Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-04-16
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS, April Is, 1870.
FINANCE

MEMPHIS, April 10, 1917.
FINANCE.
We learn Of no changes in the local
o market. Exchange is in moderate
supply only, and but N or W banks
are able to spare from their abundance
enough to enable others who are short to
accommodate their customers. Cotton
bills are generally few and far between
and are small in amount. They are taken
at par, and between banks transactions
are reported at 81 75@2 per $1,000 premi-
I'm, checking at = premium.
Tennessee money is steady at 1905
buying and selling. County warrants are
in demand at 75@76 by dealers, who sell
at 1@7s. City scrip is weak at 75S7s.
One or two holders of Memphis and
Charleston stock offer to sell at 46AS47,
but others are holding at As.
Comparatively very few '~'patents" ever
prove valuable to the world or remunera-
tive to the ~discoverer, but Bessemer has
no reason TO complain Of the financial
success which he has met with. He is a
German, and a few years ago got a patent
or a very essential improvement in the
manufacture OF steel, and every cwt. Of
steel manufactured after his method
brings 4 OF a rix dollar to himself. Until
b close Of the year 1868, the quantity Of
steel thus manufactured in Europe
amounted to 500, 600 ewts., which brought
&c Bessemer's part S S,I66,667. Now as,
according to the latest statistic reports
the average weekly produce of Bessemer-
steel Rmounts to $3.50 tons-l95, 009 cwt.,
to-day Chs weekly income of Bessemer,
I thence, amounts to $4,000, or s92S5 per
diemi This colossal income, however, Is
threatened 8 violent shock by a new
method lately patented by Hoaten, an
EngIishman, and by which even the yery
worst of pig iron is made available, where
as N the Brenemer process only the very
best OF pig iron can be used. Neyerthe-
less. Bessemer will still draw several
millions yet from his patent, and he can
quietly face the competition.
1t seems that the National Banks OF
Philadelphia return larger profits than
those of any other OF our large cities, viz:
Average Average
Capital. profits. profits.
y. Y. ..S73, 2lS,000 S25,SSS, 7OS 500 p. ct.
Boston &c. Is, 900, 600 l2,567, 1866 2s.S5 p. ct.
Phiisda-- l6,555,l5O 7,4S0,S94 45.4 p. ct.
BaltimO.. 1881, 9S5 2,322,237 2233 p. ct.
In addition 10 these the State banks in
New York city have a combined capital
Of SlL,s72,OOO, with az average profit Of
42.68 per cent. There are nine banks in
that city having combined profits amount
ing to SIS, I52, 900, each having owe $1,000
600. In Boston there is one bank only
having over 81, 600, 900 of profits; in Phila-
delphia only one. In New York one
bank has reserved its profits TO seven
times its capital; another, profits 90 per
cent. beyond capital, and several whose
profits range from 60 to Is per cent. of
their capital. The National Banks ofthe
United States, in their Last official returns,
report investments on hand amounting to
81, l30, 900, 1000, or a combined capital Of
S4l9, 900, 200, or about lbs per cent. beyond
their capital.
England is. after all, the bank al which
the world borrows most of its money.
Though the Rothschilds may have their
principal houses in Paris and Frankfort,
operations, s~tupendous as they may
seem, sink into insignidcance when com
pared with the immense sums annually
ia foreign enterprises and gov
eminent securities by the people Of Great
Britain. The London Economist, Of March
18th, prints a table showing the amount
Of the various foreign stocks which are
dealt in at the London exchange: