Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-12
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,l
MEMPHIS. November u, LSS.

SEAlAIN VI y ILL EEA 2
AENPE1s4 November II, I&S
Our money market wss less active IS
q general thing to-day, and was more
settled In the matter Of exchange, though
still ~irregulsrly reported. Except st one
or two Of the leading banks, offerings
were light, but the demand from mer-
CATTLE circles showed considerable Of
falling off from that of the past two
days. In one instance, st lesst, there
was an apparent eagerness to buy, hat
most OF the banks were well If not
heavily supplied. Eastern bills were
s9fc discount, and New Orleans bills : I
per cent. discount az the banks. Several
hesvy operations in cotton are still bring
ing in currency, which is the cause OF
llghtness OF exchange in some instances
Gold was scsTee with dealers buying st
1S49l34ic for such small sums as were
offered and unable to supply the coun-
ter demand. 1t opened in New York
st 1879, was 1S4c st noon, and closed st
1919.
City Scrip was generally firm st SEA
$50 to tax payers, and dealers were in
the market at soc, but found it to be
scarce. The tendency seems to be I'D
ward.
County Scrip was in demand from
dealers st 70e, but holders were firm at
72c, although a little was picked ND early
in the day at 69l97Oc.
Police Scrip was scarce with 9 transae-
ton between deslers at S5c, which was
the ruling price to tax payers.
School Scrip was scarce and firm ct
90@92o buying, and CSC selling.
Securities were dull, and CITY Bonds
neglected at 53e. We heard Of noSope-
rStions.
The late excitement on Wsll street,
New York, and which is still far from
being allsyed, caused 8 greater amount
Of disaster than is generally supposed by
the Western reader. Many reputable
stock houses were threatened with ruin,
while some did succumb to the pressure
brought against them. The extraordi-
nary fluctuations in stocks, amounting
in some cases to fifty per cent, caused q
general calling il of loans upon this kind
OF collateral. The Herald money arti-
Gle Of the 18th says:
The fact that the Treasury sold more
than seven millions of f 7e-twenty bonds
secretly during the month OF October
has naturally exerted a depressing effect
upon prices, and to the pressure from
this source, as well rs TO the sales made
on government account on Wednesday
by auction, much of the present decline
in the United States stocks is due. More
over, it is believed that the Treasury
proposes selling ten millions more of
these bonds immediately, and chat it has
been selling them almost daily since the
beginning Of the present month ia order
TO relieve its urgent necessities. La this
way nve-tGenties are depressed and cur
rency is taken from the banks, thus add
ing to the prevailing stringeney, one
great csUss of which mas besn toe pre-
sentstion and redemption Of fifteen mil
liOBs Of three PEI cent certificates since
the 1st OF October, and IS these were pre-
.viOOsly held by the banks "a a part Of
their legal tender reserve their redemD-
ton is equivalent to so much contraction
Of the currency. Yesterday and or
Wednesday more than q million Of these
we're redeemed but their presentation
will probably cease, now that the As
sistant Treasurer g prepared to stamp
twenty millions o. them, payable IN
greenbscks, for C~lesri3ghouss purposes,
and some Of these srs likely 20 be used
so making the cie2Tiags tomorrow. The
Treasury is, doubtless, 40 q very needy
condition, sGG il therefore forced to sell
gold and bonds in order 10 redeem us
floating obligations when presented but
b system OF secret sales is to be con-
Gemned, q Congress should require
publicity 10 be given 10 ali such. The
bauks report that they are RENTING
very largely 70 the South sad South
west, and that their Western correspond
ents are also beginning to d-aw upon
them sgsin snd it is needless 10 say
that there IL no immediate prospect Of
relief from the existing stringsGcy, sX-
cept by q decline IL prices. For several
months psst We have been warning toe
public against such 3 crisis IS we are now
beginning TO experience, and the end Is
not yet. Brokers Ere refusing to buy
stocks for their customers on margins
because OF the difficulty and cost OF car
rying them, and Wall street was never
in more dsnger Of a violent crash Ike
that Of 1857 than it is nov but it is to
be hoped that the threatened disaster
will be averted, although So fer as the
speculative railway stocks are concerned
q general breakdown in them would ex-
ert q s%aiutary effect, and few besides
stOckjObbsTs would be the losers. These
stocks, however, viii have to decline
under sny circumstances, and those who
continue TO hold them viii reap a plenti-
full crop Of losses.