Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-04-12
F1NANCxAL.
oFFICE OF THE Daily APPEl
MEMprLra Anrll q lNlil

SflVefI mas also gone up matetldl
Buying At q to 2sc. Selling at so to 81
, City scrip is not in demand-very fe
brokers are buying So to 57e is the be
, offer we heard made for It, though br
kers sars asking "a to Csc for what thu
have on hand.
County warrants are in good demaI
and few offering. Brokers offer soc al
sell at Oh to 9Sc.
Exchinge has been steady for son
days. The supply is barely equal to Il
demand. Our banks buy at par to 1 OF
and sell at ! TO premium. New o
leans exchange is more plentiful. Blu.
ing at of, and selling at par
We lave no change TO report in VI
current money. There is but little offeI
ing, and the demand Is not active.
We learned OF sale Of $1,000 in col
pons ofMemphis and Ohio railroad tC
day at lOc. We quote others nominal
Memphis and Charleston railrsa
bonds, Is to zoe; Tennessee bonds wit
coupons, 40 to soc; Tennessee bond:
new, 55 to Coo; Mobile and Ohio rsilroa
bonds, 40 to soc; Memphis city coupons
go to 65i,; Memphis city railroad bonds
so TO 6Os. I
The suspension of the Franklin Insu
rance and Banking company has cause
considerable excitement in this com
mnnity, ard to a certain extent ma.
have impaired confidence in the banking
Institutions Of our city.
Whilst 50 unexpected failure woul'
naturally create mistrust on the part o
depositors, still we do not think, whel
Toe facts of the case are taken into con
sideration, that it can possibly affect tht
standing Of the other banking institu
tions Of our city.
1t was known to our business com
munity that the owner Of the above in
stitution was young man who was wei
known to our citizens, possessing theil
confidence, still, who had embarked in
the banking business with little or nc
capital. Necessarily he had to use the
money of his depositors in order to carry
on his business, and had, therefore, in
vested large proportion of the money
belonging to them in time bills, notes
ETC., besides tying up large amount in
real estate, and when the unusual pres
sure Incident to tight money market
together with the depressing effect that
a general failure in the cotton crop pro-
dnced, his inability to realize on such
assets when his necessities required it.
brought his suspension, at time when
his resources were largely more than his
liabilities. r.
The ultimate loss cannot be much, il
any. One deduction, however may be
drawn by our community, which is,
that a banks capital is the best and
surest guarantee to depositors, when the
capital is commenturate to the business
of the bank.
The liabilities will amount, as near az
we can learn, to seS, 900. The assets to
S128, 900 in bills and real estate. The
depOsitars are temporarily debarred the
use Of various amounts, varying from a
few dollars up to S2O,O 900, which, at this
juncture, is a very serious loss. a
In justice to Mr.. Mcclure we would
say, that not the slightest imputation
can be cast on his integrity or honesty
in his misfortune, and from the most re-
liable information we can obtain, his
assets are more than sufficient to meet
all his liabilities.
A communication from the attorneys
of thi, institution will be found in our
local column.
The estimated yield Of gold from Mon
tana this year is $50, 10000
Gov. Wells, Of Louisiana, intends
sending a messenger to the north fer the
purpose of having $4,000 600 OF levee
bonds engraved. The New Orleans
Timer calls upon Gen. Sheridan to forbid
it, as II that doughty warrior was a die
tator.
A new counterfeit of the denomina-
tion of $50, United States currency, has
been detected. The engraving is so
nicely executed as to challenge detection,
save wiz an expert. The principal
featuretg5y which it may be detected is
the imperfect manner in which the but
tons on the coat of the vignette have
been executed. On the genuine bill
they are distinct, while on the counter
felt they can scarcely be seen. There is
also Il difference in the filigree work in
side the cipher of the figures $50 while
on tile back of the bill may be seen q
very material difference in the circles
enclosing the small figures $50" 1t is
a very dangerous counterfeit, and would
very readily pass undetected through the
hands of nine out Of ten persons.
1t is reported in New York that the
Spanish insurrectionist, Gen. Prim, is
negotiating in that city for a loan Of
g, 600, 600, probably with q view to en-
gage in another revolution in Spain.
The collections In San Francisco TO the
7th inst. for the relief Of the destitute
people Of the southern states, exceed
S23 coo, with some of the principal
streets not yet canvassed. All houses Of
amusement have volunteered benefit
to aid the cause. The interior Of the
state has not yet been heard from.
Eastern papers still pitch into the nR-
tionh banks. The New York Tribune,
of April 5th, gets after them in this
fashion In bank circles a very prudent
policy is noticed, and the old institutions
are preparing for heavy weather. The
young national banks, which In the
main are managed by persons who have
never had experience in money panic,
are still disposed to afford facilities to
speculatiors in doubtful railway shares
and fancy coal and miscellaneous shares.
They are advancing upon property y
whish in stormy times is as poor reli-
ance as the assets of the "oil banks y
whish suspended after the failure of
Culver, Penn & Co. The recent quar-
terly statement has disturbed many in
terilr banks, which take great risks and
marriage their affairs as II the currency
was still being expanded. There are
more examinations OF banks in the inte-
rior and in neighboring cities than Is
AGREEABLE, and, in consequence, greater
inclination to be ready for these inquisi-
tive callers,