Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-30
re frequently made as high as q per

cent.
The Philadelphia Record says, Oct. %:
There seemed to be some abatement in the
stringent features of the money market yes
terday; the storm partially suspended out
door operations, and the demand was light
er from business quarters, and this is the
chief ground now for greater ease, as the
bank managers do not show any disp)Sl-
ton to expand their discounts or loans.
'Tae rate for call loans was 6G7 per cent,
the latter exceptional on first class collate-
rails. Time loans maturing this year were
quoted at from to 10 on the highest grade
of collaterals, and business paper of the
highest grade and short date at 9GlOPer
cent.
of the specie shipped from Neg York
Oh Saturday, the 26th inst, 81, 200, 600 was
geld coin, 100000 having been sent out by
banking nrm which imported it from
London recently in the expectation that the
squeeze in cash gold would continue. The
bulk of the other in shipments was made
by the Bank of Montreal, and seems to
have been part Of the operations IN the gold
market early in the week.
1t seems that the only ground for the re-
port that the Bank of France was about to
deposit $4,000, 900 in the Bank of England
was, that the former offered to lend the lat
ter this amount, which offer was declined,
but the fact that the Bank of England re-
fused to borrow seems to have produced a
more confident feeling in London. In New
York also the feeling on the surface seems
to be better, but there is an undercurrent
which sets in the other direction. The
Bank of England wants more specie, and
as she has refused to borrow, she viii pro-
baby put up the rate of discount until she
can draw il from this country. Then the
New York bank statement is unfavorable
for continuance of an easy money mar
ket, there being large reduction in re-
serve, and material initiation in loans,
while deposits have slightly increased. The
exchanges of the South, as well as of the
Northwest, are against New York, and
considerable currency will soon be drawn
from there to move the cotton crop, and
later to market aud pack pork. 1t is not
to be doubted that the stock cliques viii
take advantage of these circumstances,
and, as the bull movement has been very
active and strong, aud the advance in stocks
has run long and rapid course, turn in
the other direction is natural and probable.
When it is no longer possible to make
money by bulling stocks, the efforts of the
powerful Wall street cliques will be exerted
to depress them. For this purpose a close
money market is requisite, and they can
bring this about under existing circum-
stances In very few days, if not few
hours. 1t is well known that speculation
fourishes best under imitation of the cur
rency, aud if Secretary Boutwell, could be
induced to issue the forty.four millions le-
cal tenders, which he claims the authority
to issue, Wall street opera ors would be the
chief, if not only gamers. 1t would start
new speculation in gold and stocks, and
enable them to make fortunes in few
days, consequently they are in favor of it.
but the only way to bring it about is &c
make stringent money market, and then
raise the cry that the business of the coun'
try requires more currency. That some
such game as this is contemplated there !;
reason to believe, and, if there Is this inten-
ton, it will doubtless be pat into speedy
operation.