Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-04-25
FINANCIAL.
OFFICE gy raE ! D4IIg sI,,I j, AFsEAr, ,s,I7

N~D1~
money market, with little doing in tbs
way OF discounts. In few instances
renewals are granted. Rates are about
as usual, but street rates have advanced
( to 5 ana 6 per cent. per month. Geld is
again excited, and rapidly advancing
Z Il opened in New York at 3s1e. AtS;4a
pm. It had gone up to 4lac, and closed at
4Ilc. Our brokers offered at the close ss
to Sslc. hi
Silver is higher. Buying at 30 to Sic.
City scrip is in moderate request.
Buying at 81 to 5sc, and selling at zoe. =
County warrants of the old issue are in
moderate demand. Buylng at 92-to SIC.
Selling at 95e. The new issue is only in
light request at yesterdays quotations,
Exchange is in fair demand. Eastern
is buying at par to ! premium, and
selling st 8 t. premium. New Orleans
is buying at I of, and selling at par.
Police scrip is dull at SOC buying, and
selling at 81 TO s5c.
A sale of $4,000 worth of stock in the
Merchants National bank, at par, is re-
ported.
In bonds there is no change and no
sales to report. Our quotations are
nominal. Memphis and Ohio rail-
road bonds, p to soc; Memphis
and Little Rock first mortgage bonds, 20
to soc Memphis and Charleston railread
bonds. IS to zoe; Tennessee bonds with
coupons, 40 to soc; Tennessee bonds,
new, IS to 60o; Mobile and Ohio railroad
bonds, so to 55c; Memphis city coupons,
so to CSC; Memphis city railroad bonds,
so to 6Oc.
In uncurrent money we have no
change to report. The issue of Planters
and Union banks of this state are in re-
quest az 50 to SIC, but there is none
offered.
Parties holding 80 notes should re-
member that they are convertible into
$50 bonds at maturity, and not after
ward. The secretary of the treasury, by
giving notice that conventions may be
made before maturity, has taken away
any excuse for claiming conversion
after the notes mature.
The law under which the 1905 were
issued left the secretary at liberty to
bargain with the takers of the notes.
On this point the act of June 80, 1864,
reads:
And any treasury notes issued under
the authority of this act may be made
convertible, at the discretion OF the sec
retary, into any bonds issued under the
authority of this act"
By virtue Of this discretionary power,
the secretary issued the 7-S0 notes with
the following condition and bargain,
plainly printed on the back Of the notes
At maturity convertible, at the option
of the holder, into bonds redeemable at
the pleasure Of the government at any
time after five years, and payable twenty
years from the 18th of August, 1866,
with interest at 6 per cent. per annum,
PAYABLE semi-annually, in coin.
This is on the August notes llst seriesl.
The same is on the back of the I'd and
Sd series, with the time changed to June
Is and July 10, ls6S.
1t is plain that on the very next dag
after the 1865 mature the holder loses
the right of conversion, and it is now
quite evident that the government will
pay the notes, not timely presented, in
money.
Respecting business aspects in Eng
land, the London Ne1rS Of the 3D. instant
contains the following:
'It is unsatisfactory to remark con.
tinuance Of the feeling of mercantile dis
trust which has been bequeathed to US
as a legacy during the past year. The
timidity manifested by persons in busi-
ness. their indispOsitiOn to enter into but
the most ordinary and routine transac-
tions, and the unusual number of doubt
ing and hesitating inquiries as to the
position and credit of mercantile firms
which are constantly being addressed to
6anks, proVe how severely confidence
has been shaken bg the disasters CT the
past wear, aggravated Os they we're hy
the needless prolOngation OF panic rate
at the bank of England. II is known
that the resources Of many houses have
been seriously i'm paired by the losses
incurred and this knowledge, combined
with the general slsckness Of business,
and with thsElifficulty of effecting sales
of goods, botfat home and abroad, prob
abIy explains in some measure the vague
rumors now pFsysiling of mercantile
difficulties in the home, rofeiBn Gnd colo
nial trades.
The return from the bank of England
sor the week ending April 81 gives the
foiiowIgE rssl,iL when compared with the
previo3 week:
Rest. t..........-f 3.S72 2SS-Dec- c-ease.-E . g0f
Public deposits. Acknowledgements iOi,2l5
other deposi s..... I767l l0-Increase 60. 5yl, ,sSS
Gov'rl't securities 2lIU.67j-Decrease..- S93
Other gecurities ~ s5 5sd-l C. ease --. lHs'.Jls
NOtel IN uemployed lo,2j5, 5,S55--Decrease s5s'7'O
Fhe amount OF notes in circulation is
E2S, 81, $50 being IN increase OF s8f9, ,6b5;
aud the stock of bullion in both depart
ments is e19, SOS, ,93S, showing decrease
OF els, ,2s4, when compared with the
preceding return.
Half a million acres Of land warrants,
issued to Pennsylvania by the United
States, for agricultural colleges, were sold
recently at the surveyor generals office,
Harrisburg, at from fifty-ive to sixty
GEMS per asrs. When it is considered
that there are over beR 1,ll,QH ceres of
these warrants already issued, and all
the southern states yet 70 receive them,
and that the same kind of warrants
issued to Maryland, Ohio, Kentucky,
and other states, are selling at only fifty
to fifty-four cents per acre. the state OIL
GERS OF kenHs7l lvapia deserve great credit
for having realized to inc treasury nearly
seventy-five thousand dollars more than
the same warrants could have been
bought for Of other states.
S. II. ToBEz, President. 2. c, KIRK Cashier
-nrnasW sWa.ur