Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-06
FINANCE AKB TRADE
OFFICE or TIFF DAILY APPRAL.l
1EEFEIs. November 5, 1855.

FINANCE.
Money, money, money, is the cry at
or banking houses. Everybody wants
money TO buy cotton and the demand is
greater than the supply. Heavy ship
ments of currency fow in to Us by every
train, bat it no sooner arrives than it is
psid out. With 1000 bales changing
hands daily it is no wonder that our
banks with their limited capital should
be unsble 10 take sll the cotton bills
offered, but we hear Of very little com
p~lsining. All regular customers are pro
vidsd for, and those 70 whom our banks
are under obligations of any kind neveT
go away dissatisfied. TIE demand for
exchange WAS rather better to-day.
Several Of our leading dry goods houses
were negotiating. New Orleans sightis
taken at discount, ard sold st par to
premium. Bills or New York, Boston
and all points East are taken at Z dis
count, while the counter selling rate is
par. Large amounts can be bought at !
TO / discount.
Outside OF s few street transactions
we can learn OF no loans being effected.
Our banks are not in 3 condition to loan
even upon collauersls or at call, ss their
currency is employed ia the movement
of cotton, which seems to attract all their
attention.
GOid opened in New Yerk ST l32Ic.
went down &c, and closed as it opened
A lot containing $1,000 wss taken by one
Of our brokers st 1SSlc. Selling at
IS59lS6c.
There was some activity in city bonds
to-day. A sale Of SO 600 at 533c by a
broker, was reported, while there was an
active inquiry among street dealers ST a
fraction lower. Much Of the quietness
in these bonds for the past few days has
been OccasiOned by the -closeness o. cur
rency and the demand for it for other
purposes as well SIS tie election, but IS
soon Is the excitement regarding the
latter wears away we look fer some large
transactions st advanced rates. A
purchaser who thought he could make q
good thing by buying elsewhere tried
the Cincinnati market, where nearly
100000 OF our bonds are held, but to-day
received q reply stating that only 5000
could be found, which the holder would
sell st SOC If taken inside Of twenty-four
hours.
City scrip is quiet. There is none
offering, and vii! be no large demand
previous to the 10th inst, when it will
again advance, and probably go to zoe.
Deslers offer 7SGS2c, snd sell at S+GS5c.
County warrants are dull, with 10
change 70 report in quotations. Buying
at 62S63c. Selling at 63lS66c as to
amount.
Police scrip is steady. Buying at soc.
Selling st S5c.
School scrip is scarce at SGG92c buy
ing. Selling at 95c.
The Saturdays statement Of ths New
York associated banks, shows a con-
tinued loss of deposits, amounting to
some 100000, and the banks are evi-
IDENTITY strainiBg every nerve to sfOrS
necessary accom- modstioDs 10 business
men, a., under this continued loss o. de-
posts, the loans are only 81, zoo, 600 less.
The fact that there is s decrease in loans,
effectusIly expiCdss the sensational glory
that the striDgency in the New YORK
market has been caused by speculstUrs
borrowing $1,000, 900 in currency from
he banks, 4 LOCKING it up in their phi
Yate safes.
Within the past month the sub-treas-
uTy has redeemed ST, 526, coo Of three per
cent. certificates. These evidences of
debt were issued 10 the bank. in redemp-
ton OF the compound interest notes, aud
were made available, 10 the same man
neE IS the compounds, as q portion Of
the lsgsl-teDOer reserve. The banks are
allowed by law to keep three-hiIhs Of
their whole reserve 10 these certificates, |
the bAlsuce OF tWO-tbirds to consist Of
specie and plain iegal-tendeTs. Within
the month, The bsnks lost 2 lsrge amount
OF gresHbscks. Their working balance
Of lsgal-tendsrs being thus reduced to 8
very narrow margin, the above amount
OF these three per cents. has, of nece.-
city, been sent TO the treasury for re-
demptiOu. The larger portion Of them
vs. redeemed when il Was uncertain
whether the treasury would decide % re-
Issue them but within the last few days 1
the Secretary Of the Treasury, after con
sultstiOn with his legal adviser, hiss de-
ClaTed That he has DO authority 70 put
them 10 circulation again, when once re-
deemed, aud the certificates Rre there
fore Cancelled a. they are paid. The re-
sulti Is, therefore, plainly, that within the
month nearly twelve millions Of Obliga-
tons serving the purpose Of q legal-teu-
der reserve Of the banks have been per-
manently retired, virtually c~OntrGctiag
the circulation to thct eIteHt for 81
equal amount Of plain le~gai-tenders has
bad to be substituted il their place as 8
portion Of the banking reserve"