Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-10-06
FINANCE AND TRADE

OFFICE OF THE DAILY APPEAL,l
MEMPHIS. Oc.Oher hISS.

OFFICE OF THE DAILY APPEAL.1
MEMPHIS. October 3, 1888.
The ruling feature in many circles for the
week has been ughtness. The demand for
loaus was more than usually active, but only
a few applications were entertained. Thi,
st~gingeney is accounted for by the fSct thot the
banking capital of Memphis is at best entirely
too small-less by four-hfths than It was before
the war. Our national banks having their
quarterly statements TO make out, and which
will soon appear, wers not as liberal lenders as
they otherwise would have been. The move
ment Of the small amount OF cotton already
received. has beea elogged TO some extent by
this scarcity OF currency which has 10 be
brought on per express.
4 considerable amount o. our bank capital is
out in the shape OF eaIlosns, secured by col
lsterals in the way Of bonds and scrip which
parties do not wish TO throw upon the market,
and as the disposition is to accommodate as
much as possible, cur dealers are not Gs Urgent
as they otherwise would be. Our banks suffer to
this extent, as rates ars seldom over per celt.
on loans ofthis character.
Rates Of exchange which have bcea heavy 1or
some Gsys, have been reduced to-day by agree
ment between our PRINCIPAL discount houses.
Gotten bills which at present are about the
only form OF exchange Offering, are taken Oh
al Eastern points al &c discount and sSid at
par. The offerings are larger at this rate than
our banks SIC able OF Wiling 70 take. A few
Transactions were reported between dealers at
&c discount, bat the counter rates were as
above.
In stocks and bonds there is little doing. An
offer Of AJ for 5000 Memphis and Little Rock
bonds was refused. City bonds are quiet, or
rather de Iers are reticent about them. sales
sre made daily, which are kept hidden from
the press Tor some reason or other. In view OF
this fact we would advise holSo.s to be firm for
soon as currency bscOme5 easier, which IL will
do very sh6ruy, there will be q demand for
bonds, and prices will advance; SOC Is the pres
ent buying rate.
CIiy Scrip Is nrm at 72e7Se buying; selling at
75E7sc.
County Warrants are some fymsr To-day, Un-
der an effort TO force them up, Buying at $50
5sc; selling st 6O955c, as to size Of pieces.
School Scrip is steady at s0gS5c buying; sell
Ing a. SOC.
POLICE scrip firm. Buying at SOgS2e; selling
at SI9S5c.
Gold has declined steadily since our last,
closing in New York to-day at 1876. 1859 is
the buying rate In cur marke. for small SUMS,
with no outside demand.
The expenses ofthe Government for Septem-
Der were SZs.4e5,S39. This amount does not in
clude Interest on the public deb..
Cincinnati has a tobacco ring. who sWindle
the government monthly oEt-of Si09,009. Tho
detectives are after the gentlemen.
The mining claim OF McGrCECr 4 Co, on Con-
feuer3ie Gulrh. rear Diamond City, Montana,
yielded $500 over and above running ex-
penses during the past tive weeks.
The following are the returns made to the
Assessor OF Internal Revenue In lhe Fifth Dis
trict OF Kentucky, including Louisville and
Jefferson cOuntv, for August. lS6S. It does not
include the national banks, wh0 make no re-
turns 10 the Assessor, but report directly TO
Washington: