Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-09-21
FINANCE AND TRADE.
Middling Cotton IS-Exchange IL Dis
count to Is Premium-GOld
liz 1-2 TO liz 81.
Potatoes Again Observation-Disclosures
for Memphis-BacOR Stiff.
Sale Of Memphis and Ohio StOck-Is Dis
aster Coming Three "COrners'
in One Day.
Further Declines in COttOn-Sales 800
Bales.
OFFICE or TIE DAILY APPEAL,
ERTnaT. September ~. 1874.
FINANCIAL.

"As peas are like. 50 likes this day Il
that" may be said, financially, just now, o.
sachm morning and us predecessor; wehave Nd
changes 90 report. Exchange remains at =
discount buying, = premium selling. with a
moderate amount Offering. As 500 bales were
shipped yesterday, and owing 70 anticipate
advances in railroad freights on Monday, $50
OF 2V' more S1e expected 20 be engaged by
tomorrow evening, Il appears likely portion
OF the incubus that is crushing our market
viii be hghtened. In money there was no
new feature, except that, again, there were
fewer applications at the banks. Inc iact Is
that the strong call Tor money, ana me hlgn
interest offered, have caused many persons out
OF trade 70 call in their balances from the
East and elsewhere aud bring ne currency IA
aid Of those wanting il here. For gold, bro
kers paid ll2E Tor round lots, liza. Alo5 or
u shares Memphis and Ohio railroad stock
was sold by a broker at the quoted rate, ls.
Some Mississippi and Tennessee railroad sec
ond mortgage bonds are on the market al
Memphis currency bonds, with past-due
coupons, skies. 5sa57; Memphis gold bonds,
skies, g.; Memphis past-due coupons %
Memphis and Charleston railroad stock, b;
gage, 50; Memphis aud Ohio railroad stock,
1g; ditto lt mortgage bonds, %; ditto
ID mortgage, 50 Mississippi and Ten
nessee railroad stock l5S9; ditto lt mort
gage bonds, So; ditto ID mortgage bonds, TT9
p: Mississippi Central railroad stock, Is; dit
% LIST mortgage bonds, 8; ditto ID mortgage
bonds, 81, Mississippi warrants, T5G65; Mis-
BiSipPi levee bonds, 30; Arkansas levee bonds,
2Fa2; shelby cOuuty new warrants,
ditto reissue warrants, S2SS; ditto coupons,
659s5; Bank Of Tennessee money; old, G994
new, 8S99i Tennessee COmptrollers war
rants, $3.50.
The Nashville Journal Of Commerce Of the
18th reports Bank Of Tennessee money, old,
81; do. new, IS; Torbeft issue, 81 Bank Of Ten
meSsee past notes, 30: Tennessee COmptrOuers
warrants 8; Tennessee coupons fundaole, Ni
do due July, 1888, sc; Memphis and Charles
ton railroad, 30. The Baltimore Gazette OF the
18th reports: Memphis 6 closed at 5GH.'
The Nashville Journal d Commerce Of the
Nk~h TnnnTrEs ssIhE mnnnE market nnuFHnmaE
TO work clOse-uncomfOTtahly 50 TO our whole
sale merchants who purchased their stocks in
advance Of the usual time, expecting the fan
trade would open early; but the country mer-
chants are backWard in coming forward As
a Consequence, our wholesale dealers md
themselves with more goods n less money
than they ANTICIPATED at this date. The ma
tional banks lend their depositors at 10 per
cent, and none but customers are served. Il
Is somewhat unusual 70 have money as strin-
gent with Us this early in the season. It usu-
ally comes in November or December, and II
i difficult 70 give good reasons for the early
siFsngency this year. We are doubtless, sell
ing too many goods on time, and abusing the
credit system-that most abOminable Of all
systems We shoul look sharp that We do
not over trade and initiate ourselves too much.
In ls7 and in ISL we oveTtraded, and disaster
and ruin followed ought We not 70 look out
for IsTeu
The New Orleans Pioavuneo Of the 18th states:
There is stin a sufficient supply Of funds to
be had on the street on strictly drst-class col
lateralE either on call or for short periods, at
AHHAAA pr cent pr a.l4AAAs JUL AEnAGAe uAE
disposed TO exact very full rates for other de-
scnptions Of padeT. The banks accommodate
their customess 10 a fair extent, 80 that the
outside offerings or prime sin notes are
not large"
The New York Bulletin Of the 18th says:
cit was a notable day in Wall street, the three
features having been the corner in Erie, a
corner in gold and a corner 10 money. Erie
was made worth "a per cent per day 70 Dor
rowers, and gold II per cent. The gold corner
was a Surprise 70 the street, for the that
il was supposed that the clique were out Of
the market. The clique which carried the
price up 70 LIS in August unlOaded, and the
price fell TO 1l2k August 26th). The short
interest here began TO increase; these who
were short staying 50, and those who were
not, believing that the rise for this year was
over sold freely, thereby creating a large
fresh short interest. This tempted the fOrma-
ton OF a new clique, said to include some Of
the foreign banker The new pool have con-
Cealed their operations very well Up 70 this
morning. when they showed their hand, and
refused 70 lend any gold except at exOrbitant
rates. II is not believed that the corner VIII
be Of long duration, as many Of the heaviest
shorts have, we hear, privately settled today.
The BuAdtn also remarks: "GOld l4ta per
cent. premium, and u per cent. paid for the
things not known here in the darkest day Of
our civil war. What is this owing to- Our
Federal finances were never in abetter condi-.
ton since the war. The treasury has a large
surplus in hand and an enormous revenue
pouring INTO il every day. The crops in gen.
eral are and likely 70 bring high"
prices, unless spectators can produce a mon
etsry crisis thai viii prevent their advan-
tageous realization The whole difficulty We
are now experiencing IS due solely to the nom
resumption Of specie payments two or three
yesrs ago"