Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-12-04
FINANCE AND TRADE.
OFFICE OF THE DALI APPEAL,
SATURDAY, Dec. 2, 1871.
TENAWtVAI

AANAGAAA
IN money circles We heard. nothing beyonl
the regular routine Of business There was
Ell counter business, and money plenty
COLLECTIONS for the first OF the month wen
good. We heard Of no complaint. We hear,
II rumored that there was likely te be anothe
change OF rates in commercial bills, as thl
present rates are not very satisfactory U
bankers. Rates OF discount emaini In bank a
l0gE per cent per open market II
q per cent per month.
Exchange is unsettled, but ruled throughout
The Gay at &c to &c buying on New IorK, B0s-
ton and other eastern cities. On New Orleans
&c 70 buying, and he discount selling on
Nothing doing IN gold. Dealers pay no.
There was no new movement in local stocks,
shares and securities Tit market was quiet.
Memphis and Charleston Railroad stock for
the past few days has remained quiet Hold
deE are nrm on expectations, holding at SOC.
County warrants are firm at CSC o9cc. Bank
OF Tennessee, old issue, is quoted at SSc TO eOc.
Arkansas levee bonds are again on the mar.
keL and &c bid There was a little feeling
In city bonds. We quote; Currency issue, soc
to55Hc; gold, &c TO CSC.
The course Of Money Here and i'm
Europe
NEW YORK, November &.-Thef future course
ofthe money market here and in Europe Is
the subject most earnestly discussed in imam
cial circles. A vague feeling Of uncertainty
affects public opinion in this matter, arising
from the gigantic money payments OF France
% Germany to be made from now until April
S0th next year. A review Of the facts in the
case viii tend TO dispel these disquieting nlu-
The German bills maturing in London from
now until January LIST, amount 70 ei0,S2O,OO
sterllngi Of which ZY50,0o viii be paid during
the month Of November. The means to make
these payments are mostly provided, so that
no important drain Of specie from London is
expected,
A German government loan Of E8,O0O,OOO ster-
Ling viii be paid on al the beginning Of next
year, and more than half Of this amount is
The payments on account Of the French in
demnity next year are 60,0O0,0o francs, or
~. A. HH| awHH - 49,
mence on January 18th, and viii be made
every succeeding fortnight at the rate Of
s9iogoO09 fancs, or E3,aO0,o00 sterling each, IN
III the last instalment on April 9th which
wiz be sa,Oo0,OOo francs or E3,600YO00 sterling.
The nnst three payments Of next year, or I'M
III the END Of February, are already provided
There Is therefore nothing in them 10 disturb
the London none market.
The greatest stimate Of the specie drain
from the London money market, owing to the
workings Of the French indemnity payments, |
do not exceed 100000 or s~4,0O0,oo0 sterling, as
fhe highest figures
The French government is likely to come
upOn the market with a further loan for 400,- ]
10000 francs or El6.O00,000 sterling; but as an
offset 70 this increase Of what are called first |
class securities thrown upon the market II |
must be taken into consideration that the
German governments viii pay on and cancel
about seven hundred million thalers OF their |
bonds, etc, during the first three months of |
next year, and that the United States govern
ment is paying on and canceling about Sl0o,- 4
O00,UO0 per annum of its national debt. 1t
therefore seems that the French government
will create El6,000,OO sterling new drst-class
bonds, and that Germany viii destroy about
sterling, and the United States gov
eminent EI,0OO00l by payments in gold next
year IN the early part In other words, capt.
1allsts and investors viii have taken from
them next year El3,000,O0, or S6O0yOO0,08G in
gold IN the nrst-class securities OF Germany Il
and the United States, in place Of which they /
viii hold teOO,O0.OW in money which viii be
employment in other investments.
It is well also to consider that the "locking-
mp +" process Of gold cola hitherto pTacticed by
The Prussian- government has reached its max
.mum, and that henceforth the unlocking or
disbursements viii be as rapid as the German
new gold coinage can be manufactured.
So far as the French idemnity affects the
money markets Of Europe, the pracu-
cal result has been 10 bring out from the secret
boards Of France a vast amount Of coin which
have peen otherwise useless to COM
merce. These secret French boards of coin
are transferred from French 70 German soil,
are there used 10 cancel German national
iebus. This vast amount of coin is not likely /
again to be boarded or aiken out of the chan
Of trade, but will without doubt simulate
vastly the commercial aid speculative trans
actions Of the great trading nations Of Ger
Great Britain, and the United States.
Bonds IN New Vera
NEW YORK, December ?. l0O ,
Unchanged, active and steady. Sterling is
at l091s. Five per cent paid for carrying !