Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-06-24

OFFIOB or THE DAILY APPEAL
MEMPHIs, June ., 1871.



The money market has shown no
marked change since our last report.
The demand for short loans is, per
haps, atrihe larger, but in no wise does
it nor is it likely TO discOmmOde the
banks and banking houses for some
| time to come. In fact, from the pres
| ent outlook the situation during the
dull portion OF the year will be an
( easy one. The banks loan to their
/ regular customers at 10al2 per cent,
and occasionally favor an outside
| applicant at7the latter rate. On the
| street the rates range from u to 8 per
| cent per month as to the amount de-
| sired, the time and the quality Of
paper or cOllaterals offered.
Nothing Of importance has trans
pired in exchange; the counter de-
mand has, perhaps, been a little more
active, the dry goods trade being the
principal purchasers. Offerings of
cotton bills are light compared to that
at this time last week; rates remain
steady at par buying and premium
for Eastern checks. Selling rates are
firm at premium.
Gold was purchased over the counter
at Ills for small amounts. a shipping
lot would have found a purchaser at
II15. Selling rates are ll2all24. Sill
yer halves and quarters are taken at
109, and Mexican pieces at ll0alll.
Local stocks and securities are quiet
and more active, with a slight adj
vance in county warrants. Dealers
bought at 78a79, while there was a De.
mand in the open market st so, at
which price $1,000 was purchased last
night and $500 to-day. Selling rates
were advanced in CONSCIENCE to Sla
81, Bank of Tennessee money seems
to be in abundant supply and is sold
by dealers IT SgagO, round sum could,
perhaps, be obtained at SO; dealers
buy at 8Gas7. City bonds are firm,
with an upward tendency on the cur
rency issue, the buying rates Of which
are 81, and selling rates 5Sa5S4. For
the gold issue 60 is the buying and 81
the selling rate. Past due coupons
are held at So. State bonds are quiet.
Mississippi warrants are saleable to
dealers at so; selling rates are s.. Ar
kansas scrip is quoted at SSaS9 buying,
and selling with limited offerings.
Arkansas Is are quoted at 5jaj6 buy
ing and selling; Is 49a50; new do.
leVee 35a37. A transaction of $50, 900
in the latter wa made at a fraction
above the buying rate quoted. Ala
bama IS, 69a70; do. IS l9la1O3. Mis-
souri, Gs are quoted at 94s9j. Nothing
was done in railroad shares or bonds.
Memphis and Charleston stock is
quoted at 36a36t buying and selling;
Ist mortgages, S4aS6; ID do. 7Sa19.
Memphis and Little Rock railroad
shares are quoted nominal at l5a20;
1st mortgages are quoted at 54a7j.
Mississippi and Tennessee shares are
dull, with a light request at 80; lst
mortgages, S28S3; consolidated do, -.
Mobile and Ohio sterling, Sass; do
eX-certs, slaS2; do 50 interest, 81; do
ID, 67a6S. Selma and Meridian lst
mortgages are G6a67. Nashville 6s,
59aG0. Insurance and bank stocks are
quiet. Merchants Insurance stock,
$500. Planters, 42a43. Peoples, "a
ass. Mississippi Valley, 3Oa3l.
The Nashville Banner of Thursday, |
in regard to Bank OF Tennessee
money, says: A few days since we /
quoted the views of a cOtempOrary, |
designed to show the amount of taxes
that could be paid in Tennessee
money, based on the assessment for
1871, with q statement As to the prob
able amount Of the old issue yet out
standing. The inference was inevita-
bic that there was but asmall amount
of Tennessee money outstanding with
which to pay or to 60 toward paying
the increased assessment for the cur
rent year; and the impression has
probably tended to facilitate the rapid
rise in the value of these notes from
qeyenty-fOur to eighty-siX or eighty
cents within the course Of two
three weeks. From indications
that attracted our attention, we have
been induced to investigate the cause
Of the rapid rise, together with the
necessity for it, and we incline to the
opinion that itresults from a cOmbina-
ton in Memphis and this city to bull
the market. This, to some extent,
can be accomplished at any time By
concert of action between the large
holders of the notes. There Is little
or no demand for the money to pay
taxes at this time, and why 50 sudden
a rise from seVenty-fOuT TO eighty
cents, in 4 few days, unless
effected in the same way that gold
has been suddenly forced up for some
specific purpose? As there will be
practically no demand for Tennessee
money to pay taxes for, perhaps, six
months, we have not been able to
to any other conclusion than
that the present price Of the nOtes.is
not tie result of demand, but more
probably Of g "ring" combination.
may have Internationally con-
tributed 60 force the price up, we have
deemed it due our readers to present
the other side Of the question.
STOCKS AID bonds IN NEW YoEE
NEW YORK, June %, 2:2j PIN
Iarketunchanged, active and steady.
Sterling steady at lOl. Gold carrying
At I per cent. Money easy at ! per
,ent.