Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-03-05
FINANCIAL.
OFFICE OF THE DAILY APPEAL

OFFICE OF THE DAILY APPEAL, !
MEsFHIs, March 4, 1867. !
There is but little change to report il
money circles. Gold has slightly de.
clined. Brokers buy at 3d4c.
SilveS is buying at 29c.
CityStrip is in good demand at IS tC
nc buying. Selling at soc.
In county warrants we have no change
TO note. Buying at SO to 94c. Selling al
IS to SIC.
Exchange is active at to off buying,
Selling at par.
There is no activity in uncurren!
money. All banks are heayy at our
quotations. There have been no trans
actions in Bank of Tennessee that we
could learn of. Brokers Offsr from % to
zoe, but none is offered Bank Of Chat
tanooga, Is: Bank of West Tennessee,
so; Union Bank, So; Planters Bank, 81
Bank Of Memphis, par Bank of Middle
Tennessee, 80; City Bank of Nashville,
50 Merchants Bank, rs; OcOee, 20
Bank of Shelbyville, 50; Traders Bank,
par; Southern, 25.
BONDs.-State of Tennessee SIS, long
loan, SIC Memphis city bonds, with
coupons for 1851, rec Interest coupons,
45c; Memphis and Charleston railroad
bonds, 75c; Mobile and Ohio railroad
bonds, Soc; Mississippi and Tennessee
railroad bonds. 6Gc.
The senate st the afternoon session on
Friday was mainly occupied with the
tax bill. A large number Of amend
ments were made to parts of the revenue
laws. A proposition TO put sewing ma
chimes on the free list was decisively re-
ieeted. The bill must go to the house
again, and ultimately to the conference
committee. L#
The Equitable fire and marine insu-
rance company Of Boston closed doors
yesterday in consequence of heavy
losses. The company was of twenty
eight years standing.
The total treasure shipments since
January lst from San Francisco was
STOPS, GOO.
A municipal revenue law of Tusea-
Ioosa Ievies a poll tax of six dollars, and
a tax of five dollars upon iOurneymen or
ordinary laborers.
The legislature OF Illinois has sppro-
priated 3 ,000,0 900 for a new capital at
Springfield.
A gold mine shaft 900 feet deep and
100 feet tunnel has been sunk at Gold
Hill, Nevada. It is the deepest gold
mine in the great wegt.
The following answer, from the New
York EUeniRg Post, meets questions
asked almost daily by readers of the
London and Paris quotations Of the
prices of our 5-2Os in those markets-the
latter being s to 10 per cent. higher than
the former The bonds are estimated
on the Paris bourse on the basis of five
francs to thu dollar, while the actual
value of the dollar, in exchange trans
actions. is 5 1905 Is. This difference of
IO6I5 centimes between the conven-
tional par of exchange, recognized on
the bourse, and the actual rate, will be
found to correspond with the difference
of prices il the two markets. This may
be accented as a rough method of ex-
planning the disparity. A more strictly
accurate explanation, however, is found
ia the fact that the Paris quotations are
based npon the market rate Of exchange
on London. In London, bonds are esti-
mated at As 81 to the dollar, which is
about equivalent to five francs to the
dollar so that, estimating the value at
the conventional par Of the dollar at
London and Paris, the price of the bonds
would be equal. The price at Paris,
however. is fixed by the current market
rate of bills on London, which is mate
rally above the conventional par. The
established par between London and
Paris regards e225 as equivalent TO 5000
francs but the actual market rate aver
ages Is francs to the pound sterling,
which makes e225 worth 1925 francs.
The difference between the conventional
rate of exchange and the actual rate
gives rise to a corresponding difference
IN the price of bonds.