Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-25

Tennessee Bonds ara quoted IN New
York st TAI for both the old and the new.
Bank of Tennessee notes and State war
rants are unchanged.
Bank of Tennessee notes are scarce.
Dealers buy at 81 and hold at "a.
State warrants are dull at SIC.
The Philadelphia Age says, Oct. 81: The
supply Of money is fair, and the tone of
feeling has improved, but great caution is
exercised and offerings are closely scruti-
nized. Loans on call with government CO.
lateral, rate fully at per cent. Three and
four months paper rules according to quail
itv of collaterals, viz: on governments az
S69 per cent; on other undoubted securi-
ties at 9610, and on mixed ditto at 1912
per cent. First class endorsed business pa
per is quoted at 105 per cent, single na ne
about the same figure.
The Chicago Times of the 23d inst. says:
Money continues quite scarce, though if
deposits should maintain their present rate
of increase throughout the week, the finan-
cial situation in this quarter will uudOubt-
edly undergo something of a change for the
better before the opening of November.
The loan market will unquestionably rule
tight during the next three or four months,
| prompt removal of the essure under
which the banks and business public are
now suffering; and the development of a
more healthy and satisfactory feeling. In
| terest rates continue unchanged, and on
the street money is still quoted at 1RG2
per cent per month.
The st. Louis Republican says, Oct. %:
| An increased demand for currency is notice
was freely offered between banks, there
being but few buyers; rates were unfavor-
| able. We hear of sales at 81 and 81 so per
| 81, 900 discount. Orders for currency to go
| South and West are again received, the
amount shipped to-day sggregating a con-
! siderable sum. There appears to be no
abatement in the demand for loans, and Il e
same inability upon the part of the dis
| count Institutions to grant further accom-
modabion. Bank rates are unaltered, yet
so small a percentage of the. offerings that
| are presented are accepted that ten per cent
per annum becomes almost nominal quo
| tation. o. the street we learn of two per
cent per month off being the ruling rate for
| choice paper. ..#
The Cincinnati Gazette reports that bus
| iness in that money market on the 22d
| inst. was not very active, but there was no
| cessation in the demand for loans, and
while the banks were able 10 discount to
| about the usual extent for depositors at the
customary rate of S610 per cent, there
was more difficulty experienced in nego-
tiating good business paper in the open
| market, there being little capital seeking
such investment, and the market was
stringent at II per cent. There was some
increase in deposits, but there were orders
from the country which cOunterbalanced
this, and there was DO material increase in
the means of the banks. The southwark
movement of currency has commenced
but has not yet become general. Touch
ing the late expansion movement, the Ga
zette says;
"The resolution passed by the Philadel-
phia Board of Trade on Monday has the
true ring of sound financial sense. It is
the first public expression that we have
seen made by any commercial body since it
was semi-officially announced from Wash
ington that Secretary Boutwell, claimed
that he has authority to issue the $44 ,000,-
coo legal tender notes retired under Secre-
tary McCulloch, but that he did not pro-
pose to do it, and the movement to which
that announcement gave rise, viz: the cir
culation of petitions in the large cities ask
! ing him to exercise that authority and issue
81, 100000 of greenbacks. The following
is the resolution referred to:
" Resolved, That the Philadelphia Board o.
Trade deprecate any such expansion Of the cur
renoy as that proposed in the reissue of forty
four millions of legal tender, and would advO-
cate every suitable means for the resumption OF
specie payments
"This is the correct principle, for if We