Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-07-13
MEMPHIS APPEAL
FINANCIAL AND COMMERgIAL.
OFFICE OF THE DAILY APPEAL.l
MgarpFFrg lufv IL 1919 I

MEAPH1ss July II. 1859.
Within the last few days heavy rains
have fallen throughout almost all Sec
tons of TIE South, and the tone of our
exchanges, which has been doleful for
several weeks, Is changing to happier
strain. 1t is no doubt true that the Corn
crop will be lighter than it would have
been had the rain fallen two or three
weeks ago, 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 tn o, and in consequence
business is improving. Our banks report
demand for Money from some Of our
best houses, many OF whom have not
before felt that they were now justified
In "carryingn planters through this
season after the experience go dearly
bought in the two preceding years
Possibly there never was q crop made in
the South freer OF debt than the one now
maturing. Our planters we're compelled
to look to themselves alone for the 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
local Money market, though Exchange
is In better supply, and bids fair to con-
tinue 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
lsst-an occasional shipment Of currency
is resorted to to keep up Western bal
auces, but we can learn Of none going
East.
The Memphis Gas Company, as well
as one or two Of our Insurance Com
panies, were paying their semi-annual
dividends to-day, causing an additional
amount of "checking 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, 1st mort
gage bonds, 5sc; 81 do. 4Oc. Mississippi
and Tennessee, 1st mortgage, soc. Mem
phis and Charleston stock, S5c. Mem
phis and Louisville, lst mortgage bonds,
sic I'd do. zoe. Memphis and Little
Rock bonds, 40c.
Gold in New York opened at al and
closed at l4lB. A few small sales were
reported here to brokers at 13S1@139c /;
selling at 40.
The New York quotations were as fol-
lows on Governments to-day: Coupons,
'sI, I34 do 1872, 1871; do '64. 10f; do '65,
III; new iseue, So do '67, ST; 10-4Os, e /;
1905, I'd and Sd, So; Old TenHessees, 20 /;
new do 7Of; Government bonds quiet.
There was some inquiry for City Scrip
bat 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 TIC,
which was the lowest selling rate we
heard of. Brokers are not offering over
Use, and sell at 7S9s0e.
County Warrants are dull. There is
no speculative demand. Buying at 55e /;
selling st Soc.
Police Scrip is still weaker to-day.
Brokers are not in the market at better
than 7O975c; selling at 789SOc, in small
lots.
The Sun Mutual Insurance Company
of st. Lou 5, 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 1t
acted on before adjournment. This
proposition, it is believed, covers a mon
strous job in the shape of profits of a
few individuals for very little service,
none in 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
Treasury to issue bonds in such form and
denomination as he may choose for the
redemption, purchase or exchange of the
non-interest bearing debt-thst is, Of the
legal tenders, besides other powers alto
getber out 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
the hands Of the Secretary in the matter
of giving commissions for manipulating
and exchanging securities and selling
gold.