Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-05-26
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL
MEMPHIS, May 25, 1870.
UTN a rrE
FINANCE.

There is nothing of interest TO report
in local finances. Everything is very
quiet, and indications point to no imme-
diate resumption of activity. Cotton
bills come in slowly, and just about keep
pace with the demand for exchange,
which is light. Rates are not steady, but
range from H@L of buying, and H@k
premium selling. An ~occssional-bill is
offered on New Orleans and taken at =
discount. Selling at par.
CITY Scrip, County Warrants and Ten
nessee money are quiet, with only a small
taxpayers demand, which is supplied at
former quotations.
There is some demand for City Bonds
at 45c, and q dealer intimated hat 46c
could be obtained, but we could learn of
none offering. A lot of Memphis and
Charleston Railroad Stock was offered
and 42c refused.
A sale Of a few hundred dollars in gold
for shipment to the country was reported
at Il4Jl. Dealers buy at Il3H@llS1,
for small lots.
The Treasury Department is making
arrangements to publish the monthly
debt statement in London, Paris, Frank
fort and Amsterdam simultaneously with
its publication in Washington. It will
be printed in English, German and
French, and the cost Of transmisslon by
cable, which a prominent banker has Of
fersd to defray, viii be about 5000 per
month.
Accompanying the report of the FL
nance Committee Of the bill to reduce
taxation, senator Sherman submitted a
table showing the internal revenue taxes
collected in the United States for the
fiscal year ending June 80, 1868, the
amounts of such as are repealed and the
mounts that are retained, as follows:
Repealed by this biIl-Salaries Of United
states officers and employees, S56l ST,
special taxes on banks and bankers, ST.
139.462; other special taxes, SS,S0l, $50;
gross receipts, $8,800,999; Sales, SS,2O6,S5 9
income about SI4,OO0,OS0I legacies, ST.
z44,s37: SUGGESTIONS, 81, lS9, 756; schedule
4, Sss2, 500; passports, S29,45S; miscella-
neous, 81, 2f9, $50. Total, S43,59S, IA. Taxes
retained-Spirits, S45, O26, 4O2; tobacco,
S23.430.7OS: fermented liquors, So, O99, $50;
banks and bankers, 81, I96, O54; income,
about SO, 229, s93; stamps, Sid, Al, 10; gas,
s2.IIe.OO6 ID; penalties collected, Ss77, OSS;
excess Of CANCERS fees, S+4,s29. Total,
slid, al, $50.
A very important decision has recently
been made by Judge Bryan, of the Dis
trict Court OF Charleston, >. c., sitting in
bankruptcy. The question was whether
discharges in bankruptcy could be granted
unless the assets of the bankrupt should
paw ff.v per cent. of the debts.
The S3d section of the bankrupt act Of
1867 provided that in cases commenced
after one y6SF from the time the act
went into operation, no discharge should
be granted unless the assets Of the debtor
should pay fifty per centum OF the claims
against his estate, unless the assent IN
writing of a majority in number and
value of the creditors who had proved
should be had.
His Honor, Judge Bryan, has decided
thai the act OF Congress Of 9th July,
1863, has modified the act of 1867, so that
il is not necessary that the assets should
paw fifty per eentum, but that they should
be equal TO Gfty per centum of the claims
proved.
This view was presented to the court by
counsel, as the true reading of the stat
utes, and Judge Bryan, after hearing the
argument, decided that that cOnstruc-
ton was right and granted the discharge.
1t will thus be perceived that many
debtors who have been restrained from
applying for the benefit OF the bankrupt
set since December 81, 1865, upon the gem
orally received opinion that a discharge
could not be had unless their assets should
nav ffty per centum OF their debts, can
enjoy its advantages if their assets be
equal TO fifty per cent. Of their debts.
The Economist of the 2lst says of the
money market:
Affairs in Wall street during the week
have lacked the animation and excitement
that characterized the proceedings OF pre-
vious weeks, the transactions in the yari-
Gus markets having been on a compare
lively restricted scale. Tine sensational
reports from Washington relative to the
S95, 200, 900 currency bill have had a ten
dencY to depress the markets, making IL
apparent that they are manipulated by
Washington interests. The money mar
ket has worked with extreme ease
throughout the week, call loans having
ranged from three to i've per e on
Government and railway collateral, the
predominant rate being four per cent.
The banks nave a larger amount of loan
abe funds on hand than they can readily
find employment for, a large portion OF
which Is in national bank notes, which,
as heretofore, they have offered on loan,
eX-interest, for ten days or two weeks.
The probability is that this condition OF
monetary affairs will last during the sum
mer months, the course OF domestic e.
changes faVOring this center. To this
msy be traced the late upward speoU!a-
ton in stocks, the low rates al which
stocks may be carried, advancing quota
tions beyond their actual values. The
ease OF money on call was aisG calculated
TO keen the quotations of mercantile pa
per low, and the scarcity of hrst-class
names has kept discounts in demand.
Prime gilt-edged James have found ready
sale at five and a half to seven per cent,
good acceptances ranging at six and seven,
and ssleable single signatures at SIX to
ten per cent.