Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-10-03
FINANCE AND A

OFFICE OF THE DAILY APPEAL,l

OFFICE OF THE DAILY APPEAL.l
MEMPRIs October z. 1855.
One OF the most important matters to which
We can cali the attention OF our business men
to-day is the completion OF the So athern Pa
cinc and Atlantic Telegraph line, which will
establish an Office IN our city mex week. Our
merchants have been taxed 80 heavily in the
mater OF dispatches, csnparatively to olher
cites north OF us, which have competing lines
running through them, that 1t is a matter Of
no small moment to feel thstthey are Nc Longer
81 the mercy Of a mono.oIy, but that the cost
or This valuable aajunctIo business VIII be re-
dosed very materially. The new Company
pledge themselves 10 reduce tie rates proper
tionably as low from Msmphi as they have
zone from all other points where they have es-
tsbhshed their Offices. There Is no reason why
8 dispatch should cost twice as much faOm
Memphis to New York as from Douisvine tc
the same point; bat we are assured that such
mas been the fact heretofore. While the bust.
ness men o. Memphis have reason 10 congrstu-
late themselves upon the completion OF this
nnethe preSSof our city are no less interested.
Cheap passage, cheap freights, cheap postage.
etc, are the orters OF the day. and cheaper IA
cilities Tor telegrsphing must iolaE when op-
position is introduced.
TIL quarterly statements o. car National
Banks viii appear ON Monday, and will make
agood showing. They are sII stronger than
they were at the same period Isst wear, having
N~@L- . NLAACAGI uhL1uEE--
enabling them 10 meet ali requirements OF cot
ton buyers with comparative ease. While the
BANKS are n better condition The planter must
also be better OF, as in most instances where
cotton has been sent 70 this market instruc-
lions accompany it - sell and remit proceeds.
rms demand Tor currency from the interior Is
for the payment OF freedmen IN the majority Of
cases, bat We know OF several instances where
remittances have been made 10 those who are
entirely Gus OF dsbt-not even owing Tor the
labor which has made thecrop.
Exchange is heavy, and rates sre tending
Eastern cotton bills are taken
from regular customers 81 I discount, but g
discount was the ruling rate 1o-day 10 out
siders. Bank Exchange among dealers passes
al par but the selling rate is drm at \ pre-
MUM or New York.
EGold opened IN New York at 1897. and closed
1850.
Bonds and Stocks are dull and nominal
There is no disposition on the nsrt Of holders
10 accept the Offering rates on city bonds or
ISlIroad securities OF any kind. Dealers hav-
ing orders for the former are limited 70 49a51e
deliveredin New YORK or Baltimore. but Rre
unsble to all.
City Scrip is steady, VITA the demand on'y
IN s small way. 500 changed hands to-day at
100. Dealers buy at 70975c. Selling at 75G7Sc.
COUNTY Warrants are firm. Bdying ct
1850 for large pieces. Small ones. 57G5Sc.
Selling st 5SG65c.
School Scrip in light demand at soaS2c buy
ing Selling at {5S90s.
Police Scrip buying at sos. seuinr At sc
me Gayoso Bank building, the property OF
Col C. J. Seiden, was sold at auetioa yesterday.
and attracted 3 large number of our capitalists.
the sale was for cash, Mr.. ". II. Bills. Of Boil
var, Miss, was the purchaser for the sum OF
S2,75o.