Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-07-21
MEMPHIS APPEAL
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL. I
1rfIrr IaCq Z

ey at our banks, as there is but little do
ing in the way of discounts, and so far
currency has not been skipped to meet
exchange, except in small quantities.
Rates of exchange remain the same as
Last week. Eastern bills are taken at
par to ! premium and sold st : premium
Checking on Louisville, Nashville, St.
Louis and Cincinnati at I premium, and
on New Orleans at the same.
Up to late hour this afternoon no de.
finite conclusion was arrived at relative
to the course which will be pursued by
the Merchants National Bank. AS soon,
however, as the question is settled
whether the bank will resume or go into
liquidation the officers of the bank will
publish card stating all the facts. The
probability is that it viii resume bust
ness.
Bonds and stocks are very quiet. The
orders on the market for favorite secur-
tiles, owing to the light offerings cannot
be filled, Wequote nominglly as fol-
lows Memphis City bonds, 54@56c.
Memphis and Charleston railroad stock,
So. I'VE quote sales of 25J shares
to-day at that figure.) Mem
phis Gas Company stock, 81 so !;
Mississippi Central Railroad, lst
mortgage bonds, 5Sc; I'd do. 40c.
Mississippi and Tennessee, 1st mort
gage bonds, soc. Memphis and Louisville
lst mortgage bonds, 3093Ic; p do.
zoe. Memphis and Little Rock bonds,
40e.
Gold has advanced during the week,
reaching 1885 three or four days ago. 1t
opened in New York to-day at I43s and
closed at I434. We quote sales during
the day of 5000 at AZ, $500 at l41!, $3.50
At 1923. There is but light counter de-
mand which is filled st 1423@I43.
The following are the New York
quotations for Government secUri-
ties to-day: Coupons 'Sl, 14B
do '62, 16B; do '64, 1lg; do TO,
l2l; new issue, 50; do '67, 81 1O-4Os, St
1905, I'd and Sd, 81; Old Tennessees,
6S! new do 67s. Government bonds
dull.
City Scrip is very quiet and offerings
light. There was some inquiry on the
street from outdoor brokers, who were
anxious to buy at 70972c, but we could
learn of no sale at those figures. Dealers
generally are not anxious to sell, but will
do 80 At 759 7Sc, as to amount.
County Warrants are in light demand.
Some brokers will not pay over 4S(950c,
out one offers to take $4,000 or go, 900
at 53c. We quote selling at 55@5Se.
Police Scrip is dull at zoe buying. Sell
ing at 75e.
The bill changing the tax on whisky,
tobacco, cigars, coal oil, ETC., has passed
both branches CT Congress, and only
awaits the signature If the President to
become law. The following synopsis
Of It Will interest our readers:
The bill applies to distilled spirits, to-
baccu, snuff, cigars, coal oils, ana sets
aside all provisions Cf existing laws on
those arGIcles. The rate If whisky is
fixed at fifty cents. Wholesale dealers
pay 500 tax on annual sales not over
500, 600; one dollar per $1,000 on ssles in
excess { + that limit, and one per cent. on
all sales. Retail dealers pay twenty-five
dollars. Taxes are collected at the dis
tillery. Whisky and Ium may be eX-
ported, and a drawback If sixty cents
per gallon is allowed 10 be paid by the
Secretary Cf the Treasury, and not to be
due till thirty days af-er the sailing If
the vessel. DIstIHerIes pay fur dollars
per day while running, and Two while
work IS suspended. There Is 10 be ole OF
more stOrekeepers for each distiliery, 10
DE paid by Government. Whisky now
in bond pays fur collars per barrel spe-
cisl tax, and must be Withdrawn within
nine months. Tobacco pays thirty-two
cents on chewing, and sixteen on smok-
ing. The proposition to make ware
houses for plug JCb.ccO was not agreed
TO. Manufactured tobacco can be with
drawn IN bond buE twice. SnUff pays
thirty-two cents; cigars, s. per 1000 (;
cigarettes, one dollar and haif when
not weighiL g over three pounds per thou
sand, and tlSe dollars when exceeding
this weight.
Coal oil and its manufacturers are here
after exempt from tax, but distillers and
refiners must pay the same tax as other
manufacturers by the act OF last March.
The meter system is again introduced.
The new stamp provisions 90 into effect
in sixty days, but the Secretary of the
Treasury may, IN his discretion, put off
the time till December. The Secretary
and Commissioner may change the style
OF the stamps. There are to be twenty
five supervisors Of Internal Revenue APP
pointed by the Secretary, on the recon-
meDdatiOn Of the Commissioner, and rs
signed to districts by the Commissioner,
and to hsve salary of $4,000. The Com
missioner has power to appoint twenty
five detectives, aud assign them to duty
at will. The whole Of the present sys-
tenn OF revenue inspectors and special
agents is abolished at once, aud hereafter
there are to be no inspectors except to-
SAccc, snuff aud cigars. Suits are here
after 10 be compromised only by the Sec
rotary and Comm issiODer. Collectors
and Assessors are hereafter to be con-
fined to their own districts, and are sub
ject to suspension by the Supervisors for
abuse of power, neglect of duty, ETC., re-
visOry authority belHg 10 the Commits
siOner.
The bill is reported to make the num-
h'r of Internal Revenue officers less
tina half Of what it now is, and win
effect great reduction in expenses.
The prospects for good cotton crop
were never better than they are this sea-
ION, and without some interpretation of
Z ~Ovidenee the yield will be large for the
bre adth of land planted. There are,
however, many slips between the cup
and he Ing. 1t has only been a very
few We ars ago that our planters were al
most as hopeful of a large crop IS they
are now, tut the worm came and bank
yupted th0ussnds. 1t would be well to
keep an we upon the crop. An old
planter says:
Now that The cotton is sIuall, worms,
moths and cltrysSies can be e2siiy found
and destroyed. By gently striking each
stalk OF cotton With a switch or pSddle
the caterpillar can be Knocked Off A
lAborer can thus go over about ten acres
Of cotton per day. The pupae can at the
same time be easily detected, folded up
in the leaves. Going over the cotton
once in two OF three W seks would be sui
ticient to nearly ami lilate the cater
pillars.
The cotton markets fol the week have
been quiet. The Liverpo olmaTket open
ed with Uplands, lIsd; Orleans, 1lSd.
10 New York we re dull at ,S2c.
There was no change in q quotations, we
may say, until the close of the week,
when they fell off I'd in Liverpool. That
market at the opening to-day was quiet,