Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-11-07
GOVERNMENT SECURITIES.
Government bonds are quief, with but
little doing in them here. The following
are the noon oUOtatiouS in Nav York
TOCAT, STOCKS AND RoNDs

LOCAL DIOCho AMI
Tennessee bonds were quoted in New
York yesterday at TAI, which being SO
much over previous quotations, our bro
kers consider it incorrect, and think they
should be 72t.
In our home bonds but little is doing.
Morris city bonds are held at firm rates,
with but few offering for sale.
State warrants continue dull at SIC.
For quotations more in detail we refer to
the rates given in another part of this paper
by the National Savings Company, corner
Union and College streets.
FINANCIAL MATTERS.
The New Orleans Times says, Nov. 2:
We have no improv. ment TO notice in the
money market, but rather shade more.
striDgency, with an increase in the demand
at the banks for currency and discounts
and a slight decrease in the deposit lines
compared to last week. Most of the de-
mand for currency is from the country.
We heard to-day of some round amounts
having been sent 10 Alabama. The offer
ings on the ST. eet were of fair extent, in
Guiding transaction with gold certificates
as collate-als at II per cent per month, and
one with bank stocks at /. But little
Jranspired at higher rates than our sub
joined figures, and we continue to quote
frst-class paper at II per cent per annum.
The Chicago Tribune in looking up the
causes Of the present stringeucy of money
in this country and Europe, enumerates the
following as among those leading to the
want of lonable capital which has been of
late so severely experienced, and has not
yet lessened in any sufficient degree to give
ease to the market:
"rhe American civil war DESTROYED an
immense amount of capital-not much less
than $6,000,000,000. The Franco German
war was short, but terrible in the waste of
property which characterized it, including
the French indemnity, the annihilation of
accumulated property may be put down at
$4,000, 100000. Then there was the war
between Prussia and Austria of 1885,
These wars followed each other after brief
intervals; and the labor of mankind has
been engsg 9d in replacing the loss of the
worlds aggregate wealth, caused by them.
Following upon them was the Chicago FIRE,
where property to the amount of 500, O0O,-
OOO was destroyed. Notwithstanding these
enormous drafts upon the capital Of the
world, speculation has been rife, and all
over Europe and the United States there
las UCCH uutluciy eAOTtS 10 DullQ new
railways. 1t is not an eXtravagant esti-
mate to suppose that from 10000 to 5000
miles Of railway have been constructed in
Europe and the United States, which do
not pay more than the cost Of operating
them, the capital invested in them being
unproductive, and as emphatically lost for
the present as if buried in the sea. In
these railways alone there has been tempe
rairly sunk, and therefore withdrawn from
ordinary uses, 100000 900. Though not
lost, like the capital destroyed in wars, and
by the Chicago fire, it IS lost for the present.
1t is that kind of capt. al, too, which under
ordinary circumstances, would flow whcr-
ever it was most needed; aud could be
used at any time TO relieve any temporary
stringency that might embarrass the pro-
ductlon or trade of the world. These four
causes have, therefore, withdrawn from the
worlds capital, in a period Of less tina ten
years, nearly 10000, 900 600, of which the
great bulk has been destroyed and ire
coVerably lost. This immense amount