Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-04-22
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL
MEMPHIS, April q, 1868. !

OFFICE OFTRE DAILY APPEAL.l
MEMPHIS. April p, 1858.
OR Money market works along in its
usual quiet way. Exchange is light as
to supply, and the demand is but little
in excesso of offerings; balances, however,
have to be kept up by shipments of cur
rency. Rates are uniform-Eastern sight
is taken at psT to 4c of selling at Sc
| premium, with no concessions. New
! Orleans sight &c off buying, checking at
par. Contrary to the general expecta-
| ton. the New York money market
has experienced but little relief since the
| com pletiou Of the quarterly statement
| of the banks. For a few days after the
statement day, there was a very per-
eepti5le easing of the market, the excess
s;yer rates were reduced, and no difficulty
was experienced in borrowing at 7 per
| cent. in currency. Since then also the
hanks have been receiving currency
from the West where exchange rules in
| favor of New York, and from many
| country banks, ia the way OF returning
deposits temporarily withdrawn, In prep
| arstiou for the quarterly statement.
The Treasury, however, for reasons best
| known to its officials, have taken q
| course tending to neutralizs everything
/ helping TO restore ease to the market.
The Acknowledgements has sold unus-
| ually large amounts Ofgold, without pur-
/ chasing an equivalent amount of Seven
Thirties, and the result has been that all
| hat the banks have gained from outside
- 49,, 1ra IN into tho Gnh-
| Treasury, increasing its currency balance
| several millions. The banks are thus ia
| little better position for lending than
they were during the worst periods of
the crisis of late weeks; Z per cent. in
| terest in gold is becoming quite common,
and in some cases per cent. per day is
| being paid by respectable borrowers.
Gold during the week has not varied
| greatly. 1t opened at 1888 and fell to
1884,, but again went up to 189 on Mon
day, 1t opened to-day in New York at
1884, and closed at 1891. Dealers 10 this
market buy at } to lie under Eastern
rates, and sell at an advance of l to 19e.
Transactions light.
CITY Scrip remains in ststu quo. Buy
ers are numerous at 81 to Csc, and sellers
are asking Sc to CSC, as to size OF war
rant. $1,000 in city bonds were sold to-
day at soc.
County Warrants are in demand at
IS to $50 buying selling at 60 to 62c.
Police Scrip, SAC buying, selling at 81
TO SSc, and in some cases soc is asked.
The Cotton market for the week opened
firm in all the markets-uplands in Liv-
erpool I2{ to 12Sd Orleans 124 to 12sd.
The New York market opened with low
middliDgs 304c mlddlings 3l1e; Orleans
and good middlings 329c. Here prices
were firm st New York quotations
prices, however, gave away on Thursday
in Liverpool I'd, and the New York mar
ket was dull and heavy. A further de-
cline Of Id on the following day caused
prices in New York to droop ] to 1c.
On Saturday there was a slight reaction
and prices advanced to &c. The Liver
pool market at the opening on Monday
was buoyant, but became quieter and
weaker before the close, while in New
York holders were asking an advance,
but buyers were cautious-middlings Bic,
Orleans 32c. The Liverpool market at
the opening to-day was d~ull-uplands
12Id: Orleans 124d. 1t remained dull
until the close, with prices dropping
uplsnds I2a to IBID Orleans l2s to 122d.
| Sales 5000 bales. In New York at the
opening to-day the market was dull and
prices nominally unchanged. At the
} close prices were nominally thu sans