Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-09-16
MEMPHIS APPEAL
FINANCE AND A
FINANCE,
OFFICER OF THE DAILY APPEAL.l
MEMPHIS. September Is. 1865.

OFFICE OF THE DAILY APPEAL.O
MEMPHIS, September Is, 1855. !
Our discount houses report exchange on al
points abundant, and rates are gradually tend
ing downwards. The demand, though i'm.
proving, is not eQualta the supply. Kew 4orE
sight is taken at par and selling at A93sc pre-
MUM. On other points, such as Louisville
st. Louis, etc, the buying rate is about the
same, while &c premium is the outside sell
ing rate. New Orleans sight is offered ocea'
sionally at &c discount and sold al par.
The operations in City Bonds to-day wers
limited. A few thousand dollars were bought
from the City Treasurer at SOC, and some held
in private hands were offered at 5O%95lc with
out buyers.
Memphis and Charleston Stock is in some
demand at Sc, but ali we could hear OF was
held at SOC. Other stocks and bonds are scarce
with no especial demand from any quarter.
City Scrip Is scarce, or rather there Is but lit
tie upon the market. Dealers sre buying all
offered at 72S7ie, and sell at 7e9SOc, as to
amount
County Warrants are FIRM and in demand at
5c by dealers. Selling at 5SSeoc In q small
way.
Police Scrip is scarce and tending upwards.
There Is al effort making by holders OF this
scrip to run it up, which viii, we think, be sue
cessful. Dealers buy readily at 96s2e. Selling
a S9SOc-
Gold opened in New York at 1880 and closed
- y W --ANN ~ 49, ~ 1ESA . - " 80
nominally the buying rate at the opening here,
but towards the close &c better could have
been obtained.
b New York Stock Board quotations were
Al noon to-day as follows: Old Tennessee
bones, So new, 6sK; sos, coupons Of 81,
Il; 81, lS5s; "a. 81; IS, Il; new issue, 8; '67,
9; IS, 9; l0-4Os, coupons, -; Government bonds,
stesvy.
F. A. Davis, Esq, President of the First Ma
tonsl Bank, returned yesterday hom an ex-
tended tour through the North. He evidently
has enjoyed his trip, as he returns much i'm
proved in health, and was warmly greeted by
his many friends.
Usually during the months Of September and
October, says 8 New York circular, the banks
sell q portion Of their governments, to enable
them the better to their custom
ers, snd mercantile investors realize more or
less for their own financial convenience; while
dealers find IL ~nconvenient, during activity in
money, TO carry large amounts OF bonds. These
influences are always favorable 70 a yielding Of
quotations during the period covered by the
next few weeks. For several weeks past, dOmes-
tic bondhOlders have been unsettled through
the agitation of financial schemes adverse 10
the value Of BONDS, and have sold a consider
able aggregate OF securities, although. for the
mOmen there is an abatement OF this shock
to confidence. A very large amount of the
bonds thus thrown upon the market has been
shipped to Europe, ON speculation, and an I'M
usually heavy supply has accumulated on the
hands of dealers. Both the German bankers
and some Of the leading dealers have thus be-
come interested in holding up the price of
bonds. and the market Is IN this WaV 1CT1-
tiOuly sustained at quotations which DO not &C
cord with the average view OF home investors.
The recent enormous exports OF bonds do not
appear to have been so much instigsted by the
prospect of their being absorbed by the Ger
man market, as by a desire to avert the threat
aning result OF speculations in gold early IN
July, based upon the earlier shipments of
bonds. The general tenor of our advices leads
Us 70 conclude that no large portion OF these
cOnslgnments has yet been realized upon, and
II rsRlaius pr~oblematical whether thew win In
course OF time De wholly distributed abroad, or
a good portion viii have 10 be returned. So
long as thts uncertainty hangs over the mar 4
ket, the value of bonds must be kept
in an unsettled and unnatural condi- |
ton. There is at present, undoubted-
continent, Tor all kinds OF securities; which |
would seem to be favorable to the ABSORPTION !
OF this new supply Of hve-twenties; but, so far
this furere ooes not appear 10 have run upon |
our securities, while the speculation is too r. /
day, be checked by a violent reaction. AT ne 4
moment there is considerable "shOrs" in
terest ia the home investment bonds, which
may posstoly induce a Temporary up card
turn in quotations; but the steady supnIv
coming from the interior renders This Impro6-
able.
The strong upward tendency Of the gold nra-
MUM, has been checked by causes which couId
hardly have been anticipated. Certain OF The /
foreign bankers, confident Of the nomIpstion
Of Chief Justice Chase for the Presidency, Ard
a. the result s renewed demand far
our bonds abroad and decline in gold, early in
jury maze considerable OF i've
tWenues and sold large amounts of gold
short Mr.. Chase wes not nominated. ana
gold advanced SIX to eight points above the 6O-
at which these parties sold il, In order e.
heck the upward tendency OF gold, based
the prospect OF q foreign Drain
u specie, these operations made further
IMMENSE shipments of bonds. The tofai
AMOUNT OF securities thus exported duriT-
July and August is varioQsly estimaUeI 9
rom S3,0O0,OO 10 S45,OO0.OG0. The cons
arge supply of exchange not only p SquehL
gents OF Barring Brothers to rem" -Laoisu Ihe
Iver The adverse trade ~ Ills, but bridged
emporarily at least , -iauce and ayerted.
UNEXPECTED - large outflow OF specie.
tendency .IoYement has checked the
yer. g -rm~ ofthe premium unless, how
', EhOr' ny, contrary TO ordinary probabli-
srr Id take permanently this exfraordi-
supply Of bonds, this change in the course
q the market may be ultimately reversed.