Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-05


= @132, and were holding at the New York
: quotation.
Government securities were quoted in
New York yesterday as follows:
5-3ls, ID series, coupons -......----. 1867 s@1O5
5-5s, % series coupOns-.-.-.-.--...--....l 1851
Dds, new issue .--'..'.--'.-........-. lStsGlO4
l04lzG105l-
1-3tS 2l and ID Seriss...-...--........ l0i7s9l05
London adyices of the 4th irst., quote
5-2Os at 734, and Frankfort adyices quote
these securities at 77..
Exchange on New York was taken at lc
discount and sold by the banks at par.
Uncurrent money generally is very dull,
with no improvement in rates. Bank Of
Tennessee is very quiet at 4Sc buying
some of our dealers are giving SOC, but we
suppose il Is merely to fiji orders. Union
and Planters Banks are steady at former
quotations. The former is bought at soc
and is sold at SIC, while the latter il bought
at SIC, and is sold at S3c.
Southern bank notes are very dull, with
but little disposition on the part of brokers
to buy.
Nashville corporation checks are in some
demand at lOc discount.
1t is reported from Washington that the
House Banking Committee intend to take
active measures to compel the national
banks to keep on hand the required amount
of legal tender notes The Comptroller
shows that many of the banks wholly dis
regard the law in that particular.
The Committee on Ways and Means
have not yet perfected any gold bill, but
the committee THUS Ear favor the PROPOSE
ton to sell at stated times, with ten days
public notice, all of the gold in the Treas
ury above sixty millions of dollars, but to
require the Secretary of the Treasury to
demand compound interest notes to be paid
for all purchases of gold. This looks like
contraction by compelling the banks to
bring them ont and to supply their place
| by the simple legal tender notes.
The National Bank of the Metropolis, of
Washington, has given notice that it in
tends to wind up its affairs and go ont Of
existence. Notehoiders are requested to
forward them for redemption.
In our advertising columns will be found
the twelfth quarterly report of the First
National Bank of this city, which shows
that well-managed institution to be in a
very sound condition.
The sixth quarterly report of the Third
National Bank is printed in this mornings |
UNION AND DISPATCH, and makes a most
excellent showing for that institution.
The New York Financial Chronicle re- |
CARDS the opening of the new year as pre-
senting indications of favorable character.
That paper SAYS there is plenty of capital |
10 lend, and increasing confidence both |
among the lending and the borrowing |
classes With plenty of money, and a
general conviction that nothing violent will
be done by the Secretary of the Treasury or
authorized by Congress; that no expert
ments are likely to disturb that stability of |
the currency which is indispensable to ma
tional weli-being in so active a commercial |
country as ours, where everybody is in |
business, and is therefore exposed to suffer
by every spasm in the volume or purchas-
ing power ofthe circulating medium, there
is some reason to hope for an early revival
of industrial and commercial enterprise,
and a removal of that gloom and torpor
which have paralyzed the most vital pro-
ductiye energies Of the country. Ifmoney
should work easy, as the Financial Chronicle
predicts it will, an active spring trade must
follow, and although this may be confined
mainly to the great commercial centres O
the North, the whole country will derive
some benefit from such movement.
The New York journal Of Commerce. usu-
ally well informed on matters relating to
finance, gives, as an explanation of Mr.. Nc
Cullochs urgency to have a foreign loan
negotiated, that the Secretary of the Treas
ury is aiming chiefly to aid in the establish
ment of large American house in London,
at whose head he shall stand, stepping ont
Of the Treasury Department in due time
for that purpose. The manipulation of a
few hundred millions of United States
bonds while the exchange was in progress,
the further sale of such as might be sent
abroad for that purpose, and the annual dis
bursement abroad of the funds to meet ac-
cruing interest, would together furnish an
immense business to such a house, and es-
tablish it permanently as a representative
Of American financial interests. The plan
of exchange proposed is to make the FIVE
per cent. bonds more acceptable than the
hye-twenties; first, by having the interest
in a foreign currency, and payable abroad
and secondly, by extending the time in
which the principal would be irredeem-
able.
We learn from the New York Journal Of
Commerce that new State bank is about to
be established in that city, which is some
what novel in its purposes and features.
The capital is one million of dollars, and
the object is to have the principal receipts
and deliveries Of stocks at one place and
upon orders, as money is transferred by
checks. To prevent any difficulty that
might stand in the way Of daily settlements,
it is proposed to allow the stock to stand in
the name Of the bank, and to accept the
certified checks of the institution in the
place Of certificates. Thus, if all the de-
positOra transfer their stock to the bank and
receive simply n credit on it, books for the
number Of their shares, they may check
against these credits and the items trans
ierred from one mans account to another
without any change in the certificates
When sales are made to one who has no
account in the bank, the teller may certify
Il check of the seller, and this he accepted
by the buyer as good delivery.
Bills of the Massachusetts, State banks are
fast disappearing. In 1862 the State bank
bills received by the Suffolk Bank, Boston,
amounted to from FIVE hundred thousand to
a million dollars daily during the month
Of October last only two hundred and sew
enty-hve thousand dollars were received for
the month, or an average Of ten thousand
4 /. Al Al !