Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-07-13
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL

Our money market remains in the dull
and uninteresting condition reported in
our last and presents no feature worthy
of comment. Currency balances are un-
changed and very low, and there is no
~discounting of mercantile paper, except
for customers of the most un~questionable
standing.
Exchange is quiet at previous rates,
bankers drawing at sight on New Orleans
at par, and on the north and east at / to
premium.
Gold was offered more freely to-day, in
consequence OF the advance in New York,
where it opened at 1891, but there seemed
to be an entire absence of calls. Brokers
bought for shipment at 13SG138f, and
would probably have paid 1881 for round
or desirable lots, the offerings being in
variably light.
Silver is scarce and in demand for
shipment at l2S for halves and quarters,
and a round lot could sell readily at 100.
There is no demand for local purposes.
County scrip is dull at rs to soc buying,
and So to IS selling.
City scrip was quiet and firm at IS to
65lc buying and s. to Csc selling, with one
or two exceptional sales at See.
Police scrip is neglected and nominal.
Stocks and bonds continue dull and no
transactions are reported.
Southern money is generally quiet,
presenting no change further than a de-
cline in Bank Of Tennessee, for which
brokers now bid SOC.
The Boston Commercial Bulletin says
the s~emi-annual interest on the New Or
leans scrip has uniformly been paid in
this city, but this system has been abol-
ished, and is now paid in New Orleans
in the funds Of that city, which are 2 per
cent below g~reenbacks. There are large
amount of this scrip held in New York
and in Europe, and this new arrange |
ment is naturally looked upon with great
disfavOT. The credit OF New Orleans has
always stood very high, but this last act
has been e very severe blow to il. It
grows out Of the over issue of 81, 232, ~
of city notes.
In regard to European finances and the
approaching harvest, the London Times
remarks:
"Neither the favorable harvest wealth
er nor the arrival of a further quarter of
a million Of gold from America have had
the slightest i~ntluenceOn the funds. The
public, who purchased largely a month
ago, are unable TO resist the temptation
to realize the five per cent. profit that
has accrued, and are satisfied for the
present to let the proceeds lie idle at their
bankers, who in their turn find il diff
cult to obtain employment for it at two
per cent. Thus far it is evident the re-
vival Of financial confidence has scarcely
made any progress either in Paris or Lon
don. The unparalleled accumulation of
bullion, and the low rates Of discount,
have rendered it impossible to obstruct a
advance in the prices of the
funds; but the inherent feeling Of dis
trust is almost as strong as ever, and
consequently when holders discover that
they can actually obtain q fair profit on
their original investments they rush to
il rs if there could be no hope of
Its permanence. A similar tendency T
Dervades every department Of trade, and 5
by checking all orders for foreign goods,
except such as are Indispensable, in r
,reases the prospect Of a large continu- 5
of the influx Of bullion. The posi- r
0ility OF another Indifferent harvest con- I
the only apparent contingency {
hat might be likely to turn the tide, 5
now that the promise Of abundance +
Ieems to be daily strengthened, the prob
as to the point the plethora in the :
money market is likely to reach, and the
node in which it will ultimately find u
development, becomes more than ever >
interesting" r