Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-09-20
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL,l
september 10, 1857.

OFFICE OF THE DAILY APPEALl
MEMPHIS, september ~, 1851. !
Gold opened in New York ut 45z, but at noon
had declined TO 4i4 The closing rats will be
found in our news colamn. The constant drain
Of coin from this market has reduced the
amounts held so largely that very small sales
are now reported. The ~strlngency OF money
matters and the light crop OF last year have
broughtto light more coin than II was thought
existed in the south but the little saved from
the hands of the invader had 10 besOid tnmeet
the necessary wants Of life. The country is now
about bare. Dealers buy at 43 to 435zc, but
shipments are light.
NeTy sn1allIO lots are alone offered. Buying al -
TO Bic.
Exchange is more in demand. Bankers sell
eastern sight at premium, but between bank
brs sales are made at par.
CITY scrip is in demand at SIC by dealers, who
hold for s. 70 bic, though in a feW instances
they decline selling at our outside figures; $500
Ia two lots was taken by a broker NJ 1512G0i.
Selling at Csc
and increasing demand Many brokers, who
bought when the market was at soc and above,
decline selling at less than Sc, while others
would sell AT 75c for a fair amount. The Otier-
ing rate at the counter is 10 to lie.
Police scrip is offered on the street at 91c-
Brokers who hold any also sell at that ngure,
buUare notabietO purchase al S5e, whichls the
nominal buying raIC.
Bonds, stocks and uncurrtnt money are dull,
with no sales OF importance 10 notice. Scarcely
OF money pfeclndes investments Of any kind,
and we look for no activity in stocks until a
change for the better occurs.
Bullion in the Bank Of England exceeds its
note circulation, n feature without precedent
except on one OCCASION, five ycaIs ago.
There has been an uumistakable change, says
the Ec0aOmGt, recently in the aspect OF opinion
respecting The prospects OF gold premium.
Events bearing upon the question have changed
and the premium has advanced correspond
ingly. Tins upward movement appears 10 ne
largely due to foreign and domestic political
complications, and perhaps aLO TO the conui-
ton Of our trade balance.
20. q. 81 ri tina ffwaLfhnnF WnNuHrUn 10 fhn uHT-
erals in command Of the southern departments
his amnesty proclamation and his general rela-
tons with congress are Ga character chIcula-
ted to excite u-neasinesS; perhaps none nave
any definite fears. but with the executive and
congress pulling in opposite directions, upon n
vital issue OF national policy and win a hlgh
degree OF personal feeling on both sides, il is
impossfble not 70 see that extreme measures at
Washington are among The possibilities Of the
We have previously alluded to the fact that
the balance Of trade stood at about sixty mil
lions in gold against Us on June LIST. 4 portion
OF this open Indebtedness may perhaps assume
a permanent form, and therefore not require
early settlement Still, in the event OfWar in
Europe, there would lie a large amount OF gold
required To settle this new open balance.
All the probabilities would seem 10 point TO =
considerable export OF gold at a period not very
remote. Large Is atC our crops, yet in the face
OF the fact that for four or nVe years past our
surplus OF eXpOrtable products has fallen far
short Of cur imports, II is not safe TO aSuauc
that, even this year. we can cover our Imports
by our exports. including in the latter an ave
rage amount or gold. Our rcmiItluces on ac-
count OF interest must he large Ofthetweuty-
four millions of coupons due on LIST November,
about SiBtsNgw wall be payable to foreign bond
holders. On The LIST January about Sp,OUlUJt
more Of coin interest becomes payable, Of
which a large amount again Is payable 70 for
eigu holders Within theueXt four mOuthsthe
government has 20 pay 10 the Russian govern
ment 81 ,O11,OoO on account Of the purchase OF
Russian North America And stiN further, ON
January Isl. about S-uFL0Gl Of bonds or 1867 be
come payable in coin, a large portion OF them
being held abroad. Upon these several accounts
combined, our gold obligations to Europe will
be increased, within the next four months,
about S2j,UgU,OJO which added 20 the trade bal
anae outstanding makes a total liability of
about SSyUa,Hl0 "a gold, independent Of what
nily accrue pom the regular Trade movement.