Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-01

London aivices of yesterday quote
United States sos at 74g.
Currency was scarce among the banks
yesterday, and banks would not take ex-
change on New York at better than DC
discount, snd they were selling at 4c dis
count.
Tennessee bonds we're quoted in New
York yesterday at 69gc for the old,
and 684c for the new.
The New York Herald states that there
is feud on the subject of government Sc
curities between the rival banking houses
in that city, which is likely to result in a
protracted and very interesting contest.
The bulls" are pushing bonds with all
their strength, and are getting up a
corner" on the Shorts" who are under
selling and ordering bonds from Europe,
where the price is from one to one and
half per cent below home rates. The situ-
alton is thus described in the circular of
prominent banking firm who are reported
10 be party to the contest The circu-
lar Is dated the evening of Nov. 25. Is
comments and advice should be regarded
correspondingly:
" Business has been very light and particularly
dull at The board, which adjourned after the
noon call until Friday morning Up to quarter
past twelve board the market was steady at a
slight decline from yesterdays highest rates but
in the afternoon dropped under continued dul-
ness. sixty hvcs, cid, seemed to be an object
Of attack, and under large offerings declined
Oneha per cent; 62's after selling at I35 : sold
down to l3l4, and at this hour remain steady
offered at that; 67s sold at first board at lIli{,
and at quarter past twelve at III, buyer three
days Inc cOrnerlng party are quiet to-day.
manifesting no disposition to do anything seem
ingly inclined 10 see the effect of inactiOn aud
perhaps preparing for another attack on their
bearish opponents. Ii IS difficult to see into the
future of this market as parties who are build
ing are capitalists and the reputed bears are
also long in purse so Il Is quite probable the
end is not yet. Both sides are inclined to hang
on hopeful Of success. As we stated yesterday,
we think the short interest over estimated, in
which case the market closes an element Of
strength. All sorts OF rumors arc atioat, some
Of then so contradictory that II is the safest
plan to be out Of the market entirely. and thus
avoid chances of being wrong
The New York FInqncial Chronicle has
the following in regard to the fluctuations
10 the gold market, and causes of these
fluctuations
The magnitude of tho speculative move
ments in gold in Wall street is an illustration of
the extent to which this interest has expanded
during the past feWyears in the United States. |
The ordinary commercial demand for gold for |
the payment of duties, the purchase of ex-
change, and the liquidation of contracts pay
able in gold, probably does not exceed $50, s0J-
600 Per week; and yet this amount does not |
represent one twentieth part of the weekly |
TRANSACTIONS OF the gold room One days ex' |
change at the Gold Exchange Bank this week |
aggregated close upon $lS06J0,UOO and the total |
business of the bank for the first fourteen DAYS
of this month reaches the surprising total Of |
Of gold on the market is turned over ABOUT four |
times every day. When it is considered that |
upon the major portion of this enermOu. amount |
of transactions commission is paid Of l IS |
or q of one per cent. and that besides /
this dealers make large profits out of the /
lending of coin, it is apparent that the trading
in gold yields an enormous annual revenue to
Wall street. and that the consolidation of this /
branch of business becomes an important bar To
the resumption OF specie payments. For in slch |
al extensive business interest. dependent upon
the transactions in gold, we have an evident
motive for continuance of the present cOndi-
ton Of the currency and the strongest possible
inducements to efforts for producing fluctuations
in the premium, while, with an immense amount |
of capital engaged in the transactions of the !
gold room, the power is always at hand for con |
trolling the market upon the most shadOWy pre-
leAI5. II buus DeCOWbs pafi OF AEib Du5l0eeS OF /
the gold dealer to produce the widest possible
oscillations in the premium. Whatever may
occur in the spheres Of politics. finance or com
meree, which can DC supposed 20 have any bear !
ing upon the value Of gold has its Importance
mRgnfed to the utmost upon the well under
stood principle that an exaggerated response in
the premium viii be followed by reaction to
the opposite extreme, enabling the speculat0ri
10 make double profit first BY buying and
next by selling, or Uics Uersd. Within the last |
few days we have witnessed a significant illus |
ration Of the expedients to which the profits
lpon gold manipulGtiOns will induce speeula-
.Ors to resort. In two instances the funds of a |
aTge corporation, to the extent Of several mil
ions, have been employed in the purchase of
,Old to be held off the Market with the result
f compelling borrowers to pay from Is to 2 per
ent. per day for its use, snd.Of producing fluc-
NJ tin of ~ 4 nuinta n tn /