Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-08-25
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL.l
EH. Hu1rpura Anoucf % 1917

III KEMPHIs. Aaauat y. 1851.
The money market exhibits no sign Of
ease while the demand for money for
business purposes increases. Lenders are
unwilling 70 discount, sud 10 fact there
are but few who are in q position to do
so. Extreme ease In money circles prs-
walls in London and in all European
markets as well as in New York. In the
latter city the demand for currency on
western account is daily increasing, but
is freely met. The closeness Of currency
here is but one Of the bad results OF the
political position which our state is
placed in. no rrnu--# -r
The New York gold market opened at
4lc, but declined to 403c by noon. Deal
ers in this market bid steadily during
the day at 3S4c for small amOunts, and
4Oc for large pieces and lots. The sales,
however, were mostly q the latter
fgure, and were in the aggregate not
Silver rules steadily at 80 to 800 buying
for halves and quarters. Mexican pieces
would bring 4Oc.
City scrip does not offer as largely as It
was supposed, and the demand continues
very fair. Brokers buy at 55 to &c and
sell at 81 to Sc.
There is no county scrip offered.
Dealers are well supplied. We quote il
nominally Csc buying, and 10 to 75c
selling.
ePolice scrip is in good demand. There
IL little offered at the counter, where 70 to
73c are the buying rates. Selling at IS.
to re.
Exchange is easier, and rates between
dealers have declined to 81 5OGS2 per
$1,000. The buying rate from customers
is at par for cotton bills, and checking
st to on all eastern cities.
The stock market is dead. We have
had no sale TO report for the past four
days.
Jay Cooke, who made his millions out
Of the sale of government bonds, upon
which the poor pay usUry, assuaged his
conscience by the erection of an aristo-
cratic church neal Philadelphia. This
sacred temple of bond aristocracy is very
propeJly called 1.-The Church Of the
Holy Five-Twenties."
A dry goods firm that failed some
weeks ago in New York had paid a rent
of over fifty thousand dollars; their
business expenses, besides, were a hun
bred thousand dollars, and their private
expenses we're on q still larger scale.
The cost Of riOtOus living and unneees-
ssry pOmp and display in business would
account for a bankruptcy.
The following decision has been rem.
dered by the internal revenue depart
ment:
II is enacted in section 1873 of the in
ternal revenue act that the interest OF
any successor to arise from the sale Of
real estate under any trust for the sale
thereof shall be deemed to be q success
sion chargeable with duty under said act,
and that said duty shall be paid by the
trustee, executor, or other person having
of the funds. If A, dying testate
since June so, 1864, gives to B in his will
a certain smount-fOr instance, one
thousand dOllars-and for want Of per-
sonal property the executor sells real
estate to obtain money for the payment
Of said sum, the moneys arising from
such sale are to be deemed a succession,
and the executor should be required 10
pay . succession tax thereon.
A New York exchange says:
Now that the western drain affords an
outlet for national bank notes, all the
he city, as well as the country banks,
will be likely to present their matured
compound interest notes for redemption.
This will have the effect Of reducing
heir legal reserve to the amount Of the
rational currency received in exchange
jut this is immaterisl, under existing
circumstances, to the banks, and il will
brow into circulation some Of the ball
nee which has lstterly been lying idle
n the sub-treasuTy.