Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-07-02
FInnncinI NTatters.

l. From the st. Louis Democrat June 26l
?, WEDNESDAY, June 25 P. M-The none
:, market was dull again today, and rates are un
changed, except for gold, which is nominally a
: New York rates. per cent. premium. Blu
. there is no demand, except by two or three bro
/, kers who are trying to speculate on New YOrl
prices. We have heard of no actual transac
ton for more than per cent Exchange il
abundant at par selling, and demand very mod
crate. Nothing doing in defense warrants, and
vouchers are not abundantly offered, though al
that are offered ale readily bought at II to
cents off.
The telegraph this morning advises us of an.
other rise in gold yesterday in New York Ii
went up to 81, but fell back to 81 There seems
to be an unde6nabe unessiness in the public
mind East, which foreign exchange dealers take
advantage Of and turn to the best possible &C
count. The slow movement of our army before
Richmond, and the apprehension of possible dis
aster there, is undoubtedly the key to the uneasy
feeling. But, to thoroughly loyal people, there
| is no ground for apprehension; and it is only
those who speculate off the misfortunes of their
! country who see things in magnifed form, or
magnify everything they see, and turn it against
the government, and in favor of their own sell
hsh purposes. decisive victory by the Union
! forces before Richmoad would change all this,
and send gold down to 2 to 3 per cent. in forty
Z =
proportion. There is no perceptible reason for
gold being high, and we are at loss to account
Tor the power Of a mere speculative feeling to
send 1t up, and keep it up so long. Still we are
firm in the belief that it cannot be maintained
at high rates. and the first week in July will see
1t down to 3 per cent.
CmCAGO.-This mornings Tribune says:
We notice rather more activity at the banks |
to-day, and some of them report themselves very
busy This is evident from the crowds about |
their counters as the hour Of three approaches |
New York exchange is reported shade closer /
but prices remain unchanged, viz: par buying, /
per cent. prem. selling, on round lots, and /
for small drafts on collection.
The market for gold was feversh. On re-
ceipt of New York dispatches stating that the
price there was 81 TO 81, the buying rates here
went to and selling to to per cent. It will
be observed that buyers keep at a respectful dis.
tsnce from the figures ruling in Wall street.
The fluctuations there are too rapid to warrant
great risks in Chicago.
The Cincinnati Gazette of this morning says
The feature in financial circles to-day was the
advance in gold in New York Private dis
patches quoted 81 premium as the rate: the re-
port to the chamber of commerce gave 81 as
the figure. All the authorities agree in report
ing the market feverish and unsettled. This
advance was not unexpected. 1t has been plain
q,
Of treasury notes should be carried out, gold
would rise in proportion to the initiation of the
currency and as soon as 1t became apparent :
that Congress would adopt the plan of the Sec ,
retary of the Treasury, the advance took place
The sudden advance experienced in gold to-
lay, and the high figures established, render
he market quite sensitive; and, as many hold =
'rs viii be disposed to realize, satisfied with the
profits now attainable, temporary reaction is
lot Improbable consequently, buyers were not
disposed to follow closely upon the New York {
igures, and the highest price we heard of being
'aid was premium, while many refused to pay L
'Ver premium, except when they had an op- i
,oltunity TO place the coin at a profit. There C
vas no selling price fixed by bankers al prices
rom to II premium were talked about The t
movement is wholly a speculative one-that is
o say, it is confined to dealers, the people hay
ng very little to do with it, except to exchange
DIN for treasury notes, pocketing the handsome {
remium paid. There is no want of confidence \
n the currency and in this respect the gold b
over differs from the type experienced in panic t
ines. Coin is steadily accumulating in the v
ands Of dealers, the high prices drawing it out r
rom the pockets Of the people, and this fact, v
fter while, will have an important influence b
pom prices. Silver has advanced to premium t
4 New York, and is held at to premium q
ere. a