Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-06-29
FINANCE AND Trade.
0EHoaDF THB DAILYA PPNALS
~ 1MRsRAs, June q, aS71. i
FINANCIAL.


FINANCIAL.
The decision of the Supreme Court
on Tuesday relative TO the validity Of
the warrants issued by the Board OF
County Commissioners, and other de
/ cisions OF q similar character rendered
to day, were the all absorbing topics
OF conversation to-day in fnan-
! eial circles. AS near as can
be ascertained the total amount so
issued WillnOt fall short Of 81, 250, 600,
| OF which $500, 000 was for the cOnstruc-
ton Of the county jail; $780, 600 bonds
to the Mississippi railroad; So, 900 Tor
salaries, and $500, 600 for miscellaneous
purposes. There seems to be a diver
sity of opinion as to the exact decision,
and no positive information has yet
been made known. 1t is claimed by
| some that the decision effects only
| those warrants issued in payment of
salaries sud for loss in yalue of scrip,
while, on the other hand, our dis
| patches indicate that the decision is
/ sWeeping, and includes allofthe bonds
I and warrants issued by the County
| Commissioners. If this be true, COM
| plicatiOns will arise that viii involve
| many thousands Of dollars paid as
taxes in these same warrants, and it
would have been better had the cOUn-
ty paid the full face value of the scrip
rather than allow its credit 20 suffer
abroad as Il certainly viii should the
decision OF The supreme Court embrace
all the Indebtedness issued by the
Commissioners. There isnoapparent
increassin the demand for money, nor
il there any marked change in the
condition OF local financial affairs.
Rates Of discount az the banks are
firm at 10al2 per cent. on strictly
" gilt edge" paper OF thirty and sixty
days, with an occasional exception to.
customers who carry large balances.
On the street the rates are nOminally
15a2} per cent per month. Offerings
OF coin were better today, although
theSe was no Improvement in the de
msnd: $1,000 gold was purchased by q
dealer at lI2l early in the day, and
later offers Of 1I2{a1l24 were made.
Some 500 IN silver halves were also
purchased at l07. Dealers selling rate
for gold was 113, which was the clos
ing premium in New York. The ex-
change market is quiet with the offer
ings and demand about equal. Cot
ton bills offer slowly and very little.
Eastern bank paper is presented; the
buying rate Of the former rules steady
at par, and for the latter par to pre-
MUM. Selling rates are firm at ! pre-
miUm. Local securities, scrips, etc,
were quiet the chief feature being
county scrip, for which 7Sa79 was paid
by dealers who sold at SlaS2 for that
@~-rUaH h. 4hn -z--,-,k T,r--A- I,---G
The Barbour Lewis scrip, q consider
able amount Of which is held by spec
UlatOrs and capitalists, received some
thing of a " stagRer " in the decision
Of the Supreme Court, and at the close
30 was the best bid made by a broker.
Bank OF Tennessee money is rather
quiet and is tending downward, there
being but a light demand and larger
offerings; Sass were the best offers
that could be obtained from dealers,
who would sell large amounts at Sass,
and who sell in a small way to tax
payers at S9a90. City coupons, past
due, were quoted at 1Sa79 buying and
so selling. Currency bonds were sale
able 20 dealers at 81, and by them
were sold at IS, Notwithstanding that
the Jnly interest viii be paid, as an
nOunced elsewhere, by Mayor john
son. The gold issue are quoted at Goa
81 buying and selling. The Arkansas
levee bonds seemed to create less eX-
element than On yesterday, and deal
eTs were more cautious as TO purchases,
but firm in their selling rates. On a
lot Of $4,000, 341 was the best offer OBJ
tanned. We quote them at 344a37 buy
ing and selling. Arkansas scrip is
quoted at S9a9i. Mississippi warrants
are quotedat S08S5 buying and selling. |
Arkansas State bonds are 55a56
for the Is, and - a 30 for the
7s. Alabama SIS are nOminally
69a70 do SIS, 10laI03. Missouri
is are quoted st 94a9j. There is scarce
~ anything doing in railway or insur-
anee stocks or bonds; SO shares OF
the Pamela Oil Company were sold
early in the day at %. Mem
phis and Ohio shares are worth 19al94,
and FIRST mortgages st II a 50
buying and selling. Memphis
and Charleston stock is quoted
at 36s36l buying and selling;
1st mortgages, 94sS6; ID do. 7Sa79. |
Memphis and Little Rock railroad
are quoted nominal at lja20; |
lst mortgages are quoted at 74a75. |
Mississippi and Tennessee shares are
duh, with a light request
at IS a -; LIST mortgages, 81 q
So consolidated do, 70 a "a.
Mobile and Ohio sterling, SASS; do
eX-certs, SI8S2; do So interest, 81; do
ID, 67a6S. Selma and Meridian lst
mortgages are G6aG7. Nashville is,
59a60. Insurance and bank stocks are
quiet. Merchants Insurance stock, |
j9aGO. Planters, 42a43. Peoples, 81
as. Mississippi Valley, 30a3l. Her
nandO, 64a65.
STOCKS AMI BONDS IN NEW Y0RK.
NEW YORK, June q, 2:30 PM
Governments are fraction better with
medium demand. Sterling steady at
l10s. Gold ioaning flat Money I'm
changed.