Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-11-28

Appreciated Il per CENT which was caused by
lively competition between certain banks
To-day we learn that there are no exceptions
Rates are now E9Zc discount buying and A'
Belling on New York, Boston and othel
eastern cities. Money In bank Is in fAlr sup.
ply, with a fair disposition TO ccommodatt
regular customers At l08l2 per cent. per an
num-. In open market from lT92% per cent
per month. But little was doing In gold
The local stock and security market IS easy,
with some inquiry Tor Memphis ana Charles
ton railroad stock, which has reached Sc,
With no transactions. Holders generally ask
ing 40c- County warrants are in fair demand,
and sold at IS TO s5e, owing TO the amount
| bonds at 25c, which has been the ruling price
for several days. Memphis and Ohio railroad
81 Ice. We quote Bank of Tennesse at 81 to Sc
Memphis currency skies at5f5z 20 SOC.
A GIut in the Money Market.
The future, according to The New York
World, promises al unprecedented glut In the
money market, and an equally unprecedented
scarcity of nrst-elass securities, such as Will
command the confidence and caste Of Euro
pean investors. This glut viii be felt In fullest
force next April by which time the American
and German governments viii have with
drawn from the markets Of the world some
where near S7O0.O0,000 Of bonds. The World
saws on this subject: "The future course OF the
money markets here and In Europe IS engag
ing the attention Of capitalists and inves aors,
and forms an important feature In the discus
sion Of our merchants and bankers. To assist
in forming an intelligent opinion on this mat
tor, Il is well to consider the disbursements Of
money for interest dividends and the cancel
lation Cf bonds during the next four months
or say until April /, lSI2 The following state
ment is an approximation IN the rough TO
some OF the Items Of disbursements in the
United States during the next four months
Janu ry government interest,
January miscellaneous interest
dividends, etc, about .........-. 50,OeO,OO0
Government purchases Ofbonds tn
April LIST, &,OOO,OOO
S6out- reD -~-o 10000.
Europe, opWSOB
sum United States disbursements. sl92,OO0,e0o
The preceding statement shows that the
money disbursements OF the United states
government and American corporations VIII
be in round number nearly s2O,O00,U0 be-
tween now and April, Of which $4,000 gu
will be Tor Government bonds cancelled and
aiken out of the market permanently. In
Germany the different governments will dis
burse seven hundred million thalers In gold,
and Will cancelt that amount Of securities. The
American and German governments Will call
in and cancel by payments IN gold or its
equivalent, nearly S7UO,0OG9O0 gold value. This
vast sum, without a parallel In the past, viii
be thrown upOn the markets Of Europe and 1
New York in search Of employment or new
Investments The cable kilograms connects
the New York money market so closely with
those Of Europe that the enormous glut OF
money consequent on the disbursements Of
ne SermAn governments rom January 10
April, must exert a powerful influence on
financial affairs in this city. The German
Anker have already orders on hand to re-
invest new European capital to the extent Of
over SiU,00O,01 in government and nrSt-class
bonds. This amount Of Sl0I000,QO will
require TO be Invested here at all events with
in the next month, even II prices advance, |
which the are likely TO do. The amount Of
irst-class securities making anywhere Is very /
limited at the present time, and only IN
France and ths United States. |
The Income Tax.
COMMISSIONS Douglass seems 20 be treading /
in the path which, 50 widely divergent Gom /
that OF the secretary Of the treasury, Boutwell,, 1
earned for ex-commisSiOner Pleasanton thai /
gentleman's dispieasure, and eventually COM
PEELED him to resign his Office. he has Just
that under the act oflS70, creating the
per cent. loan, the income tax cannot be i
against the Interest upon those loans. 4
Under former laws, while IL was held that /
neither state, county or municipality. could
tax the principal or income OF the United
States bonds, yeJthe Federal government, a-
ter paying the Interest On its own debt, could
lay a tax upOn hat interest in the hands Of
the creditors OF the nation, and compel him
10 &C unit for II in his income. Commissioner 4
declares tina interest on the new
per cen lis not subjecI to the income tax.
This is a point gained, the more important
because il may be assumed that although the
country demands the abolition of this Odious
mpost, Mr.. LIVE II insist upOn its retention, |
perhaps be able 70 carry out his policy by
The subserVtency Of congress in spite OF the
and protests Of the people.
HOnGs I'm New York.
NEw YORK, November 2, l0:S a-m.-Market
sfaadv and better in Soma Instances Starting 1