Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-06-15
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL.l
MUlFPHra lime II 1888


How long will the present quiet state
Of affairs in our money market continue?
is now the leading question in financial
circles. Everybody is hopeful In refer
ence to the coming fall business, bat sill
the grain crop which comes in earlier
than cotton be of such magnitude as to
cause any noticeable change In our af-
fairs? Money is easy everywhere as
well as In Memphis, and capitalists all
over the country find it difficult to get
employment for their spare cash. At
the same time SO much distrust has DER.
vaded the minds Of our people that many
who otherwise wsuld be free lenders. are
shy even of good paper, and prefer to let
their money lie ingloriously idle than
let it out of their possession.
In Exchange there is but little doing
Rates are steady. Buying on New York
at par to ie premium. and on New Or
leans at 4e discount. Selling on the lat
ter place at par on New York at &c pre-
MUM, and on st. Louis, Louisville.
Nashville and Cincinnati at 4e premium.
Gold was steady in New York TODAY.
opening and closing atl4Os. There were
no sales of note in this market. Dealers
buy at 1881 to 1893, and sell at I4Oc.
City Scrip is quiet. Dealers offer 75o.
and sell at IS to 500. The demand Is
very fair, and purchasers could be found
for large amounts at the Offering rate.
County Warrants are dull with no
speculative demand. Brokers buy at
soc, and sell st So to Csc, as to amount.
Police Scrip is also dull. A few brokers
are off the market. We quote at SOC,
buying; selling at S5c.
There is official authority for stating
that the internal revenue for the fiscal
year ending June 30th will be less than
one hundred aud ninety million dollars,
which Is thirty-fve millions less than
Rollins estimated the amount IN his re-
port of December, and nineteen millions
less than McCulloeh's estimate. Whisky
frauds are the main causes.
BY exchange with England, France
gets for eighty dollars in silks, cottons
which would otherwise cost her ninety
six dollars-a handsome gain of twenty
per cent England gets for cottOns cost
ing her one hundred dollars, silks which
would otherwise have cost her one hun
dred and twenty dOllars-another hand
some gain of twenty per cent.
Two years ago, Smith Eastman, Of
New York, operated in pork, flour, beef,
ETC., running the price up to an out
rageous figure. He made money, and
poor folks suffered consequently. Last
week be died in the Hartford Lunatic
Asylum.
Fast freight cars have recently been
transported from New Orleans to New
York, distance Of 1925 miles, in six
days running time. The trip was &C.
complished at 3 rate of speed never be-
fore attained, but which, v it'll the iE-
creased facilities for freighting, and the
improvements Of the roads, il Is expected
will soon be greatly increased.
Laramie City, the farthest western city
on the Pacific Railroad, is only q week or
two old, yet 1000 lots have been sold, and
there are six hundred houses and stores
in course of erection. Laramie has fine
water power, and the Union Pacific Rail-
road Company has decided to locate car
shops and railroad werks there. We see
it stated that $50, 900 worth Of elegant
furniture has been ordered by the COM
paDy in New York, to furnish the Rail-
road Club House at Laramie, for the di-
rectors and commissioners, who will
spend the summer there with their fam.
lilies.