Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-06-05
FINANCIAL AM COMMERCIAL.
OFFICE OF THE DAILY APPEAL. /
MEMPHIS, June 4, 1858,

~ Lac SAAO - Aoos
The offerings of exchange to-day were
more liberal than usual. Rates remain
the same as on yesterday.
Gold opened in New York at 1885,, and
| closed At 14Oc. We quote buying at 1881
to 1896; selling at 140c.
There has been no movement in City
| Scrip; buying, nominslly, st 70 to 73c
selling st IS to 7Sc, as to amount.
County Warrants are dull at So to soc
buying; selling at SO to Csc.
Police Scrip firm at "a to S5c buying
selling at So to soc.
There is an active demand for City
Bonds at soc, but no sellers at that figure
$4,000 wes sold to-day at sic, with the
July coupons detached.
The great Credit Mob2ier of Paris, the
universal lending company of Europe,
which was q sort of PawnbrOker's shop
for m~illionaires, exploded last year, as
everybody knows, and blew up thousands
Of confiding shareholders very badly.
But the injured have p~ersevered in track
ing out the causes of trouble, aud o suit
against the directors who controlled the
company at the time of its greatest fame
and success has just been decided, in
which those gentlemen are Rdjudged to
have 'fwatered " the stock, by the aid Of
.foWery and inexact statements of its
condition, and so to have made them
selves personally responsible for all the
money paid in for the new issue
100000 shares, 81 SIG IS francs; total,
more than 81, 0O0,O 600 in our present cur
rency, to be paid by eight men among
the leading bankers of Paris. Some OF
them can pay their share without seri-
ously feeling it, but two of them, gentle
men whose only fault was not to watch
their associates closely enough, are what
European bankers call "poor "-that ia,
two millions apiece is q noticeable loss to
them.
The amount of money distracted for
the last five or six years from the pro-
ductive industry OF the country would
have exhausted any other nation in the
world. In 1887, the National Govern
ment collected by taxation, no less than
$3.50, 900, 600. or this, S179, 000, 900 were
derived from duties on foreign goods,
and the balance, 1911 0 ,000, from direct
taxes and internal revenue. All this is
exclusive of the large amount absorbed
by municipal and State governments and
for local purposes.
The Liverpool cotton market was quiet
but steady at the opening today; Up
lands, 1l5d; Orleans, 11{d. There was
no change at noon, and at the close Up
lands remained the same, but Orleans
had declined to lid. Sales 5000 bales.
The New York market opened quiet
but stesdy-Middlings, Bic; and closed
without any change TO note. Sales 800
bales.
A few sales occurred here during the
day, but none of the four or five lists now
upon the market containing from forty
to fifty and sixty bales were sold. Hold
ers are asking 294 to SOC for Middlings-
an offer OF the inside figure for fifty bsles
was refused. The -four small lots sold
changed hands upon a basis Of 29c for
Middliugs, though some possibly sold
higher and some lower. We quote as
follows:
Ordinary - Cox
Good Ordinary - @2eZ
Low q 0<1a
MlddlinG--~~.-.----..- .-----~-~@.-..-. ao199HS
Strict M~tddltng.a---. ......--.--~----- " g
COTTON
CHAMBER OF CoMNERcE,l
MEMPHIS. June {, 1858.
stock on hand Sept. i, lS57-.---.. LOSE
Received { o-day-
Received previously --..,-.---"--zoz,4S zoz,4oO
$3.50
EXPORTED o.
Exported prssiously-.--..-~.~-"<2,1V 32,S@l
800
stsck on head.,s.sa--,,ss.a-p'r'.'"- 1s