Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-02-07
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY AFF5AL


The excitement Of yesterday, caused
by the suspension Of the Gsyoso Savings
Bank, has somewhat snbsidedi though >
few timid persons Withdrew Their as
posts this morning. The card OF MI
Avery, cashier of the suspended oanKi
which appeared in our paper To-Day was
not calculated TO aIlay the fears oil oe-
positors; but we hope that the intims-
lions expressed by thstofheer may prove
worse than facts really are. FROM al
the information we can gather on Iue
subject. we are convinced t-st nearly Il
NOT au the pane held by the Gayoso Is
a,od aud that IL will realize enough to
paw of depOsitors in fuIiI Inough Al Is
possible that the stockholders OF Inc
hank nav ssfer. The bank has, so far
as human Judgment In such matters can
20 besu doing q safe and legitimate
business, and one which no ordinary
foresight on the part Of its officers could
foreten would lesd to the result when
followed. OF its paper, there q lIIIie' II
apv. which will not be svsiisolei q We
think that it is due 70 the community as
we'll as 20 the officers Of the bank b 8
they should publish the assets OF the
bank. It would 90 much towards al
LAYING the feeling Of distrust now per-
III the minds of the people, and
won1d Mace The matter il 6 better light
before the public than Ear be inferred
from the card Of Mr.. Avery.
Under the existing state Of affairs our
banks are not deai ing as literally in eX-
change as usual. They are outstanding
their resources snd are able thereby 70
meet ell calls upon them from depositors.
The uncertainty which now exists ID the
public mind will be aliayed within aday
or two, sud exchange will again be IN
active demand. In the meantime, some
Of our discount houses are taking Eastern
sight bills 81 sc discount and sell At par
to &c OF.
Gold opsued in New York az l4lsc and
at noon had advanced to l4lsc- A few
small sales we're reported at 1885 70 1896
to dealers who ship nearly all they pHr-
chsss. There is Al occasional counter
call. which is filed at 80 TO l4lc.
CITY Scrip is dull. All interest In It
has given way uHder the depression in
money matters, generally, and the want
If uEftv between the acting Mayor and
the committee Of citizens who were
called upon to act on the matter Of q
city finances. The Mayor Is evidently
willing TO fall into the views # any party
which will benefit our city, provided
their views are the came IS his Yiews.
In other words, they csn choose any
policy they please, provided thai policy
is Mr.. McDavitt's policy. Meantime
CITY Scrip declines, until to-day brokers
are not willing to buy at over 4Oc, while
they offer to sell at - to 45c.
County Warrants are very dull. Deal
ers are not willing to buy a. an price.
Selling ST GO 70 Csc.
Police scrip IS in very light demand.
Buying ct 81 to SIS. Selling al s. to So.
The Liverpool cotton market to-1sy
was active st the oPening-UpLands, 4
to I'd; Orleans, 6 TO 81. At noon the
market was buOyEntaud was unchanged
at { pm, but sdysnced-Uplznds I'D to
Sd; Orleans, s. 70 SD sales for the day
%, 900 bales. Cotton in New YORK 81 the /
opening was very firm, with holders Z
ssking higher prices-Miadiings, Isl t.
I84c; Orleans, % to 20ic. At Oon the
demand was fair and prices firm, and at
the close holders were asking q further
advance. Buyers were cautious and quo
rOminalIy unchanged sales 20g0
bales. Our market was quiet st the
opening, With sales ST L to l7ie, owing,
mostly, to the depression in money mat
tsrs sud the difficulty attending the sale
u exchange but As the day wore on
and Our banks became satisfied that 10
run was meGitated, the market stilfened
Ip, snd under the favorable advIcss re-
became active st higher rates.
Holders a. the Close, were very firm
rae stock is now heavier than at any
f1fz aoas,D