Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-10-05
AND TRADE.
FINANCE.


OFFICE OFTsEDAILY APPEAL.( q
MEMPHIS. October 5, 1855. +
outside the Transactions in exchange, there
was nothing OF note tTanspiriDg in our money
market to-day. Collections were reported very
fair, though in seine cases additional time EGs
asked for. Offerings OF exchange were in the
aggregate large, bat were mostly in small bills.
There is no change TO report in rates, though
on Monday all cetton bills viii be taken at a
discount of 30, This has been foundn eces-
ssry as the demand for. exchange is SO Light
that currency has to be brought on By express,
and the ole rate barely pays the charges. One
OF our banks received $4,000 IN this way yester-
day. and hencefOrth sl VIII be receiving cur
rency daily in a similar manner. We quote
selling on al Eastern points st 81 p 10 81 60
premium per Sltoa.
A sale of 40 shares Memphis and Ohio Rail.
road stock was reported al Iokc. This, We be-
ueve, is an advance Of &c. There is an active
demand for first and second mortgage bonds Of
this road. Louisville parties have bought mp
something over 500 O0: of these bonds during
the past summer at soc for the. former and 40c
for oelatter. These BOMBS, VIC learn by private
sdvices, sre now worth s5G50c respectively in
New York A small sale Of Memphis and Lit
Tie Rock Railroad bonds was effected by a bro
ker yesterday 81 &c. a rumor was current
upon the street that $4,000 IN these bonds were
sold in New York within the past dsy or two
at 5l1sc. Southern securities are tending up.
wards. evidently, and holders are not at All
anxious 70 sel. We could learn OF no trans
actions in city bonds, though they are nru.
with no offerings, at less than SIC, at which
ste there Is some disposition 10 buy.
City Scrip, County Warrants, School and Po-
lice Scrip, are all steady ST former quotations
Gold opened to-dsy ALLOY, at noon had ad-
vanced &c. and closed as II opened. Rates are
nominaBy ISSc buying, and 1888 ISsAc selling
q this market
In view Of the natural and probable move
ment OF money EOr 3 year paSt, says the sS3oeL-
holder, we are satisfied that the Wesi, the grain
growing portion Of the country, holds at pres
There are obvious reasons tor this. The Yield
OF cere6is and other produoe in the West lsst
year, though not eQ1al 10 that or the current
season, was nevertheless larg5, II comm Rnded
turing portion Of Inc country, did not do a
profitable businessls last year.
The West was not a free purchaser OF fabrics,
domestic and imported. the manu- acture and
business of the East. YET, from necessity, the
East was slsrge purchaser Of Western prouucts,
Orming as they do the staples OF Life. The
South has been poor for the past year. The
cotton crop, which brought such nae prices
after the new year, was gathered ana sold at q
loss. Middling upland cotton was selling in
this market IN November at Is1Ze per To-, cur
rency. q sum for which cotton cannot be
grown, g1nned and baled, TO say nothing OF
transportation and allowance Tor the capital
therefore pOOT-want OF money has been the
complaint in al partE-all the spare moueS has
gone 70 buy food. From this quarter therefore
The West has been the recipient o. money
The result OF all this has been 10 throw the
bulk Oftbe money into the West, and there it
remains mainly in the share OF national Dank /
notes, but still with a large infusion OF legal
tender In circulation. |