Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-04-28
FINANCIAL.
OFFICE OF THE DAILY APPEAL

OFFICE OF THE DAILY APPEAL, !
MEMPHIS. April q, 1857.
The advance in cotton has grsst'-1'-.I
proved our local money market, and the
ease afforded is pereeptlbly felt by all.
Our banks are disposed to be more libe-
oral than for some weeks back. This is
partly owing to the fact that our people
have got over the scare they were in but
sshort ti44e ego, the bad eHect ef which
was seen in the eloseness with which our
moneyed Institutions were compelled to
deal with eqstomeFs. Not knowing at
what moment they might be called upon
70 meet the checks Of depositOrs they
were, in self-defense, obliged to refuse
loans to their best friends. This feeling
is now gone, entire confidence Is restored,
and we hops 20 be able to chronicle q
daily Increasing ease in our local
finances.
Gold has declined. The closing price
paid by brokers was S4l to 35e. Selling
at SO to S6tc.
In silver there is 40 sales of import
ance to note. Buying at 25 to 26c. Sell
ing at p to 2sc.
City scrip is in very fair demand, with
little offering. Buying at Soc, and sell
ing at 62e.
Police scrip is nominal at 55c buying
Selling at SOC.
County warrants of the old issue are
bought freely at e0c, and sold at 92c.
New issue buying at SOC, and selling at
81 to sSe.
Exchange Is more plentiful, although
the rates are the same. Eastern buying
at par to / premium selling at to !
premium. New Orleans buying at Of,
and selling at par.
Bonds are dull and nominal.
Memphis and Ohio railroad bonds,
Is to SOC, Memphis and Little
Rock first mortgage bonds, 20
to soc Memphis and Charleston railroad
bonds, 65 to roc; Tennessee bonds with
coupons, 40 to SOC; Tennessee bonds,
new, 55 to soc; Mobile and Ohio railroad
bonds, so to soc; Memphis city coupons,
90 to 65c; Memphis city railroad bonds,
50 to 6Oc.
The issue Of Planters and Union
banks Of this state are in good demand
at e7c buying. Uncurrent money gene
rally, however, is dull with few transae-
tions.
The New York Tribune of the 22d
~, Il ah NJ <
TO z per cent and stock houses are sup
piled with great ease. The tendency of
rates Of interest on call loans is down
ward, and low rates of June, 1866, are in
a fair way Of being repeated. This state
Of thingsis the result Of disposition TO
keep money at control to take the
chances " and is by no means healthy
financial condition. The sharpest and
most damaging panies Of the past were
closely preceded by = "fonr per cent.
money MARKET and this piece of his
tory will probably be repeated dUring
1867. Commercial paper Is not in high
favor, and choice names sell az ! per
cent, with q good many strong names
at higher rates. The bank statements
win chow q further contraction In the
loans and deposits, with an increase in
legal tender money.
lNG LACIutlt VI e5OA4
Wall street: Gold has finctuated Ia
price during the last week from 81. to 39s,
showing what the spectators call
feverish state Of the market. The news
from Europe, and not any domestic
trouble, has been the cause, or rather
the gold brokers and operators seized the
opportunity afforded by the difficulties
between Prussia and France regarding
Lnxemburg for creating an excitement
in order that they might gamble in gold.
If even there should be war In Europe,
that would be no good reason for any
great change in the value Of gold or
stocks here. We should not be mixed
up in such war and should pursue the
even tenor Of our way just the same.
/ At first there might be q little disturb
anee in the stock and money market,
/ through some Of our securities being
sent home; but this would be slight and
only temporary. In the end we should
probably be benefited BY > aood Of eni-