Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-10-27
FINANCE AND TRADE
FINANCE.
OFFICE OF THE DAILY APPEAL
October &c. 1883. 4

OFFICE OF THE DAILY APPEALLl
MENPHIs. October &c, 1855. !
Money matters are steady and rates Of
discount remain firm at last weeks quo
tations. There is an active demand re-
ported for Exchange, but it falls short Of
the offerings. Eastern bills are taken st
I to { discount. Selling at par with ex-
ceptional sales to favored customers st (
discount.
Y Gold opened at 1885, and closed at 1915
in New York.
The bond market to-day was rather
quiet SO far as outside securities were
concerned, but city bonds were in de-
mand. The advance which set in last
week bids fair to continue. A sale Of
$4,000 city plain bonds occurred at SAC.
This wa9 above the offering rate by deal
ers, bat we are satisfied that no large
amounts could be had even at this figure,
as the majority Of holders ask 55c, snG
some as much as SOC.
City Scrip was very active to-day.
Buyers offered SOC upon the street freely.
Selling at S2@s5c, as to amount.
County Warrants were also in active
demand and the Office of the County
Tax Collector was crowded during the
day. 649e5c were the buying rates of
brokers, who sold at 66@7Oc.
be following emoris has been addressed
by the Foreign Trade OF New TO Secretary Ac-
CuIloch:
To the Honorable Sarrete-v 81 tha Traov,,v
Washington. d. c.:
The undersigned, while fully sppreciating
The motives OF the Department in responding
TO the wishes Of the mercantile community by
selling pu6icly the sarplus gold in the Treas
ury, respectfully submit:
That the public sales OF gold as st present
made have entirely failed OF the result sought
: toe secretary, since the knowledge on the
PAU APeculSters OF the amounts to be sold,
.UIssNeraI days N advance enables them more
1NsA ever oeiOre TO combine for the purpose OF
SShOAlng the market without fesr OF tutss-
1 Dy The Department; that the enure
S4 mSlkst Is at this moment controlled BY a
powerful combination OF s~peculator who know
ooupLeSeiy the possible supply OF coin TO come
upon the market, and are enabled TO withdraw
an@mount Just sufficient 10 prevent merchant
rom obtaining the gold they require for Gus
Somhouse or exchange purposes, except at the
moet eAorbltAnt rates; the said rates having
to-day In many instances reached one per cent
Per olem Tor the use OF the coin, which exceeds
more than eight-fold the extreme rate that
could possibly result from the natural course OF
the market
That the necessity on the part Of the mer-
GIANTS 10 borrow coin does not, as is repre-
sented, arise from speculative transactions On
their part, bot is an unavoidable consequences
OF the double currency now prevailing, which
conpels as TO borrow from day to day the coin
needed for customhouse and exchange pur-
poses, until our merchandise can be with
drawn from bond and gold, and the proceeds
collected.
That we believe that the honorable Secretary
cannot possibly wish that any official a ion OF
his should enable speculative combinat rs TO
take advantage OF the legitimate operat o1s Of
honorable merchants, and thus to distract the
entire export and foreign trade OF the United
States, and we trust, therefore, in view OF the
extremely threatening nature OF the existing
~mbinato and the strong probability OF
their continuance during the whole period OF
the public sales, the Secretary viii, without de-
lay instruct the officials OF the sub-Trsasurv
here TO afford n the required relief, II consist
ent with The public interests and the views OF
the honorable Secretary.
Signed by ~twenty-one firms.