Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-11-19
GOVERNMENT SECURITIES.
Government securities are very firm.
The following are the noon quotations:
LOCAL STOCKS AND BONDS.


Tennessee bonds are quoted in New
York at 745. Under this quotation they
would bring 49, here. Past due Tennes-
see bonds are worth about 60 and the
coupons 53c in the dollar.
Comptrollers' warrants are in some de-
m2nd by tax payers, though rates are IN
changed. Bank of Tennessee notes are
scarce and are almost entirely out of the
market. The new issue is quiet at 80
U4JII. aud 80 selling.
There is scalc ly anything going on in
county and city bonds, and quotations are
unchanged. For rates in detail refer to
quotations given in l0Sher part of this
paper as furnished by I'M National Savings
Company, corner Union and Colleg streets.
FINANCIAL MATTERS.
The St. Louis Republican says under
date of Nov. IL: During the week just
closed, less stringency has been observed
in local finances; receipts of currency have
been liberal from the interior, and city de-
positor's balance we're manifestly on the
increase. This improvement was mainly
owing to the return flow of remittances
from points previously supplied by this
centre, thus enabling the banks TO meet, to
some extent, the demand made upon them
by the packers now fairly in the market.
Money is yet quoted close, and discount
committees still pursue a conservative
course, restricting accommodation to pat
rons, and frequently discriminating against
choice business paper which is forced into
the brokers hands. With all the effort to
keep within lines, the loans have been
largely increased, and the banks may be
said to be poorer in loanable funds than ia
at all desirable. Ten to fifteen per cent.
per annum is the bank rate, the former fig
ure now being deemed exceptional; while
rates demanded on the street and by the
brokers range from 2 per cent. to % per
cent. per month off, An increase OF bust
ness with Southern markets has been pre-
viously noticed, but as the banks were I'M
able 20 encourage this to any great extent
by discounting bills against shipments, the
offerings again fell of, and at the close
transactions were confined to moderate
sums, which we're placed by regular houses
at former quoted rates, approximating II
per cent oil for thirty days date!
The Philadelphia Record says, Nov. Is:
There is no marked improvement in the
tone of the money market. The banks are
moving with more than their accustomed
caution, and from business quarters the
offerings are not large. AS we have hereto
fore stated, there appear 10 be outside Dor
rowers for the use of corporations and i'm
provement companies, who absorb all the
money in the market seeking investment at
very high rates Of interest; and but for this
constant drain money would not be SO diff
cult TO borrow by legitimate traders, or
even spectators. The class of borrowers
to which we have alluded pay the very
highest rates, and offer what is considered
by most people as the best security; conse-
quently they gobble up all the loose money
on the market, and as yet their appetites do
not seem to be in the least degree appeas
ed. For call loans, yesterday, the rates
! quoted on The street were FROM to 10 per
cent, with rather freer Offering Of money,
and time loans on tirst-class collater4ls 10 10
II per cent, bu; difficult to place. Com
meIcial paper Of short date and highest
grade, tc 10; second class and inferior
grades are quoted at from II to Is per
cent.