Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-03-24
FINANCIAL.
OFFICE OF THE DAILY APPEAL,
MnMnrrra Ma-nh % I.n-

OFFICE OF THE DAILY APPEAL, ]
MEMPHIS, March Is. 1867. !
Our banks report no material change
in local money matters. There is not q
large amount Of speculative paper on
the market, and the little offered is scru-
tinized very closely. No. l paper con-
tinues to be taken sparingly at regular
rates. Gold remains unchanged. Bro
kers offer SO to S3le.
Silver is very scarce, aud is Offered only
in small amounts. Brokers buy at IS
| to 26c.
City scrip is lower and dull. Buying
at 70 to 76c. Selling at IS to SOC.
County warrants are dull at IS to soc
buying. Selling at 90 to SO.
Exchange is scarce, and very firm at
yesterdays rates. Buying at par to !
premium, and selling at premium.
The %uncurrent money market is dull,
with no change to note. Bank Of Ten
nessee, % to SOC. Bank Of Chatta-
ncOga, Is; Bank of West Tennessee,
| SO; Union Bank, 50; Planters Bank, 81
Bank of Memphis, par Bank OF Middle
Tennessee, 80; City Bank Of Nashville,
5Os Merchants Bank, IS; Ocoee, 20
Bank Of Shelbyville, so; Traders Bank,
par Southern, Is.
There has been a rumOr, quite current
on the streets to-day, that the Tennes-
| see National Bank closed its doors Frir
| day evening at 2 o'clock. Although
this result has been Anticipated in fnan-
cial circles for some time, still, from
what we can learn, the report grew out
of the difficulty arising from the trans
action between The bank and the state,
in regard to the school fund. One of the
notes given by the bank to the state for
about eighty thousand dollars, became
| due and was protested on Friday, which
gave rise to the report that the bank had
| suspended. But the bank was open to-
day, and, 50 far as we could learn, paid
checks of depositcrs on presentation.
The probabilities are that whatever loss
may occur will fall thanks to cur LoyGl
legislaturel on the state. At all events
it win not be very heavy on our citizens.
In q few days we will probably have
something more to say on this subject.
BankenR Association Of HemphIs,
The leading bankers Of this city have
formed themselves into an association,
| styling themselves the "Bankers' AS
soeiation Of Memphis for establishing
q uniformity in their transaction Of BUSH
ness, ETC., etc. The following officers
were elected
Fred. w. Smith, President Of Peoples
Bank, President.
James Elder, President Of DeSotO Saw
ings Institution, Vice President.
J. w. Page, Jr., President OF CONNER
cial Bank, Secretary.
C. P. Norris, Cashier Of First National
Bank, Assistant Secretary,
There are few cities In the union, OF
the size Of Memphis, with an equal
number Of banks and bankers and
amount of bank capital, but what have
some kind of Organization similar to the
above, and we feel confident that by this
arrangement we will have hereafter q
greater uniformity Of rates in Discounts,
Exchange, etc. There are many advan-
tages arising from such associations,
which will not only result to the advan-
tage Of the banks, but to our business
community generally-one Of the most
Important of which, is the prevention Of
what seems to have been 3 most system-
attic system of swindling, on the part Of
northern firms, in granting wholesale,
and almost unlimited, letters Of credits
TO totally irresponsible adventures,
Our people have been furnishing their
staple, or cotton, to such SPECTATORS,
and our banks have been furnishing the
money on such letters, which, if cotton
should advance, would generally turn
out all right, but If it should decline
the banks and the planters become the
victims. A proper spirit snimating
the association viii result not only
10 the protection Of U planters and
business men generally, but also to the
! banks themselves.