Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-05-24
FINANCE AND TRADE
OFFICE OF THE DAILY APPEAL,
MEMPHIS, May %, 1871.

q e@AAaA1A- So @-.4 ~ A4"Ha AAea 41aRaN
10 meet the requirements Of our mercan-
tile community. The principal demand
81 the banks Rnd banking houses comes
from regular customers and ~depOsibOrs,
and very little speculative paper is pre-
scented. At the banks IOGI2 per cent. are
the rates Of discount, andi the open mar
k8b the rates are from ] uolH per cent. per
month on prime paper secured by collat-
erals, with more capital seeking invest
ment than there Is paper 70 absoro II.
The exchange market is easy, with some
Improvement noticed in offerings, Sew
eral mall lots were offered on the street
TO dav a. 81 90 pI emium per $1,000, but was
disposed Of az SOC less. Cotton bills are
coming in steadily, though no large
amounts are offered. Rates Ere par BUY
ing, with lew if any exceptions st a better
prIcs. Eastern and Northern bank exc
changed bought at par to Ito premium.
New Orleans bills ar5 taken at &c dis
count and sole az par, with but light Of
Z feriugs or demand.
The gold market was a shade weaker
to-day ana st the close the tendency
seemed 90 be a lower rate of premium.
About 5000 WAS taken by our dealers
during the DAY 81 lllL, and $1,000 sold at
lll5s, the closing rats at New York.
Local securities were ahIrle more active
than on yesterday. Memphis and
Charleston was in active demand at SOC,
at which price nearly 100 shares we're pur-
chased by p dealer, who quoted selling
rates gt 36Ic. Mississippi and Tennessee
shares were dull, the city and railroad in
terest having Withdrawn their orders, left
the market with better offerings than has
been noticed for several days, q brought
out several small lots that heretofore had
been held above the views Of either the
I city or MCCOmbs interests. Among the
I lots uuearLhed by the Withdrawal Of the
[ city agents from The market was one Of
] no shares taken 10y an u-nsuspeCtiug
dealer 81 IS before he was appraised of the
/ action of the recent movers in the market,
Z and the broker now consoles himself with
the idsa that before the election of officers
I of thai road the MCC1mbs or city clique
] will again jump into The market for a few
! hundred shares Fortunately the "H6a-
I then Chines" was not, as formerly, con-
u6ctsd with the transaction, he having
turned his attention TO other spsCialLiss.
The latest report Of bis operations reaches
US in q rumOr that be "A smother fellow
broker known as "E. n" among the
curbst0ns operatives are making a
match for g foOJ-rsc6, the Chi
rnes" wagering 500 TO tx Ms" SIS
on g f0rty-rOd race, " n" to have
fifty feet start, on account OF his immense
| weight. The contest Will take place s.
soon as these individuals sell a few hun
drEd dollars In CnCurrent money where
I with 10 pay expenses OF referee, etc.
| County warrants are in good demand.
