Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-06-28
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY PPEAL4. I

back, but we refrained from noticing
them, hoping that it would pull through.
We are, however, now compelled to an
nounce the suspension Of the Merchants
National, which occurred to-day at
noon. For some days back Gen. E. c.
Wilson, United States bank examiner,
has been in this city and has been inves-
tigating the affairs of the National
banks. After a careful and thor
ough examination Of the books of
the Merchants National he was
requested by the Board of d.
rectors to take charge. OF course,
rumor, with its thousand tongues, has
taken up the matter, and the widest
eonjectures were uttered by those inter-
ested, as well as others. From all that
we can learn at this early date, the fail
ure is bad one, and will entail heavy
loss upon the stockholders and dep0s-
itors. Much of the assets are made up
OF suspended paper. At the hour OF
closing, there was no cash on hand and
nothing to their credit with any of
their banking correspondents. Paper
amounting to about 100000 has
been sent, at different times, to
New York, all of which was
discounted and is now coming into ma
turity. All of this will come back pro-
tested, and will stand against the bank
as Liabilities to this amount. This added
to the debt due depositors, say 500, GOO,
will make up the gross liabilities little if
any less than $500, 600. To offset this
they will have the paper now in New
York, and they still hold paper amount
ing to about $500, 600. OF this it is hard
to say how much may be colleetable, but
we think that twenty-five per cent.
would be a liberal estimate. The
bank building is worth probably
SO, 600, and the interest and difference
between their bonds deposited in Wash
ington and their circulation will amount
to from So, 600 to SIS. COO. With the
above data to go upon, and We are not
far out of the way in our estimate, our
readers can readily calculate what will
be the probable loss sustained by stock
holders and depOsitors.
Gold in New York opened at l40sc
and declined to l4Obc st the close. Our
brokers report an increase in the
amounts presented for sale, with no
counter demand. Buying at 1885, to 1896;
selling at 1891 to 14Oc.
Old Tennessee bonds in New York to-
day were quoted at 76o; new, 744e.
In bonds and stocks there was nothing
doing to-day. The feeling existing in
money circles was such as to put stop
to all transactions of this nature. We
quote, therefore, as on yesterday. Mem
phis and Charleston Railroad stock, SOC
Memphis and Little Rock bonds, - to
44c, Memphis and Ohio Railroad stock,
I0c; lst mortgage bonds los, soc; I'd
mortgage bonds IS, zoe; Mississippi Cen
trail Railroad bonds, 1st mortgage, 81 to
5Se ID mortgage, 40 to Ale; Mississippi
and Tennessee, LIST mortgage, SOC; 81
mortgage, 33c.
The same causes which operated upon
bonds effected City Scrip. The transae-
tiens for the day were confined to few
small lots, which were taken by dealers
at prices ranging from 10 to 77e. Only
a few brokers are buying, deemiDg it
prudent to keep all their assets, as far as
possible, in currency, until the excite
ment upon the street is allayed. City
bonds are firm st 55c.
County Warrants are dull. We quote
nominally at zoe buying; selling at Csc.
Police Scrip quiet. Buying at 500;
selling at S5e.
Cotton was firm in Liverpool at the
opening tO-dsy-Uplands, III to ll3d;
Orleans, lll TO 1I3d. 1t remains quiet
throughout, with prices unchanged
sales 10, 900 bales. In New York at the
opening cotton was very firm sales OF
300 bales Low Middlings at 294 to SOC;
Middlings, 3lle; Qrleans, SIC; GOOd
Middlings, 323c. Rolders were asking
higher rates. At noon there was
moderate demand and prices nrm, and
at the close was quiet but steady-Up-
lands, 81 &c; sales 800 bales; weeks sales
10 eco bales weeks receipts, Abs; ex-
ports $50; stock $4,000; receipts during
the week at all United States ports 5000
bales. Our market was firm during the
day, but we could learn Of no sales.
Buyers offering 2ac and holders asking
sos for Middlings. At the offering rate
Western spinners' agents would have
taken all upon the market. Quotations
are entirely nominal.
COTTON STATEMENT.
CHAMBER OF COMMERCE,
MEMPHIS, Jane e, 1855.
stock on hand Sept. l, 1857 ,,..,.-.-,.r.. l.0SO
Received to-day 40, . ,
Received previously $50 2,sil
&a,s2;
Exported to-day ~
Exported previously ....-.....z5S,S Si 1OS,3'4
Stack on hand ...-..........-...-......-.-... Az
Received this week......--..-..-----.-..... -
Exported =" ..-----...-.......-.-.... III
The general markets were quiet during
the day. Wheat is In good demand, with
rather light receipts Among the sales
reported was sc sacks No. 2 at 81 IS; "a
do at 81 IS, 25 do at 81 So A Pittsburg
buyer has orders to ali at g, and will
take all the choice offered at that price.
The Poplar street mills are now at work,
and besides paying the full market price
for wheat, are turning out flour not sur
passed in any market. Mess Pork is firm
at S29 90 to 20 50 for full weight. Light |
weight Pork fluids no favor, and the stock |
will not, we think, be renewed. Prime |
Mess So 90 to q 80. fowls scarce at |
SI9 90 to 20 co. Rnmp, SIS 90 to &c 90.
Clear Bacon Sides, Ia to l73ei Clear
Rib, lie; Rib, 1911; Shoulders, l33 to
I4c country cut meats about 3c lower
plain Sugar Cured Hams, is to 10; plain |
smoked, II to ISs; Sugar Cured Can
vasssd, 20 to 2lc. Lard Is steady at l94 I
to ICE in tierees kegs, 20 to 2lc. Corn is
dull; we quote on levee at 80 to 92c;
from store, 97c to 81 co. Oats in small
way, II to Use; 80 sacks sold on landing
at f5c. Bran, dull at $28 in lots and $50
frem store. Hay dull selling at $40 to
IL on levee by the ton; 600 bales choice
were taken at $14 50. Cornmesl steady;
fresh sells at 81 rs to 90 from levt e and
store; Kindred, 81 so to 70. Old
chickens, 81 so to 70; young, So to L.
Eggs are firm at lSc. Flour is quiet and
weak SupeIfine,$7 SOTO s so; X, So 90 to
8 so; Xxx, $40 to II 4; XXX $l2 to
49,; Fancy Brands, Sl4 90 to "a so. New
Potatoes are in good demand at Z5c to 81
per hushel and 81 70 so per barrel.
Butter is in fSir demand at Is to
3On for choice country and Western.