Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-10-21
FINANCE AND TRADE.
OFFICE OF TIKI DAILY APPEALl
THURSDAY, October %, 1871.
RTEAKeuau

Business on Madison street, in the locaI
money market today was not 50 active a
Of this being the "big" day OF the fair, and I
large numbe Of business men attending. TIE
movement Of the staple for the past few days
has been much less than rs1al, which fur.
ever, the regular counter business was active,
and currency in good supply, and notw1th-
standing the general Etr1ngency felt through
out the country, 1t has not been materially
felt in this section A New YORK exchange
says:
"The past week has been a trying one for the
New York banks. They committed the great
error IN September. when money was plenty
ana cheap, OF initiating their loans TO a point
beyond all precedent, and at the same time
allowing their reserve 70 run down 70 q small
margin above the legal requirement.. We
pointed out at the time the danger which they
thus invited, and which any unusual event
would precl pitate. The event has come from
an unexpected quarter, and In an unantioi-
pated manner, as such events always do, but
b. T. here nevertheless. and they have been un-
able during the past week TO keep their reserve
intact Notwithstanding the large reduction in
deposits and retrenchments IN loans for the
nrst time, We believe, in their existeftce, and
this. too. Notwithstanding that the government
bought four millions OF bonds and sold only
one million OF gold, thus supplying the mar
kef wuh about S3,500,00 ready money, Had II
not been Tor this timely action OF the secretary
OF the treasury. the banks would make a sorry
showing indeed, but asst Is they have only In
frinEed upon their reserve 10 the extent OF :
per cent a large amount OF currency must
AAaNE DEal sent 10 L1E ElulEElF tAAGAN ~ AAAl
south 10 move the cotton crop, and In tins as
pect the statement Is a favorable one, put u Is
unfavorsble for an easy money market IN
New York
Rates are u~nchanEed-O TO Y per sent per
annum and 70 3 per cent per month. Custo-
mers are accommodated readily, but outside
parties must pay the outside figures on prime
paper.
To-day exchange was In better demand than
Yesterday, and making more freely. Rates re-
lie eoid maTketI = quiet, with but little offer
ing dealers pay ms to ia
al lT.
IN local stocks, securities, etc there is moth
ing doing OF importance tl5,OV1, BANK OF Ten.
nessee, old Issue, was bought py a dealer Al
tity OF Arkansas lgvee bonds on the Market
and parties are realizing SOC and as King from
3 TO Sc. shelby county warrants are
Arm al from IS 10 = cents Insurance stocks
are steady. city bonds are firm at Toe buy
ing. and Ole selling. Memphis and Cnarieston
railroad stock Is heldat SUo IAc; lst mort
gage bonds, s. to66c; ID do. R4SlA Memphis and
Liuie Rock railroad shares are nominal al ~
10 Il cents. aud nrst mortgage bonds, % 20 &c |
Bank stocks are quiet. Mississippi war
rants are in moderate demand, and
asking 81 10 Sc MISSISSIPPI valley, ~ 70
Sic, fernando, q 10 sc; Planters and her-
chants Insurance stocks SOTO 67c Alabama Is
are quoted al q to 1oc; DO. lights, 81 u 70 us /
Arkansas Stale warrants new, buying al g q
eights "a to nc. Mississippi Central rail-
road shares at lSc 10 l9c; for lt mortgage, deal
ems report SIC 70 SC as the buying ang SEEMING
rates "a do, &c TO sc MISSISSIPPI ana Ienhes
see railroad shares are lac TO 2ci lst mortgage
bOnds,S2c 20 4c;2ddO,70ei consolidated sper oLs
cents, 7Sc asking. /
Bondsin New York.
NEw York, October %, los am--GoveEn-
ment securities irregular. Sterling exchange
strong at l0s5s. Gold IOaning at La Of per