Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-02-03
FINANCIAL,


TIT alka
Money matters were decidedly dull in this
market yesterday. and in the absence Of any
interest in our own market, we give space for
The following sensible article taken from the
Monetary article OF the New York Herald.
which viii, we trust, be read with interest:
Notwithstanding the unsettled state of pub
lie feeling with regard 10 the future OF the Ma
aonal Finances it is only reasonable to look for
a sharp reaction from the presentdepresslon on
the Stock Exchange. The leading Railway
shares average a decline OF nearly 10 per cent
from the highest point touched in December,
and The reduced earnings have not been sufi-
cieut 90 warrant a depreciation 50 rapid. The
decline was mainly In consequence Of appre-
tensions regarding the new Finance bill, the
future effects Of which the operators for a fall
did their best 10 exaggerate. According tC
present Appearances the bill, II not rejected
altogether, will undergo 50 much modification
by the Committee OF Ways and Means before
being reported 20 the House as 10 limit its scope
20 specific measures. There is no reason why
the Secretary OF the Treasury should be invested
with power 10 sell bonds when the object sought
is the funding OF seven-thirty notes and other
floating liabilities. To carry such an authority
into effect would be 10 prevent funding, by sud
denly lowering the market price OF the bonds
whenever a new loan was offered. The Secre-
tary requires no provision 20 be made for the
redemption Of Interest-bearlng notes at matur-
ity. as the resource OF substituting Compound
Interest notes for the Currency withdrawn is
already open 10 him under a former act. Until
after the whole Of the ssven-thirty notes are
redeemed or funded no attempt should be made
TO n1nd the outstanding Currency, for TO do SO
w--ra Ga, a -u-B,Hffft-- Faw,s-a fb,, Tr..s,r--
and the mercantile community generally In
serious embarrassments. The evil OF imitation
is one 10 which the country has adapted its
affairs, and 20 materially contract the Currency
while the public Finances are In their present
abnormal condition would assuredly prevent
the funding Of any portion OF the Seven-thirty
notes or other floating securities, and the Treas
ury would therefore be called upon 10 redeem
the entire mass in lawful money. The extent
OF the disaster which such a premature measure
might intict upon The nation it would be difi-
cult to exaggerate, and the downfalT Of the
National Banking system would in all proba-
bility attend any widespread panic of the kind. |
What the necessities Of the country demand Is
specific Legislation and non-interference during
the time we have indicated with the Currency. |
The injurious effect which the passage OF vague
measures would exert upon Government Secu-
rites for example, may be judged by the de-
preston which has marked their course since
the Finance bill made its appearance. What is
required from Congress is the adoption OF a bill
authorizing the issue OF an amount Of 0 per
cent. bonds equivalent to the floating debt, ex-
elusive OF the Currency, with power on the part
Of the Secretary Of the Treasury 20 fund such a.
his discretion, and allow the accrued interest
on the floating Securities al the time OF fund
ing. This would constitute a mere exchange o.
Securities, and, by avoiding interference with
the Money market, would stimulate the price
Of the bonds and promote the general interests
Of the Government equally with those or the
people"
Exchange.
There was little doing in Sight checks yester-
day, the majority Of the Bankers continuing to
demand premium on New York Sight bills,
while Others are still buying at a OF and check
ing al par. The rates for New Orleans Ten-day
bills are "a and FLteen-days ! per cent pre-
MUM.
Gold and silver.
This market was very quiet, and our former
quotations remain unchanged, Gold buying 81
and 3s, and selling at 30 and 40, according to
the denominations. Silver buying at 80 and
selling At 90.
Is plentiful and easy. in consequence OF the
dullness Of the Cotton market, which is fast
drawing to a close.
Government Stocks.
There Is no demand for this class OF Paper. so
far as We could learn, the Bankers continue
however 20 demand ~ for 1905 with the accrued
interest.
Uucurrent Funds.
This market exhibited considerable animation
yesterday and there was an increased demand
TOR Mississippi Gotten bills, fer which 80 was
paid by the ankers In the other Southern
notes there was no change.
other Markets.
The Cincinnati Commercial Of the 3Ist ult
says
Gold has had a rather higher range the past
than the preceding week, and yesterday showed
had previously. This tendency was maintained
to-day, though there was n downward turn
from the highest point Of the day. The closing
rate IN New York vas liO-@ Dealers here, in
some cases, offered 1910 premium, during the
day, 5ut now 4Gc Premlumis the most that will
9e allowed, ana 3b'as4ic made the selling range.
This upward movement seems TO have no eX-
planned cause, nor IS It attended BY any invest
ment or speculative demand. The amount
offering to Bankers fsdighU. and the demand
mainly in a regular way.
There has been but n tie uniformity among
dealers In Exchange, and the business of the
week, thougn not small in amount, has not
paid much OF a profit. The market, however,
has grown gradually drTner, and but for the
closeness in Currency, would doubtless have re-
70 the Old rates-par and l-l0c premium
jay ING nv NtAllAE. AADsL q the purchases Ik-
day, By bankers, were at par. They generally
endeHvored 10 obtain J3G7Jc. premium in sell
ing, but 10 only a smalle1tent were they able
TO do 50. |,
The Chicago Tribune Of the same date gives
the following summary Of the money market
there. Il says:
The money market to-day was more stringent
than Yesterday, partially in consequence Of the
tact that Tie Government drew heavily On the
National BANS. Apart from this, however,
owing 70 the continued liberal recei PTS OF hogs.
here IS stead1ly increasing outflow Of currency
IN Tie interior, with but Light deposits by our
merchants.
Under these circumstances there was more
shining for money to-day than usual, and
banks were sparing IN their accOnamoua-
lions even % their best customers.
The rate Of discount is unchanged, viz 10 Der
cent. per annun1 but street rates are drm at I -
o. Der cent. per month.
The market tor Eastern Exchange is scarcely
30 firm to-day, but this is owing 10 the strin-
seucy in the money market, and cannot be at
Jlbuted % an excessive supply. Rates, how l
ever, are steady an par buying, and lilo prem
selling. Round lots are selling among bankers
al In prem