Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-06-16
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL, I
MEMPHIS, June Is, 1883,


MEaPHIs. June Is, 1858.
! The money market during the week
has been quiet and steady, with nc
marked variations except in the opera,
tions in exchange, which show some i'm.
| pTOvement over those of last week. The
demand for city bonds from abroad has
| been active, while transactions in stock:
of various kinds have been greater than
usual, increasing the volume of exchanges
SO that very light shipments of currency
only are needed TO meet drafts. Rates
are the same IS last week. Our dis
count houses buy New York sight at pal
TO &c premium, and sell at &c premium.
New Orleans is taken sparingly at 10 dis
count; selling at per. Sight drafts on
Louisville, Nashville, st. Louis and Gin
cinnad arc sold at &c premium.
Gold has advanced slightly during the
week, opening in New York on Tuesday
last at 1899, and closing to-day at 140Ic.
Operations here are restricted by slight
offerings, while the counter demand is
also small, compelling dealers TO keep 8
shipping margin upon Eastern rates.
We quote at 1881 to 1890, buying selling
at 40 to 14O!c.
The Scrip market is quiet but very
firm. Brokers are anxious to buy at 75c,
but are unable to do SO, holders asking
soc. We think, however, that III to 7Sc
would bring out few lots. The city at
this time is in a better condition fnan-
cially than for many years. Arrange-
ments have been made to fund $500 COO
of City Scrip, which will leave balance
of city Indebtedness Of something less
than 500, coo yet to be met. To satisfy
these claims we have taxes past due and
other debts due the city to the amount
of $500, 600, which will be collected
speedily and by law if necessary. In
addition to this the assessment for the
corporate year amounts to $3.50. 600. ali
of which, it is determined, must be paid
promptly. The current expenses of the
city for this year will, under no circum-
stances, go over $50, 900, a very remark
able falling off, when we state that in
the last six months of the last year over
$500, 900 were paid out of the city Treas
ury for losses sustained by individuals in
City Scrip alone. The sos, 900 men
toned above as remaining Indebtedness,
it must be remembered, covers all the
unsdiusted claims against the corpora
tion-the scrip still sfioat, and $3.50, 600 of
past due coupons. 1t is estimated that
next years assessment will not need to
be over $3.50, coo. 1t is not alone in this
market that the effects of the financial
management displayed by Mr.. McDavitt
and his co-lsborers are felt. Our credit
has improved abroad until the foreign
demand for city bonds has become very
active, and prices have run up from a
mere nominal value to So! to 54c, at
which figures several lots have been sold
during the week. These sales did not in
clude the July coupons.
Memphis and Charleston Railroad
stock has advanced daring the past few
days, and is in good demand. The call
for it comes from the East, and is no
doubt of speculative character, but il
must be fattering to the new manage
ment of the road. Several orders have
been filed during the week at Sc.
County Warrants are duh. One or
two brokers are short and disposed to buv
st better rates than on Saturday. lint q
very small amount would satisfy the de-
mand. We quote at 60 to 62c, buving
selling at So to 65c.
Police Scrip is quiet at soc, buy;nO
selling at 81 to S5c.