Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-03-13

London advices of the 18th inst. quote
United States 2Os at IA.
Exchange on New York was bought by
the banks here at par and sold by them at
premium.
Nothing was done in uncurTent money.
Bank of Tennessee was inactive at Csc buy
ing and S2c selling, Union and Planters
Bank notes were in good demand. The
former at 90c and the latter at SEC.
Southern bank notes were low and in but
little demand.
Nashville Corporation checks were bought
at Zoe discount.
The Cincinnati Gazette says in the money
market the supply and demand are about
evenly balanced. While--the hanks are
able to supply the wants of depositors there
is no margin for any material increase in
the discount line. The market, therefore,
cannot be called easy or stringent but il
is much nearer TO the latter than the former.
The undertone is gradually improving, but
capitalists are still sensitive and liable to
reaction. The Cincinnati Enquirer says
''There is no falling off in the demand for
money, and currency balances being low,
the market is working close, sufficiently so
TO cause good deal Of inconvenience.
There is considerable amount of what is
denominated outside paper offering, but the
bankers are, in most cases, limiting their
favors to regular depositors, OF those to
whom they are under obligations. The de-
mand is chiefly for short accommodations.
as borrowers are anticipating an easier
market in a short time. The current rates
of interest on the open market are 10 per
cent. for unexceptionable names, and II per
cent. for good commercial bills. DePosi-
tors are supplied at sac per cent. The
street rates range from II to 2 per cent. "A
month, according to the character of the |
paper. The demend is still chiefly for le-
gitimate purposes, and well distributed,
though there is some papero Of a speculative |
character Offering"
Justice Leonard, of the Supreme Court |
of New York, has decided that legal tender
notes (greenbacks) held by banks as a part
of their capital are taxable.
There is an abundance of money at the
North but this abundance seems to have
speculation to an extraordinary
degree, and We are beginning to see the re-
suits The New York Tribune of the 9Th
inst. says:
The last few days have reported several wrecks
in the financial world, beside very serious dam
age In many Instances where the wreck is not ]
complete. Wall street has been the scene of
.ome great disasters not publicly announced. i
The first movement toward coming TO u settle /
nent. after our Ions years of speeulation and in
1atlOn IL disclosing the great necessity for it. |
we have not yet come TO any single |
great explosion in this city, beyond perhaps a |
'ingie individual instance, great losses have
been sustained by the shrinkage of values, and |
many more are inevitable. As to what other |
orm5 of loss We are to witness in the general |
that has begun, and which must go
IN. time only can disclose. We and outside of
New \ ork that, within the last few days, very |
erious bank deialcations have been brought to
lght We enumerate such as We see reported in
he papers.
First. National Bank at Meredith. New York
failed. Cause-speculatiOns Of the President. |
Second. National Bank of Hudson-clOsed. |
Jause-,speculations Of Cashier.
Third. First National Bank of NeWtOnville, |
lass.-.lo twice its capital. Cause--specua
ions of Cashier
Fourth. Mechanics National Bank. Balti-
$SO1O0O by the bookkeeper
md paying teller.
Filth. State Bank, Observation-Disclosures $500 |
wv. Cause-sPecuatiOns of Cashier.
The State Bank of Boston, which we find in
he above list, is one Of the oldest and most re
pectably managed banks in the country, and
Ilways has been. Whatever other bank was in
.ithculty, it was always the State Bank that
,ept out. The fact that il is now implicated in !
he general speeulatiOns that have grown out Of
he enormous volume of paper money, shows
nto what close circles the mishief has pene-
rated. When q bank like the State Bank is in
ected, We may look for rOttenness anywhere
me everywhere; and, as time rolls around, we
nay expect TO see it developed even where least
OOked for. We may well inquire if this is the
me to be talking about yet more imitation of
he currency, when results like these, of which
re are undoubtedly just seeing the beginning.
re the fruits of what we have.
The following will show the stocks of
otton on hand, at the various ports on the
st of September, 1866, the receipts and
xports to foreign ports since that date, and
he stocks on hand at the dates designa-
ed ...