Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-12-02
FlKARCE AKp TRADE
OFFICE OF TIE DAILY APPEAL,
FRIDAY. Dee. !, isll
FINANNIAL


In the local money market we discovered
| nothing Of interest Counter business was &C
| tive. but not 50 heavy a. Of Monday and Tues
day. The movement OF cotton has nos SSsn
| not been 80 great in this direction MercantIe
wants are light Money Is In Abundance, an
portatfon Of currency having been very uoer-
al. Rates Of discount remain at lg9lz per
cent per aunum. In open market 4@ez per
cent per month.
previous DAYS Of the week Rates are steady
Al 48Lc buying on New YORK Boston ana
other Eastern points and selling he discount
on New Orleans A9Ic and selling at nc
There seems 10 be q disposition 70 advance the
rates of buying, which may occur al any
IN gold there was a slight improvement In
offerings. One dealer bought 5000 al 81 10
The local stock and security market was in
active, hui unchanged. Memphis and Charles
ton railroad stock is quiet. Holders preten-
siuns are not considered by buyers County
warrants remain at - 70 Sc. Bank OF Iennes-
see, old issue, is selling at sc. City bonds
currency issue, buying and selling At 50 10 5SHc )
gold issue, y 70 CSC.
Money Nasfers I'm Cine1nnafL
The Commercial Of the 18th ult. says: @The
money market has been very acttye through
out the week. Large amounts OF currency
have been received from New York and dis
bursed 70 the country in the cotton and swine
raising districts, and there Is every tndica-
ton that this movement viii continue fer the
present. The banks are keeping up their
| means through the large amount Of paper
Il uAaaALLnA anu IL mountainous VI N4EA aG-
| pos Is, 20 that they are able to meet the in
/ creased demand for loans quite freely at S4l0
per cent. The outside ngure more nearly rep
| resents the market value Of money, when
| other considerations do not Affect the transac-
/ tons. There have been some Negotiations Of
paper at L per cent, but this is an extreme
rate.
The Times Of a late date says: "The condi-
ton OF finances during the past week has been
one Of great ease. The principal cause-as has
i haau frarmAnf1U mgnriDURU-lE the nWTmFnt of
large sums OF insurance money. But great as
has already been the effect experienced in
will be even more marked during the next
thirty days. The amount OF insurance that
Will have been paid by solvent companies
VIII probably reach ST least sH5iOVurUU- All OF
this Is payable within sixty days after proof Of
loss is made. In addition TO this are the 81
10000 OF S,O00,O00 which viii probably be paid
by the LIST Of January by the companies that
Will effect compromises with their policy
holders without being placed In the hands Of
receivers. Altogether, II seems not mproba-
bic that SSO.00,U0 OF insurance money viii
have been paid within the next two months.
II is true that a large proportion of this
viii never come here 50 as 10 go Into the
bsDt-g a. denosftS haeausa its raeafut has
already been anticipated, and viii be turned
! over 70 eastern creditors in the m OF
debts and on new stocks Of goods, put nearly
all the insurance on buildings and household
furniture viii ind its way into the banks here
for a time. The application OF this to rebuild
ing VIII set Il in rapid circulation, and II is an
axiom in finances that rapidtty OF circulation
of capital has much the same effect as an in
crease in It's volume. Bankers, however, are
generally looking for a tight time between
this and spring, and unless new men with ad-
ditiOnal capital come In, 1t IS difficult 10 see
how q stringency-sOOner or later-as the re
suit Of the loss Of the local capital. is TO be
avoided Exchange continues abundant, and
was sold between banks to-day at SOC per $1,000
discount. At the counter, bankers buy at par
and sell at lilo discount"
Bonds I'm New York
INV YORK, December l, lO.25 s-m.-GOvern-
ments dull, but steady in tone. Sterling steady
at lO9k. 4per cent paid for carrying gold.