Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-07-12
FINANCIAL AMI COMMERCIAL.
OFFICE OF THE DAILY a; APPEAL z AZ


MESFRIs, July II, 1865.
Within the last few days heavy rains
have fallen throughout almost all sec
tions Of the South, and the tone of cur
exchanges, which has been doleful fer
several weeks, is changing to happier
strain. It is no doubt true that the Corn
crop will be lighter than Ii would have
been had the rain fallen two or three
weeks sgo, but that the yield will be
abundant for home supply is very evil
dent. With the prospects ahead, our
merchants feel that they are justified in
making advances to such Of their cus-
toners as have acted In good faith within
the last year or two, and In consequences
business is improving. Our banks report
a demand for Money from some of our
best houses, many of whom have not
before felt that they were now Justified
In carrying" planters through this
season after the experience so dearly
bought in the two preceding years
Possibly there never was crop made in
the South freer CT debt than the one now
maturing. Our planters were compelled
to look 10 themselves alone forthe means
to plant and work their fields, and the
result has proved what they can do
when thrown upon their own resources.
We have no change to report in the
LEGAL Money market, though Exchange
is in better supply, and bids fair TO con-
tinus abundant for all purposes during
the month. Several large bills have been
taken by our banks within few days,
and rates remain as they were at our
Iast-au occasional shipment of currency
is resorted to to keep up Western bal
anees, but we can learn Of none going
East.
The Memphis Gas Company, as we'll
as one or two Of our Insurance Com
panies, were paying their semi-annual
dividends to-day, causing an additional
amount of "eheeking and depOsitingn
to that which is usual at the close of the
weeks business.
There were no transactions in Stocks
or Bonds. Our quotations are nominal,
though the inquiry is very fair for the
following Mississippi Central, stmort-
gage bonds, $50; % do. 40c. Mississippi
and Tennessee, LIST mortgage, SOC. Mem
phis and Charleston stock, S5e. Mem
phis and Louisville, LIST mortgage bonds,
3Ie % do. zoe. Memphis and Little
Rock bonds, 40c.
Gold in New York opened at al and
closed at I4lk. A few small sales were
reported here to brokers st I3S}@139e
selling at lao.
The New York quotations were as fol-
lows on Governments to-day: Coupons,
'S1, l3+ do 1872, 133 do '64, l0t do '65,
Ilg; new issue, Sc do '67, 81; 10-40s, 7s;
1905, ID and Sd, 81; Old Tennessees, 70i
new do 70i; Government bonds quiet.
There was some inquiry for City Scrip
but no large sales. The demand came
from those having their pro rata to pay
on the Nicholson pavement, and in only
a,few cases was for any large amount.
A street dealer offered to sell $500 at 77e,
which was the lowest selling rate we
heard of. Brokers are not offering over
Use, and sell at 7998Oc.
County Warrants are duh. There is
no speculative demand. Buying at 552
selling at Soc.
Police Scrip is still weaker to-day.
Brokers are not in the market at better
than 7Ot975e; selling at 7s@S0c, In small
lots.
The Sun Mutual Insurance Company
of St. Lous, has been declared bank
rupt.
It is said that Senator Sherman, and
what is known as the " Treasury Ring"
are making a vigorous effort to bring the
Funding bill before Congress and have It
acted On before adjournment. This
it is believed, covers a mon
strous job in the shape of profits of
few individuals for q very little service,
none Ia fact that may not be done by the
clerks Of the Treasury Department with
out additional charge. This bill gives
enormous power to the Secretary of the
to Issue bonds in such form and
as he may choose for the |
purchase or exchange of the |
bearing debt-that IL, of the |
legal tenders, besides other powers alto |
zetner cut of character and dangerous. |
There is no necessity for this Funding |
bill, at any rate not just now; there is
not time to give it due consideration. |
The only thing Congress should do with
regard to financial matters is to close the
strings of the Treasury purse and tie up |
he hands of the Secretary Ia the matter
II giving commissions for manipulating
and exchanging securities and selling
gold.