Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-10-16
FINANCE AND A
OFFICE OF TIE DAILY APPEAL. I
MEMPHIS, October 10. 1855. !
FINANCE.

MEMPHIS October To- 1905. }
FINANCE.
Gold opened in New York at 1877
went up to 1851, and closed at 1879
We quote at 1S5@1S53 buying.
Very large offerings Of cotton bill
characterized the money market to day
but we learn thst in all cases u banks
were sbundantly able to meet the emer.
gency.
The demand for Exchange is light fol
commercial purposes, and consequently
currency on by express undated
in volume. Rates are uniform at J dis.
count buying, and selling at par to ]
discount.
We learn that there is some movement
on foot to absorb all the City Bonds up
on the market. From all we can gather
a ring consisting of one or more Mem
phis capitalists, ia connection with par
ties from Baltimore, are about to form
q ring and will be heavy buyers, If they
can be obtained at anything like present
rates. Paying c liberal interest, and the
payment Of the January interest now as
sured, with scarcely any doubt, we should
not be at all astonished 20 learn that cur
bonds appreciated quite materially
within the next few weeks. Sales have
occurred within q day or two at 49f@
491c., but holders were bound to sell,
and the price obtained was something
under the market value.
There is q demand for Memphis and
Little Rock bonds at 4694Se. a small
sale at the latter figure took place to-
day. Other stocks and bonds are / fair
demand, but we heard Of no tr5 sac
lions.
The time for the payment Of city taxes
is fsst rolling around. All taxes unpaid
on the 1st of November will incur the
same penalty as follows: the non-pay-
ment of county taxes st that time.
City Scrip is firm and will be 50 for
some time. Brokers buy at 72@73e;
selling at 74975c.
County Warrants are firm. Dealers
take sl small pieces, say OF $50 and
under at SOC, and sell at 65e. While
large warrants are taken at 57@58e
selling at 6O962c.
Police Scrip is firm. Buying at soc;
selling st S5c.
One million one hundred thousand dollars in
notes Of the Bank OF the Valley, Westchester,
Va, were, in pursuance OF an order Of the Uni
ted States Court, burned recently.
The current number Of The Bankers Maya
zine contains some interesting statistics of the
production Of gold and silver, and the amount
at present supposed TO bein use in the world.
From 1892 to ls4s it, is estimated that the Yield
was equal to SS,S0,GJ0,O00, Of which enly S2.26L.-
OOlOo was IN gold and s5,67S,e0 t.O9O in silver
But the proportion OF gold 10 silver has greatly
changed in recent years; so that, from 1854 TO
1865, OF S5,574,Oo0O00 OF the precious metals. So
S7e,O00,001 were in gold and OrIy S2,I9LOO0,O0O In
silver. Ofthe gold pToduced between 1913 and
1855, America yielded nsarly one-half, and the
United States and Australia produced nearly
four hfths Of the whole. It is supposed that
Europe and America possessed, in ls4S. six
thousand millions Of gold and silver of which
ninstesn hundred millions were gold and
forty-ons hundred millions silver. 1t Is as
serted that, owing TO the enormous production
Of gold since lS4s, after making allowance for
waste, destruction, use in manufactures and
export 10 Asia, for all losses, that Is 10 say, the
supply Of gold in Europe and America Is now
about { 80 hundred million dollars greater than
that OF silver.