Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-03-05
MARKETS
IBY TELEG GRAPH.l
NEW YORK.

NEW YORK, March 4.-Cotton quiet and
weak; mlddling uplands, 1870. Flour firm
and IN fair demand at IS 75G6 gj for shipping
grades Of extra. Wheat very firm: red and
amber, 81 60gl s. Corn firm and in fair de-
mandi western mixed, S7Lc. Whisky frm
at &c COuee quiet and unchanged; Rio, I31S
9Hc. Sugar steady and demand moderate;
Cqoa, 654g65sc. Moiasses quiet. Rice, S1<G91<c.
Dry GOOdS-The most important feature In
] the trade to-day is a reduction Of &c in the
price OF Hamilton prints, which now sell at
lOIsc- All leading makes of prints have Suf-
Tered decline in price, except Merrimack ID,
racine and Cochaee, and, consequently, we
/ look for more lively demand during the COM
Ing week. All things considered, the prices Of
staple cotton and WOOlen goods, in the main.
are cheap enough, but the depression i'm the
cotton market eXerts an unfaVOra bic nfIueuca
on business just at the opening of the spring
season. There are various makes of cotton
goods that could not be put upon the market
much lower than the present pTicc, even were
cotton to decline two cents per pound, ON ac-
count OF the high cost Of labor, dyes, etc. The
trade is opening late.
WALL STREET.
NEW YORK, March 4-The Worlds financial
article notices the fact that the Bank OF Eng
land has advanced the rate Of discount a per
cent, and says: The cotton market is in a
state of decentralization bordering on panic
ami the advance in the rate OF discount was a
simple measure OF precautiOn IN the event Of
q sudden and great Withdrawal of money
from the London market, where it mas been
deposited for safety by persons on the Conti-
nent during the war. The decline in price
and tendency to manic In the cotton maTlrafs
of Liverpool and New York was caused by
a notification that loans must be returned by
spectators who are overloaded with cotton.
II is stated that the Greek merchants in Eu-
rope are carrying very heavy loans on cotton
and no doubt they Will be forced 70 sell and
realize The power of the Bank of England
TO crush the most gigantic speculatiOns has
been frequently illustrated in the past-as in
stanced IN the crushing Of the Greek specula-
! ton in grain not many years ago, and which
resulted in a financial crisis and panic No
doubt. The Bank Of England has commenced
the policy OF contraction in It's accOmmOda-
tiOns to all foreign firms and specuIatOrs who
are likely to weaken its reserve coin"
There was more active demand for foreign
bills OF exchange yesterday, owing to tele-
grams from firms in Europe to their CORES
pOndeuts here for remittauCes to strengthen
themselves against the eventuality of de-
cline in the price Of cotton. Within the last
twsnty-fOur hours there has been loss sus-
tanned on the entire crop of the South equal
to nine millions dollars.
Wall and Broad streets were considerably
excited to-day over discovering that Albert
Fraud & Brother had turned out 10 be default
ers. The amount OF this default is about one
hundred thousand dollars The Union Bank
and one OF two of the largest bankers and
brokers are the heaviest losers
The subscriptions to the French relief fund
Secretary Boutwell, to-day directed the Assls-
tant Treasurer at New YORK to notify holders
of three per cent certificates Of March ID, 1867,
and July 2jth, 1865, that all such certificates
bearing date from October 18th, 1867, to Deem
Der 10th, 1867 inclusive, OF the denomination
and OF the denomination of $4,000 between
the numbers 759 aud 1910, will be paid on pre-
seutatiOn at his office. After the Both Of April
1871, the March certificates VIII cease TO bear
interest and viii be no longer available as
a portion of the lawful reserve in possession of
any national banking association.
Gold firm at llO5s@lll; loans were made at
/ 252S4h per cent? clearances, &37, 900 600; eN-
ports to-day, about So, zoo; exports for week
S2,7B,O00 Governments strong; particularly
Sis which have advanced &c ON yesterdays
prices. stocks active and irregular; there was
a decline about the middle Of the day, but at
the close the market reacted and advanced to
about the opening prices; Union Pacific opened
at 33, sold down to n, on rumor that the Pres
ideut had not signed the army appropriation
bill, ana closed at 505< Indiana Central opened
at %, sold down to 90 and closed at p; the en-
tire market closing active, but not quite so
strong Money, 4G6 per cent. State bonds very.
steady, with but few transactions; old Tonnes
se0s 90 new, 90. The weekly bank state
ment shows the following chanEes Loans,
increase, a. SS7 specie, increase S770 I5O
circulation, decrease, $50 l62 deposits increase
s7430, ,45S legal tenders increase, SS4l $50. Ster-
ling exchange, l0es.
NEW ORLEANS.
NEW ORLEANS. March 4.-Flour quiet. su-
/ perane So so; Xxx S7G7 80; XXX, 81 50a7 rs.
Oats easier; st. Louis, 8lGb3c; Galena 60
Bacon dull and easier AZ Sts, l2r and I15EGI2Isc.
Sugar, Gu red hams, l65z@lle. Corn, bian, hay,
all unchanged. Cotton active; sales, l3 300
bales; middliug, l43Ecf reoeipt 8i5l bales ex-
| ports, l07e bales % foreign ports; coastWiss
ports, 2580 bales; stock, 1880 bales. Sterling
2l3s; sight, Is per cent. discount Gold, III.
CINCINNATI.
/ CIEonrNATI, March 4-Cotton duh and
/ q shade lower; middling, 14e Flour firm ard
/ demand fair; family, s. 5oG6 20. Wheat hgna
I y. ith fair demand; red, ii 40sl 81. Com e
/ good demand ct iun priees-dl refused Oats
| steady at 5085lc. Barley drO0ping at 9O880o.
/ Pork Is dull but holders are not willing 10
/ make CONCESSIONS, and are asking S2i 75922i :
anil