Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-31
LOCAL STOCKS AND BoNps


Territories. ............ ss........s.. lOSB
rev Five per eents.s.s-..s...ss.ssu1
Currency SKIES. .u3H
LOCAL STOCKS AND BONDS.
There was quite a decline in Tennessee
bonds in New York yesterday, the noon
quotation being -7544. They are seldom
offered here, and are generally bought at :
under the New York rate. The past
due Tennessee coupons are bought at 53c.
Bank of Tennessee notes, old issue, are
scarce. Dealers generally hold at "a. The
brokers make a rather wide margin with
the new issue; while they will not sell any
considerable amounts for less than SO to
40c, they viii only bid so.
Comptrollers' warrants are quite dull.
Small amounts would command Sc, while
large amounts would be difficult to sell at
85c, and perhaps at not better than S26S4.
For rates of our local stocks more in de-
tail, we refer TO rates in another place of
this paper, given by the National Savings
Company, corner Union and College streets.
FINANCIAL MATTERS.
The Baltimore Gazette says, Oct. 26:
The week closes with money easy and
abundant, call loans being obtainable as ga
Z per cent. on approved collaterals. The
market for commercial paper is dull and
unsettled, influenced by the agitation Of the
question as to the legal right of the banks
- discount at any other rate than 6 per
cent. To-day the discounteTs are inclined
TO make concessions on previously quoted
rates, and the demand for good paper has
improved. The following may be named as
| the rates at the close: best endorsed 7Go8
per cent; best sugar and refining 7t68;
grocery, 10 per cent; dry goods 10 per
cent; second class, 10612; clothing, 106
Il; boot and shoe, SAG.
Mr.. Knox, Comptroller of the Treasury
at Washington, has declined to give his as
sent to the printing and engraving of GER
tihcates of deposit made payable to bearer,
in the similitude of bank notes, as urged by
parties from New York few days since
| He holds, in effect, as stated by your cor
respondent, that such certificates of deposit
are neither prohibited nor authorized in the
letter of the law; yet the spirit of the law
| is clearly opposed to the issue of certificates
| of this nature and form, which could be
used in the way of general circulation.
The New York World, warning out
siders to keep out of Wall street, says:
'The 'bulp operators have made arrange
ments with the leading bears, by which
they have secured their cooperation, by
system of pats and guarantees against
loss, TO run up prices, for the purpose of
| leading outsiders to buy, so that they may
unload. Their affairs are so arranged by
this combination Of the leading bulls and
bears that it is impossible for the outside
operators to make mOnsy. II this combi-
nation of the cliques can induce the public
to buy at the present inflated prices, then
| when they have got rid of sufficient
I g 81,
| ing they will become bears on the market,
and prices will be run down, so that those
| who buy now on the confidential points so
generously and disinterestedly distributed,
are certain to lose money. If, on the other
hand, the outside public are too prudent
| and cautious to be entrapped into buying at
present inflated prices, aud the cliques can
engineer sufficient short interest into the
I.larket, these prices will be advanced until
those short of stocks are forced or fright
ened into carrying or buying at the high
prices they may engineer"
It has now been three weeks since Mr..
Boutwell, sold Sc, 100000 of Colds, 000,-
coo suddenly and without notice-and pur-
chased a corresponding amount of 500
bonds, leaving the proceeds on deposit with
certain national banks in New York. The
| merchants aud traders from the severe pres
sure then pressing on business interests.
1t is certain that it gave relief TO the long
operators in stocks, and to those who were
In the confidence and secrets of the ''ring."
The whole amount of money thus let loose
from the Treasury was absorbed in a few
days by the large stock operations in Wall
street BY the enhanced price of the stocks
purchased by the clique and those in their
confidence. The business interests of the
country have not been benefited dollar.
Gold has ruled as high as before the grand
movement and borrowing rates for its use
have been much higher. The relief given,
outside of the stock SPECTATORS, is nothing
but sham. This scheme having exhaust
ed its influence, 1t is now proposed to do
something on larger scale for the benefit
of the spectators, by the further issue Of
S44 100000 of legal tender notes. A New
York money writer thus speaks of this last
scheme, winch tells the whole story: "TO
say nothing Of the illegality OF the proposed
measure, it will not, if resOrted to, effect
the ostensible object put forth for its jGstifi-
cation, viz: the relief of the business COM
munity from the payment Of exorbitant
rates of interest. The whole amount
would be absorbed in few days by the
Wall street SPECTATORS, who would further
initiate the stock market till the S44 900, 600
would be represented in the increased
prices which operators would put upon the
securities, valus ole and vSlueless, OF the
street. OF course the added volume OF
currency would be required to handle the
stocks at the advanced prices, while the
mercantile community would reap no bene-
1T in the way Of cheaper rates of iuteresb.
There are those who 90 SO far as to insist
that the Government ought to take off the
brakes and allow the national banks to is
sue as many promises to pay as they car
dispose of. Le5 the people have all tbs
money they need cay these enthusiast,
infaters. They Go not stop to consider the
important fact that these irredeemabie pro-
misses are not money, and that the more oi
them We set atoat the further off we are
from currency which really represents anC
fills the Office Of money. We mean, Of
course, currency redeemabla in gold AM
silver on demand. But at the rate we arr
going ahead in the wrong direction, specit
payment is apparently further off than Il
was two or three years ago, if such para
dox be admissible. Should the Govern
ment insist upon so unwise measure a
: adding S44, 100000 TO the enormous vClum
OF over $70O,OOO, OOOpaper currency ALREADY
il circulation, it would require wiser Ii
: nancier than Mr.. Boutwell, to predict Tin
future premium.upon gold, while We shoult
) see the widest specuIalions in worthless
7 wildcat stocks of all Sorts"
| Prospect OF a Large English Deman,
for BreadstuHs.
j The New York Bulletin anticipates
: brisk movement in produce exports {,
3 Great Britain to supply the deficiency il
a the cereal crops there. That paper says:
"The wheat harvest in that country
below the average Of last year in quantit
and still more so as to quality. Grea
Britain will therefore be compelled TO in
crease very largely her purchases of foo
: from foreign countries. The money valu
: Of the deficiency is variously estimated a
e from Sj0,000,000 to twice and even tire
Q times that amount. But whatever it ma
p. be, it is quite certain that the United State
| will no ra0uig-ad 70 arprju larVo Y,ror,oy