Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-01-25
Husiness IN England ana new or
The New ohsans Pieayare, Of Wednesday
has the following interesting commercial in,
ForrafE,a.


The New ohsans Pieayane, Of Wednesday
has the following interesting commercial in.
formation:
The market opened with a strong share oil
activity this morning, and a large amount OF
business vas done IN cotton at steady prices,
After 1 o'clock there was a partial check "a
the demand, occasioned BY the receipt of two
DAYS later accounts from Europe, with the an
nouncemant that both the banks Of England
and France had advanced their rate OF discount
to 7 per cent. This movement, on the mart Of
the latter institution especially, is considered
quite significant, and indicating probably that
gold is leaving both countries in payment Of
breadstufts. Some disappointment has doubt
less been created by the pertinacity Of the adj
vers exchanges from this quarter, for it will be
remembered that when the specie shipments 10
New York first commenced, the impression
abroad was very general that the movement
would be merely temporary, and that, as in
1887, the coin would be returned in the same
vessel thsp conveyed It hither. The advance
10 bank rates must have been measarably IN
expected, judging from the tenor Of the follow
ing remarks from the London Tfases, which
accompanied the rise Of 8 per cent. during the
preceding week. We quote from that paper Of
the ist January;
The Bank Of England have raised their rate
OF discount to-day from 8 per cent, to which
It was lowered on the Doth Of November, TO 6
per cent.
The movement created surprise simply be-
cause the general quarterly disbursement OF
the Government and the payment OF the diyi-
dends may be expected shortly to lessen the
existing pressure. Il appears, however, that
me demand Tor money which was mentioned a
feF days back to have assumed extraordinary
proportions, has since continued on a simitaT
scale, and aiso that reports have been received
OF a renewal OF pressure at Paris, which is
again taxing the resources Of the Bank of
France. The discounts Of that establishment
amounted to G600,000 on Friday last, and FL
100000 on Saturday. Under these clreum-
stances, and looking at the fact that with
drawals Of gold are still taking place, the
public viii be disposed to concur in the pru-
denee Of the measure, trade in every part Of
the country being apparently in a condition
too sound to be prejudiced by it.
The alteration in the rate was declared at an
early hour, but the applications both for di ,-
count and advances were numerous and heavy
throughout the day.
The funds opened With a tendency to recov-
cry, but instantly relapsed on the above an.
nouncement. The first bargains in eonsols
were at 92l, and after a decline to 92f, the
hnal quotation was 924 10 925.
The joint stock banks rave raised their rate
OF interest on deposits only ] per cent, the
same as on the last occasion, when the bank
rate was moved from 5 to 6 per cent. The
London ald Westminster allow Al on sums Of
9500 aid upward, and 81 on smaller amounts:
the Commercial 8 on other deposits, and Al on
new; and the old banks a uniform rate Of Al.
The discount houses have also adopted the
same course as previously, their present terms
being now A per cent. FOR moueY at call, and
. with seven days notice, instead Of 4 and Al.
By the arrival to-day, cOnsols are quoted at
% to ga thus showing a decline OF sPct as the
result Of the change Of interest.
The news was very freely canvassed on
the street, and especially BY bill drawers,
whose interests are likely to be affected bv The
adverse price Of money. During the forenoon
there was a very active demand for. foreign
exchange, and clear sterling sold to a consid-
cradle extent at 105@105a. After the receipt
Of the European accounts, BUYERS fought
shy, and would not pay the extreme
rates Signatures which brought 1853 in
the morning were pushed of at 1854,
but towards the close OF the market ac-
quired more hrmness, though the mornings
advance was not regained. For round amounts
Of fayoFite names los was offered and refused.
Other good bills were done at 1041@1O45, and
the rates leave of firmly at a range OF 1914 "a
! 1888. Som sales OF good bill OF lading drafts
were made at 1024@t03i. Sales of francs
TO the extent Of abou. $50 900 were made at
81 $50; but at the close, purchasers were lotl
to pay over $40. We quote from that down
to 5f.50. Time bills Of unevcepttonable make
can be passed in spots at 2t@3 per cent. dis
count. Some 30 DAYS was sold at
2G2t, Sight was steady at 3@5 discount