Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-07-03
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY PPEAL. |

MEAPaISs July z, loo.
We may look for more ease in the
local money market, now that the quar-
terly statements 1T our national banks
are made up. The quietness which has
reigned during the last three days has
been almost unprecedented in our city,
and is attributable to the feeling which:
would naturallyAPrevail for short time
after the suspension Of one of cur best
known banks, and the usual suspension
Of all discounts just previous to the close
Of each quarter.
In exchange there was nothing done
worthy ofespecisl note. Rates are steady
at Yesterdays quotations.
In stocks and bonds there was no
movement Of any kind though the in
curry was active, especially for city
tonds, which We continue to quote nom
inalv at SIS to sec. On other securities
our quotations are entirely nominal. Mis-
sissippi and Tennessee, lst mortgage, soc;
I'd do, 80 to 35c. Memphis and Ohio
Railroad stock, Zoe; 1sJ mortgage los,
SOC; ID do So, zoe. Mississippi Central,
lst mortgage, 81 to 5Sc; I'd do, 40 to Ale.
Memphis and Charleston Railroad stock,
55e. Memphis and Little Rock bonds, AZ
to Az; do Navy bonds, SIC.
Gold opened to-day ia New York at
14O5c and closed. at 1408e. Brokers here
are buyisg all that offers at 1881 to 1899;
selling at 139! to 14Oc with light trans
actions.
In City Scrip there is almost nothing
doing. Brokers buy at IS TO 76c and sell
at n to soc. Ledger balances and Scrip
are about the same, with preference
only for Scrip il small pieces.
County Warrants are dull and nomi-
nal. Buying at 6Oc; selling at SO to Csc.
Police Scrip quiet. Buying at soc;
selling at 80 to S3c.
In reference to the question Of State
bonds and the way the attachment came
about, the Nashville Banner Of the LIST
says:
The State Board of Finance was yester
CAV notified that an application would be
made to Judge Trigg, of the United
States District Court, for an Injunction to
restrain them from making any eppro-
priation or disposition of the moneys in
which they have already realized or
which may hereafter come to their
hands under the provisions of the act
organizing the Board Of Finance, other
wise than in accordance with the re.
uuirement of the said act Of the trust
thereby created and especially from
preferripg any other class OF creditors OF
lhe State in preference or to the eXclu-
gion of any other class of such creditors,
and from apprOpriating such funds to the
payment of interest hereafter to accrue
and become due and payable upon bonds
Of said State, the principal money of
which is not yet become due, in prefer
anca and to the exclusion of the past due
bonds of the State now outstanding and
unpaid. and the interest of which has
accrued and become payable thereon
and in like manner to restrain the Board
Of Finance from making any sale, loan
or bvpothecatioD Of bonds issued or TO be
issued under the authority OF the act Or
panizipg said board, without concurrently
paving off outstanding bonds Snd inter
est to an amount equal to the amount OF
such bonds SO issued or to be issued, and
sold, loaned or hypOthecated by the
board
This bill is fled for the purpose OF
compelling 8 payment OF a portion OF
the funds raised by the Board OF Finance
on the overdue May bonds, the COM
claimants insisting that it is as obligatory
on the board to pay the principal that is
due, as to pay the interest on the bonds
not vet due. Immediate action on the
bill would have been required II the at
tachments in New York had not an.ic-
ipated the action here and rendered 1t
unnecessary to press the question pre-
scented by this bill Ii viii, however
nrobablv be disposed of on Friday next
The effect of the attachment in New
York of the money forwarded 10 pay the
JuIv interest on the State debt hiss been
fearful. throwing our bonds down to 6S5
eents-a decline of cents in a day and
a half The parties who have attached
The finds of the State know well what
thew are about, and there is no hope for
Tennessee finances now. So bitter are
The managers here, that even repudia-
ton has been threatened, and it is dltti-
cult to say what the present emDarrass-
meat may lead to. They accuse the
agent of the State, who Is one of the
Financial Board, as well as large bond
holder, Of bringing about the attaen-
ment. to subserve bis own private in
terests. The "Ting" in New York will
take care to manage the Judiciary should
the State attempt TO test the matter IN
the courts. The July interest falls due
to-day, and, of course, cannot be paid,
and our State bonds are irretrievably
sinking.
Gross Encouragement Of the funds OF
the State must De charged upon the
present administration. Since thedisap-
pearance OF the school fund, there has
existed feeling OF distrust throughout
the community, and this last disastrous
stroke, it is believed, has sunk the credit
of the State beyond redemption.
There is nothing surprising, however,
in the present condition OF affairs. The
Republican ship is sinking, and the rats
that have fed from her bounty are de-
sorting her as the storm is breaking. II
there is an honest man in all that once
powerful organization, the best that be
can do will be to follow the deserters
and save himself ere the rotten old hulk