Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-19

sfve-twentieg, new issue, 1855. .114x
Eiva-tWenties, new Issue, 186I.s.....1i4X
give-tweuties, nav iesues 1e6a.......u4x
Kew Five per cent?. ...............111
currency Slxes-.s...ss.sss..ss..s... Hoy
Tennessee Bonds are quoted in New
York at IA for both the old and the new.
Bank of Tennessee notes are scarce and
in some demand. Dealers buy at 80 and
sell at 93c. State warrants are dull at Sic.
The New York banks meet the applica-
tons for money literally, but at not less
than Z per cant interest, the apparent rising
tide in the stock speculation requiring the
use Of larger sums, buyers now forgetting
their recent eagerness to sell these same
stocks when they were 5 to 10 per cent
lower. In the discount market in New
York on the 18th inst, the business was
moderate, rates being still too high, COM
pared with the state Of the call loan market
Prime acceptances were still quoted at to
u per cent. Foreign exchange was hsld
steadily near the specie export point, in
the nominal rates of 1881 and 1l0S, though
it is not believed that coin shipments can
profitably be made at this end of the year.
The New York Bulletin OF the 10th irst.
saws: There seems to be an impression
that part of the 81, 100000 Of legal tend
ers cancelled under the administration of
Secretary McCulloch have been re-issued.
The bull spectators seem anxious TO create
the impression. which we believe to be I'M
warranted, although prepared to see almost
any turn in the present management OF the
Treasury finances. The best authorities
here are clearly of the opinion that the
Secretary has no right to reissue these
legal tenders" Washington advices of the
| 10Th report Secretary Boutwell, as saying
| he has no intention of issuing any part OF
the $44,O00,O00 reserve legal tenders,
| though be claims the right to do SO. AS
sistant Secretary Richardson believes that
the ordinary issue oflegal tenders mayat any
| time overrun the present limit by from one
| to two millions without exceeding the law.
The opinion entertained by the Treasury
| Department on the legal question may be
regarded as definitely stated in the follow
| ing paragraph taken from the proof sheets
of forthcoming book by Assistant Secre-
| tary Richardson entitled "Practical InfOr-
nation Concerning the Public Debt Of the
1 United States, with the National Banking
| Laws.n This work says: "Between that
| amount and the four hundred millions aIl-
thorized by law, the issue Of the reserve Of
| forty -four millions of dollars is left to the
| discretion of The Secretary of the Treasury,
! who has never awaited himself of It to any
extent whatever, except On two occasions.
| During the month of September, 1867,
about million and half Of dollars Of the
three-per cent demand certificates came in
suddenly for redemption, and was paid out
| of this reserve; but the amount so with
| drawn was within two weeks again restor-
| ed thereto. In the great Chicago fire OF
| 1871 about a million and half of notes
were burned and entirely destroyed in the
offices of the depositor Of that place; and
the Secretary increased the apparent circu-
lation by that amount from the reserve
until, by the seventh section Of the act OF
June 10, 1872, chapter Ais, Congress au-
thorized the accounting officers to allow q
credit of the burned notes in the account
of the depository and in the books Of the
department, when the amount was restor
ed to the reserve"
1t is reported that Secretary Boutwell,
will urge upon Congress a change in thu
law by which he is restricted to the allow
ance of : of per cent for the expense o.
negotiating the new loan Of the A per
cent bonds, this allowance being deemed by
him inadequate.
The Philadelphia Age of the 10Th inst
says the money market is unsettled, but N
reason can be given therefor, except thu
manipulations of speculative combinations
The supply is light at the banks as well q
on the street. The range for call loan wa
between Z and 8 per cent. Loans on pape
running from 60690 days, with govern
ment collateral, are placed at sac per cent
or other approved securities at I04. Pfim
commercial paper, drawn at three TO fou
months, is quoted at 1O4 OBJ per cent, slngl
named ditto at the highest figure. Pape
of inferior grade and less known is dull o
sale at 1!61a per ceEt month.
Southern Bonds I'm New York.
The sales Of Southern bonds at the Me-
York Stock Exchange on the 14th inst. wei
as follows:
SECOND BOARD.
1000 Virginia six per cents, consolidated. "a
The sales on the 18th inst. were as 70
ows:
FIRST BOARD.
90 900 Tennessee six per cents, old. .........7S
1000 South Carolina six per cents, new,
4 January and July. 1000. b.. 20
5000 South Carolina six per cents, new
January and July.
5000 South Carolina six per cents, new,
January and July. 20
10000 Missouri six per cents. ..92
SECOND BOARD.
5000 Tennessee six per cents, new.........73
1000 South Carolina six per cents, new,
January and july. .25
I 5000 Virginia six per cents, consolidated. "a
The sales on the 10Th inst. were thus r,
ported: t.-.,,
FIRST BOARD. 'aD
1000 North Carolina siZ per cents, old bds..33
, 5000 South Carolina six per cents, new,
January and uly.
: 1000 Missouri six per cents. ........S3
10000 Missouri six per cents. 81
10000 Virginia six per cents, deferred Id
!, Movement Of the Cotton Crop 90 Fo
, eign Ports.
3 The cotton crop is moving to foreig
} ports with unexampled rapidity, caused
| the want of cash at the South, and the d
sire to take Advantage of the high rates
: foreign exchange upon exports. At u
: close of last week, the sixth week Of IL
t season, the exports to Great Britain e,
? ceeded those of 1871 by 7,l74 bales, al
4 those to the Continent are greater by ~
e 0S3 bales than last year. At the same tin
!. the stock in United States ports is AZ, Al
{ bales above last season; and the receipts
e all ports are 310,529 against 1873, T40
: 1871, gain of 126, 799 bales. The great
| in fhia sonia TnnveTnQnf