Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-02-08
FINANCIAL AND COMMERCIAL.
OFFICE OF TBE pAILY APP ig5A !

Inc rGntN ltEAtlH al ENitB NNAN1
last week is attributed to the amount
held by the Gsyoso being forced upon
the market. There is no doubt but that
hank held a large amount, which it was
compelled to sell, but the markell has not
rallied. nor is il likely to DO so until some
definite Milan is adopted by The city IN
reference to the indebtedness now Out
standing. Several idess have bsen sug-
castad any Of which. If adopted, might
TasuIt we'll, but It is shrewdly suspected
tbot At least one Of the committee Of
o;tigens which is TO make a report to the
C,eatinc tomorrow evening, hes an ak
- Grind for himself or others Of q ring,
Of which he is a very forward member.
we wish our readers 20 understand thst
ua are devoted advocates Of any measure
which will plsce the finances Of our city
in a better condition; but we are no'
working for any clique. In referring 70
this matter yesterday, we ALLUDED 20 the
acting Mayor, Mr.. McDavitt, perhaps
Iasdj9g TO an inference on his part, as
bainr too much welded TO hisown views,
Crt NE had no intention to reflect upon
n honesty or cOmprehenslyeness oil his
oninions We have since been further
i6farmed on the subject, and doubt not
he acted in the best faith. AS . deeply
interested in the ciiy's welfare, he invited
the c-o-operation Of leading citizens TO
relieve the city from the strait in which
\ labored. and believing that the com.
uittea had transcribed IA true object
of its appointment, and had teen more
occupied by matters not legilimsteiy
underf its consideration, he concluded thar
the ulan he had looked to for relief would
Drove abortive. Whatsoever that COM
mittee may report, the immediate relief
of the city does not seem to form an I'M
portapt. il any, part Of its deliberations,
hut speculations Of future policy and &C
tion that have no pertinence 70 the
uresept. Such is the impression, for
although it is understood the report has
been in print several days, we have not
been furnished with a copy, that we
might examine lis details ans be pre-
pared to express an opinion when it shall
be read in public. We ch5erfully give
plsce to the following letter from MI
McDavitt
MAYoB's OFFICE, February z, lS&
E5itors Memphis Appeal:
400 in the APPEAL Of this morning, /
In your commercial article, that am
represented 10 be willing TO any plan 10
relieve the city Of its financial embaF-
EASEMENTS, provided Nat plan Is my otca.
the writer of the article Intimates that
I wish to dictate TO the citizen h shall
be done. and am unwilling to have any
thing except under my direction.
There is no occasion for any sueh
charge. Ihsve my own views about the
policy OF all the plans suggested, and
think the one proposed by me 10 be the
best. Other gentlemen. in the city, whose
opinions as business men are entitled TO
much consideratiCnCagTee with me and
vet 3 plan was proposed and advocated
by others. which differed materially from
mine, that met my support. This was
the one published IN the AUn}qzSete
Had ] been SO persistent in my Gictati9n
rs intimated by the writer OF the article
referred TO, 1 must reject all plans not
originated by myself.
All that / have asked the citizens 10
do is to act promptly Ia this matteT, and
not postpone US by unnecessary delay.
The city of Memphis belongs to the
people. I have no more interest in il
than other tax payers, and have no am
bition to serve the public as an officer, :
and have been induced 10 do it at the
solicitations Of prominent clti-
zeas. Having given my time without
compensation, I ought not 70 be rFCk-
lessly attacked, when l am doing what
I think best for the interest Of the citi-
Messrs. Editors, we need money to
carry on the government. If We can get
the cash for a few months, we can, by >
retrenchment and care, bring the
credit OF the city TO a point that will
command the confidence Of its creditors
at home and abroad. This end is worth I
B struggle to attain. and ali good citizens
unite in an effort 10 accomplish it. {
L. MCDAN-TT.
The only noticeable feature in city
finances to-day was the amount OF cot
on paper upon the market. Offerings n
we're large, and except for Tegglar Gus J,
omerz. none Of our discount houses were r
yuying. The advance ia cotton and &C. =
emulation Of orders has caused consid-
activity in the staple, and more II
.xchGuEe has bean thrown upon the ~
market than our banks are enabled to
axe, even were they disposed to DO so, L.
{ this juRcture; but as the minds Of the n
are becoming quoted, we may .
1ok for increased facilities for the re-
lOvsl Of cotton daily, until matters n
gain assume the ease Of some days ago. p
ne buying rates on New York and other -
inside points are some lower, icing Z to
C discount. Selling at par.
Gold is advancing. The New York NJ
larket opened at l42c and at noon was o.
1850, hut declined again and closed st ".
i2!c. Offerings here were small during
day. Buying at l&9 to 1903. No
demand.
warrants a. very dull. Deal :
are not willing TO buy at any price. 8
at 90 to CSC. So
Police Scrip is in very light demand. 10
Suying at so to s2c. Selling at s. 10 see. n,
or the Talbot issue Of old State Bank Sc
Iotes, says the Press and TI3os, which t5
we're tainted by the secession Of the State \.
,rior to their issue, there are said 10 he v
I.OsI. $50 in circulation. OF the State y
Bank notes issued prior to secession and v
till 10 circulation, there are said to lie cu
So. l0G. az
Who holds this large amount Of I'M ca
.urrent money? There is certainly but w ~
small proportion Of it in Memphis. 3
The cotton market in liverpool at the Tee
.pening this morning was Grm-Up- q
ands, Il to 50; Orleans, 81 TO SD, At u
Don the market was active-UPlands,
a: Orleans, Sid. st the close 1t was
with Upisnds, 75d, to arrive;
ales for Che day, 20,0OO bales; weeks OF
ales, 10000; 10 spectators, 5000; for he
zpoTt, IS 600; stock on hand, $4,000 r..
ales, sf which l34, 600 are American. .
here are 23S, 900 bales shoat, Of which Sc.
Geo are American. At the opening of al
be New York market, holders were an Re
al advance and keeping their ~
.Ocks ont Of market. Quotations were DO
ominally unchanged. At noon prices a
ere firm and demand fair. At pm is
Re demand was good and prices higher -,
Tiddlings, 90; Orleans, 2O4c and closed fac
it'll an active demand at full prices. g51
u0tatiOns unchanged. Oar market was sui
Moderately active, but restricted, owing IS,
the difficulty Of efIecting exchange. a.,
in some cases were disposed 10 pri
Ike choice paper with flew days 10 run,
1t the majority preferred holding Che zoe
,ttOn. Middlings advanced about &c "a
Iring the day, and were very firm al WI
lie close. SCI
,dlnary IglaB
rod ordinary IFE rIT d,
iIdiinp res
80 NfddIing yal
- MTddIfng ord
u boz
COTTON STATEMENT. an,
CHAMBFH or C~oWMFECE,l AM
MEMPHI-, February Z, ls15. etc
,.v IN, hand eart D 1s- %. spl
.eelfed to-day -e--------.--s---- llti
.cslFed previously .---.------.--.-lsltl5l lb3 SJ2
- "a
lsIFs2
ported Hp
ported previously .----......- .- I0l,s7S GOAL ~
,.- "a, hama ard az ,-e-zez F0l5s The