Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-04-27
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS. April 26, 1870. J
FINANCE.


The demand for exchange was not so
active to-day, and several Of u discount
houses reported increased offerings OF
cotton bills and an easier tone in the Tx
change market, but no change in rates,
which remain steady at \ per cent. sell
ing; buying at par. 1t may not be gen.
erallv known, but it is a fact, that a very
large proportion of the exchange making
goes East, in the shape of premiums on
life insurance policies, as well as FIRE. The
drainage Of currency in this way is very
much larger than an outsider would sup
nose. This flow of money 70 foreign
offices. while it enriches them, impover-
ishes our people to the same extent.
CITY Scrip is rather more active, but not
better. A sale of 5000 city coupons took
place yesterday at 74Hc, and was resold
on contract at 75c, but dealers are mostly
we'll supplied. Taxpayers buy at 20
orc.
Tennessee money is quiet. one thou-
sand dollars sold al 72hc, and a few small
lots were offered at 72H@73c. Dealers
sell at 74@75c, as to amount.
County Warrants were more active, TO-
dav.a and prices haye advanced. Dealers
bid 7sc. freely, and holders ask Soc. There
are few on the market.
Gold is very quiet. The small lots
offered are tsken at IISGllSHc. Silver at
lac. with only n moderate country de-
Hland.
The latest mail quotations on Southern
securities are as follows:
ASKED. BID.
Tenn. 6 per ct. Bonds, 1ld.~-56H az
Memphis 9 per ct. BIDS, oId~.5 as %
Nj. & C. R. R. stosk.. 49,
" 4" ID " us
Mob. & 0. Ster. Bonds~15h 565z
" Int. s pr C. " --6stsSPv99'
" Inc. S pr C. " ...-..-.4O
Mem. & .. 10 per c. " .-...~..52
- & " I" .-.26
Miss. & Tenn. lst Mort. B'ds.-5s
Miss. Cent. Ist %
NJ. & L. r. Ist .s1S
A question has lately arisen as to. the
responsibility of tradesmen n sother
for defacing the coin they give ms
change by stamping their business az
dress thereon. The language OF the aHt
ON the subject is: "If any person shall
fr~audulently, and for gains sake, by any
act way or means whatsoever, impair,
diminish. falsifV, scale or tighten the gold
or silver coins, shall be deemed guilty Of
2 high misdemeanor, and be imprisoned
not exceeding two years n nneo not sA-
reediug two thousand dollars" lhe
-.aa-FhHHHF IEannnE nualn
the construction Of the word impair.
1.-THE stamping process become an abuse
an amendment Viu probably be made 10
the law so as 10 prevent. As yet, so lar
A we have seen, the law has not been
violated.
. The New York Journal o. C0n,msrcs
mas the following in relation to registered
bonds:
Registered bonds are frequently passed
from hand to hand by Endorsement with
out the surrender Of the certificate TO the
United States Treasury and the transfer
10 a new name. This will DO well enough
where all the parties are well known TO
each other, but it does not give absolute
ownership to the holder for the time be
ing. A registered bond is not negotiable
like 4 promissOry note with a good title
conferred on the present holder by ths
signature OF last indOrser. A moments
reflection viii convince our correspond
eut of this. NJ. takes out a certificate OF
UnitedStatesstOck registered in his name;
be sells il, assigning his title IN blank on
he back of Il, in presence OF q proper
United States officer, whose signature IS
recognized at Washington. 1t may then
be sold to n, and from y. TO o., and
again 70 P. and so on from one 10 another;
but all this time the amount stand on the
books Of the Department 10 the credit OF
n, and the interest j. accumulatlng IN
his name. II before the books close for
she semi-snnual interest, the holder mis-
40 the blank in the assignment with his
avn name, n sends the document 10
y Washington, the amount Will be transfer
red to him, that certificate be Cancelled,
and a rev certificate made GU ia his
name; hs can then draw the interest.
But ii the books happen to close, before
be s~urrenders the certificate, the award OF
interest stand7on the record 10 the credit
Of NJ, and no one but him or MS lawtul
attorney can draw &C.. The principal Of
the bond is transferred with the new
F~srtideatA. but the interest after a certain
late is fixed i~Freyocably IN the name Of
he former owner. We never intimated
that il was not safe 70 loan money on
khs deposit Of a registered bond nlled out
with che proper assignment, auly exc
ruted before a United States officer,
authorizing its transfer. we doaot
ii suoh an assignment could be revoked
80 as to deprive The lender OF ms Aeni
but il does not girs him title on b
books of the Treasury until ne s~urrenders
II, and makes the transfer 10 himself.