Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-04-20
FRANCE AND TRADE.
OFFICE OF THE DAILY APPEAL
MEMPHIS. April IS. 1871.
FINANCIAL

FINANCIAL.
The condition of the local money mar,
ket has undergone no essential change foI
some time past. The banks have a large
supply of currency with which 10 meet "a
the fullest extent the demands Of legiti-
mate business, and strictly first class pa
per could readily be placed at 9 per cent,
the rates OF interest ranging from 9 70 10
per cent While this easy condition OF
Effsirs is reported, the banks are eXercts-
ing q healthy discrimination and take
none but good paper, but are in the market
for all Of that class that is offered. On the
street prime paper is easily negotiated az
100E2 per cent, n nrst class paper
would be readily taken at the bank rates.
Exchange is hrn and rates unchanged,
Cotton bills are taken 81 par, and sight
drafts on eastern points 81 81 % per $1,000
premium. Selling rates are nrm 50 4C
premium. New Orleans exchange is
bought az &c discount and sold at par.
Local securities show more animation
than for some time. County warrants,
gas stock and Mississippi and Tennessee
railroad stock are the principal features
Of interest inst now; for the former the
inquire continues active snd nearly,
ii not cutie. all that has been
issued has been gobbledup by the "ring,"
whose representative and those of others
interested were actively engaged at one Of
the courts, yesterdy, in picking up all
that was put ont st from Tla73c; the lat
ter price was Did on 5000 on which 7Ic
and ne had been refused. Dealers, how
ever, report Tic the buying and 73c the
selling rate, regular way. In connection
with this 10 would be well for buyers TO
be cautious. as about Sl40,0 900 Of warrants
issued during March, 1865, to the Jail con-
tract or has been repUdiaJed by the c0un-
tv, and county officers have been duly no
tined not TO receive them. OFT amounts
named, sos, 900 was signed by q of the
then County Commissioners, Barbour
Lewis, UC j. j. Powers. Mississippi u
Tennessee railroad stock is in oemand al
27e, and Soc is asked. Memphis nj
Charleston railroad stock is bought at Soc
and sold at 35c. Memphis city coupons,
past due, are 67G69c buying and selling.
Memphis skies, old issue, are bought at
555zc, and sold AZ 5Se; new Issue at 55K9
56Isc; 5000 Of the latter was taken by a
dealer Yesterday at the inside quotation.
Gold bearing bonds are bought 81 62Zc
and sold at 63Ac. Bank OF Tennessee
money isin request ST 73c, and sold Al zoe.
The gas stock Transaction does nOt seem
20 have been g " fair tOts," according TO
the version Of the dissatisfied. From
what is known il appears that the prime
movers in ths affair, after making good
promises TO deal literally with the smaller
hsh when they obtained possession of the
stock. have 10 q certain extent violated
their contract by keeping the lions share
and dealing Out 10 their cO-WOrkers uch
sums as they saw ct. This move natu-
rally led to some disagreement, IS the
stock in question Is paying g handsome
yearly dividend The price paid for the
2400 shares was sl5 per share. An adj
vance OF Is or even 80 per cent. could not,
perhaps. purchase any part Of the same
to-day.
Gold is strong and higher; the closing
rste in New York WEs me-. Our dealers
purchased about 5000 during the day at
II0AGuOL.
The great scarcity of exchange is felt at
st. Louis and other cities. The RepUbii-
can says: Eastern exchange was sOme-
what irregular yesterday. A purchase OF
100000 was made at zoe, aud another
bank could not ind buyers st over SOC,
while another Still reported purchases Of
large mounts az =, and a failure to OBJ
tain all that was wanted at that rate.
Counter rates were similarly unsettled.
Some banks supplied customers st lilo,
but others advanced the rate TO EASl go
premium. and nearly ali charged tHs rate
20 outsiders % country customers" The
Louisville G5Urter-J0irlul says: EE-
chsng6 is very scarce, and tho most OF the
banks are declining 20 sell, except 20 their
customers, a. q less rats than Il per cent;
they remit uOIes 90 create q supply sum-
Client 70 meet their wants. bu. this costs
= per cent. We quote buying At par TO
40 premium, and selling al lsGZ pre-
MUM"