Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-19
FINANCE AND A
OFFICE OF THE DAILY APPEAL.l
MEMPHIS, December Is, 1855. J



FINANCE.
Local Finances work along steadily
and easily under an abundant supply OF
currency and moderate transactions in
exchange. The demand for the latter is
about equal 10 the offerings, and, except
in the way of change notes, very little
currency is now ordered to this point.
We have no change to note in rates:
Buying. Selling
New York dis. Pars}sc dis.
New England-@ dis.
81. Louis ....---....-~3zG
Cncinnstl...--..--Saa
New Orleans s. per slOyO els sell ng g prem.
Gold opened in New York to-day at
1S45 New York Central 1915 Erie S95
At , pm. Geld Yves down T; Central
1872; Erie 39l. At 3 pm. Central 1911 ;
Erie 3S3 and Gold closed at 1851. This
sudden jump Of Gold was no doubt
caused by the umO which reached our
city in The afternoon, saying hat the
Supreme Judges had decided the legal
tender act unconstitutional. This rumOr
will no doubt be confrmsd by our dis
patches in this issue, and Geld win be
sensibiy affected BY it for a few days at
least.
Foreign Exchange was lower in New
York at the opening to-day, 9l@l09
Gold Loans Il.
Good Commercial Paper finds favor at
9@I2 per cent. and In many cases custo-
mers can negotiate at even better rates.
Street rates sre Irregular, ranging from
i to 3 per cent. per month.
City Bonds do not appear to excite
so much attention Is formerly. We nave
heard OF several lots being Stored but no
sales. They were generally held at 53c,
but amounts could be found ct 52952!c.
City Scrip is steady ct SOC buying, sell
ing at Sl@S3c.
County Warrants are firm at zoe buy
ing, selling 81 7S9S0c, as TO amount.
Police Scrip is scarce at 94995c. Deal
ers sell at 96997c.
The Virginia stay Law expires by limi-
tati0n January !, 1869.
In the New York money market on
the 10Th gold was dull, but that clause IN
the bill Of Senator Morton, which pro-
hibits the sale of gold by the United
States Treasury, was discussed more
freely in its bearings upon the gold pre-
MUM since the announcement that il
meets with general favor among mem
bers Of Congress. The very general view
is that the measure, If adopted, viii very
directly cOnduce 20 E higher premium,
and that the preparatory process U
break down before resumption is Tesched.
The supply coming out OF the Treasury
in the way Of interest payments is about
so, 0U0, 600 per annum, while the Treas
ury collects in the way Of duties on i'm
ports Sl60, 100000. Ia the event of the
Treasury boarding the whole surplus OF
receipts over interest payments, viz:
80, coo, 600 per snnunl, all in the hands
OF the public would be drained into the
Treasury, and there would be no coin on
the market for the transaction OF foreign
commerce and the payment of custom
duties. Ia lbe event Of the exports of
gold happening 10 exceed The current
product, The embarrassment would
be ali the more aggravated there. The
10 buy gold upon this project
is at present held in check by an idea
Congress viii, upon discussion, dis
cover the mischisvOus operation OF the
measure. The cost of carrying gold is
at 50 per cent. Border State
bonds were irregular. The nnOuuce-
ment OF the defeat OF the omnibus rail-
road bills st Nashville, put up the new
renneases bonds 3 per cent, but North
Carolina further declined.
Government bonds sre frmer but I'M
and, on the whole, the tone OF the
market is not strong. The probability Of
heir bsing taxed, and the improving
one Of business circles, are l~essening the
iemsnd for investment. The speculative
however, was stronger at the
lose, owing to the report Of the Finance
committee Of the SeDste in reference to
he payment o. bonds in coin being
more positive than he House resolution
-~irtuaIy proDOuncing for coin payments,
/ declaring that the question Of the re-
IemptiOn Of the bonds should not be en-
ertained until the currency Of the coun-
~ is coin. The various preliminary ac-
Of both Houses on This subject, have,
however, come to be regarded as largely
Influenced by speculative cIiques.
Railroad shares we're dull and closed
ssi5r. There were Tumors OF 8 great
ear movement being in~augursted, but
fort to get up another corner.