Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-01

Tennessee bonds have again declined,
closing in New York at IS. and 6S for the
funded series. As the July interest is
being paid and as it is known the January
interest, 1876, will be paid beyond doubt,
this decline is remarkable, especially when
we take into consideration the ease of the
New York money market, and we cannO
account for it, except from the growing
apprehension that the next Legislature will
repeal the present assessment and tax law,
and pass a lower rate of taxes. Such seem
to be the misgivings of New York bankers,
as well as of some holders in this State,
and recently there has been some pressure
10 sell.
COmptrOller's warrants are quiet and in
but little demand, though we believe there
are but few on the market. Dealers pay 81
for small lots and offer 965 for large.
Our local securities are quiet with but
few on the market. For quotations We
refer to those given by The Nashville Sa-
wings Company, corner Union and College
streets.
EFFECT OF THE CURRENCY LEGISLATION
on TRADE.
From the New York Bulletin, March 80.
As the prevailing stagnahcy of the city
trade has been in a large measure attribu-
ted to the suspense caused by the late mac
ton Of Congress upon the pending currency
questions, il was to be expected that the
definite expression Of the disposition of
both Houses on these issues, during the
past week, would in some measure affect
the tone of the markets. Of course, as
neither the House nor the Senate have yet
declared their views on the banking ques-
ton, there is much uncertainty still rs to
what may be the complexion Of the finan-
cial measures Of Congress as a whole.
The fact, however, that both branches
of the national legislature have
declared in favor of making S4O0,O00,000
the permanent limit of the legal tender cir
c~ulation carries with it a fair implication
that the final result will be the authorize
ton Of a permanent increase iii the circU-
latiOn; and this is sufficiently understood
among the merchants to nave at least a par
tial influence upon their a~nticipatiOnS as to
the future course of trade, III therefore
upon their present disposition TO buy or
sell. Although the full effects are not to
be expected to appear thus early, we have
been at some pains to ascertain the earliest
SYMPTOMS, and find that, as q rule, the lar
ger markets have been much tTmer, espe-
ci lly on future contracts, and that trans
actions have been decidedly more active.
There are some more or less important ex-
ceptions; but these departures from the
rule are generally connected with special
causes.
IN THE COTTON TRADE
the currency measures which caused a
marked advance in the cotton market on
Friday had less influence on Saturday, and
prices receded nearly back to the figures
current before the advance, but the bust
ness for future delivery during thetwO days
has been unusually large. The opinion
prevalent to-day Saturday was that eau
ton rather than decided action was the
policy best to be pursued. All as yet was
uncertainty, and the better plan would be
| to await further developments.
THE DRY GOODS TRADE.
The prevalent feeling in the dry goods
trade in regard to the increase of currency
is one Of satisfaction that some decision has
been arrived at and a limit fixed to its cir
culation by Congress. Business had be-
| come almost paralyzed by uncertainty: and
| although there is a diversity of opinion as
10 the wisdom of expansion, all agree in
accepting the situation in preference to the
| reign of doubt which has existed so long.
| Manufacturers agents for domestic prOduc-
tons anticipate increased activity and high
er prices in the fall, as it is calculated that
the industries will be stimulated by an
easy money market. The spring trade has
so far advanced that it isnot thought values
will be materially effected by the increase
of currency; but the downward tendency of
the market it is thought may be arrested.
The iobbers report a little more DISPOSE
tonto operate on the part Of their custom