Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-26

Tennessee Bonds sre quoted in New
York at 75a for both the old and the new.
Bank of Tennessee notes and State war
rants are unchanged.
Bank of Tennessee notes are scarce.
and held at 93695c. State warrants are
duh, with considerable lots on the market,
and viii not command over IS cents for
large amounts.
The Cincinnati Enquirer says, Oct. %:
Local checking today was not so active,
and an increase in deposits was generally
reported. Collections were also better, and
balances are slowly running up. The
banks, however, are disposed to keep a
tight rein on the market, and are not dis
counting freely except GA short dates, as
they are anticipating heavy demand from
the pork packers soon, and are keeping
their funds well in hand. Not much diff.
Guilty was experienced to-day in negotiating
short loans, though full rates were charged.
All departments of trade are well represent
cd in the list Of borr overs, and money is
wanted mainly for legitimate purposes.
Rates of interest remain firm. Depositors
were supplied at SOLO per cent, according
to the value of the account. In the open
market II per cent. was the current figure
for prime short dates, though higher rates
were charged on the street. Loans were
made on call at 8 per cent.
The st. Louis Republican SAYS, Oct. %:
The condition of the local money market
since the opening of the week has again
tended to stringency felt severely by those
seeking bank accommodations. A very
small portion of the offerings made are en-
tertained, owing TO the expressed inability
of discount institutions to make further ex.
tensions of the already crowded lines.
Much complaint is heard from mercantile
quarters Of overdue country Indebtedness,
and in consequence of this hardness in re-
Ceipt of collections, which have long been
anticipated, deposits from city dealers have
largely fallen off. When 10 this is added q
renewed demand for currency from South
ern and Western correspondents it may
readily be conceived that the resourc es of
the banks available for loans are greatly cir
cumscribed. This clOseness is manifest in
other Western and Southern cities. Our
exchanges daily refer to the demand for
currency shipments to corresponding
points, and quote pressure for loans that
is impossible to be met.
The New York Bulletin says, Oct. %:
The upward speculation in stocks which
has absorbed so much attention of late ap-
parently eliminated to day, at least for the
present, and it is thought that the bull
Cliques have succeeded in marketing a
large part OF their holdings. After the
stock speculation the chief interest has cen
tered in gold, which was made worth to
borrowers as high as of one per cent. per
day. The Bank of Montreal is generally
credited with the movement, which was
simply the withdrawal OF its gold from gen.
eral use, the object being, it is thought, to
break down the rates of exchange for the
purpose of buying, and also to show the
Bank Of England that it may expect no
gold from here.
The Philadelphia Record says, Oct. %:
The money market yesterday was moder-
ately active and steady, but with a marked
tendency to lower rates both for call and
time loans, clearly indicating that the strin-
gency which has distinguished the market
during the past month has 'reached its turn
ing point. Both at the banks and on the
street money is more abundant and lenders
are disposed to act more literally toward
borrowers than heretofore. Call loans are
SctlVe at tat per cent, chiefly the lower
figure with good collaterals, and mercantile
paper ranges from 10 8 per cent, per
cent. being the ruling figure for good
names.
In all countries where large funded
debt is an element of its financial condi-
ton, such debt operates, to a greater or less
degree, upon the monetary ease or strin-
geucy, as the case may be, at different pc
RODS. Just now the scarcity of the 500
bonds, of which the principal porto of
our debt is composed, is attracting great
deal Of interest and discussion, and, next