4 per
cent. lower than yesterday, with consider
able anxiety on the part of the leading
bankers to sell at this decline Some of
them are the more ready to draw, because
they can lend their gold free of intesest,
and relend the currency advanced upon it
at per cent This would indicate no
anxiety in regard to the political situation
abroad, or the probability of anything ike
a sudden or early recall of foreign balances
employed on this side. On the other hand
ii denotes better offering of produce bills
and an indifference on~the part of the i'm
porters to remit on the present basis of
gold"
The New York Post of the afternoon Of
the 18th inst. says:
The fall ia consols and other securities
in London has produced little effect here
at present. beyond advancing the price of
gold per cent.
The loan market is still unsettled. For
discounts the rate is 1909, with little do
ing, and none but choice bills in favor
The banks and other lenders are making
frequent changes in their call loans, so that
for stock exchange purposes there is quite
an active demand for accommodation. The
rate is per cent, hut fewer transactions
are reported in which gold interest is paid,
or a commission in addition to the regular
rate of z per cent. in currency.
There are, however, certain symptoms
soliciting notice, which are by some per-
sons 80 interpreted as to account for the
diminution of the pressure in our money
market, and to indicate further probable
movement in the same direction. OF these,
one is the large aggregate of foreign CAPT
tai which is seeking temporary employ
ment here, and which is not unlikely to in
crease in the present disturbed state Of
monetary confidence in England, where
people will rather lend their idle cash at
per cent. than buy British securities pay
ing 8 or 10 per cent. with the real or mag
mary risks supposed TO appertain to per-
msnent Investments.
Another of the circumstances foietoken-
ing ease is the return Of currency from the
West.
AS the outflow of currency had the effect
Of making money tight by shaking public
confidence and by thus impending and
troubling the movements of capital be-
tween the borrower and the lender, it is
argued that the return Of that currency
hither will tend to correct the evils and in
conveniences due to its withdrawal. In
support of the opposite opinion it is re-
piled that this return of currency is small,
that the commercial demand for discount
is large, that the South will soon require
all the currency the West can spare and re-
turn to us and that our city banks are not
anxious lenders, bat are rather sensitive 70
the smallest and extra drain on their re-
sources, and betray an evident wish 10
make themselves strong and to keep so.
From these conflicting arguments the
more moderate of our financial men de-
deee the conclusion that while there can
not veil be any severe strIngeney de-
veloped for the present, except BY some
Treasury disturbance of the currency, which
| is not at all likely to occur, still the pros
pect Of such monetary case and plethora AZ
would at very early day put the rate Of
! interest below SIX TO seven per cent. il
rather delusive than Trustworthy.
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