Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-01-23
FINANCIAL.

Yesterday the money market, as 1t usually is
on Monday, was very duil, and bat few trans
actions are reported. Just before the hours OF
closing there was a rum0r of a telegram having
been received, TO the effect that the Bank OF
England had advanced its rates OF Interest
which caused some little sensation, particularly
among the holders OF Gold and 5-20's.
The truth is that there is a surplus OF capital
at the East, and money Is almost a drug at 8
per cent, on call The means here available
for lending, are inadequate, and the rates OF
interest range from = to Il per cent, and the
bankers are doing nothing save for regular de-
posters. and their demands must be very mod
crate in order that they may be met.
The Cincinnati Ga-cae, In speaking of the
financial bill Of the Secretary OF the Treasury,
saws " 10 may as well be regarded rs settled
that Congress, having full confidence in the Sc
cretary OF the Treasury, viii give him all the
power he may require 10 carry out his policy.
OF what this policy is the public were duly and
fully advised. 1t Is to be one Of gradual but
steady contraction, not a violent withdrawal OF
currency. There Is no reason, therefore, why
people should fall Into a panic because Of the
passage Of the Finance bill, as under this meas
ure contraction cannot be any more rapid than
il might have been without II, as he already
had ample powers 70 fund the currency The
question, then, is not as 20 what Congress viii
do, for that is virtually disposed Of; but what
viii Mr.. NcCullOch do? Well, he has told the
| public what he proposes 70 do, He will gradually
fund the currency until there shall not be out
standing a single dollar OF Government cur
reney. How long it viii require TO complete
this process will depend on circumstances but
we may safely conclude that it will occupy so
much time that the contraction VIII be gradual,
and damaging only to wild spectators who
profess TO believe that imitation is a blessing
that ought to be maintained"
Exchange.
After the rush or Saturday for Time Bills,
the Market yesterday was remarkably dun, and
we hear Of little or no demand for that class Of
paper, but the former quotations are still main
tanned. We therefore continue to quote buy
ing . per cent. of, and selling at par, for Sight
Bills on New York and New Orleans sight
buying at par and selling at = premium,
Geld and silver.
No salssof either reported, and the rumOr re-
ferred TO above, had a tendency TO stifen the
market, and give Encouragement 10 the hold
ers awaiting ar advance. We quote Gold firm
at 3SL buying, and no disposition on the part Of
holders TO accept the figures, while the banker
are asking Al. silver buying rales 80 and 81,
and selling % and 81.
tWrFefiSF-
As We stated IN the beginning Of this article,
Currency Is quite scarce, with but little dispose
ton on the part Of the bankers 90 accommodate
even frst class paper, and this viii doubtless
continue until there ls a change In the Cotton
morkeL.
Has almost disappeared from the market, and
we hear OF no transactions.
Uncurrens Funds.
There has been no change since our last quo
tstions
Money Matters In New York.
NEW IoRE, Jan. ls.-Adairs in Wall street
exhibit little change. The stock market con-
tinues unsettled. The recent decline in the
value OF railroad stocks appears 10 have 20 a
considerable extent met the views ofthOse who
have thought prices were higher than Is war
ranted by the receipts, and the prospect Of fu-
ture earnings. Aprevailing disposition appears
TO favor the waiting Of the future course Of
earnings before undertaking important opera
tons Tor either a rise or fall az the Board.
SrocKs-Wer Gull and without any impor-
tant variation in prices, though the tendency
was generally downward.
GOvERSAESTs-Were quiet and gold Interest
bonds 1sdA lower; 1875 continue drm,t the nrst
and third series selling al &c advance Certih-
Gates were Lc lower.
private bankers are generally lending on call
at per cent. The banks mostly get 8 per cert,
but usually with the condition not to call in
the loans within a certain period. The demand
for discount is active.
Frlme Oils taken at b5z94R quite freely, and
in exceptional cases atG. Good names are cur
rent at s99. There p gtl Q large gmognt ofsae-
ond-rate paper Offering, which has mostly 70
submit 70 l0al6.
GoLD-Stu tends downward, under the IN
Outstanding that Mr.. McCuliOch Is disposed 20
press the adoption Of the clause inr-the loan
bill authorizing the negotiation Of a foreign
loan.
The increased supply Of cotton bills also tends
70 depreSs the premium. There Is some specl-
lative movement in the way OF shorts, which
may produce a partial reaction when contracts
come TO be covered
New YORK StOek Market.
Money-Easy al per cent sterling duh and
heavy At lOSAadi0S4S
~.Gold-heavy and lower: opening at 1885, de-
cliplng 20 iSR, and closing at l3S.
Government Stocks-Dul and rather easier (,
stocks stronger. U. s. IS 500 coupons Of 1876,
lOl5s Us. 5s74 coupons, 95%; US. 6s ! year
certificates, new issue. ~ Treasury notes 7 $40
~ seEies, s. n. U. 50 Erie, Ws Hudson,
J3 heaoing, NIX bort W. Us NJ. s. 81
lus6.