Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-05-10
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS, May 9, 1870.
FINANCE.

FINANCE.
We have q few important changes to
note in financial matters for the week.
the most serious Of which is the ten
deDoy to a scarcity in currency which is
becoming more manifest every day. Our
merchants have been not only reducing
their deposits, but rave borrowed largely
&c advance to planters who, in too many
cases, are already in want of assistance,
notwithstandingth that they have made two
big crops and sold at good and
tive prices. This want Of money in the
interior seems u-naccOuntable thus early
IN the season, and many believe that the
want is not real-that money is abundant
enough, but that it is held back for a
rainy day. We can hardly believe, how
ever, in this theory, as It does not reflect
credit upon those who would adopt such
aplan, but with nearly twenty millions
distributed through this city for cotton
this year alone, it certainly does seem
strange that our planters should be in the
market so early as borrowers. The sta
pie moves slowly, but it goes steadily,
and exchange is easier than last week.
In a few cases dealers nave all they care
to carry, and rates are unchanged at par
buying. Selling at = premium.
Stocks and bonds are depressed. That
is, City Bonds and Memphis and Charles
ton stock are lower, and these are the
only ones which have been on the market
for some days. An occasional mail
transaction is reported il other ecu
ties, but are unimportant. We presume
City Bonds could be sold at 1880, and
Memphis and Charleston is nominal
at 4OG4lc. A sale of eighty-hve shares
was made this morning at 4Oc; $1,000 Mis-
sissippi Central lst mortgage bonds Flsa,
sold to-day at soc; and on Saturday no
shares Mobile and Ohio at 25Zc.
City Scrip is weak at 74975c buying,
with only q small taxpayers demand at
75@7Sc.
County Warrants have been in good
demand at 79c buying, and selling at sou
@sIe as to amount, but the Office of the
T~ax-COIIector is closed this week to make
out the delinquent tax list, and the de-
msnd will, consequently, be light during
the week.
Tennessee money is quiet at zoe buy
ing. Taxpayers can buy at 7297Sc. The
supply is ample.
It is estimated that New York alone
will have $50, 900, 900 to invest the coming
three months.
The annual report of the Superintend-
ent of the Banking Department of the
State of New York, relative to Savings
banks, presents some interesting facts
concerning the growth of these institu-
tions. on January l, 1869, the
of the savings banks, were SIsl, 1885, 4S.
ON January l, 1870, they were SOS, 6O7, 64S-
an increase Of SO ga, 500. The liabilities
at that date were: Due depositors, SIOl,-
800, 2sg; other liabilities, sos, 222 ,969, max
ing a total Of Sl94,5SS, 26s. The excess Of
assets over liabilities was Sl4, O24,3SO. In
1863 there were IOI savings banks in the
State, and in 1870 there were 133-an in
crease OF %. Other statistics show a won
cerful growth in these institutions, in
the number Of open accounts, the in
crease in the number Of depositors, and
the amount deposited.
The New York Evening Post says:
The Banking bill reported in the House
of Representatives by the Committee on
Banking and Currency, seems to have no
friends. 1t proposes TO withdraw the
three per cent. certificates now held as re-
serve by the banks, and fifty millions of
dollars besides, and to issue instead Of
these, ninety-hve millions Of new ma
rional currency, in the States which now
have the least Of it. Strange to say, this
measure, proposed as a relief to the sec
tons which complain that they a no,
banking privileges enough, is opposed
most loudly on the ground thai it would
really involve a sewers contraction Of the
currency. The fact hat il would enOr-
mously increase the power of the ma
Gional banks, as a whole, already one of
Ia greatest dangers and difficulties Of
Congressional legislation, and a serious
obstacle to any sound measures for re-
storing the currency, does not seem to be
regarded as important, either in or out OF
Congress.