Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-05-19
FRANCE AND TRADE.
OFFICE OF THE DAILY APFEAL,l
MEMPHIS, May IS, 1871.
FINANCIAL

OFFICE OF THE DAILY APFEAL,
MEMPHIS, May IS, 1871.
FINANCIAL.
The money market is very quiet and the
demand for accommodations to-day was
light. Regular depositous who offer good
short date paper are credited &C lORl2 per
cent, and TO Others the rates are 12QI8.
The movement, however, IS very light,
the only positive demand for money aris-
ing from the meeting Of paper maturing
in the last half of the present month and
In the first half Of the coming month, and
IN this, as q general rule, bankers, rather
than payers, are DESTROYS that renewals
should be made, exceptions Of course be-
ing made to the Disadvantages OF those
considered weak. The situation IS now
| ever, one OF ease, and excepting that class
Of individuals known among bankers as
" chronic borrowers" there Is perhaps a
/ smaller demand for money now than at
suy corresponding period for several
wears. In the open market money can be
| obtained on good tWO-name paper at IL
per cent. per month, and on oOllat-
erals aJ 2 per cent, with more money
seeking investment than there is borrow
ers. About so, 600 was negotiated during
the past two or three days on C0Ilaterals
81 ~ for nve months, and other cases are
reported where from $1,000 to $1,000 has
been loaned on collateral security at IL
for from one to four months.
Exchange is in better supply, and offer
ings Of cotton bills are larger. Rates are
par, buying, for the latter, and par to q /
premium on Eastern and Northern bank
exchange. Some $40, 900 Of the latter was
offered upon the street during the day at
$50, but failed to find a purchaser az n
Of the banks. New Orleans bills are
bought st : discount and sold Of par.
E-HI m~ma 60. HHw AaHnnaA 20 h. waHa j
cipslly for shipment to the East, where, it
IS said, the "shOrt" interest is buying
heavily. Purchases by dealers here
amounted to 5000, At from lllH to lll%.
The closing rate in New York was llZL. /
Local stocks, scrips, etc, were quiet, /
and, excepting a slight advance in Ten
nessse money, aud another dutter / Mis-
sissippi and Tennessee railroad shares, no
changes Of Importance occurred. County
warrants were in moderate request at ia i
T2L, and are sold st 20. City bonds are
quiet, but firm at 56ZG57L buying and
selling fOr the new currency issue, and
60Z96lA for the gold issue. A ~trRnsac-
ton between brokers Of 5000 Of the for
mer wss reported sc 56 and 5000 Of the
lsttsr at 601Z. Bank Of Tennessee money
is scarce, and the demand being more &C
tive, buying rates advanced to 1865 and
selling rates TO T7I7S for the old issue.
There is scarcely any demand for the now
issue. One sale Of over $500 was reported
to-day at 81, which was considered above
the market. Memphis and Charleston
railway shares are in request at 35Z, but
caunO be found at less Than 50, at which
prices sales Of several small lots were re-
ported to-day. The leading feature in
railway shares was Mississippi and Ten /
uessee, and the figuring on the sly by
those who were IN quest Oft was admira-
bic. Several parties arrived during the
DAY from different points along the
line Of the road and offered their
stock for sale to one of the leading officials
Of tie road, Ong or two holding il at
par, remsrking thst the APPEAL had
sisted that transactions had been made
by the +" Heather Chineeh az that rate.
The officer referred TO offered As for all
that was rendered, but the owners de-
to sell st that price, inquired the
way to the office Ofthe "Hestheu Chine6,"
and we're directed to the bulletin board OF
the Arkansas River Packet Company, in
front of the Merchants Insurance Com
pauy's Office, where, at the latest inform
alton, the curbstOne operator, o known
by no other name than the Heather
Cninee," was last seen waiting for 6 500
share lot. Whether the COuntryman
found him or not we did not learn, but
presume not, as he was busily searching
Tor and found q 50 share lot in one of the
banks, which he " gObbled up at q fraC-
ton below 90. The same lot was offered
10 the road at the same price,
but declined at over IS. It is
tonight that McUombs
has another agent in the city to purchase
the stock OF the Mississippi and Tonnes
road, and also that the "agent" has
authority TO draw on q large
banking house in New York, and q GER
tain railroad official in Louisville, for
with which 10 buy the stock. The
information comes from q reliable source,
although the "ag6ntn referred TO
claims tina the McCOmbs party have now
sufficient stock to control the election Of
officers, he is engaged in buying all that
s. offered for sale. Mississippi
warrants were in abundant supply, sew
iral large amounts having been received {
Turing the day, and yesterday dealers s
would not touch it, however, at over So, I
md would only purchase small mounts {
n that price. Selling rates were 92995C. I
II is stated that the Memphis and Louis 5
vile Railroad Company viii soon issue &
y. 500, 600 in seven per sent. bonds to re-
pair the road and construct depOts, work s
shops and q union depot 81 Memphis, sind [
purchase rolling stock, etc, and that the
ponds are TO be Endorsed by the Louis .
lille and Nashville Railroad, as well as
be cities of Louisville and Nashville, .
which viii make them worth nearly par :
he moment they are placed upon the !
market.
sTOCEs n BONDS IN NEw YORK, ?
NEW YORK, May Is, 1925 a.m.-Gov-
ruments q fraction better with medium :
Sterling steady at llOlz. Gold
gaming fat without INTEREST," I