Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-10-31

The New York Post Of the afternoon Of
the 9th inst. SAYS:

Inc New lOrk IOI OF the afternoon OF
the 9th inst. says:
THE amount of speculative sales yet uncov-
cred is large and borrowers pay for the use of
gold as high as l-l6 Of one per cent. per day.
Some loans are made which carry no interest to
either borrower or lender. At the treasury sales
to-day bids filed for 100000, and the $500, =
900 offered was sold abl3I7l. The present
method of public sales, while capable of further
improvement, is working very satisfactorily.
Bidders now wait until few minutes before y
o'clock before filing their proposals, which are
made according to the market Mt that time; by
this means they avoid the risk of the fuctua-
tons IN the Gold Room from II o'clock, at which
time, during the early sales, they were accus-
toned to put in their bids.
The money market still works very closely.
| Borrowers on government bonds are shown a
marked preference and are generally accOmmO-
dated at the legal rate. On pledge of railroad
and miscellaneous collateral seven per cent. in
coin IS the common rate. In some cases COM
mission of Is Of one per cent. per day is charged
in addition TO seven per cent. per annum in eur
rency. The banks which are lending themselves
to the uses Of the combination working the pre-
sent stringency, continue TO be the subjects Of
severe comment, and the excuses which they
offer are deemed trivial. 1t Is true, customers
have the right to use their money as they choose;
when, however, bank officers know that they are
made the instruments to embaTrasS the entire
financial arrangements of the community, and
as auXiliarie5 in notorious stock speculatOns, Il
becomes simply q question OF good name whether
they do or 10 not retain such accounts. Com.
mercial paper is dull, with the rates of discount
on prime acceptdnces nominally az follows
Sixty days, to ~ per cent; four 10 SIX months,
S 10 per cent"
The Cincinnati Enquirer states that the
money market is very stringent in that
city, and that there is now more acceptable
paper presented than the banks are able or
willing to accommodate, ard many Of them
are restricting their favors to depositors,
or those 10 whom they are under obliga-
TONS which has increased the offerings of
frst-cIass bills on the street. The whisky
dealers are at the present the heaviest bor-
roTcrl, though there IS also 4 coed demand
from the barley men Other branches of
trade are well represented in the lisl of
applicants, add the demand IS still chiefly
for regular business purposes, there being
but little disposition TO speculate in any
commodity at present.
The Louisville Courier Of the 30:h inst.
says of the hog trade:
About 500 hogs have been purchased so far
for slaughter in this market at from ga to &C.
but from present luulCdllOLS IL VIII De Two
three weeks before any active operations can
be chrOniCled. In a conversation to-day with
Mr.. John >. Long, of the firm Of Hall X Long
who has Just returned from an extensive tour
through Arkansas, elearn that that State will
have "A sufficient number Of hogs to make all the
meat REQUIRED and large surplus to sell. The
corn crop Is also abundant, and the State in
matters of food, will next year be independent
and self sustaining. ] o very great extent this
state of affairs Will be found to exist throughout
the South. The change wrought by the war in
the labor system Of the South very few as vet
comprehend, and its bearing upon the provision
and bTeadstut marx cts OF the country have
been under-estimated. The planter who under I
the old system ted his slaves was subjected to
enormous OUTLAWS caused by the waste and i'm
providence of his negroes. Now the negro feeds /
himself and without the means to purchase |
bacon, Finds substitutes at home. Mr.. Long |
gives one instance OF planter who since the |
war contracted to feed his hands and furnished |
a 900 pounds of meat. Subsequently his con-
tracts required the negro 10 feed himself. and |
CUOU pounds was all that was required. The |
South having heretofore been the great buyer |
Of provisions, and now so comparatively indie |