Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-05-05
FINANCIAL
OFFICE OF THE DAILY APPEAL,
MuVpHTs- Nav 4. 1857.

MEMPHIS, May 4, 1857. J
Our banks report collections much bet
ter than was anticipated, and tnatm money
is comparatively easy. Owing 70 the
course pursued by our monied Aetitu
tons they are all in good condition an6
strong in currency. The only aecommO
dalton reported consist Of a few nomi-
nails.
Gold has not fuetuated much in oul
market for the past few days. Brokers
buy at "a to 343e and sell at IS to 36c.
Silver is rarely offered in large lots.
Buying at 26 to &c; selling at Is to 29c,
County warrants Of the old issue are
mostly cut OF market 94c was offered fol-
81, 900 warrant but declined.
Barbour Lewis warrants are buying
at soc and selling at s. to SIC.
City scrip is inactive and lower buying
at SIS to SIC and selling at 5Sc.
Police scrip is dull at Csc buying SELL
ing at 75c.
Eastern exchange is not active. Buy
ing at par to off, and selling at to !
premium. Sight bills on New Orleans
are becoming scarce. Buying at of,
and selling at to premium.
Uneurrent money IS unchanged with
little doing.
In BONDS we could learn of no sales,
and GU quotations ara nominal.
Memphis and Ohio railroad bonds,
% to 30c; Memphis and Little
Rock first mortgage bonds, 20
to soc Memphis and Charleston railroad
bonds, 65 t zoe; Tennessee bonds with
coupons, 40 to SOC; Tennessee bonds,
new, So to soc; Mobile and Ohio railroad
bonds, so to 55c Memphis city coupons,
80 to Csc; Memphis city railroad stock,
80 to $50.
The treasury statement of the public
Edebt for the LIST of May will show that
rand progress ia making In converting
the maturing short debt into funded debt.
It will show that the great bugbear of the
financial crOakers-the seven-thiFties,
and the compound-interest netes-will
soon cease to give any trouble to the
treasury. These short debts will be OBJ
sorbed in long bonds within a year, and
then probably, if congress do not inter-
fere with existing laws, legaltenders may
be Withdrawn to the extent now author
ised.
mutton in the amount of gold in the
| treasury, as compared with the statement
! of last month. There is no probability
that the customs revenue viii be essen
tally Enthusiastically MOTTO a sum
I IQAG VIII Dc ludAC1o@NC W VIC E8l mCAb
| of the gold interest on the debt.
The Accidental insurance company of
| Londsn have refused to pay the policy Of
Mr.. Parkin JeffcOck, who met his death
jn the endeavor to save the lives of his
men at the Oaks colliery disaster, on the
Ground that they did not insure against
| secidedt voluntarily incurred.
Persons holding 7-30 notes viii find the
following of interest: Under the discre-
tionarv power confded to the secretary
nv the law, he has made the following
Arrangement. First, he ofors to buy for
cash August notes at 1861 or, secondly,
he offers to give to the holders bonds of
1865 in exchange for the notes adjusting
the difference of interest on both in cur
reney. The exchange, If made on the
first day of May would be conducted as
follows;
Gold interest from Jan, L-- 10 So
Sos 8
y LOCO $50 note 1000 90
Interest rom Feb. s----- "a 50
siIeIs 8
s Z. by paying 81 76 in currency, $40 IS
of earned gold Interest will be obtained
at par; and in making the exchange a
better investment is also obtained for it
is evident that the bonds are the better
investment, because the six per cent.
void interest is better than the seven 8 10
per cent. currency interest, even with
gold at I22. With gold at its present
price the bond yields st per cent. per an
mum on the investment.
Advices from Havana state that nu-
merous failures have occurred. The pro-
vision house of Lopez Trapsya & Co, for
a large amount.
A wealthy planter, Argudine, suspen-
ded. Liabilities two and half millions,
whis his assets viii go far towards pay
ing. Senior Oveido, the diamond wed
ding man, made an arrangement with
his creditors for $4,000 which he was
unable to pay, and was thus saved from
becoming a bankrupt. Several more
failsres are expected.