Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-09-06
FINANCE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS, September 4, 1853.

49, 49, ~ ,
The fourth Of September has, from the
earliest history Of our city been the most
irving dav of the year among our mer-
chants, fnancierS aud bankers. Perhaps
r. great q number Of bills and notes ma
tured here yesterday as ever before on a
single day, even before or since the war,
and It is a matter OF congratulation that
Notsries Public had but little business 10
perform. The day did not prove 3 rich
harvest 70 them by any means, for the
quantity Of paper protested was unusual
ly small. The credit Of every mercantile
house Of standing was fully sustained and
few notes were d~ishonored.
The money market was extremely tight,
. hut currency, though scarce, WAS in suG
neient supply to meet all engagements.
Numerous merchants sought fayors from
h banks, and in every case where prop
eTly endorsed received accommodation,
and com mercisl credit wss protected.
The banks have exhibited great liberaIity,
and no complaint was heard from any
quarter except the one of general strin-
gency. In several instances banks eN-
tended favOrs to outsiders for large sums,
and al the usual rate of L per cent Street
rates were, Of course, above this, and in
some cases, a. much az 2}s per month Was
ENACTED, though few were compelled to
submit to the usury.
As capital sccumulates, and new fields
Of profitable investment are opened, inter
est rates will lessen. one Of the avowed
objects Of the new bank just starting in
its career If usefulness, is the reduction
OF interest to 5 and y per cent. Their
large capital, and with expectations Of
becoming doubled, together with the
known capacity, ability and wealth Of the
stockholders, viii enable them to accom-
Pish this.
During the past season banks and
merchants have conducted the safest and
most cautious business transactions.
Credit has beenextended only in instances
where parties were known 10 be Of nm
doubted ~solvency, and thus when pay
day appeared all were prepared to meet
Obligations. We await the coming Of cot
ton anxiously and expect b~yanother week
k1F hAn4Ah hAAAhd "a VI NV LaAW9 4 10 AA-
merous. Ample arrangements have been
made to move the crop, both financially
and otherwise. Merchants are clearing
mp and painting Offices and stores, capital
IS being collected, correspondents and
agents IN other cities are being arranged
with, and every preparation il making 10
transact the heavy business anticipated.
Orders for cotton purchases from the
~Epinners of the Eastern States, and for
European account, are expected TO be
largely increased during the coming sea-
son, A. the reputation of Memphis az a
cotton market has been constantly on the
increase, both among planters and spin
nsrs. Merchants anticipate handling
100000 bales this season, and with the
high prices expected an abundance Of
money will create an active, profitable
trade. Already our Wholesale dry goods
and boot and shoe dealers are busy nlling
orders for country merchants, while large
stocks are constantly a~rrivingsnd keeping
clerks busy, day and night, u~nPacking
Gad arranging them.
We congratulate Our readers on the
events of yesterday, ana upon the prlyhE
prospects IN view. oar merchants are
alive 10 these facts, a proofof which is the
appearance ia our columns this morning
Of many new business cards, 10 which the
attention Of the public Is directed.
Exchange Is in abundant supply, and
one bank sold to-day over $4,000 On cas-
tern cities, at y discount.
The demand is chiefly from merchants
10 remit for late purchases Of goods.
Commercial bills are scarce and taken
readily at par. New Orleans Exchange Is
5s@%4 discount buying, and selling at lilo
premium.
In gold there were several transactions.
sale Of 5000 and one Of $500 was re-
ported al I35, and a sale Of $500 al 1851.
city Scrip proper sold by a dealer At s5c.
some County Warrants we're sold at eSc
TO dealers, aud Police Warrants were mac
live.