Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-09-18
FINANCE AND TRADE.
FINANCE.
OFFICE OF THE DAILY APPEA
MEMPHIs- Sentamher Il. 1859.

OFFICE OF THE DAILY AbPEA |
MEMPHIS, September Il, 1869. J
II u readers don't believe that W,
enjoy a very tight money market let then
make an effort to borrow. They WILSON b,
undeceived. our banks are powerless &
help even their best friends, except TO
limited extent, while upon the street 5 pei
cent. per month is not considered an eN,
horbitant rate. Some ease is anticipated
by the first of October, but much viii de.
pend upon the cOurse of the staple.
IN bonds there is nothing doing, neither
is there in stocks or local Scrips. Every
thing is on a stand still for the want OF
currency, and it viii be several weeks vet
ere we will lie able TO note a change foI
the better.
Exchange . making in mare liberal
amount as the season advances, and will
soon De equal to the demand. Dealers
takesome cotton bills at par, but asa rule
= TO a discount is made on all Eastern
bills.
Gold is i'm demand for shipment, and in
consequence Of the decline in Exchange,
dealers keep mp a larger shipping margin.
Several thousand dollars were sold to-day
at our quotations:
Buying. Selling.
n Y. Exchange par TO acdis. par.
n. q. Sight. ......... - par TO IS pr.
City serip- 65@67 400
County Warrants 66,d6S 5000
Police Scrip gHa- $40
GOld..---.--...-. I'D Gl354 ID
The nominations for officers of the
Chamber of Commerce were made yester-
day, the committee being unanimously in
favorof Mr.. Nelson, the formerP President,
who only consented to serve because Of
the inability Of the nominating commit
tee TO select any other candidate. Several
gentlemen on the committee who were in
favor of Mr.. Moore for the Presidency, as
scented TO the nomination, and all viii en-
dorse their action and give the ticket a
hearty support. Mr.. Moore is FIRST among
the list of ice-Presidents, and viii make
an active, efficient officer in the future as
in the past. The ticket is an excellent
one and viii be thoroughly satisfactory
10 our business and property owning citi-
zens. The entire ticket is published in
full elsewhere.
Editors AppeaJ: The vast amount of
money drawn from the South since the
var by Life Insurance Companies startles
even operators in Wall street. Multitudes
Of people in the South found themselves
and fanlilies suddenly impoverished.
They were too old to begin business life
anew, and, unwilling, Ia the event of
death, to leave beggurd families. they
have encountered want to-day that there
may be plenty tomorrow. If the South
made 500. OOU, 600, bv the cotton crop Of
last year, il has expended OF this sum be-
tWeen forty and hfty millions in foreign
life insurance. II thIs were not the richest
country ON the globe IL would be bank
Tupted b. this system Of ex-
penditUre. Recent failures of some of
lhese companies, which had been many
years in existence, haye caused grave ap-
preheusions and may give . check 10 this
h0urishing business. The money received /
by these companies Is mainly invested in
gold bearing government DOuds,a and thus /
from two directions vast wealth is alb
sorbed from the industry Of the toiling
people. Ifthe millions taken away were
Invested i'm railways, and in diversifying
Southern modes of industry, The cOndi-
ti0n of pOlscy-holders and Of the South
would be infinitely better. Aud if these
Government bouds did not control the
Government, and We're payable in cur
rency, money would De more abundant
and the rates Of interest greatly lessened.
While the Government is a borrower aud
EBaLlH III NA-LbAllAADN~tN = ANilfAINA AalA- /
lions Of the peoples gold 20 pamper these
b~Omd-hOideTs, usuriOus rates of interest
necessarily prevail everywhere, and the
Bh0le country Is Impoverished that the
few may be enriched. This business OF
Life Insurance demands regulation at the
hands Of State Legislatures. II involves
mOment0us questions Of public policy,
and is the source either Of the greatest
possible detriment or Of uHeyampled
good
The foreign Life Companies doing aH
extensive business in this city are.
knickerJ0cker of New Gork...S 100000
Globe Mgtgalof New York. 2,OOO,OOO
st. Louis Mutual Of ST. Louis. 4,U23,Slj
Northwestern, Milwaukee, Wis. j,00U.OO0
New York Life of New York. l2,OUO,VgO
Equitable Of New York ......... g,jj8,O6l
Phoenix Of Hartford, Conn. 3,00O,glQ
Connecticut Mutual, Conn p 100000
Etna Life OF Hartford, Conn l2,GOO,UUJ
Missouri Valley Of ST. Louis. $40, 600
Widows and Orphans. OF n. y. l,2OO,OUO
Widows and Orphans, Nashville. $4,000
T~otalcapital represented. SIS, 3s2, 9Oj