Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-07-01
FINANCIAL AM COMMERCIAL.
1879 4

L
MEMPHIS. June 80. 1858.
Five hundred millions of legal money
is idle in London, Paris and New York,
and yet, says an exchange, commerce,
industry and speculation is overshad-
owed with a gloom which "eheap
money" fails to dissipate. Capitalists
and money lenders are demorslized by
the gigantic failures of the last two
years, here and in Europe. Overend,
Quincy & Co., in London, the Credit
Mobilier, in Paris, and the hurricane OF
the crisis of 1863 in London, paralleled
nv the failure OF first class merchants
here, keep alive the existing distrust in
financial circles. The commercial "panic
and crisis" of former years are sup
planted by the " dry rot" which affects
the unsound branches Of commerce at
intervals. The continuous decline in
prices of merchandise and produce, since
the war ended, have inflicted such losses
that failures were inevitable. The cheap
money markets have enabled insOlvent
firms to continue their business until the
future looked so hopeless, even to them
Sc. .,es, that they ceased voluntarily to
borrow more, and in most cases, to the
astonishment of the community, when
they stopped payment. Since June lst,
a frst-class Cuban firm in New York
has suceumbed to this dry rot 5" with
money at 2 to per cent. per aunum.
The Credit Mobilier, of Paris, failed on a
2 per cent. money market. The " dry
rot y has run its course among the dry
goods and produce dealers, Western
grain spectators, China and East India
merchants. Prices have declined enor-
mously in all these branches of trade,
the last three years. While prices gen.
orally have been declining, Wall street
speculstors have been running up the
market quotations for certain railway
shares to figures which look unnaturally
high in the popular mind, so that the
outside public may be said to have lit
orally deserted.
Gold opened in New York at 14Olc
and closed at 140sc. We quote at 13S to
1896 buying; selling at 1899 to I4Oc.
In our local money market, currency
is comparatively plentiful, bat there
will be nothing doing in the way of dis
counting for some days to come. Ex-
change is abundant-fully equal to the
demand-and rates remain unchanged.
City Scrip is steady, but transactions
are light. Brokers offer 75c and ask Soc,
though some would sell at 1c or may be
20 less foc large lot, IN order to turn it
into currency. Small amounts, how
ever, are firm at soc.
County Warrants dull at 60o buying;
selling at 6S to Csc, as to size. There is
no demand, except for immediate use.
Police Scrip, "A to 75c buying; selling
at soc.
New Tennessee bonds declined in New
York from 745o yesterday and 1899 this
morning 10 6S4e, at which they closed to-
day.
We could learn of no transactions in
stocks or bonds during the day, though
the inquiry for desirable securities is I'M
abated. A sale of 5000 in city bonds
occurred yesterday, at $40, which was
under our quotations. We quote nomi-
naily as follows: Mississippi and Ten
nessee LIST mortgage bonds, soc; % do,
80 to 33c. Mississippi Central, LIST mort
gage, 81 to 5Sc; I'd do, 40 to Ale. Mem
phis and Ohio stock, Toe; LIST mortgage
los, soc; I'd do g., 20e. Memphis and
Charleston Railroad stock, SOC. Mem
phis and Little Rock, AZ to 443. Navy
yard, SIC.
1t affords us pleasure to give place to
the following communication, correcting
what we published yesterday as a ru-
NOR
MEMPHIS, Tenn, June 50, 1865.
Editors Memphis Appeal
Permit me to call your attention to the
extract from your financial
report of to-day, IN regard 10 the suspen-
sion of the Merchants National Bank
"Of the causes which led to the sus-
pension, there are many assigned, but il
Is believed that it was urged by parties
opposed to Mr.. A. 4. Lacey, Viee-Presi-
dent OF the bank, and who has been q
candidate at Washington for
to the vacant New Orleans
1t is said that Col Bridge
land, gentleman well-known here-an
sx-New York banker and brother
In-law Of the President OF the
First National Bank, of this city
Is also a candidate for that position; and |
Il is intimated that II the account OF Mr.. |