Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-11-07

The New Y ork Post of the afternoon of
the Sd inst. saws:

the Sd inst. says:
The money market Is extremely stringent
and borrowers have great difficulty in supply
ing their wants The common rate is per cent
in coin, and we have heard of loans on which,
in addition to seven per cent. in currency,
commission o. a Of one per cent. per day has
been paid. These extreme rates are chiefly at
tributlble to artificial means; 1t Is, however,
generally believed that natural causes alone
would make a sharp seven per cent. market.
About $500, coo three per cent. certificates have
this morning been presented BY the banks to
the Assistant Treasurer for redemption,
The dealings in government bonds are OF
moderate amount, and prices are a fraction
lower than on yesterday morning. The difficulty
in borrowing money has forced the weaker class
Of holders to sell. There is a good demand
from all who are able to carry bonds and from
investors, the beliefis very general that after
the election prices will advance. Border State
bonds at the first board were active, particularly
on Tennessees, Nirgigias and North CarOlinas.
As compared with yesterday mornings prices
we notice decline of IA on new Tennessee and
per cent on the old, and an advance Off on
Missouri Nirginias and North Carolina are
without notable change.
The stock market is very firm. and has gem
orally advanced from the opening quotations.
The stubbOrnness of prices, considering the un-
Drecedented stringency IN money. Is the subject
of general comment and surprise. The cOmbi
nation embarrassing the money market for the
purpose of bringing down prices at the Stock
Exchange, have thus far been unable to make
any general impression, from which it can but
be inferred that the controlling holders Of the
leading stocks havO made arrangements for
money which cannot be disturbed.
The following, on the financial stu
alton, is from the New York Commercial
Advertiser, of Monday evening:
1t may be ofservice, in estim lting the prob
able course Of the money market for the next
few weeks. to compare the present condition nt
things with that of n year ago. 1t will be re-
mr. kprCl NOVamDnr Decem
1867. the rate Of interest ruled very strong at
per cent, with intervals of even higher rates,
the tone for the whole period. being uneasy
and timid, owing to several large mercantile
failures.
lChe bank statement of November 2. 1857, gave
So 100000 as the amount Of Legal Tenders IN
the banks against S5l go, 600 EOw held; while
the total reserve was 3lH per cent. OF the La
biiitios, against 2S54 per cent at present, and
the loans and discounts stood Sl5.UJ0:OCO lower
than now. At the beginning of November.
money began 10 flow freely into Cincinnati for
moving the hog crop; but this outflow was par
italy set OFF by receipts Of currency from Chlea-
ga. and, about the middle OF November, money
was sent in large amounts South, IN connection
with cotton movements. The result o. these
was that, between the "a Of NOvem-
Der and the Sd, the banks lost S0,2DOOOO IN Lee
gal Tenders the total at the latter date being !
During November last year. some relief was |
afforded the purchase OF Seyen-thlrues Oy the |
Treasury this year, no such relief can be eX- |
pected: on the contrary, it is a serious ques- |
ton whether the Treasury may not find 1t nee |
essary to sell bonds, gold, in order TO augment
its extremely low currency balanee-noW re |
duced to about 100000 against So, 400 900 on
November !, 1867.
1t is not to be overlooked that the circulation !
has undergone partial contraction during late |
months, through a reduction in the interest |
bearing reserve. The following statements show !
the fetal circulation on November l, 1868. and |
at the same date Of 1857:
CIRCULATION NOVEMBER l, 1867.
United States 1884, l64 900 |
Compound interest nOtes.............. 1854 O0J |
Three per cent. certificates. II 500 O00 /
atiOnal Bank nOtes..........-.....,.. 3OOUOCOJ |