Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-07-14
HEmPHES APPEAL
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL A


OFFICE OF THE DAILY APPEAL.l
MEMPHIS, July IL, 1868. 5
The Money market is very little
changed since our last. There Is some
Increase IN the demand for assistance
coming from our commission houses in
order to help the planter to make the
present crop, and we are glad to learn
that some.of our banks are disposed to
De as generous IS possible. We hope
that those who sre being thus carried
through the season will come forward
promptly with their cotton when it IL
made, and thus enable those who have
advanced them the means to meet their
own obligations. Planters, as well ne
small merchants, in town oE country,
who suffer their credit to be impaired
among the obbers or manufacturers with
whom they deal, or who do not take
early and active measures to restore It
IL it has suffered, make a NEST serious
mistake. They fancy often that they
gain something in the length Of time to
which they draw out their payments /;
when thirty days Is allowed to creep into
sixty or ninety, when two months in
crease to four, or five months drag along
into q year, before settlement can be
effected. The mistake made Is Ia &C.
curing and retaining the reputation for
slowness, for unrelisbllity, which pre-,
vents their buying goods Of any kind at
the best market rates. It is generally
only q question Of time about such a
purchaser going down. He cannot pay
interest and the higher prices consequent
upon poor credit, and eompete with
those who take the opposite course, and
who are prompt and require promptness
In others. Upon no considerations OF ap-
parent present expediency should a
planter suffer his credit to fall if he
hopes to be successful. Jobbers prefer to
furnish q prompt man with supplies ct
the smallest fraction above cost, rather
than slow one at = large per ceutage
above.
Gold has tended upward during the
week with only light transactions in
this market. The New York quotations
for the week opened at 148s, s1d grad
ually went Up to I41z. at which it closed
this evening. We quote sales of small
amounts at lSs to 40 selling at 40! to
I41.
The following are the closing New York
quotations on Governments Coupons,
'8l, 1Si do '62, I3&; do '64, 105; do '65,
III; new issue, IS do '67, 81; 1O-4Os, Il /;
1905, % and Sd, ST Old Tennessees, II /;
new do 20.
Local stocks and bonds are iu coed de-
naand, though we have but one transac-
ton to report to-day. Seventy shares of
Memphis Gas Company Stock was pur-
chased ct $50 per share. Railroad secu-
ritiss are generally firm but nominal.
We quote as follows Mississippi Cen
trail, Ist mortgage bonds, 58e; 81 do. 40c.
Mississippi and Tennessee, 1st mortgage
bonds, soc. Memphis and Charleston
stock, 85c. Memphis and Louisville,
Ist mortgage bonds, 30 to Sic % do. zoe.
Memphis and Little Rock bonds, zoe.
Memphis City bonds, Sc TO 58c.
City Scrip is quiet with little or no
speculative demand. A lot was offered
during the day at 760, but brokers were
not disposed to buy at oyer zoe. They
sell in small lots at 70 to SOC.
County Warrants are down to SOC buy.
ing, at which $1,000 was sold to-day by a
broker.
Police Scrip dull and irregular buy
ing at 20 to 73c; selling ct 10 to Soc.
Rates of Exchange remain steady,
with a fair supply Of Eastern buying
at par to ! premium selling at pre-.
MUM.
The new Tax law on manufactures
embraces several important features not
generally we'll understood. The Revenue
Department says in reference to the
matter:
Uader the former law the tax on man
ufgctUres accrued when they were sold,
used or eOnsuiued by the manufacturer or
delivered TO others than the manufacture
er. Under the present law, manufacturers
are not required to pay the tax of 50 per
$1,000 on goods manufactured and used
OF consumed by them, or on goods man
ufactured and delivered to the parties
who furnished tie materials, no sale be-
ing made by or for the manufacturer.
But sales made by or for the manufsc-
turer, whether made 81 the place Of
manufacture or elsewhere, are to be re-
LGrQeO E9f t&AhtlOu On u Oc1oAo ttt-
teath day Of the month succeeding the
quarter ia which they were made. IN
der the present law manufacturers in
making their returns Of sales need not
be required to state all the items ss for
meriy on blank form No. 3, but may
make the return of sales made by or for
them on blank form No. 8.
TIE European Gotten market has been
quite steady since our last. The opening
Liverpool dispatch OF to day quoted that
market quiet; Uplands, If to HID; Or
leans, 11S 10 HID. There was no change
upto the close. Sales 10000 bales. The
New York market epeBed quiet but
steady, with Middlings 324c, aud closed
with an active export demand; Middlings
80 to s24e. The safes for the week ending
Friday last In Liverpool amounted to
II 600 bales against So 600 for the pre-
csding week. Stock $4,000 bales, of
which 81, 600 were American, sgsiuet g
total stock for the previous week OF $685.
600 bales, OF which S5S, GOO were Ameri-
cana falling OF in total stock Of p 900