Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-04-22
FRANCE AND TRADE.
lFrr-r OF THE DAILY APPEAL,
MEMPHIS, April u, 1871.
FINANCIAL.


There continues TO be a strong tendency
10 greater case IN monetary affairs, owing
70 very light demand Tor loans and a
steady increase in deposits. The mercan-
tile trade in tho city and country seems
disposed to keep within safe limits, al
lowing 10 temptations to lead them p
fpecalative Investments, and IS their Ia
bliucs have been greatly reduced during
Tie present season but little money IS
now required ia fact the situation Is
such that many are anticipating thSlf
paper due ten and fifteen days hence, oy
that means saving tbs interest. GoOQ
mercantile pap8ris scarce n IN demand
tie bank rates Of discount being 8 per
cont. on tgIt edge" In the open market
thare rs q n0tic-sbl8 reduction IN the
amount Of capital seeking investment,
owing % L-C placing Of large Hlnolhts IN
ca-.siu stocks mat have been the feature
cf rusrkas for several days. One cap
iisHsL. 10 is ssid, has invested upward OF
eI5G.OD3. and others various mounts
RANGING from $1,000 70 $4,000.
Dealers in exchange continue TO report q
short supply and in one or two instances
we h6sr oil currency being shipped TO the
East; the rates. however, have undergone
NO change. A small premium wss paid in
some cases on New York sight drstts, but
fs was generally taken at par to = per
cent. premium, buying and selling on
Eastern points, and 8 10 = per cent. dis
count TO par, buying and selling, on New
Orleans, with scarcely any Of either oner-
ing.
Local investments are quiet with the
exception OF county warrants ana Mlssls-
eippi end Tennessee railroad stock; the
former is bought by dealers at Tic to 72c.
and the latter az 3Oc to Sic. We hear Of
outside transactions in warrants invOlv-
ing nearly 5000 at 73c to zoe, the repre-
santGtives OF the scrip ring " being the
purchasers. The action OF the Chamber
Of Commences ia the Mississippi and Ten
nassss railroad matter has had the effect
10 keep that stock of the market; one
transaction was made, however, wherein
zen shares were purchased at 35c by an
zeeuE Of McC0mbs. A dillgent search
f5r more was made without ensct.
It h now understood that about
$4,000 has already been raised by
q few gentlemen who have the
interest OF the city at heart, to purchase
zueh stock as may be found in other
sud from $4,000 10 $4,000 more
uiu be raised within the next few days
Tor the same purpose. The COMMITTEES
Trho hsva undertaken this important
measure are live men, and seldom fail in
similar undertaking. 1t is also
snered thai MCCOmbs has a deposit OF
@lUu-Ufn one Of our banks that his repre-
ssrls5fves arc authorized to draw upon
Era purchasing the stock of the road which
he would control, and by extending the
rssd 90 q point on the Ohio river and dis
.rrimluatiug syainst us in freights, drive
Eradsdrum our city.
Little OF nothing has been done in city
Indebtedness since cur last report.
Gold slower: the opening and closing
rates In New York we're respectively, /
lIE srd ms. Dealers bought all that
was offered a. Il0L to IlO5s, some paying
II8E early iu the cay.
STOCKS AED BONDS IN NEW YORK.
NEW YORK, April q, IO:25 a.m-Mar-
Eet irregular. Sterling sts2dy, at 10,
Gold Iosning lat. Money easy at 9 per
csnt.