Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-07-30


London adviees Of yesterday quote
United States 5-2Os st 72s.
Exehangsen New York was furnished
by the banks yesterday at LILO premium.
Nashville corporation checks were
bought at 15e discount.
Tennessee bonds sold in New York on.
the 18th inst. as follows $1,000 ex. cou-
pOns at 6S3c, $1,000 new at 66}c, SIS, 900
new at 67e, $1,000 new at CHE $4,000 new
at 673c, $4,000 new at &c, $4,000 new at
SIC, $4,000 new at Gle, aud $4,000 new
at 563c. Virginia new sold at sic; North
Carolina ex. coupons at 5s@59lc, and new
at 594@5ssc, and Missouri SIS at l05f9
1O5e.
The New York TFibans reports that
border State stocks are firm, and are stea-
Oily finding their way into strong hands,
and adds: The circle Of operators con-
tinues to widen, and the Exchange is the
scene of as much excitement as was shown
during the rebellion. The ease with
which larse amounts of stocks can be car
ried stimulates operators in making ex
tended engagements, and also attracts out
siders to the street"
There is undiminished ease in the New
York money market, and loans are made
freely at five per cent. on mixed collate-
rails, and four per cent. on governments,
the exceptional transactions at six per cent
being few, and either for small amounts or
on time. The New York Herald says the
probable effect Of the treasury redeeming
the August compound interest notes with
currency continues to be discussed 1t is
argued that this is a measure Of contrac-
lion, as it involves the curtailment of the
legal tender issues to the extent of the
amount thus redeemed. 1t must be re-
membered, however, that these notes long
since ceased to form a part Of the active
currency, and that it is only where they
are held by the national banks as a portion
of their reserve that they perform the
functions of currency in any respect. inst
now the banks are so we'll supplied with
funds that they are Indifferent to the man
ner in which the treasury may see ct to re-
deem the maturing compound interest
notes; and as they have the option Of re-
tanning them after maturity, and Of still
counting them as portion of their reserve,
it i5 probable that some at least OF their
nn.nber will adopt this alternative. Ii is
fresh in the public mind that Congress only
authorized the issue of fifty millions of
three per cent. certificates for the redemp-
tioE of compound interest notes, and on
the LIST of June there were $l30,030,240 Of
these outstanding. Ii was obvious at the
time that the remainder of the notes would
have to be provided for from the other re-
sources Of the treasury, and there is moth
lag to occasion surprise, therefore, in the
redemption Of the August notes in the
manner proposed. The treasury will
doubtless be guided by its own condition
and convenience in issuing the certificates,
which will be legal tender at the clearing
house and redeemable in currency. The
first effect of the redemption of the August
notes in curreney, suppOsing such to take
place, viii be to further increase the supply
of loanable funds, because the banks will,
by having their interest bearing reserve re-
6uced, be more anxious to employ all their
money beyond the necessary reserve Of
twenty five per cent.