Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-11-23

furnishes to the creditors of the banks Or
ganized under it not only q guarantee ID
their organization, with 1888 100000 CAPT
tai and surplus, but the further guarantee
Of an ample reserve of lawful money. To
this is due mainly the stability Of our
banking system during the financial shocks
of the past seven years. Nevertheless
some few banks are agitating repeal OF
the provisions of the law which enforces the
keeping of a reserve. But their arguments
are lame and unsound. Either such banks
wish to keep insufficient reserves, or they
do not. If they do not the present Law
can neither impede nor hamper them. Ii
they do, they ask for what should not be
granted them either by law or public
opinion. If any change is made the banks
must be made safer and not weaker. The
requirement as to reserves is in harmony
with public opinion, and the law provides
for no more than the public wish for.
The New York Times describes the man.
ner in which mutilated currency is bought
and sold in New York city. 1t says that
quite brisk and profitable business is car
ried on In that city in this way. The CAPT
tai stock necessary to successful prosecu-
ton Of the business is not necessarily great;
a few dollars, In the hands of shrewd
speculator, will return very gratifying rev
enue, as the prices of mutilated currency
vary in the most irregular manner, accor-
ding to the various stages of decomposition.
The profits afford satisfactory living to a
person of moderate tastes. The "stamp
broker" has regular route, and the bust
ness people with whom ne deals lay aside
all the mutilated paper money coming into
their possession until he calls for it. The
prices for currency and bills vary: San
average of from 60 to 10 per cent is paid.
In the case of stamps and bills being mutt
lated to an extent which renders their de-
nomination almost unacceptable, the
price is very low; yet they are as marketable
as the others. A day or two ago, a broker
made some large purchases in the upper
part of the city, investing about $40. The
character ofthe currency he purchased, and
the tightness of the bargains he made
would bring him profit Of upwards of S.
which show that the business, when judi
ciously handled, is of considerable mo
ment." The currency is sold at the sub
treasury in Wall street, the discount aver
aging about 10 per cent.
Southern BONDS in he York.
The sales of Southern bonds at the New
York Stock Exchange on the 18Th inst. wer
as follows:
sBooED BOARD.
1000 Tennessee six per cents, old. IA
1000 Tennessee six per cents, new. ........ Al
1000 South Carolina six per cents, land
com. of 1889, April and October. :. %,
The sales on the 18th inst. were as fol
lows:
FIRST BOARD.
10000 Tennessee six per cents, newe q "a,
1000 North Carolina Funding Act '6S..... q
10000 Virginia six per cents, consO' dated,
between call. .........................5
5000 Virginia six per cents, deferred, bt.c.16
The Pittsburg Commercial of late DAFT
has the following:
"The iron trade just now presents som
remarkable phases. There are at presen
in this city agents of an English house
who offer to deliver in Pittsburg sixteel
thousand tons Of ore from Algeria, at price
quite moderate. At the figures named tn
ore would not cost more than Lake Supe
rior ore ct the prices spoken Of for mex
season. Ores are also offering from Nov
Scotia at figures still less than the African
ore. These ores ara warranted to yiel
sixty-two per cent of iron. Should Supe
| rior ores continue to advance, the foreigl
product will at once come IN competition
with them. 1t is remarkable thai these ore
can be carried such long distances by watel
and then freighted several hundred mile
inland and offered a. prices so moderate
| Should the demand for iron continue to II
crease, it win no doubt stimulate the dc
velopment of our mines of low grade ore
The hills of Western Pennsylvania an
West Virginia are rich in iron ores-C
lower per cent it is true, than those of tb
Superior region, but which, considering th
difference in cost, must soon find q market
1t would be an anomaly, indeed, should Ii
iron ores of Africa be brought into com
| petition with those of Lake Superior, in tn
Pittsburg market"
With all the excitement recently aboI
| iron, it is astonishing that the rich beds
ore to be found in Tennessee yet await th
hand of enterprise. What field for d.
| velopment Is here presented.
|