Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-09-05
FINANCE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS. September 4, 1863.

49, b
MEMPHIS, September 4, 1869.
The fourth of September has, from the
earliest history Of our city been the most
trying day Of the year among our mer-
chants, f~nanciers and bankers. Perhaps
as grsat a number of bills and notes ma
fured here Yesterday as ever before on a
single day, even before or since the war,
and it is = matter OF congratulation that
Notaries Pkblic had but little business to
perform. The day did not prove q rich
harvest TO them by any means, for the
quantity Of paper protested was unusual
" small. The credit Of every mercantile
house of standing was fully sustained and
few notes were dishonored.
The money market was extremely tight,
but currency, though scarce, was in suf-
fcient supply to meet all engagements.
Numerous merchants. sought favor from
the banks, and in every case where prop
erly endorsed received accommodation,
and commercial credit was protected.
The banks have exhibited great liberality,
and no complaint was heard from any
quarter except the one of general strin-
gencv. In several instances banks eX-
tended favors TO outsiders for large sums,
and at the usual rate of z per cent. Street
rates were, Of course, above this, and in
some cases, as much as 21f per month was
eXacted, though few were compelled to
submit to the usu,y.
As capital accEmulates, 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 of usefulness, is the reduction
OF interest TO s and 3 per n 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-
plish this.
During the past season our banks and
merchants have conducted the safest and
most cautious business transactions.
Credit has been extended only in instances
where parties were known to be OF IN
doubted ~solvency, and thus when pay
day appeared all were prepared TO meet
Obligations. We await the coming Of cot
ton ~snxiously and expect byanother week
the daily arrivals of new bales will be nu-
merous. Ample arrangements have been
made TO house the crop, both financially
and otherwise. Merchants are clearing
up and painting Offices and stores, capital
is being collected, correspondents n
agents in other cities are being arranged
with, and every preparation is making to
transact the heavy BUSINESS anticipated.
Orders for cotton purchases from the
spinners Of the Eastern States, and for
European account, are expected 10 be
largely increased during the coming sea-
son, as the reputation Of Memphis as a
cotton market has been constantly on the
increase, both among planters and spin
ners. Merchants anticipate handling
800. 600 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 filling
orders for country merchants, while large
stocks are constantly ~arrivingand keeping
clerks busy. day and night, unpacking
and arranging them.
We congratulate our readers on the
events Of yesterday, and upon the bright
prospects In view. Our merchants are
alive to these facts, a proofof which is the
appearance in u 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 100000 on cas-
tern cities, at = discount.
Commercial bills are scarce and taken
readily at par. The demand is chiefly
from merchants TO remit for late purcha-
ses Of goods. New Orleans Exchange is
%@L discount buying, and selling at lilo
premium.
In gold there were several transactions.
A sale Of $1,000 and one of $500 was re-
ported at l55, and a sale Of 5000 at 1861.
City Scrip proper sold by a dealer at s5c.
Some County Warrants were sold at Csc
10 dealers, and Police Warrants were mac
tive.