Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-07-01
VUANTED-AGENTs-s7 to s2Ol per montl
FINANCE AND TRADE.


fRrN-'H
The money market remains quiet
but is rather closer, If any changs ha-
occurred, in consequence Of shipments
of currency to create exchange and a
growing demand for accommodation
nom mercantile circles. Some of the
banks continue TO get in enough eE-
-hange to meet the demand and still
cell at premium put seyergi ST the
leading banks charge higher, and
this viii probably be the ruling rate
by the close Of the week.
Gold was in demand, dealers buy
,4g 4t49e6l 1862, which was close on
10 New York rates, ANA was the result
of light offerings. It ranged from-l37
TO 1877 in New York. Shipments at
that port to-day were $4,000. The eff
feet Of July disbursements is already
probably fully discounted.
City Scrip was unchanged. Dealers
reported small purchases at 7sc and
a sale at SOC, though S2@ s3c was gen.
orally asked.
County Scrip vas in fair demand,
with less on the market, and ruled
steady at $50 &c buying,
Police Scrip was dull ana unchanged.
There was no movement whatever
in stocks or bonds. Dealers want to
buy, but there are none on the market.
In consequence Of the heavy storm
to-day, we are without our usual tele-
graphic report o. the New York stock
market.
at tine close Of last week the coin
balance in the National Treasury was
Sll0.OO0, 600, which included S2s,00o,-
900 held against gold certificates, leav-
ing $50, 900, 600 in the ownership of the
Government. The currency balance
at the same date was SD, 600, eco,
against SG,SO2, 900 on April !, showing
an absorption by the Treasury Of over
80, 600, 900 in the last eight weeks,
which IS ample reason for the strin-
gency in the Eastern money markets,
and which would have been severely
felt here but for the flow Of currency
TO the West 10 move grain.
The London correspondent Of the
Financial Chronicle, writing under
date Of 18th inst, Gays:
The bank return being of o most ia
vOrable character, the bullion show
ing an increase Of about fSO,OOO, and
the reserve Of notes and coin q 800
600. there has been increased ease in
the money market. In fact, from the
~appearance OF stringency noticeable a
saW weeks since, there has been a COM
plete change, and now a belief Is gain
ING ground that still easier rates Of
discount may be anticipated. On
Thursday the Directors Of the Bank
Of England reduced their minimum
rate from Al to 4 per cent, while in
the Open market the rates have de-
clined from a to 30 per cent. The
suppIV Of caDital seeking employment
IL Verv considerable, and there is
more probability Of an increase than
a dimfnuti0n Of it. The change from
a comparative condition OF ~stringency
10 decided ease has been almost as
rapid as the upward movement TO a
per cent, and Il now remains to be
Seen if a return TO ease in money will
cause a return to speculation. For the
present, however, the market appears
likely 10 continue. easy until
toward the fall Of the year,
when there will probably be
more activity in the demand and
higher rates of discount. But as trade
is likely to be, in a measure, kept in
check by the important failures which
have taken place during the present
week, the trade demand may not be
very considerable.