Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-05-05
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS, May 4, 1870.
FINANCE.

OFFICE OF THE DAILY APPEAL,
MEMPHIS, May 4, 1870.
FINANCE.
The movement Of cotton, though light,
when the stock on hand is taken into con-
sideration, is ample to keep Exchange
easy and rates steady on the East. The
demand is not active, and is supplied at
&c prem.
The demand for money is not so ami
mated as 1t was q short time ago, nor will
it be heavy, we think, for some time TO
come. Planters are now well supplied
with mules and horses, and the only as
sistance they will hereafter need will be
something to eat. Very many Of them
are able to work through without even
his assistance, as there can be no doubt
that a good deal of currency is in the in
terror in the hands of the freedmen and
the planter.
In Bonds and Stocks there Is no move
to note. Some Memphis and Charles
ton stock is on the market, but holders
do not seem willing to sell at buyers
views. There are no buyersOf City Bonds,
and rates are nominal.
There is some demand for Levee Bonds
of I~sssquena, Bolivar and Washington
counties Miss. from taxpayers, and sales
have been reported at 62@65c in a small
way, but a large lot would not realize
over 5sGGOc.
City Scrip, County Warrants and Ten
nessee Money are the same as at our last,
with some demand for tine two latter, but
none fOE City.
The debt statement for April is as fol-
lows: Debt outstanding, $4,000, 570,e47 80;
total interest, S5s,62, rs %; total, in
Guiding interest, due and unpaid. 1884,
Iq3. 4S4 y. Amount in Treasury-Coin,
sII5.525.2l3 90; currency, S6,954,094 O6;
sinking fund bonds, $685. 62 6S; other
bonds, S77,5S3 $50; total ia treasury, SSS,-
80 $50 81. Debt less amount ia FrsaSsES
$2,42D,s 54, S94 IS. Debt less amount in
Treasury on April lst, S2,4lS,S56,2lS "A.
Decrease during the month, Sll,697 ,7sS 81.
Decrease since March LIST, 1870, sI2,G64,l42
50.
The House Roads and Canals Commit
tee have agreed to report a bin to incor.
porate the Mississippi Valley Land and
River Improvement Company, with a
capital of S, 900, 900, and having for its OBJ
ject the draining and retaining of swamp
and overlooked lands in the valley of the
Mississippi and tributary streams, and
for improving the navigation Of the same.
The Bank Of California has now q cap
itai Of s., 500, 600. 1t originally had a cap
ital Of $500 900, and has paid a dividend
of one per cent. per month each and every
month since it was established, and has
increased its capital from the latter to the
former sum by the excess Of profits above
one per cent. a month.
Quite a number Of bankers and brokers
have written to members of Congress in
the belief that the Funding bill is dead,
and asking for some expression of opin-
ion as 10 what financial measure, if
any, Congress Is likely to pass. This
TACT gave a prominent member of the
Ways and Means Committee occasion
20 remark on Monday that the Fund
ing ill was not dead; that il
was very fayOrably discussed at the
A4lUGAlhk VI AK EIAAAAlAAAAC0 oA AAoAAAN
morning, and that by Monday mex it
would be reported to the House with some
amendments. II is further ascertained
that the compulsory clause in the seventh
section Of the Senate bill, which compels
National banks to take the new bonds,
has not been struck out, and the prob
ability now is that it viii not be materi-
ally amended. The two weeks debate on
the bill in the committee indicates very
clearly that the feature to compel all Ma
tional banks to bank on a new uniform
bond bearing four and a half per cent. in
terest will prevail. It may not be exactly
as il is in the Senate bill, but it will be
reported in some shape.
The following is a synopsis of the bill
reported to the House by the Banking and
Currency Committee; 1t contains twelve
sections, and provides for the issue Of $780,,
0 10000 OF National currency TO States hav-
ing less than their proportion, and for the
redemption and cancellation of S45, OOO, 900
of three per cent. certificates, and for the
cancellation of so. OOO, 600 Of legal tenders;
also, that the additional currency shall be
secured by deposit Of four and a half per
cent. bonds, exempt from taxation, and
tina when $50, 600, 900 of the new issue
have been taken up, all banks shall re-
ceive the same four and one-half per cent.
bonds, as security for their circulation. 1t
provides for free banking on a gold basis,
and for tbs redistribution of S25,OOO,OOO
Of National bank notes, taking that
amount from States having an excess,
and distributing it to States that are def
Gent. But this redistribution shall not
take place until the S95, 100000 provided
for shall have been issued. II reduces
The tax on circulation one-half on all
banks that secure all their ejaculation by
the new bonds.