Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-10-22
FINANCE AND TRADE.
FINANCE.
OFFICE OF THE DAILY APPEAL I
MEMFHs, October q, 1855. J

MEMPHE. October q, 1855.
Gen. ]. A. MRhrey, of Knoxville, ar
rived in our city yesterday. As it IL
known that he has been operating in u
local securities pretty heavily for some
months back, his presence has created
no little surmise among those who pre-
tend to be knowing ones. II, however,
City Scrip goes down or Bonds 90 uP,
or Uice versa, during his stay, We will
not permit ourselves to be st all aston
ished.
La New York to-day Exchange wss
steady Commercial Sight 8! Bankers,
80 days, 10. Gold opened in thst mar
ket st 1860, and closed at 1885 We
quote at 1876 buying. The demand
for Gold in this market is imprOy-
ing and several orders for mail
amounts are held by brokers. This Is .
very good evidsnce that our planters are
becoming easy in the way Of currency,
and are investing in gold, All fature
purchases will find buyers at the counter
without resorting to shipment.
Financial matters to-day were active
st all our banking houses, sud a very
large amount of checking and depositing
was done. We are gratifed to learn
that deposits are rapidly improving anG
are fully one-fourth heavier than when
our banks made their last quarterly
statements. The increase 10 this line
evidences 3 better state of affairs than
We have had to report for many months.
The demand for Exchange is also very
much better. 1t comes from our grocery
and dry goods houses, most Of whom are
remitting largely 10 the East. Rates,
both buying and selling, are steady At
last quotations.
In Stocks and Bonds there was no
movement TO note. The demand for
fsvorite securities is undated, but hold.
ers are generally easy and the tendency
being upwards they are not anxious to
sell. City bonds are firm but nominalIy
the same as yesterday holders are
rather shy about offering.
City Scrip is firm We heard of ore
sale on the street st ICE to S dealer, but
the amounts now in the hands Of those
who are likely to want purchasers are
mostly small. Dealers Buy at 75976s
for large pieces. Snail ones would
bring l or &c more-selIing to Taxpayers
st 7sGs5c as to amount.
County Warrants remain about the
same. Taxpayers are supplying them
selves as rapidly as their means will al
low, and by the let Of November viii be
pretty generally out of the market. We
quote st 6O962c buying selling st SIG
Sc.
Police Scrip is in demand in a small
way at SOC to dealers. Selling over the
counter at S5o.
School Scrip is unchanged.
The Union Pacific railroad, one of the
grandest works of the kind ever pro-
jected by man, bids fair to be one Of the
grsndsst failures, so far as its work or
usefulness is concerned, ever attempted
in this or any other country. The haste
with which il is being built and the oft
repeated rumors that nearly all the
members Of Congress have been bought
up by presents Of stock, in order TO facil-
itate appropriations, has no little to do
with the general distrust IN relation to
this rosd. The President OF the United
States has recommended or ordered a re-
examination Of the road, by a special
commission, to which the Vice-President
Of the road, Mr.. Dursnt, has protested,
unless ali other roads similarly eireum-
stsnced shall be made to undergo the
same searching ordeal.
1t strikes US tina. il the road be propariy
constructed, it would be greatly BENG
fitted by the course proposed.
1t is the bOunden duty Of the Govern
ment to see thst all railroads, whether
subsidized by 1t or not, are so constructed
that the public csn safely uss them
And we contend that the sooner ih;s
duty is performed the better, not merely
for the public whose safety should be
the permanent consideration, but Tor the
interests Of the companies themselves.
In the case sf Railroads subsidized by the
Government the right of a thorough in
vestigstion, like that which Mr.. Durant
seems to shrink from, may be, and, IN q
financial point Of view, is doubtless
stronger than in the case Of roads which
received no Government aid. If
guarantees the payment Of
the bonds which have facilitated the
construction af a railroad, it is only rea-
sonsble that it should satisfy itself, and,
the people at large for whom it is act
ing, thatits security is 8 valid one, and
that the bonds will command hereafter
their face value in the market, i~ndepen-
dent Of its guarantee.