Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-11
FINANCE AND TRADE
OFFICE OF TIE DAILY APPEAL, l
MEMPHIS, June 10, 1870. J
FINANCE.

Exchange is firm at par buying, and =
Dremium selling. The offerings are ligh
and the demand is not active, u II Is II
excess of the offerings, and balances las
are gradually but steadily being reduced
Money is in active demand, d rates o
discount are steady.
Ctv bonds are in demand. We note
sale of 5000 new bonds at 48c, and mor'
would De taken at the same rate. Iher'
is also a demand for navy yard bonds a.
zoe The recent Supreme Court decision
confirming the title Of the city 10 th'
navy yard property has caused the oe
mand. 1t is not probable that the july
interest on these n Will De palo, ou'
the one due in January next VIII nc
doubt be promptly met. ,
Ten shares First National Bank stocB
sold TINS morning at l55.
The two contending parties VINO are
obont To naugurat the war alluded JC
Yesterday over the Mississippi and Ten.
nessse RailrOad and its destlnies are
massing their forces for the coming eIec'
ton. which is soon to come on, ana holo'
ers of stock in that road are beginning u
reap the benefits Of the competition going
ON stock has advanced from lOc, al
xvbicb II WAS recently sold, to DC, with
hrisk demand at the latter figure, D 3
DrosDect that it will go 10 DC. A sale Oh
siI0a 81 mortgage bonds Of this road was
effected at 67Ec, which Is 2zc higher than
thew are quoted j u New YORK.
In Memphis and Charleston halIroau
stock we can learn of no movement. II Is
nomlnally 4a945c.
rallv are we'll supplied, and the demand
from taxpayers - met at yesterday :
quotations. IA
ns,d only: T5G76c was the buying rata
with dealers, who sell at T97sc.
Tennessee moneys is weak. Dealers Doy
at Csc and sell at 4Oc.
The financial Chronicle Of a recent
date in an able article upon foreign ex-
change. estimates that the present season
will prove an exception 10 the usual rule
that with the summer months exports oil
produce from this country will fail below
Inc import demand for exchange, and
throw the balance Of trade againstLnis
country. 1t SAYS: We give the follow
Yug statement Of the exports OF cotton,
bresdstuffs, and tobacco from the Atian-
tie and Gulf ports OF b Cnlted states
from June ! to September l, Io0s;
Cotton, 5000 bales, valued ATS 300, 0OJ
Flour. $4,000 bbls, valued it.. 3,S25,OOJ
Cornmeal, 5000 bbls, valued at 5DO,OOO
Wheat. $780, 900 bus, valued at.--I0,GIo,0Ou
Corn. eos. coo bus. valued at-....-.- 30O,0OO
Tobacco. 1850 hhds, valued at. 5~,Sl5,OJC
Tobacco, 24,7O0 other pkgs, val
ued "ss5s S,vVVBOOu
Tobacco, manufactured, 2,9OO,OB
lbs, valued oU,VCO
Total yslue In gold ...-.-...S3 $50, AS, 900
We have not taken into this calculation
the important item of petroleum, o the
exDOrt of breadstuffs from the Paclnc
coast: they are not necessary TO our pres
ent purpose, though they should not be
lost sight OF
From the above it will be seen that for
the three summer months last year the
exports OF cotton were 5000 bales worth
500 gold per bale-a fair vslGatiOn. At
the close of May, 1870, there was a stock
Of cotton in this country Of about $4,000
bales. against $50, 900 bales the correspond
ing date last year. 1t is very plain that
the receipts of cotton at the ports are for
the remainder of the season to exceed
last wears movement during the same
period, and will be in excess OF the wants
3f u spiuners, leaving, in case crop re-
ports continue favorable, the whole OF the
stock to be exported, which, 1t the re-
ducsd value Of say $50 gold per bale,
amounts to the sum of about 81, 900, 900
in gold.
The exports Of breadstu1s-of wheat
and wheat flour in MISUNDERSTANDING the
summer months of 1863 were unusually
large. about tWO-ffths OF the exports OF d
year in which the shipping demand was
much above the average. But we see no
reason to doubt that the export ior the
summer will be fully as large.
The demand from Europe Is more gene
and legitimate, and less speculative
now than then; while other foreign mar
kets which draw supplies from us are
purchasing with great freedom. Prices
are now rather higher in gold than last
June, so that our shipments Of Hour and
wheat Tor the next three months may be
estimated at SIS, 0OO 200 in gold-an
amount that viii seem incredible TO one
has not fully examined the subject.
But when il is remembered that during
the summer months Of 1869 from this
market alone we exported SOC, 600 bbIs.
Hour, valued at , 100 900 in gold, and
s. 40. 600 bushels OF wheat, valued at So
D in gold, with supplies now COM
ing forward in excess Of last year, the
estimate of fifteen million dollars
from the whole Atlantic seaboard will not
be considered excessive.
We now come to tobacco. The last crop
OF kenJurkY tobacco IS estimated at fully
90. 600 hhds. short, and the deficiency may
reach 10000. The short crop led TO ex-
IRENE prices. These have greatly re-
tarded The export of this staple, and hence
the shipments which should have been
made in April and the first halt Of May,
are now in progress. How much there
fore the falling Oh in the crop may
contribute TO a diminished aggregate
export, the movement for the next
three months is likely TO equal in
amount the corresponding period of 1863;
and as il is going forward at a great ad-
vance in gold prices, the value of the to-
baccO TO be exported viii exceed last
wears figures probably, approximating
ten millions Of dollars. We thus reach
the following estimate Of the gold value
of the exports of these three great staples
for the next three months:
--..--........ ....s,s.. ......... ~ ,OOU,OO
l5,OOt,OOO
Tobacco lU,OhU, OUU
S,UUUsuUU
an increase Of nearly SI9, 600, 600 over the
corresponding period of 1869, or nearly
81. 5OO,O 600 in gold per week-an item of no
small importance in estimating the FIXTURE
Of exchanges.
The exports of other articles of produce
are likely to rather exceed than fall below
last year, particularly in gold value. This
is now true of petroleum; while u i'm
ports, from many evident causes, are not
generally estimated at so large a figure as
last season.