Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-02-22
FiNARCE AND TRADE.
FINANCE,
OFFICE OF TIE DAILY APPEAL, |
MEMPHIS, February p, 1870. !

OFFICE OF TIE DAILY APPEAL,
MEMPHIS, February q, 1870.
Advices from Washington, received
during the week, state that the Fund
ing bill will be postponed until the
next session of Congress, and that a
bin will be passed to reduce the tariff,
customs and revenue twenty millions,
and the internal revenue thirty mil
lions. The income tax will be mOdi-
fed or entirely removed. ItisRlsO re-
ported that Congress will pass a law
to restrict the sales of gold by the Sec
Tetary Of the Treasury, and that d
Secretary will be- prohibited rom sell
ing any gold until the Treasury hoids
a surplus of fifty millions beyond Inc
amount of accrued interest and gold
certificates issued. The German
bankers received by cable considerable
orders 10 buy, which were sent 70
them from Europe on the receipt oi
the news that the Funding bill woutd
not be acted upon this session OF Con
gress. The rates for money are also
declining on the continent OF Europe,
and an active demand Tor our Is
expected throughout the spring and
sCtumer.
O1r money market has been mode
rateIv easr. and is gradually improv-
inc while thd demand is not large in
n vrav of discounts. Mercantile pa
Der. when offered, is taken at ! per
cent. per month, and sore cali loans
are reported at easier rates, though
some OF our banks still have all they
can do in the Wy of moving cOttOns
and are doing hut little IN ne Inc OF
commercial paPs-, -
Exchange has been in 2ir supply,
~, \ an active demand, and rates nave
49, s-aadv. Eastern bills are taken
st 5 dis,. unit, and sold al par TO &
ne demand for Tennessee Money
has been active, and Soc mas o6eh lne
selling rate during the week
hold but little Of this money, anu are
only able TO sell in small lots 10 tax
payers. They buy at Igc, with only
an occasional small lot offered.
County Warrants are in demand
from Taxpayers, and dealers sell at
soc. though in large amounts they
make concessions Of 10 lc; buying
at u to 1Sc.
City Scrip is steady. Dealers buy
at IS to nc, and sell at IS to soc, as TO
amount.
Civ Bonds are entirely nominal.
Gold has been weak and declining,
co,qg down on Saturday TO IiSs, the
lowest point reached since September,
1862. and closing to-day at llSt.
There Is but a light demand u MS
market. Dealers buy at I~lo4all9, and
sell at llS4aI20.
on Saturday, the 18th inst, Tennes-
see Bonds, which for sometime pre-
vi0us had been gradually declining,
suddenly became active and bGOyantr
and sales on the day named footed up
S427, OO0, opening at 5o4 and advancing
TO 81.
On Monday the advance was not
maintained; sales amounting 10 SOD.
coo, al rates ranging between 02s ana
53t. From Monday 70 the close OF the
week a STEADY decline ensued, ana
t~elegraphic quotations on Saturday
were 49s for new, and 564 Tor Old,
which we're the ruling rates previous
to the sudden ADVANCE
The previous decline vas owing To
the fact that our Legislature had pro
Vided Tor the ordinary annual eAPeo-
ditures. but had omitted any provision
Tor the interest on the state deOt. The
reaction and demand was doubtless
caused by the presence OF a Of our
leading railroad presidents ia New
York, and the corporation vhlTh be
represented being IN the market Tor 4
large amount of bonds, win which 10
satisfy The State lien Oh another rOau
which the Memphis aud Charleston
Company desire % purchase. The
necessary purchase being made, bonds
relaus-d into their previous d~ullnesS,
and again declined 10 the figures
~hiuh now govern the market. Prices
r.-Isr we're J5{ Tor Old, aud % iOr
G-.v-rDmeBs are irregular, and
clo-gd In Egw IgTk to-day - loi-
laV-=F