Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-11
FINANCE AND TRADE.
Middling Cotton is 1-2-Exchange IA
Discount, 70 is Premiumto Par
Sold Ill 1.2 to 112,
No River Arrival Of Feed or Produce
Quiet Market-LOw Stock Of Ba-
courtroom Corn Wanted.
Modification Of Exchange Buying Rate
Want Of MOney-Sale Of Mort
gage Railway Bonds.
Cotton LOWer-NeW Orleans Down
Sales 115O Bales-Texas Crops.
OFFICE or III DAILY APPEAL.
THURSDAY, october 10, 1872


Money Is stil the wanted thing in Madison
street and ~till IL Is tight and almost un8ttain-
aote. rue we are selling cotton at the rate OF
fH" OF 500 q weak, which represents a heavy
sum OF money, but The currency SO far -e-
calFed iu rpturn 9or IL does not stay here
Debts wherever owing have TO be iiQuidated,
ana money is wanted to pay the army OF pick
eH whose services just now II is so important
10 secure while the weather Is une and cotton
~ pe gathered anstalned anu unlnlured.
EAclAnge Is heavy; tnere IS a goOd demand
Tor al that Is making, but the difficulty is %
money to move the cotton with, I'm
menSe sums, such as are required after active
COTTON purchasing. are not the easiest things IN
-lc world To raise when New York is as "hsrd
up" as we are ourselves, and when every bust
ness man In the district has drained the banks
where he deposited 10 the utmost extent Of
recommendation TO which he could fairly con-
slider himself entitled under the circum-
stances. Under this heavy condition Of things
exchange to-day passed in some eases between
banks at 2 of. The selling rate has undergone
some modification being no longer simply &
premium. but ia many cases-and by one bank
l~ire!y-par The buying rate is IS before Z
discount Brokers were taking gold at lll3zg
ls@ A broker bought 800 city past-due cou-
oous az 6s 200 shares OF Charleston railroad
stool changed hands AT the same reduced rate
as The last sale was made, -; this is regarded
o- an effect OF the money stringency. The
fHTmer quotation waSg. Ten thousand Mem
plls and Little Rock drst mortgage bonds,
January delivery. at &C.
Memphis currency bonds, with past-due
coupons, sizes, 53a5i; Memphis gold bonds
skies, 90: Memphis paSt-due coupons, 65d55,
Memphis and Charleston railroad stock, 800
ditto LIST mortgage bonds ~; ditto ID mort
gage, Memphis and 0hie railroad stock,
p; ditto lsr mortgage bonds, So; ditto
- mortgage, 50; Mississippi and Ten
uessee railroad stock, l5430; ditto LIST mort
gage BOMBS -; ditto p mortgage bonds %
Ui Mississippi Central railroad stock, IS; dit
20 lgt mortgage bonds. y: ditto ID mortgage
bonds, -, Mississippi warrants, 50462; Mis-
-ISSlppl -gvee bonds, 40; Arkansas levee bonds,
lHr shelby count new warrants, &93-;
lt-t1 reissue warrants, &as6i ditto coupons
SEES; Bank OF Tennessee money; Old, Z8s4i
new 9I tennessee Comptrolers war
T,- New York Buglefin OF Tuesday gives the
follow ing account OF The effect OF the late sale
of gold by The Treasury, The sudden decline OF
cotton iu New Orleans is. we presume, TO be
understood from the explanation here given:
The great events of tse day ia Wall street
were the purchase OF eaullNn OF obs by the
Treasury and the sale OF S5.Qa1.0a5 gold, both
operations having been made 10y the Assistant
Treasurer on Geographic instructions from
Washington received before the opening Of
business % day. The buyers Of the Treasury
gold have The option, as the Assistant Treasu-
rf informs Us, OF paying the currency for the
same elsler INTO the treasury or any one OF
the following banks which are de-
S--nafed repositories, tO-wlt= the Bank Of
Commerce. Fourth National. second National,
and Central National 1t is presumed that the
So deposited win be lent TO merchants
either IA tleIorm OF discounts or otherwise.
raising money than from the banks ItSe1ect
ll the foreign exchange was not in any way
% me exporters but helped the i'm
pg-ter>. Foreign exchange advanced 70 luT1E
E-H, for prime 80 day bills and l0SlsGl0sss Tor
short EglL The currency rate FOR exchange
to-day was fully one per cent. lower than last
average price, by which the shippers
al produce lose one per cent. on their bills, the
.uT--- OF bills or the importers maklngiL. In
q word. the current exports Of The country are,
Tor tIe time az least depreciated 10 the extent
OF one per cent, which is made by Europe. IN
The money market III is hardly time to see
what the effect Of the Treasury operations
WA. be-