Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-09-21
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL, I
september 2O. 1881. I

OFFICE OF THE DAILY APPEAL,
MEMPHIS, september %, 1887.
The New York gold market is still in a state
ofuncertainty. II opened at 80 and advanced
to 4Sk by noon. The little in FIRST hands here
is held 81 awaiting further developments. a
few sales took place during the day, The open
ing rate was 43c, but on the receipt OF the 10 IN
disPatchit fell 70 42s4z3kc., at which It contin-
Hed.
silver is some lower; buying at 81 to S3c.
Exchange, which has been more than equal
to the demand for some time back, is better to-
day. The call for northern aud eastern is i'm
proving, while the light shipment OF coin has
created a scarcity. bankers buy at premium,
and have advanced their selling rates 10 = pre-
City scrip is in demand. Dealers offer % to
52Lc-, but are unable 10 buy. Al purchases Tor
Offering rate. Selling at 81 to SOC.
County warrants are dull and nominal. Bro
kers buy at Ue and sell az u TO Zoe.
There Is but little police scrip on the market.
Only one or two dealers hold any, and they re-
fuse 70 sen at less than 92c. The demand for 1t
Bonds and stools are about as they we're yes
teTday, with no demand.
The commissioner OF internal revenue has
promulgated, at great length, a new system of
rules for the regulation ana government OF
whisky bonded warehouses. Underline present
system immense frauds have been perpetrat6d.
Whe'her the new rules viii prevent the frauds
and impositions remaius 70 be seen, and u may
wi b propriety be cons dered whether the pub
lie interest would not be benefited by abolish
ing bonded warehouses altogether.
A Washington dispatch says: IT is esiimsted
by persons well informed, that between two
and three million barrels Of whisky, IN the
bonded warehouses throughout the country.
will be released nom the emUsrgo placed upon
its transportation from n bonded warehouse
to another. by the regulations OF the ire Fsury
dep ,rtment which have just been rescinded,
and which Wild permit this immense accumu-
lstion TO be sent forward principally from vet
ern to eastern markets. In one collection dis
trict of Ohio alone upward of ninety Thousand
barrels have accumulated while the restriction
lasted.
The Philadelphia Ledger volunteers tha fol-
lowing explanation OF the action OF the recent
monetary conference at Paris:
There is q very great misrepresentation Ofthe
recent report Of the Observation-Disclosures con-
ference az Paris, Ia supposing that II was pro.
posed 10 substitute the gold fve franc piece OF
France for the z Id dollar Of the United States.
The proposition actually submitted for tie OOn-
alteration of the nineteen nations represented,
Is TO reduce the weight Of the minimum gold
coin OF each nation 70 thato OF the gold hve-franC
piece Of France, each to be nine-tenthS fine.
The United States dollar and the French Eve
franc, thus becoming equivalent and equipOn
derant, will be mutually convertible. Each will
become in effect the monetary unit. A similar
result you'd practically follow HOm the reduc.
ton OF the British sovereign in weight and
value TO twenty-five fancN The conference
has not sought or proposed in any way to dis
countsUGnce or dlsuse the dollar or the 'Sgg-
ersign,' nor TO adopt French mcney eXclu-
10 retain its " names and emb4ems for It's
coins, which are simply TO he made uniform IN
NGfEul anu N-AfA~s " pas Ntlt Ht allrs III htttett
equality throughout the world, without reCOins
age, brokerage, or other impeachment. thereby
materially ~cheapeniHg international commerce
and intercourse. Norris the proposed reduction
in weight any novel experiment The act OF
congress OF June, 1885, 10 facilitate the circula-
ton Of the gold coins OF the United States, re.
duced their weight in dne gold nearly six per
cent.
The bank statement Of New York, says The
Evening FNsf ofthat city, shows an increase in
lORns Of nearly 1OUr millions, while the dspCs-
Its have decreased two millions. The most I'M
pOrtant change is In the egt-tendsrs, which
have declined four und a han millions. the ag-
gregate beiuE sixty-hve millions against sixty
nine and p half millions last wees. sixty eight
millions the week previous, aud siXty-fve mil
lions three weeks ago.
The recent gain in the legal-tenders has there.
fore been lost. But the fact is pointed out that
the treasury has gained In greenhacl1S more
tLan the banks have lost. During the past week
the treasury has sold some TWO millions OF gold,
and the banks have been drained Of grCenbacks
TO pay for II. This circumstance accounts Tor
the Il gsl-tender depletion OF the banks more
perhaps than the demand for currency for the
vest. which Is ssaller in extent than was eX-
Tected. and has been Supplied to a cOusideIa-
BILE degree by remittarc-s OF national bank
notes.