Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-08-29
HEMPIIS APPEAL.
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL. I
MEMPRR A0pust q ISSS. {


MEMPHIS. August Is, 1855.
Business in our general market is very
dull, and q sympathetic feeling pervades
financial circles. We are now on the
turning point from one years business
to another, and added to this is the near
approach Of the close of the month, in
view of which trade never fails to Lam
guish in this market. It is expected that
the first of the coming month will be
marked by 8 gratifying revival of trade
in all departments, that will increase
very materially SIS the season advances.
Money is easy at the banks but scarce
among the masses. Exchange is like
wise easy and inactive, enough making
to supply the demand. Rates are IN
changed and firm.
City Scrip Is scarce but little in de-
mand. 1t would be difficult to get hold
of any at less than zoe, although dealers
picked up a few small amounts to-day at
70@72c. Dealers selling rates are 759
SOC.
County Scrip continues to move with
some little animation at 52@5Sc buying,
and 55@56o selling.
Police Scrip Is scarce and In demand
at 75977fc, aud is held by dealers at SOC.
The market for Stocks and Bonds was
q little more animated. Since yesterday
there have beer sales of42O shares Mem
phis and Charleston Railroad stock at
539c 20 shares Mississippi and Tennes-
see Railroad stock at SO $1,000 in city
bonds at 509c, and q like amount on pri-
vate terms. Offerings of every thing in
this line are very light. Orders for Mem
phis and Ohio Railroad stock, and secu-
rifles Of the Memphis and Charleston and
Mississippi and Tennessee Railroads are
still on hand at previous rates. Quota
lions OF State, Government and other Sc
curities from New York to-day are as
follows: Tennessee bonds 81; new do 6S
5-20s, coupons of 'Sl 1l4f '62, 1I35 '64,
1895 '65, Ill new issue, 1888 '67,
1881 ; 10 40s, coupons, 1851 ; bonds firm.
1t will be seen that Governments have
advanced materially In the past few
dsys, which is an indication of an easy
money market in New York, notwith-
standing the heavy drain of currency
Westward to move the grain crops-a
drain amounting to SIS, COO, 600 per week
for the past two weeks.
Solicitor Buckley, Of the Bureau of
Internal Revenue, has written an Opin-
on in relation to the claims Of the In
ternal Revenue act of July 20, touching
he express provision that the processes
Of distillatiOn and reetiicstion shall not
both be carried on within the distance of
six hundred feet. Mr.. Buckley decides
where rectifiefs and distillers are In
business within six hundred feet OF each
,ther, the hrst person who, 10 good faith,
,ives notice in writing, under section six
the law, that he intends to carry on
he business of rectifying or distillation,
would acquire a right OF preference, sub
ect to be Invested by laches, fraud or
allure to complete his compliance with
In all other respects. When o per-
has both a rectifyiug establishment
md distillery within six hundred feet OF
ach other, the law gives him the option
# disseminating the branch he may
elect.
The Daily Bulletin of New York of the
4th met, in it's regular weekly sum-
nary, has the following interesting re-
lew of that money market /: The gen.
rel course of financial affairs during the
7eek has bsen just about what might
ave been expected. There has been a
demand Tor currency at the West
7hich has been so easily met as to
ardly Influence the rates for money.
Governments with a falling off in the
emsnd have declined in price. Rail-
pad and other stocks have been entirely
overned by speculative operations.
has been down to A, and the whole
st is in an anomalous position as to zeal
some being too high and others
DC low. Gold has continued to decline.
q the same week OF 1887 the money
wa decidedly Influenced by the
rain Of currency to the West, and call
'ans were quoted l per cent. higher.
his increase in the rate proved to be
mite temporary and the rate went back
3G4 per cent, at which it remained
IL the middle OF September. Bonds,
Ocks, gold and governments were
ithout any feature worth noticing.