Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-04-16
FINANCIAL.
oFrIcE 81 LEE DAILY ArFEAL. !

OFFICE OF THE Daily APPEAL,
MEMPHIS. April IS, 1861.
!, The money market opened to-da.
Z about as it closed on saturday. Gold
some lower. Brokers buy at IS to sS1c
and sell at 81 to s5c.
; Silver has gone down to24 and 25
buying, and selling at % to 2sc.
city scrip is not ia demaHd-55 to 81
is tae selling rate, aud but few broker
have any desire to purchase. Selling a
eOe,
County warrants are in good demans
and few offering. Brokers offer So L
sse and sell at 90c.
Exchange il dull. There is but little
offering, and light demand. Our banks
buy at par to of, and sell at to pre-
MUM. New Orleans exchange buying
at OF, aud selling at par.
4 We have no change TO report in IN
current money. There IS but little offer.
ing, and the demand is not active.
A considerable quantity OF the new
I police scrip was presented at our brokers'
counters to-day for discount In a few
cases sales were made as low as soc, but
many holders were asking 80 to s5e.
Brokers offer it at CSC. We learn that
our merchants are taking 1t at par for
goods.
Memphis and Ohio railroad bonds,
1Oc; Memphis and Charleston railroad
bonds, Ca to zoe; Tennessee boGds with
coupons, 40 to soc; Tennessee bonds,
new, 55 to 6Oe; Mobile and Ohio railroad
bonds, 50 to soc; Memphis city coupons,
60 to 65c; Memphis city railroad bonds,
50 to 6Oc.
According to our article Sunday the
excitement and distrust oeeasicned BY
the suspension of the Franklin Insurance
and Banking company, and few pri-
vste business firms has entirely sub
sided, and instead Of there being "run "
on the banking institutions to-day,
as was anticipated by many, We have
been assured by several Of our friends in
the principal banks that their deposits
have exceeded the amount paid out on
checks.
Whilst our leading banks had no rea-
sonable cause for any uneasiness, IN the
event OF rum" they cannot but feel
gratified at this substantial testimonial
of the confidence OF their depositors.
The value Of taxable real estate In the
city and county Of New York is de-
elared this year to be S73d 9s9,sOS, being
an increase over that of 1866 Oh one hun
dred and thirty millions. The rate Of
taxation this year is about & Sd for SlDo,
against S2 80 in 1865, and s. SO in 1850
The southern relief association OF
New York, has distributed one hundred
and ten thousand dollars, and hss four
teen dollars still ia the treasury.
The New York Journal OF Commerce
has the following The week now clos
ing has been the most uncomfortable in
financial circles of any like period for
the current year. There has been no
panic, no disastrous revulslons, no uni
versal slaughtering of securities /; the
discomfort has arisen from steady in-
flexible pressure upon all who are carry
ing stocks. The merchants, doing le-
climate business, have felt the stTin-
gency in common with others, but have
been enabled TO obtain relief and accom-
mediation upon u representation Of their
need. No class of borrowers have been
kept subject TO the grasp OF the leaders,
but the speculative brokers and their
friends 1t matters not whether this
has come from mutual understanding
among capitalists, or a Simultaneous ac-
ton on their part based on the same
general views; the fact remains that
those who were carrying miscellaneous
securities upon borrowed means having
found the task Q tOilsome process, grow
ing but little easier down to the close Of
the week. This may be regarded in the
light of a warning and should be taken
to heart by all concerned. There have
been nearly one hundred millions in
loans standing from day to day with no
other basis. AS we have often pointed
out in past years, there is no condition
of the market so fraught with danger.
If we did not believe in free trade as ap-
piled to banking, we wOuld have sll de-
mand loans forbidden by Law. A man
who has an obligation maturing on
given day, and knows that he must pay
it, is apt to make some provision foT the
emergency. But a demand loan Is
trap set aud concealed, into which either
the borrower or leader may fall, and
which is quite as likely also to catch the
unwary outsiders whose plans may be
overthrown in moment by sudden
springing Of the lever. The present
stringency may gradually pass away,
and the n1arke1 be relieved for the mo-
ment; but weNQHSpe that the amount
kept afloat for such an issue be dimin-
ished. even if all classes Of speculation
are thereby discouraged.
The total value Of imports at Boston
for the week ending April 5, was s43l, =
/ SOP, against $3.50, ,379 during the cores
pouding week in 1865. Total since jan
uary 1, S10.720 272. Average amount
per week 500, 733.