Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-11-20
FINANCE AND TRADE.
OFFIcE or THE DAILY APPEAIsl
SATURDAY. November Is, 1871.


OFFTCE or HI DAILY AFFEAls l
SATURDAY, November Is ISL
FINANCIAL
The local money market was quiet. Outside
ola brisk counter business, but little was done
OF special Interest. Tie demand was good.
currency Is In good supply, and regular Gus
toners arc readily accommodated at the usual
rates of per cent. per aunum, while rates
IN open marKet range from IA TO ~. The
general fall trade has been very satisfactory TO
our merchants, though just at this time there
is alull, which VIII probably last some two or
three weeks, when we predict a resumption Of
acfVe business.
With exception of one day during the week
"Wednesday, transactions in the staple have
been very fair, though 5000 bales less than
One bank, to-day, reduced the rates OF cotton
bills bOSkGx on New York, Boston and other
eastern points. Monday viii probsbly develop
something further in the same direction. On
New Orleans the rates remain steady at1aI.
The gold market was very quiet notnng
l offering. Dealers were offering HOY 10 lHK.
The position Of local stocks and securities are
relatively the same as yesterday. and we quote
Che market steady and unchanged. County
warrants are firm at SOC. Memphis aud
Charleston railroad stock is steady At SScf first
mortgage bonds, 81 tOS5c; I'd do,F - 70 sc. Bank
rency issues, % TO sc, buying aud SELL
ing; gold issue, 90 70 bSEc- Arkansas
levee bonds are quiet and quoted al
Is 70 25c. Memphis and Little Rock rail-
road shares are nominal at 10 to &c; LIST mort
cages bonds 20 70 &c Arkansas state war
rants, 20 10 Soc. Mississippi Central railroad
AAeaAa a ~ ~ ~ vi - - 11A- y
dealers report 20 Sc as the buying and sell
ing rates; ID do, u 70 76c. Mississippi and Ten
nessee railroad shares are - 20 lie; do lstmOrt-
gage bonds $40 So do ID. 1ec-
Under the head Money in the SOUTH the
P~icayune OF Friday says Though last season
was anything but a prosperous one in a pc
cuniary point Of view 10 the Southern States,
the supply Of money seems 70 be larEeEthan
at any time since the war. II was expected
that there would be a heavy drain upon New
York TO move the cotton crop, but thus far !
there las been scarnely any SOuthern demand
1orcuTrency, though about 10000 bales OF the
crop have been marketed. This ease in the |
Southern money markets Is due in a measure |
10 increased aof national currency |
issued andef the new anktn law, something
Ike S25O10yO00 having been divided among the |
cotton States Then the losses of planters last
season led ID a general restriction Of credit, j
AID consequently a great reduction in She 1
quantity OF goods bought for 4
The merchant and ne factor restricted the
planter, and the merchants OF the North and /
West were shy IN extending time to Southern
merchants. While the last crop sold for low /
prices, the proceeds were economical, and the
pressure for funds is now pTopOrtionally al
lsvfated. Then, again, there is a large amount /
OF currency. which now remains permanently 1
in the South, circulating in the rural districts. |
The negroes are more frugal, but less inclined
10 hoard away considerable sums Of money. 4
They have acquired habits of trade, and re-
ceiye and give more confidence IN business
transactions; hence, less actual cash is needed, i
aud the city Is not subject 70 such sudden and
heavy calls for currency,
RwfUnnwa sharas A, Wan Woru- |