Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-09-03
MEMPIEES APPEAL
FINANCIAL AND COMMRRGIAL.
OFFICE OF TIE DAILY APPEAL.

our merchants were in the blues to-day IN
view OF continued wet weather and further I'M
favorable reports Of the growing cotton in Mis-
sissippi and Alabama. Estimates of the crop
are. daily decreasing.
business with the banks has been better since
the Erst Of the month, but Front street does not
present the appearance OF activity expected
about thfstime.
Rrchsnge isscarce at some OF the banks. but
IN good supply with the grester number. There
IS a moderate increase in the demand. Bank
ers opsraie on the following basis:
Buying. Selling.
New Yors-~~.par 10 prem. prem.
-. L7uis---.. par
Ginclnna1...--.-. par
LsutSviEe--....-s par
Money is easy, though a little more sclve
Cotton factors are beginning TO apply for mon
ey for circulation IN the interior, and bsnkers
are discountlng good paper at 8G9c per annum.
Gold opened az las in New York, declined to
l4s< al noon and closed AT 1875. Offerings were
better here and dealers bought al l421 9l4S%,
the outside being al exceptional rate, although
in one instance 49, was allowed forS 500. and
a lot Of 500 would have found ready sale q;
Ia.
CITY Scrip was scarce aud dealers were firm
At SOC IN selling. There was none 70 speak Of
on the market
County Scrip was steady a 5Sg5ic buying and
6955 selling.
Police scrip was scarce, dealers selling at 50
Gs2H.
The London Mercantile Gazette. OF a recent
date, m on the subject Of gold In con-
nection with the price OF wheat, as follows:
The rapidfty with which gold is leaving US
for the continent, and the enormous accumuia.
ton OF bullion in the Bank OF France-ths total
amount held being about GQO0000-have lei
many persons TO suppose that, before long, the
Directors OF the Bank OF England will ind Il
necessary 70 advance their minimum price for
money 70 ~ per cent. The present drain,
hnvravar Is RTenufiQnRl and mas DPau rhfPNg
caused by large purchases Of bills upon Eng
land, and which have been converted into gold
10 meet the paymen, S on the new French loan
of ElS.OWO 900. The great success OF the loan in
Paris renders il possible that the shipments OF
gold from this SIDE viii fau on Nevertheless
a mere glance at the weekly returns OF the
Bank Of England Issued since the LIST of July.
must convince every one inst there hss
been a great drain upon our resources. Not
only have large quantities OF gold been with
drawn from the bank, but the whole OF our
Importauions from Australia, the Duited states,
etc. have been purchased for the continent.
The result is thar our stock ofgoId Is declining
and that the quantity OF bullion held in Paris
IL out OF all proportion TO The wants Of The
country. SingulsTly enough, the want of con-
ndeuce in commercial quarters is still FELT both
IN England and france. ITade, as a whoie, IA
otherwise than in a hourtshiog state, and the
boarding OF capital Is still going on. The low
rates at which money can be obtained appear
to have no influence upon the produce and
other markets. and our merchants. as a body
appeRrd determined TO continue their operations
upon a scale barely equal 10 the wants Of the
consumers.
Our advices of damage to the growing cotton
are chiefly from Alabama and Mississippi. VS.
hear no complaint Of crops in this state. and
hui little from Arkansas, but a few DAVIS a
weather ike the present canno but cause gen.
sraI disaster. Il is to be hoped, however. tina
the rain is not general. The young bells
squares and blooms have been DESTROYED TO ar
alarming extent, and it is said that in certain
portions OF Mississippi the second growth
viii not be ten pounds to the acre.
stocks and bonds are dull and nominal, We
have no reports Of Transactions.
Only two bales Of cotton were sold to-day
Strict Middling new at SOC.
In New York the market was steady at SOC
and the Liverpool market was also steady a
I'D for Cplands, sales in the former being $50
ana in the latter 1900 bales. Stock In New
York al the close Of last week. 1890 bales.
COTTON STATEMENT.