Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-25
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS. AUGUST q, 1870.

MEMPHIS, August -, fofOs
THE NEW IssUE OF NATf0SAL CURRENCY.
The New York BH1etia says that by
some means, a very general impression
has gained footing that Il is the purpose
of the Comptroller Of the Currency 10.
make no new issues Of bank currency
under the authorization for t54sOOO,OOO
additional notes until the process of
transferring S25, 900, 900 of circulation from
banks having more thsn their dae appor-
tionment to those having less than their
legal quota, mas been completed il is
difficult to explain how this supposition.
should have originated, for tbers il moth
ing whatever in the act to warrant such 4
course: on the contrary, the law express-
" provides That the process of transfer
ring circulation shall not be put IN opera
tion until the whole OF the S54, 000,e00 of
new circulation shall have been issued.
The last clause Of section 6 of the new
currency act, which provides for The
equalization Of the circulation, makes the
following provision:
Z" Pr0Utded, That no circulation shall be
withdrawn under the provisions of this
section until after the S54 600, 600 granted
in the arst section shall have been taken
up.'' a.-
under the act is 70 issue new currency up
to the amount Of S54 O00,O.0. The Comp
troller of the Currency has always shown
a very commendable desire 60 consult the
convenience OF the banks and OF the bust
ness community, and from this fact We
anticipate thai every facility Will be af-
forded by his department. for giving effect
to applications for authorization some
change is 20 DO made in printing the notes,
to more efectusily check eOunterfeiting
hut it is not likely that this change of
process VIII involve any in portant delay,
- e g. IA .g,HH- -F1FaH 4HraA q ha nam fEGrnuc
viii begin 10 be msde neN month. What
amount; Of currency BIAS been already APP
piled for we have no means Of knowing
precisely. It is, however, stated that the
apnlIcafiOns number over two hundred;
and assuming that the amounts applied
for averaged 100000 per apple ton, it
would follow that the total thus far asked
for is about $50 900. 900, or a little more
than one-third of the amount authorized
by the act.
TEA, COFFEE, SUGAR, ETC.
From the New York 4meTicGR Grocer
OF the 2Oah inst. we copy the following:
Te1-phe stock of tea in store at his
port amounts 70 about a half years sup
ply. IN London they have and usually
keep one years supply ahead. THIS con-
diti0n Of the tea market cannot now be
necessary, since the completion Of the
Suez canal and the Pacific railroad, and
Inc AAANAALE VI EAAA ARAh oA1NA1 - ~
ultimately thrown upon the Chinese and
not upon US. Without pretending TO the
minuUeness Of detail in the asSOrtments
and handling of teas in this country
which has always characterized b
English market, we nevertheless lind
win Us a growing demand from the trade
for a deeper insight into the classification
and management Of teas. We nave had
an extraordinary hot, duh and disagreea-
bic summer, and for several weeks trans
actions have been only such as the absO-
lutte requirements of buyers demanded.
There seems to exist no apprehension
that the new tariff, to a k effect the first
Of mex fyear, will seriously affect the
market u~ufavOrably before then, and that
even then the reaction and demand for
Withdrawals viii prevent any decline in
prices. while some anticipate a decided
advance. predicted upcE the presentzlow
prices and the tendency to discount the
Tariff in advance. Almost all lines Of
teas usually demanded in this market are
in tar supply.
COFee.-The telegram of Wright & Co,
from Rio, Esd August, gives sales be-
tween steamers for United States AZ
600 bags: shipments, LOCO bags; load
ing. Is. 700 bags. stock at date, $1,000
bags. Price, 8 200. There are no new
POINTS specially 20 advise in the Rio coffee
market. the business has been q little
larger, but generally speaking, inactivity !
prevails. Holders do not attempt to force
trade. if they did concessions would Un-
doubtedly nave to be made on the other
hand, in purchasing, tuh prices are ex-
Bags. |
stock on lst January, $50 7Q,359
Receipts since orr last I3s3s
Received previously this year 1880 f82si2
58.RI
sold previously uiis yeah. 4S,4s2 42L54s
stock Of Rio IN arst hands this date - SLzA
in Galveston 1900
"a 90 +" in Mobile. LOO I
" " IN Baltimore S4,gT0
r -,,1.es IN first hands IN United
- E~arsz -, W. 4
A verv light demand continues for the
other kinds, although at the close there Is
soDse uouirv for invoices OF Maracaibot
and in this description, Of ordinary and
medium grades, we note a decline OF &c
,oer In nd. the prime grades remaining
nrm O n account OF scarcity. The Invoice
OF lava bv the Sacramento has been sold
10 a few iobbers. This is the only feature
OF importance. The market otherwise IS
dull.
Sagar-The past week has witnessed a
very dub market for nearly al descrIp-
tons Of sugars. The demand has been
light and confined to immediate wants.
We quote a decline Of &c on raw sugars
during the week. Buyers nave the adj
vantage, although holders are steady and
feel that present rates are low enough, al
though a desire 70 realize Is not concealed.
Receipts have not been large, and the
stock OF both hogshsads and boxes show
a Observation-Disclosures. There is some fault
found BY rehners with the present bags
an market, as being of undesirable quality. I
- HaHL agw aud rannnn ]
sugars has not been as active 50 far TINS
Month AZ was anticipated, and q natural
-essioni is the consequence. Our mar
-. Ut alone IN this respect. II char
q the markets in the country.
T. Il Da-t;c1is.- " so in London, and the
Havira r1a-LeE ~ already felt IL The
war is affecting the Seb7rOos-sHga m
ket, bnt il is impossible - zen ~
extent. Messrs. Arnold, LaIucIson
Co., of DOuai, France, give the "LO"L
opinion in their circular Of AugLN
The probable effects Of the present WA ~
the future course Of sugar Will depend
firstly, on its duration, as, II II conUlnues
after the month of September, scarce
" Of labor will materially inter
fere with It's manufacture; and secondly, I
whether complications may not arse 70
prevent the expectation Of beet sugar.
We certainly do not expect that eXporta-
tions from the ZOlIverein viii take place.,
as the cost OF transport by railway
through ARMED countries by a Dutch or
Belgian port would be almost prohibi-
tive. Great Britain can thus only obtain
supplies of beet sugar this autumn when
the imports Of cane have ceased) from
France. The latest number Of the jour
nal des FGbricGRG de Stcie also says;
- From a commercial point of view, Ger
man z will cease 10 compete with US
in English markets, which IL can no
longer reach except BY g costly ctrgultous
route, the blockade of the Prusslan ports
being, in all probability, very effective.
The freight Of colonial and foreign sugars
transported IN French ships will be aug
menbed, and react on freights in general
and thence on the price Of sugars coming
10 French ports. The expectation OF re-
fined and raw sugars TO the East, mo-
mentariIy hindered, viii not submit
to anv serious impsdiInent, as we have
nothing to fear from the Prussian marine
and The Barbados West Indian OF July
8 saws the crop may now be c~onsldereo
closed. 1t was expected to reach 5000
hbds. and if il does not come up 10 bnab
figure it cannot be far from it. Up tothe
present time 29,5l5 hhds. have been ship
bed. The quantity Of molasses shipped,
about IO.5O0 puns. The young crop prom
ises well: it is particularly forward 10 the
Below Cliff District. For the present Il
wants rain. although there was q IAN N
June much over the average, IN ~.
Joseph the gauges showing from thirteen
.-.-E,cEao Irrrfun fhn n1nnfh. .