Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-01-23
NOBTmEBN FINANCIAL INTELLa-
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EGEkEzhEH.N FINANCIAL ENTELLa-
GENCE.
The treasury difficulties OF the Federal gov
eminent are still unsettled, as will be seen from
the following dispatch from Washington to the
Associated Press;
ThecOmmissioners said to have been appointed
by the bank directors of Boston, New York and
Philadelphia, arrived here tonight, consisting OF
MessTs. COe, Nermylye, Martin and Ga!latin, Of
New York Valley Haven and Bates, of Bos-
ton, and Rodgers, Mercer and Patterson, of
Philadelphia. These commissioners are in con
ference tonight, and it is said by representa-
tves of banks in New York here, who deny the
authority of the alleged commissioners, that it is
their intention to 90 directly with their eriev-
ances to the committee of ways and means of
the House, instead of consulting with the Secre-
tary Of the Treasury, and present a bill of their
own to the committee, the provisions Of which
are said 10 be directly in conflict with the views
Of Secretary Chase.
The New York Post, of the 18th, has the fol-
lowing as to the condition of the money market
in that city:
The stock market exhibits great irmness, and
every department of the list responds to the new
developments OF the financial question. There
IS no special excitement in any of the leading
stocks, but prices seem to be steadily and quietly
conforming to the currency basis. There is prob
ably some private information on Wall street re-
lative to the progress of the financial bills before
Congress, as to the tone at the close is very
strong, with considerable pressure to buy.
eAmong the strongest Of the western stocks
were Michigan Central and Toledo. The large
earnings Of these lines are bringing forward new
buyers.
After the board, prices were much higher. New
York Central is selling freely at 81; Erie, 345 /;
Michigan Central, 5O4 Rock Island, 50 TOie-
| do, 34i.
We noticed Yesterday the extraordinary finn
ness in railroad bonds. This is stiI more notice
able to-day, some descriptions having undergone
a further advance Of l, ?, and 8 per cent. Del
aware and Lackawanna frsts are 100 bid
Hudson irsts, 1868 Erie frsts, los; Erie
foUrths, 70; Toledo and Wabash seconds, 50
New York Central skies, $50.
State stocks are quiet but steady. ViTginias,
North C~arolinas, Louisiauas and Georgias are
very scarce, and seem to have found a resting
place TO abide the issue Of the struggle between
Union and secession, Tennessees aud Missouris
are without much change in price.
The money market is growing easier, and six
per cent. is the ruling rate on first class collaterals.
Five and seven per cent. are the extremes, though
considerable business is still done at seven per
cent.
1t is reported that favorable Geographic advices
have been received to-day from The bank dele
cations in Washington, but their precise puTport
Is not stated.
The foreign exchange market is scarcely SO
active as for the last mail, the extreme rates
demanded having somewhat checked the inquiry.
The rate, nevertheless, is firm at us on London,
at which the leading drawers are not very will
ing sellers.
The gold market IS quite feverish, and all
sorts of maneuyeTs are res0Tted to by the brokers
to make their own price for it. Early in the
day the general rule OF premium was A, but
some brokers are silly paying a fractional ad-
vance on this. We hear of large lines being
freely taken at d, but there are sellers of mOder-
ate sums, Of say $4,000 and $4,000, at this
figure. The rate among the leading brokers
to-day is AZ to AZ per cent. buying, and Al per
cent. selling.
lively speculation is springing up in sifEer,
For round amounts l to II is paid by the bro
! kers, but transactions are restricted, on account
of the counters being generally mOnopolized by
gold operations. Brokers offices have not had
such a busy appearance since 1851, with this DIFF
ference, that visitors now come loaded with spe-
Gle, while then paper was pressed for sale.
It is difficult to learn what amount of specie
viii 60 to Europe by the steamers tomorrow, as
the preparations are conducted so quietly that
the estimate must necessary be made upon
hearsay. The indications are that not less than
$500, 600 win be shipped, and it is probable that
as much as $3.50 600 may go forward. The
operations OF the bankers are also quite active
already for the CunarGer, which leaves here on
Wednesday next.
The Chicago Times of the 18th says:
The week opens with a better supply of cur
rency, and the money market generally is de-
cidedly easier. Within the past few days eastern
bank notes of all descriptions, comprising good,
bad aud Indifferent, have been sent forward free
ly. Treasury notes are also increasing, and con-
tinue to be recei. ed at par.
The demand for Exchange is light, and the
bankers are buying at par and selling at per
cent. premium. The supply is good.
For gold it is difficult to give rates. the
bankers are not selling, aud the brokers make
their price for it. The premium ranges
from 3 to 4 per cent. buying, and Al to 3 per
cent. selling. There is not much demand.