Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-04-18
FINANCE M TRADE.
OFFICE or THE DAILY APPEAL,l
WEDNESDAY,, April Il, 1871
FINANCIAL

FINANCIAL
There was no new feature on Madison street
Exchange is barely equal 20 wants, an ocea
sional shipment OF currency having % D.
made; we still quote commercial bills tak1nl
at par; = premium Is the asking hguresi be
tween bankers 81 seal IS per 5000 some gotl
was buying one bank took SfU0 et Iie5sc, 10
shipment, In the continued absence OF any 10
cal demand. The principal subject OF con
veTsation was city bonds and the monetary
position Of the city. some parties deciart
that the heavy tax on money win drive CAPT,
tai from the city. II the county, as ~ Is 10 d.
expected She viii, follows the example OF the
city and puts on q tax equal IN amount u
what the city collects, then the interest re-
ceiyable Will be so small that other and better
than local investments-sueh as government
securities which are free nom laN-Nlu De
sought FOR. and home trade and nome enter
prises be Jeff "high and dry 10 perish for
want OF nourishment. This Is too depressing
view ofth case 10 be accepted as correct t0
The letter. but there IS more fact in II han Is
agreeable. That a solid and substantial effort
must be made 20 put the city's credit on a
sound position, is universally acknowledged
and. as a start, great desire Is expressed that
those VINO are heavily owing the city should
al last be compelled 10 meet their obligations
II is argued tlatm a holder OF land sells a por.
lion of it-or the city SeIsit for him-then the
city are reduced, and the property De-
comes improved and Contributes ia an IN.
creased proportion 20 meet the city Expenses
Many are in favor Of the proposition we have
already mentioned, Of having a meeting OF
taxpayers who have paid their taxes, which
meeting shall protest against any further de-
lay in compelling ~delinquenS 10 pay. Mem
phis city councils and Memphis CITY officials
have always been weakened upon this
point, and IL is thought that a firm protest OF
taxpayers against further indulgence 20 tax
delinquentS with a firm demand on the CITY
Council and city officials 10 do their duty EN-
caciOuSly and unninchingiy will have the
best effect in stimulating ~droOping energies,
and brlnglnE about What Is now an absolute
glecessfg. deferminate action. PAY or SELF is
the motto OF The advocates OF a taN-payers'
meeting. A broker reported 70 US that he had
FHIm IA IAHH % - HNnHHRnFN EnnIE nm sale at sc
on the dollar There Is some curiosity 20 know
the market value Of these bonds, some parties
estimating them al soc or sic; the lot offered
Al 5sc ought 10 develope the real standing OF
these bonds. We have heand nothing for sew
eraI OF street railroad or new gas COM
pany. There Is some talk IN a quiet way
about Arkansas levee bonds; they have APP
peared but little on the surface OF late, but
there seems 10 De eyes that never cease watch
ing them. In the course Of last week Pc was
offered Tor SalU or $500. We heard yesterday
OF a bid made on Tuesday OF DC, and an order
from New York Al 24c could not be Tiled.
These facts appear 70 show a vitality for
these bonds equal TO what was loudly claimed
Tor them BY their friends six months ago. A
large amount of Home Insurance Company
bonds are stated 20 be on the market Al their
book value, without takers. city bonds nom
1nally sic. Past-due city coupons, Sc. Coun-
~ warrants EGsSc selling. Bank OF Tennes-
see, sa9slc. Charleston railroad stagnGRt al
Trade Matters.
The 81. Louis Democrat. April Is. saws: aThe.
domestic ana foreign trade IN nulk gram is 3
puzzle. II Is demOnStrable that a bushel az
corn can be taken from Dubuque TO Liverpool,
via New Orleans for twenty cents less b by
way OF New York. II has been shown thai
twenty million bushels exportable grain is
locked in by The ice, and kept from the for
eign market from November TO May. Il is
PLAN that there can be no climatic obstacle 70
the shipment Of grain by New Orleans IN the
winter. Il has been proven by experiment
that corn shipped from New Orleans 10 Liver
pool, m MY went sound INTO market Grain
shipped coastwlse from this point 10 New
York or Boston. has always gOne sOund by sail
vessel. II now goes 20 Liverpool in the same
time by steam as 70 Boston By sail. The lati-
Tudes Uaversed are the same; the time the
same. There Is. then, no doubt OF the perfect
capacity Of the Gulf route TO transport grain
sound. With cheaper freight, and the only
free winter outlet, why does not grain for eX-l
port sask the Mississippi routes such a prob
lem deserves an attempt az solution.
The New Orleans Times devOtes a column 70
the claims Of Memphi as an increasing cot
Ton market, ana says Of efforts making 70 ex-
tend u wider that cheap transportation is an
absolute requisite 10 our success, and adds:
-pur Memphis friends must be aware that, 70
neoCce transportation 10 the lowest possible
point, II Is |ssenualthat there should be COM
petitiOn-cOmpeutlOn not only between diff
fereut railroad companies. but competition
also between them and the river route. At the
present time EP-TiYer receipts are unusually
low. Cotton j. taken from Memphis 10 Gin
cinnati al 7e bale, and has been taken a
low a. 55c- This has been caused by oOmpeti-
lion. No boat could be run in the trade at
such rates, unless IL Wene for the doWn-l0ads,
which pay q profit. The boats being 81 Mem
phis with no return cargOes, unless il be cot
Ion. naturally compete with each other 70 al
tain that article. Hence this extreme reduc-.
ti0n IN up-riVer freights, The aim Of our as
pirimg friends, It seems 10 US should
be not only 60 make use OF the
great uyer thai layes their blum, and effect a
reduction in down river freights, but TO make
"A reduction also, wherever possible, IN all
transit chargss between ~ and Great Britain
or the II the COMPRISING were
done in Memphisit WOuld avoid that charge
an New orleans, and IL shipments were made
through the medium Of the agents Of steam
ship lines ar this poTt,it would save all charges
Tor forwarding. Memphis would then stand
in the same relation 10 Liverpool and aayre
that New Orleans does now"
The DTD Goods Report raferring 10 tbs Tenth
National lookup Of money remarks; THE
effects OF the lookup on the money market
were most decided, but IL was designed 70
break down stocks. the parties concerned
were disappointed. There Is q strange preyer-
SHY In the market. IL bears up under the
most persistent efforts 10 produce an arincial
strIugency. but IL gives way when the pres
sure is Withdrawn. II has been 50, al all
events, in the present emergency. There must
be considerable frames In stocks when they
can pas through an ordeal OF 10 per cent and
LEGAL interest without yielding b strin-
gencv now sheWE signs of giving way, and
We may look for the decline in stocks in q few
days.