Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-15
FINANCE AND TRADE
OFFICE OF TIE DAILY APPEALl
MEMPHIS. DecemOer II, lS6S. ]

H-NN 49, - - - Eea-h ~ -
interior than heretofore. Planters ar
not dTawiag out their balances held il
merchants hands SO closely as they di,
early in the season, and are generally il
a better condition thsB they have beer
at any time since the war. In fact, on
~people-those who have raised cotton
are in better circumstances than thei
most ssnguine expectations led them t
hope for. The question of s return to
epecle currency in the South meets will
much comment, and the difficulties il
the way OF such a result are less thai
might De supposed. Our staple is finally
purchased for gold by the manufacturer
OF England and France. Why should
We not demand this gold payment di
rect? With specie adopted as cur cur
reBcy for cotton we would be in 8 bette
condition to-day than Jul neighbOrs @
the North, who have just passed through
q series Of years Of unexampled pros
perily, but who sre subject to the varis,
tons OF an inflated and variable pspel
currency, which says the Secretary o.
the Treasury il his annual report.
Gold opened IN New York to-day a.
1864. Exchange steady At 9l@l0ic
GoId clOssd the same SIS it opened.
We have very little to note in the coin
market. Dealers buy al offered at I@5C
under New York rstes, and. cell al 1866
NesTly AL taken is fer shipment, there
being no counter demand.
Exchs5ge is steady. Eastern bills are
taken al TO discount on New York
and outside points in New England
selling at par to discount. New Or
leans buying at IS to IS 50 discount, and
selling 81 to premium. There is s
good demand On all points.
City Bonds are firm. Among the ssles
wore 5000 Pain st 52e, with the Jsnu-
AIRY coupons of, or equivalent to 55e. A
lot OF $500 was offered at the same rate.
Paving Bonds are held at 52953e, coupons
Included.
There is some inquiry for City Scrip at
S2e. This does not cover ledger bal
ances, which are bought st soc, but is q
speculative demand, the character of
which is not yet developed. Dealers
check sgslnst balances to taxpayers at
sl@s2c.
County Warrants ere firm. Buyers
offer 75G7Gc. Within the past four
months the County Trustee has can
cslled over 500. 0G0 OF this Scrip, but the
amounts nov coming ia are light.
a statement which appeared IN 8 CO.
temporary in reference to County War
ranis and their redemption at the Office
Of the Trustee is calculated to mislead
holders. We learn that past due cou-
pons OF the stock held by the county in
one OF cur railroads, have been and are
being taken up 10 currency IS fast as
currency Is taEen in but no Warrants
are redeemed in this way. The tax
levied 20 meet these coupons is made
payable In currency, AMI just as fast as
this tax is paid il is applied 10 the re-
demption Of these coupons-some Of
them long past due. By next year al
the coupons now due, it is hoped, will be
redeemed, snd from that time the % u
pons will fall doe yearly TO the amount
Of about $1,000, a sum which a be met
readily.
Police Scrip is firm sac was offered
to-day, by 8 dealer, but was refused.
Selling st 93997o.
The weekly statement Of the Bsnk Of
France shows that bullion has decreased
1850 600 francs.
Comptroller Blackburn makes e start
lirg disclosure in reference to the condi-
ton Of u state credit. II is addressed
to the House, snd will be found else
where ia this itsue.
The WhiteEssn report OF the Joint
Committee on the issue Of State bonds
made 70 the different railroad comps-
MES OF Tie State will also be found in
another column. This report is worthy
the careful perusgl Of our readers. Com
mon rumor points to Gov. BrowDlow,
some of the State officers and more than
one OF cur fellow-citlzsns as belonging
TO the rirg Bow using every effort to get
control of our railroads.
The tendency Of U. S. Bonds TO adj
vance, in prospect Of the payment Of the
January Interest, has been counteractej
by various causes. There is q I" bearish"
feeling IN come quarters, arising from
the prospect Of plans baing introduced
into Congress Tor reducing the interest
upon the debt. Parties having intimate
relations with the market appear 70 be
connected with the engineering Of these
mans in Congress, ana are presumed %
be, a. the same time, preparing for g ma
nigulation o. the market ia the " bear"
Interest. Apart from this special move
ment, the tendency Of the growing agi-
tation Of financial issues Is TO produce
uncertainty among holders as to the fu-
ture vslue Of bonds, and 10 encourage
selling rather than buying. The hRT-
deniBg tendency OF money is also an in
n4ence operating in That direction.
On the st OF next month, twenty
seven millions, Ia coin, will be taken
from the vaults Of the Treasury Depart
meut,t 60 pay tie semi-annual interest on
the bonds Of 1881, and the fve-twentiss
falling due at that time. The amount OF
coin now On hand is about S9l GOO, coo,
and about 100000 more will be re-
ceivCd during the month, making $780,
CG0C on hand az the end OF this month,
providing 10 sales shall be ordered by
Tie Secretary. DeductiDg the s27, 600, O0O
10 be paid for Interest, leaves 8 balance OF
S73 coo coo On hard after the Ist Of Janu-
AIN, AL MtlaEn 80 bNV5hDV - III AOlN EEE-
uncstes, leaving ibe actual amount OF
coin ia the vaults Of the Treasury, $780,
600, 0C0.
The Cincinnati Commercial says Of
that market: Heavy receipts Of cur
reucy, ordered By BANKERS from the East,
have served to produce q rather easier
feeling IN the money market; yet the
discount demand keeps up 10 q full aver
age, and d. pJsits are at a very low level.
The stringent condition Of things rules
cut al Irregular offerings so rigidly that,
actually, but little paper that is not first
class IL Offered at tie banks. Money has
scarcely s. qu0table value in the open
market rates being closely Rpportioned
TO the necessities OF borrowers.
C0TTOS.
The Liverpool market for the week
opened dull At lo.d for Uplands, and de-
cllned Immediately -. II was nrmer
on Wednesday, ana unchanged on
Thursday, and hss been steady until to-
day, when it closed dull and prices I'M
changed.