Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1870-06-10
FINANCIAL.
Knoxville Quotations of Money and Stocks.
OFFICE KNOXVILLE CHRONICLE,
Thursday lime 7 1870

4
Thursday, June Z, 1870 J
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, as We are 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 advantageousy postponed I'M
| til later session, when the public credit may
be further improved, as result of a reduction
of taxation, and thepublic expenditures and the
National debt had been further reduced. The
remarkable appreciation of Government securi-
ties during the last fifteen months, has induced
feeling that, when an effort is made to fund the
debt, the rate should be 4per cent; and as it
would not be possible to market, at present. Sc
curities bearing that interest, it is deemed pru-
dent to wait until such bonds can be negotiated
In view of this prospect, there is a 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 sos now outstanding
will be called in and redeemed in gold long
as SOS 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 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-
sively 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 discountenance 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 perceptible
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 opinion of the market may
be inferred from the fact that money can be
borrowed upon stock collsterals for sixty days,
for per cent.
The gold premium lacks any decided tenden-
cy There is very general feeling that, with !
a 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 compare
lively little specie, the total exports from this
port, from January 1st to May eth, being only |
So, 700 OOO against $40 900 coo in 1869, and S22-
100000 in 1868 and in the next place, while the
current and late imports have not been especial
~ heavy, we have on hand much larger sur
plus of cotton for export than at this period of
late years, Again, the expectation of increased |
sales of gold by the Treasury this month, and |
the probability that after the close of legislation
on the finances, Europe may renew its former
active demand for our securities, have very nat
urally a tendency to discourage purchases for
anything beyond temporary rise. 1t is this
conflict and balancing of probabilities which
keeps the premium so steady
made by Exchange and Deposit
Bank, 50 Gay Street.
BONDS
U. s. 6 of U...-.--1.:! ET&Ga R Bonds, Son s.
-2Os 20, LIST series LII Knoxville City Bonds.6,