Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1870-06-08
--------|-----------
FINANCIAL.
Knoxville Quotations of Money and Stocks.
OFFICE KNOXVILLE CHRONICLE,
Thursday, June 7, 1870.


Thursday, June 7, 1870.
The abundance of money in New York may
be expected to give buoyant character to the
Wall street markets generally, and especially
should it prove, led TO expect,
that Congress will refrain from any legislation
calculated to effect materially the condition of
the finances 1t appears to be now generally
concluded among members of Congress, that
funding could be advantageously postponed un-
til later session, when the public credit may
be further improved, ms a result of reduction
of taxation and the public expenditures and the
National debt had been further reduced The
remarkable appreciation of Government securi-
ties during the last fifteen months, has induced
a feeling that, when an effort is made to fund the
debt, the rate should be per cent? and as it
would not be possible to market, at present, Sc
curites bearing that interest it is deemed pru-
dent to wait until such bonds can be negotiated.
In view of this prospect, there is gradual ten
dency in New York bonds to advance to par in
gold, upon the assumption that whenever it may
become practicable to market new bond of the
character indicated, the 5-20s now outstanding
will be called in and redeemed in gold. So long
as Dos remain below par in gold, there is a
clear prospect of profit to holders upon the
principal when reduced-a fact which is not
only calculated to make investors retain their
bonds, but which also holds out strong induce
ment TO buy them as a short investment At
present these considerations are prevented from
having their full force upon the market, from
the fact that Congress has not yet acted conclu-
siyely upon financial questions, and because eff
forts, apparently speculative, are just now being
made to introduce in Congress new schemes for
funding and the resumption of specie payments
1t appears to be the disposition of members of
Congress to discountenanee all premature fnan-
cial measures. We do not hesitate to warn our
friends against being unduly influenced by new
proposals of this character.
There is no probability of any important COM
mercial demand for money until the period for
moving the crops. The forwarding of the wool
crop has now ceased to produce any perceptibe
effect upon the New York money market and
considering the present exceptionally low prices
for that staple, it is not improbable that the
growers may hold it back for higher prices.
There would seem, therefore to be no reason
for expecting any change from the present ex-
IRENE ease in money for the next two months,
and that this is the opnion-of the market, may
be inferred from the fact that money can be
borrowed upon stock eollaterals, for sixty days.
for per cent.
The gold premium lacks any decided tenden-
cy There is very general feeling that, with
IA steady strengthening in the rates of exchange,
and the approach of the season when we usually
ship the larger portion of our annual exports of
specie, the price of gold should advance; and
yet this opinion is held with some misgivings
In the first place it is counteracted by the fact
that, so far this year, we have shipped oompara-
lively little specie, the total exports from this
port, from January LIST to May It'll, being only
So, 100000, against $l0,oO0,0O0 in 1869, and SD :
10000 in 1868 and in thenext place, while the
current and late imports have not been o.pecial-.