Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-06-28

London advices Of yesterday quote
United States 5 POS at 70.
Exchange on New York was sold BY
the banks yesterday at 81 per thousand
The new issue of 5-2Os were sold by the
dealers at 1l0s.
But little was doEe in uncurrent funds
Bank of Tennessee was quiet at 3Sc Other
Tennessee money and Southern bank notes
generally were dull at the advertised
rates.
Nashville Corporation checks were
bought at l4c, and sold at he discount.
Tennessee bonds sold in New York on
the oath inst. as follows: $1,000 ex. con
pons 6s4c, and $4,000 ex. coupons, second
call, at 6S4c $4,000 ex. coupons at 69c,
$4,000 new at 67lc, and $4,000 new at
671c. North Carolina ex. coupons sold
at 544c, and Virginia new at soc.
The statement of the New York city
banks for the week ending Saturday last,
June p, compare az follows with the pre-
vious week, and with the corresponding
week last year; to which We add the specie
and currency balances in the New York Of
fee of the United States Treasury at these
dates respectively
July o. '66. June p. 81. June IS. 81
Nat capI.- So. SO7.7OO $7s,457.7o0 $40. 457.7OO
Local 80. s.262,5O0 9O62.5OO 9.o62.500
rr...,..., ZOO ~, ooo eco sso 90 80 -, 40,
Loans ,..- 2is.4S6.soS 24s.64O.47 2l6.22s, 465
notes SUI s.5OlOs6 s.sss.sss l2s56.sss
other L. IDS g, s+O,5ls 62sl6,la2 st.s2l2ei
Circulation. 26.5S5,394 3S.6S3.I7l 3s,707.lO9
In 5. Tres'y- 97,6Sss4s 1872, l29.745 1346l6,ZT
The changes from the previous weeks
statement are as follows
Decrease in 50 $50 72S
Increase in other legal tenders. 4s9l 1898
Decrease in deposits s40593
Decrease in 70 938
The New York Post of the afternoon of
the oath inst, says: The general
tone of business in Wall street is
improving. The promise Of good crops,
the low prices of the leading stocks,
the large amount of unemployed capital,
combine with the enforced quietude of the
last few months to impart an impulse to
business, so that there is a natural anxiety
to do something on the part Of multitude
of brokers and operators, who have been
suffering the irksome and proftIess tedium
of enforced idleness. We observe also
some indications that the public are grad
ually venturing more and more to invest
in the good dividend paying railroad and
other securities. The loan market is easy
at SOC per cent, with exceptions at z.
The flow of currency is from the country
in this direction and consequently the ten.
dency of the market is for the moment to-
wards greater esse. The revival of conf.
dence and the growing ease of collections
are also favorable to the same result. Com
mercial paper is quiet at 7 for choice
names" se-tf,,
The New York Financial Chronicle has
an article upon this theme, which is full
of important truths and valuable sugges-
tons. IL states the fact that notwith-
standing high prices have stimulated the
productive ability Of the agricultural sec
tions, and laborsaving machines have in
part supplied the place of men removed
from the paths of productive industry by
the war, still production has fallen much
below its proper relation to consumption.
The Chronicle then continues as follows
I" In other branches Of industry. large strides
have been made toward the restoration Of the |
normal condition of affairs. The factories and |
the mines have produced largely; and with |
comparatively ample supply, prices have ma
terially declined. The fall in values, however.
has been very much at the expense Of the eapi- |
talsts, who. owing to the high prices of articles
of food have found il difficult TO secure a redue-
ton in wages corresponding TO the decline in |
the prices Of their products. Simultaneously |
with the decline in prices of raw materials and |
manufactures, the value of breadstuffs and pro- |
visions has steadily advanced, until quotations
have reached unprecedented figures. 1t il not |
necessary at present to enquire into the cause Of
this singular movement suffice it to say that it
has placed our manufacturing industries gem
orally in most embarrassing condition for
while 1t has become impossible to carry on OPP
erations otherwise than at ruinous losses with.
out decline in labor, it has been found i'm
practicable to effect any adequate reduction Of
wages Wnlle articles OF f0Od remained so dear.
" AT this most critical juncture of affairs,
Providence has come in to our relief. A winter
of unusual scarcity and a backward and ap-
parently ungenial spring have nursed the nu-
cleus of a rich harvest. The result is that we
have the promise of the most abundant wheat
crop on record. Owing to the GOODNESS of the
spring, the corn crop is backward. and in low
lands has suffered to an extent necessitating a
second planting but this will probably result
in nothing beyond late crop ; and, considering
the large area said TO be planted, there is good
reason for hoping that the yield of corn will be
very ample. Reports from the South indicate
that. instead Of having to draw its supplies
largely from the West. az last year, that sec
ton will have a considerable surplus for export
In the warmer latitudes the wheat crop is al
ready ripe. and accounts from Charleston state
that, within few days there will be at that
port q supply available for shipment to the
East"
A large crop will Of necessity effect an
important decline in breadstuffs, and this
point is thus elaborated by the CAroa-
iele
q" 1t would be difficult to eyerestimate the i'm
pOrtance OF the prospective cheapening Of bread
stuns to the commerce OF the country. Lower
prices for wheat and corn will induce an in
crease Of the hog crop; which again implies
ces. beef and mutton must CORRESPONDENCE de- |
cline. Thus with the staple food products
cheapened. what should prevent the working
classes from yielding TO the general desire Of |
employers for lower Wages1 This result real
lied we have the great ant Ia nrofifahIa