Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-12-19
FRANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
Mnrnm~ na, ~ TEm

OFFToEo OF THE DAILY APPEAL,l
MONDAY. Dec. Is, 1871.
The money market throughout the country
during the pa { week has ruled Eight" snd
in New YORK ON Tuesday last the Ocean bank
was thrown out by the New York Clearing
association. OF this bank and the general
situation the New York Times says;
Another Of Tweedis banks, the Ocean Ma.
uOnal. with a capital OF Sl,Q0,000, was reported
IN trouble early this morning. and the subse-
quent Developments OF the day proved 20 q
failure of the worst kind. The city and county
treasury is said 10 be a heavy sufferer, and the
western banks that correspondent from old
association, before Tweed and his man, Come
Illus COrson, caime into control, with the Ocean,
also anne in as creditors 20 nearly half a mil.
lion OF dollars. II is deplOrable 70 add that
the concern has been IN a very bad way for
some time past, and that the national bank
examiner In this vicinity, Mr., COnender, is
said 70 be deeply Implicated 10 the systematic
conceaim 49, It's true situation. Tweed and
and the Eammany "ring" bought into con-
troll about a year ago, as they had bought the
Tenth National the previous year, and at
tempted, though with only partial success, to
buy the bank OF the Commonwealth IL is
known that the Ocean bank was damaged by
the robbery In June, 1859, under Mr.. ID. RAN
dolph Martin. Alsr Tammauy bought into
control, the fortunes OF the bank and the con-
duct Of the ring became practically iden-
titled. The recent overthrow OF the latter
sealed the doom Of the bank. Mr.. Stevenson.
the former cashier, was made president on the
withdrawal OF Mr.. Martin from its head, but
who remained, however, a member OF the
direction.
This unt0ward but not very surprising event
was used 10 the prejudice OF the money mar
kei, already working close by reason OF the
clock up Of certain "bear" spectators on the
street, and also against the stock market,
through the forenoon, but both closed up bet
Ter about three O'Clock. The superabundance
OF gold contributes 70 the demand for money,
A. noticed some days ago, amer the price fell to
ne per cent. To-day The sales had a further
decline 10 lu55 gl0Sh per cent Exchange i'm
proved on yeste. days business, and the draw
ings for the steamer Russia, aud thu mail
ste tmer sailing tomorrow, were at lO9al09ls
per e for 20 days London.
AT the stock Exchange the London cables
had the effect OF keeping strong the public
funds, Notwithstanding the continued decline
IN gold. The prices abroad for the 5-3Os other
Than the lSd1is, which are affected by the calls
OF the treasury forreCemption, and also for
the new five per cent. stock, come very siin,
per cent sterling money. The southern State
bonds were a fUle weaker on Tennessees, Viz
ginias AMI South CarOlinas- The established
railroad mortgages were steady. The railroad
stocks were active, and prices, from hour -
hour, quite -feverish-weak in the morning in
preparation for tight money, !" and strOngeT-
counts Of the brokers were pretty well over.
The parties 10 the clock up" in money have
thus far failed TO pront largely by their very
equivOcal operation, but IL Is given out that
they mean TO peTsevere.
Later Information by telegraph says that
the committee OF uepOSitorsO OF the OCEAN hank
after a consultation and investigation with
Western bank officers Interested and The re-
%cetver, have concluded that the bank viii be
The Comptroller Of the Currency at Wash
fngtun says that he IS satisfied that none OF the
national banks or New York were implicated
In the late lookup in money in this city.
Hogs,
The st. Louis Republican reviews this mar
kst mp 10 Thursday last: Receipts for the
week, BQ,23I; and from November / to Decsm.
Der u. I 900. The receipts Of the week pre-
snt season, or Of any preceding year, exceed
ing that or the corresponding period in 1870. !
