Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-10-24
FINANCE AND TRADE
FINANCE.
OFFICE OF THE DAILY APPEAL. J
MEMPHIS. october ., 1855. ]

OFFICE Of THE DAILY APPEAL.l
MEMPHIS. October ., 1855.
Gold in New York opened at 1855, and
closed st 1850. Our dealers buy at about
&c under New York rates, and sell at
1S69137c.
"Never. within 8 period Of 40 years
that 1 have lived upon this bluff" said
one Of our Oldest bankers to Us to-day,
"haye I seen money matters moving
along as easily and satisfactorily to all
concerned as they do this season, With
currency sufficient to take all first-clsss
cotton bills that are offered, and enough
also to mset all the demands upon Us for
short loans from our customers, as well
as upon some outside frst-class paper.
We are il q better condition than at
any time within my experience OF
nearly half a century" We a add
nothing to this statement, coming as il
does from one of our most experienced
bankers. Oae who, in the palmy day
OF our city, counted bis deposits, not by
the thousands and hundred Of thou
sands, but by millions. Il is no wonder
therefore that so few OF our business
men are applicants for %fsvors, or that
capitalists are looking around seeking
investments for their money. 1t is no
wonder that our city bonds have, within
q short time, jumped up some s or 10 per
cent. The inducements offered by them,
ubfob ~ q ffraa mara raClaofoH bv thosa
who had idle capital, are now being ap
preciated, and eager buyers can be found
at almost every corner. As is always
the case however they want to purchase
at less than the market value and to-
morrow or next day will be anxious to
buy at rates thoJ ght high to-day. 1t is
pretty well known that all the bonds
issued by the city have passed into The
hands of those who are so situated that
they car hold on to them. An eff5rt 10
get up a "pOoI" 70. the purpose OF sb-
sorblDg all outside lots, fell through
from the knowledge Of this fact, sud es
no more will be issued ty the city.
Holders know exactly how they stand.
Among the sales to-day wss 3 lot Of $1G.-
900 st 52e. This lot was taken on
Eastern account, where they are very
much in favor.
The Exchange market is active.
Eastern cotton bills are taken at ] dis
count on all points except Fall River,
which has to submit 10 a turtle di-
count OF !e. Selling st par, with Goa
siOnsl exception when large amounts are
wanted at about ! discount. The de-
mand is very fair, but not equal to the
offerings.
City Scrip is in demand. Brokers buy
at 7Sc, and in small mounts would
pay soc. Selling at S26s5c.
County Warrants are firm at 6O962c
buying. Selling st 63G65,.
School and Police Scrip remain the
same as yesterday, with no large sales
TO report.
The authorized expenses of the Fed
ersl Government for the fiscal year, ia
Guiding remains of appropriations which
not lspsed, exceed five hundred
and fifty millions.
The Nashville Banner says:
We notice a rev kink in shipping cotton.
which is worth HentiOn. Some OF our factors.
instead OF psyirg the through rate of 81 co
per 100 IbS. 20 New York, ship their cotton 10
and have it reshipped from there 10
New York. The rate from here 10 Louisville Is
81 per bale, and from there to New York 81 20
per 100 lbs or 81 50 Ter 100 .bs. from here 10 New
York. The through rate being 81 90. those
who have their cotton reshipped at Louisville
save DC per 100 lbs,
AGeTmsn paper in New York has made tie
following calculations as 10 where our Nation
81 bonds are placed:
The total issue Of Government
gOad-beaTiug bonds amounted. &C.
cording 10 the last monthly state
hieni- El'NfI la aG ]
IS security for cIcula-
ton and Government d. posts. 3sgUJODHO
Held by ali the avinEs Banss IN
The Unitsdstates estimated at. 2sCOl,cN
81, 462 l5l,s0
SA0,OsOlOJO, aud the p~ermane-tin-
nts or all other classes oil
our population s5OlOO9,0yO, togeih-
er 200 Oo0.O 0
Leaves S-61 IIm n.
Il we deduct from this minimum
amount held in Europe, say 6N6OooCO
There remains a total Oh slC2.I5g,SOj
)f which a large amount Is held by bsnks and.
he numerous dealers in Government securi-
who are Obliged to keep constantly a GER
ain amount Of bonds on hama.