Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-11-02
FlNANeE AMI Trade.
OFFICE OF THE DAILY APPEAL, !
"WEDNESDAY, November !, iS7L !


FINANCIAL.
There was nOthIngo an unusu4l chAractel
in the local money market To-day aud but
very little animation. Owing TO the large sale
In the staple yesterday and to-day the uenand
for money wss active There Is an abundance
| Of currency and no difficulty was experienced,
The heretofore calculations OF tight times.i
based upon the stringency of money, has failed
and money Is easy aud quiet throughout the
/ per cent per annum, and in open marke, II 10
~ per cent per month.
The market for exchange Is steady and I'M
changed, with increased offerings. caused by
the very large sales Of cotton yesterday and to-
day. Rates from = 70 sc discount on New
YORK and other eastern and northern cities
The gold market was nrmer and higher To-
day, dealers laying III to HIS. There was but
little doing and few offerings. In SILVER there
Operations In local stocks aud securities
were very small. There was but little dispO-
siuon % sell, only when asking prices could be
realized. shelby county warrants are bought
money is dull az - 70 Sc buying, selling at SIC.
Memphis and Charleston railroad stock is
quoted al 30 to Slc;lst mortgage bonds, 81 70 Sc;
ID do, IS to soc. Arkansas leNee bonds are
quiet at - 70 DC. City bonds are buying II Doc,
and SIC selling. Memphis and Little Rock rail-
road shares are nominal at 10 to l2ci LIST mort
cages bonds, IS TO Sc Insurance stocks are
quiet and unchanged Arkansas state war
rants, 70 70 SOC. Mississippi Central railroad
dealers reportS 81 10 Sc as the buying and sell
ing rates; ID do, y TO 7Sc. Mississippi and Ten
neSsee rallrOaQ Hlarer are ~ 20 zics 90 4sJlaOrJ-
gage bonds, 81 TO SIC; do ID, zoe.
The following from the Chicago Times OF a
late dale, is given as an evidence OF the man
ner in which insurance companies have here
tofore been managed. II says: Mine men Of
great wealth in Chicago, together with others
who seem 10 have followed their lead with
dlsgraceiul ~alacrity, conducted the business of
one OF the largest insurance companies in that
city with the most reckless disregard 70 the
Interest OF their customers, and solely with an
eye 10 their own emolumenE The company
W8S Organized sixteen wears ago, with a capt.
tai OF $4,000, but OF this sum only nYe cents
on the dollar were paid in-in other words, the
company began business on a capital OF $1,000
Il Immediately insured vast amounts OF prop
erty, and in q few years had assumed lisks OF
millions, after the Lake street IRE OF 1886 the
remainder OF the capital Was' made up nom
the earnings OF the company; aud II has since
divided, upOn an original Investment Of Sl0,-
900, the handsome sum OF 81 ,500,OOo. The risks
held by this company At the time Of the late
disaster in Chicago amounted TO 50 U0,UO-and |
the total assets are s#J0,OOOi The remainder OF
the sum OF 81 y50d,00l has gODe into the pockets
OF the cOrporators-" Here is a plain story, told
with great cirCumstantiality by a leading Chi
cagO Journal and IL viii serve both as an
illustration Of the utter reckless manner in
which some OF the insurance companies have
transacted their business and as a warning to
companies and State superintendent for the
future. II Chicago catastrophe has taught
several lessons, and this Is not the leasI OF
them.
Bonds I'm New York.
K YORK, November l, I0-S a-m@Goye-n-
nent dull with a slight decline Throughout the
tst Sterling steady al l0SH. GoldlOaning at
per cent.