Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-05
FINANCE AND RAD
OFFICh OF TIFF DAILY APPEAL
MEEFUL. November 4, lS53, !
FINANCE.

AANAAGEa
The operations in local bonds an6
scsips to-day were light, and are likely T.
remsin 90 until the latter part of TO-
month, when TO svOid the penalty of s
per cent. which attaches after that time,
We may look for some activity and a.
advance. City scrip is still probably To,
ERNEST Of our local monies, snd Is hare
to hnGin desirable sums. Dealers sell
at SSGS5e as to amount.
County Warrants are not in much de-
maud, for the anne reason given above.
At present there Is moi s large sEnouni
upon the market, but it is thought tina
there very Don Will be, and dealers are
shy. We quote at 6e962c buying. Sell
ing at 6t965c.
The stoez market is firm, with quota
o nominal. Plain city bonds can b.
bought from dealers At 5Se. Paving
bonds are not sought after, but are hello
at the same as plain.
Exchange is abundant with a small
counter demand. Buying at ! discount
on New Orleans and st 8 discount
upon all points East. Selling on New
Orleans at par to premium, and on all
other points at par to I discount.
Gold opened in New York st 1884, and
at 2 ? n. had declined to 1881. Our
dealers buy st New York rates and sell
at I35.
Currency, though not arriving as rap
idly as il should 40, is plentiful enough
TO take all customer cotton bills with
out much trouble. Shipments nave been
out five days from St Louis and had not
srrived at closing hours today. The
same delay is complained Of in other d.
rectious.
Police Scrip is in very good demand at
S09S1c. Selling st s5c.
There are eighty-six savings banks in
New York State, with about $50, OOO,-
900; tvo-thirds being invested in Gov
ernmsBt bonds, and one-hRlf held in the
city Of New York.
The deficit in the avenues Of Spain
this year aggregate ESQ, OO0, 600 sterling.
The Government is seeking fer a losn Of
100000 600 crowns at 6 per cent.
The week ending on Monday last wss
q Ct unusual excitement in the New
York money market, the two principal
features Of interest bsing the spasm 10
the money market and the developments
in regard 10 the issue Of Erie stock.
The extreme tightness of money seems
to have passed, and although nothing
less than 3 Z per cent. market can be
looked for il is to be hoped that there
will not be another period of such ex-
IRENE clOseness-
In the corresponding week of 1867
money tended towards easier rates, and
loans were made in excep tional cases as
low IS 5 per cent. Governments sd
vRncsd under favorable sdvices from
London. Railroad stocks were rather
weak, but supported By effort on part Of
oligGss to keep up prices in order to IN
load stocks On the market. Gold fell off
about l per cent. ard with the large
Treasury payments cash gold was easy.
Among the noticeable features in the
general markets in that city for the same
time was the 6rmness OF cotton in the
face Of very large receipts; the decline
OF breadstufs here and st the West, ard
in foreign merchandise the frmuess Of
prices fer most articles Notwithstanding
the declining tendency Of gold. Tue
dry goods trade was comparatively dull.
In the corresponding week of 1867 cot
ton continued TO decline. and fell of l
cent in the week. Bresdst0f5 were IN
settled, but without material change In
prices.
The consolidation Of the American
Express Company and the Merchants
Union Express, under the name Of the
American Merchants Union Express Co.,
mas q length been accomplished. TIE
general terms are fully agreed upon, and
the directors met e fe| days sRO to per-
feet the detsils. It is understood that al
agreement is msa= upon terms Of perfect
equality ,G00, 900 Of stock of the neE
company is % be issusd-s9, coo, 600 to
the r~tockhoidsss Of the American, and
S, O00, coo 70 the stockholders of the ETer.
chants Uuion. The officers agreed GpCn
president, W. @. Fargo; general su-
periu:endent, Jas. c. Fargo, and assist
ant superintendent, c. T.. Higgins.
This arrangement is not expected IN any
10 disturb the relations the two com
psnies hold to the other express comps
mics with which they are now in virtual
partnsrshiP.