Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-03-08
n

The Money market was in a very unsettled
CONDITION yesterday, the reports purporting 10
give each throb ef the financial artery In New
York, from their conflicting statements only
made matters worse, ana LEFT rs to grope In the
dark. The general impression Is that Exchange
will decline TO par, and sales az that rate were
made over the counter, although there is a dis
position OF the part OF some OF the banker 10
maintain the former rates, but to-day il viii
probably rate as follows: buying p OF, and sell
ing at par, owing to the increase IN offerings,
and the strinsency Of money.
Gold is still declining, Notwithstanding the
reported quotations Of the New York market,
and there Is no disposition among the bankers
TO buy. We heard Of one purchase al the coun-
fer Of a small lot al 2, hut this &, probably be-
low the true rates, but We find 10 very difficult
TO obtain a medium rate, and therefore quote It
dull and dropping with 80 as the highest rates
paid for it.
Currency IS daily growing tighter, and its
~stringency is beginning 10 be felt IN commercial
circles.
Uncurrent money Is more active than for the
past week, but prices are unsteady, and a strong
enort Is being made 10 put down the rates, but
some Of the bankers SEES no reason for doing 50,
and refuse 20 Join in theG0teEpf.
etNNfF BaEAtlSs
The Cincinnati Commercial OF the 9TH says:
Gold fell heavily to-day. I one time, IL was
PIE lower in New York than he lowest point
TOUCHED yesterday. II recovered, however, &C..
Dealers have varied their figures to correspond
with the teleEraphle report Of the changes In
New York. 10 seems that there is not q general
impression that the decline VIII ue permanent,
for bankers do not make their margins as wide
as they usually do under apprehension or a
or this tendency OF the market,
Il has also been observed that there was a q s.
position on the part of some outsiders 20 buy
both on the spot and ahead. The decline how
ever, is the cause IF, or the confident Of a ner-
vOus. unsettled condition OF thlugs 10 the gem
rral markets. Theorists aunt about tOI a rea-
son for this, and generally light upon TIE a,ser-
ton that 10 Is rraceahls TO the absence OF an
svowed or fixed policy on the part OF Congress
or the Secretary Of the Treasury since what
ever disturbance may come 10 trade 10 Is easy
aao--u 70 make one OF both OF these parties a
scapekuaU 90 Tie effect OF overriding. There
Il no mDse reason SuE legitimate trade should
be affected adversely By The present or pros
naetive measures OF the Governmental :
wears. GGt on the contrary, whatmay fairly
De ascriBsd 10 "a pTou=r course IN business
aHair-jhat j.. tneir leE=nHg sewn more nearly
TO a basis OF actual yalues-ts m-slnJerproJed 70
be undesirable, aud a misfortune.
During the dag tbs buying rate on Gold here
was dropped 10 &c premium but. on the rally
in New York, 70 Ssc rsmlum a-c hlE1ef
would have been PAID al the No>e OF buslues'.
The selling figure Is placed az Sac premium.
EXCHANGE continues 10 sJiden, but the selling
hgure does not get above j0c premium, except
ing on sinai sums The demand Is good, and
the receipts IN sac -sgular course OF business
only moderate.