/ Some 5000 was issued by the County
I Court yesterday, but was sold before the
I owners thereof reached the pavement be-
low. the price paid being Y The demand
from tax payers is larger than during last
week. sHd is being met by dealers a. 74@
20; $1,000 was sold late in the day by d
dealer at the inside price. Mis-
-issippi warrants are dull but
offerings appear to be larger
SEQ vas bought by a dealer to-day a. So
Selling rates are SOC. Memphis and lit
Tie Rock railroad eight per cent bonds
are bought at IS aud sold at 70 In one
iusssucs to-day T34 wEs psid by g dealer
for $1,000 City boLds are firm as 55GG5Z
buying and selling tor the currency new
%aud 60G5I for the gold issue. Bank of
Tennessee money is in demand At 1879
and is sold at 77g7S
Ia New York, money Is 10 ample sup
PLY, and lenders are willing 20 accept low
rates. on Call, with Governments as 3G4
per cent. National Bank notes are AZ q
discount CfMGE per cent prime business
notes going aJ 5zGo per cent In PElla
dslphis, call loans rule a. 5G5Z per q
Prime commercial paper 81 CO.. per cent,
In Boston, money is ABUNDANT at
be usual rates. IN ST.. Louis,
il there be q change 81 ST, IL is
toward heavier CalE bgLguCgs and
greater ease iuthe discount market. There
IS 10 surplus of money, however, though
the supply Is fully up 10 tbs requirements
Of .hs banks, which seem 20 De Tigilly |
confined TO accommodating their own Gus
t0uers. The banks draw on New York at
I-IUGL premium. In Chicago the supply /
Of I0suaBle funds is CCusiderEb yin excess
Of the limited demand Of borrowers, and
ON call loans very large concessions are
easily obraiuaDl5 from current bank rates
The banks draw on New York Et 10 pre- I
mium. In Cincinnati money IS Easy and
exchange abundant. The buying rate is
501 per $1,000 premium, and selling TO
customers - ] 10. The New Or
Leans Tunes gives the following In
relation 20 the paLeut seals for bonded
cars. mentioned by us some days since.
1t sEyEs Not the least obnoxious feature
OF GU present revenue system ls The null
UBIicity q annoying rules and reEula-
tiOus made TO prevent frauds upon the
Government. II 70 or two dealers, or
manufacturers or dealers, Out Of a hun
dr5d, succeed ia evsdlng the vigilance Of
tho revenue officers and detectives, |
~str5igltwsy some cou]trIyaucs is adopted
20 prevent the recurrence UI such rascal
i-v. which Obligs The law-hroak8r to seek
some other means OF ehactiug his purpose, |
but at he same time proves i~utOlera0ly
annoying and oppressive % the ninety /
eight who faithfully comply with the law
AAA A#-"H.aAHN ~ ava NaNar-H -@ 49, .
prise to the Federal treasury. The last
instaucaof this kind is the new regulations
established with regard % locks Of bonded
warehouses. For she purpose of remov-
iuz certain facilities used for detraudlHE /
the revenue, the &" Secretary of the Treas
urv has ordered that the bonded ware
houses shall be provided with new locks.
OF 81 Kind having glass seals. with g spgci-
fed number of Photographic copies Of the
seals. aud that the propuetOrs Of such
uIzcsss shall reimburse the Government al
tle rate OF SIS Cs for each lock, with a sup
DIV OF 3L2 ~saals.n This system, 10 seems,
IS 10 30 MO operation On the lst prOx.,
and has excited a good deal of feeling in
Northern cities. A meeting o. Don16u
warshOusemsu at BROOKLYN and New
York, was held in the latter city On last
Thursday, in which a remOustranc6
against the regulation was adopted, set
ting forth: " First-That the locks now in
use are sufficient for the protection Of
bonded goods. Ssc0nd-ThaJ the pro-
posed locks are expensive, complicated
ard subject TO be d~amageddy mischievOus
persons. Third-That In the bond Of the
importer upon goods in warehouse is
really the security OF the Government.
F0urth-TnaI th5 law does not Justify /
the order; fifth, that the bonded ware
house business has not been profitable for
several wears, and the prOpristOrs should
therefore be spared additional expense"
One OF the speakers Of this meeting al
Legged that the measure was nothing but
" a lob" designed for the benefit Of some
department f~svOrite, and said that there
was over $4,000 10 IL, the amount to be
paid for the new locks being $500 300 to
ss00.O00 while they ought not 10 cost over
$4,000. "The distillers are also among /
those who protest agaius. the adoption OF
the new lock, and DC is understood 20 have
been a prominent topic Of discussion at
the recent Convention Of disJilers at Gin
Ciunati"
STOCKS BONDS IN NEW YORK.
NEW YORK, May ., 1925 s.m.-GOv-
orBments unchanged Sterling steady at
1903, One per cent paid for carrying /
gold