Is exhibited aDove, 9,50s head. The Total re-
eeiptH nom November / 70 December II SUN
mp 2i4,7OO, against III 0SI FOR the same time In
$50, and &7l6 In 1853, howln a very large |
and q ttIeriDg incrsRse-undoubtsdly super
induced TO 3 considerable extent by The
prices ruling during the season, which, being |
thr0ughut better Than Chicago rates, drew
largely from that point. This is evident from
the considerable receipts rom Illinois, which
otherwise would probably have sought that
market
The course OF the market forthe week was
follows; Tuesday the run was heavy, and
with the warm weather prevailing prices were
weak but q~uotably unchanged. Transactions
That day ranged from 50 Scot for light hogs
20 81 O94 30 for lair to eXtra-bulk selling 10
packers at s. l504 3. Fridays receipts were
heavy, aud packers being stocked ana several
OF the market prices decline lOc, and
sales became slow and dragging. What trans
actions were effected were al an extreme range
s. SETS for ~ 70 eXtra-bulk at S4B !
~ Ii fgr nTfmr 10 choice. saturday the mar
was active, but the grades Of offerings
were comprised largely Of light medium, and
quotations were lower than on previous days, 4
extreme range being nom g 843 for light
70 medium 10 81 - Tor chOlce-bulkl 10 packers
al 81 O5g4 10, Monday the market opened
slow aud weak, but later in the day
packers took hold, and offerings went
on actively al 50 75I3 Is Tor ughG 70 SO 10
ror medium 70 exTra-bulk of sales to packers
81 n l09iE. Tuesday opened actively, but
later became slow, packers buying sparingiy
and several not buying 81 All. Advanced
values In Louisville and Cincinnati, hOwev-
er, brought buyers from those points. who In
the latter cart OF the day bought zoo 70 300
at 81 l0G4 IS. The extreme range OF
transactions was from 50 sJ94 q for light
weights 70 81 LOOT IS for prime 70 extra bulk
or szLes 10 all buyers a. u lO91 Is. Yesterday
receipts were heavy, sggregating Rygs, Gut
he market was active ana advanced July
lOc on The previous day-transRotions rang
NJ from So g994 for light amin ais TO 81 10
3 . Tor fR.r 70 extra-ouK selling mostly 10
at ! Bgd p"
Coffee.
The total receipts al New Orleans, says the
OF RIO coffee from the first Of July,
--,4Bl bags; receipts during the last month,
1900 bags; sales during the month"; 1900 bags;
sock on hand, 3Oi2 bags. The market has
from the depression and tendency
10 lower prices noted in our last monthly
statement, closing steady ana hrm at an ad-
vance OF about &c per barrel rom the lowest
point reached for the month under review,
owing 70 more favorable adyices from Rio
quoting higher prices and Light daily receipts.
note a sale Of 800 bags Tor AlcyOne, TO ar
rve, on private terms. stock In the hands OF
dealers, l2-01J bags.
Tobacco.
The tobacco crop harvested this year is esti-
at forty-Jwo to fOrty-dve thousand
nngsheads. The receipts up 70 this time show
quite an improvement on the quality Of last
years crop, being cleaner, possessing more
body and larger leaf, and from what we have
learned from the more distant districts, we
nave good reasons TO hope that in these re
speCts the crop generally viii be superior 70
Of the previous year, furnishing a fair
portion OF good and nn0 substantial quality,
ut also sOms portion Of undesirable grades,
he result Of being cut green ard unmatured
n Egme Of the mountainous districts the crop
las been slightly injured by frOsL buA the
Iamage IS inc naiderable we think.
The recesUts Of new crop continue almost
sxclusively Of lugs, and short and medium
eaL principal y in the unpackeu state, which
meet with a gCrd demand from manufactur-
rs aud stemmers, and all priced in hogsheads
.xpOrt buyers.
Cotton Trade f. Europe.
Il will be recoIlected that 3 meeting Of man
lfacturers was head in the Blackburn town
hall on the LIST inst, at which 34.GD power
.OOms were represented. On That occasion a
was passed unanimously % run
hort time, and that steps should be taken for
ne purpose Of extending the movement with
ne view Of depressing the price Of cotton and
the manufacture Of calico more profit Z
ibIeA Iha adOpuOn or shurtume Yves not gen.
raj. May who voted for Il broke the ON
pact. and within a radius Of two miles-trOm
Uhers were never more than l2OD
looms idle. The month expires to-day, and,
10 consequence Of - many having broken
heir promise, the movement may be said 70
al an end. and that the mills VIII All go
fuu-Gms to-day. Those manufacturer
VINO are spinner are right enough. The
q shirtings Is said 20 be unprOut-
tolerably well. The return TO full time
vii afford great Joy 70 factory workers.