Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-05
FINANCE AND TRADE.
Middllng Cotton is to rs 1-4-Exchange
Il Discount TO is Premium
Gold 1I3 I-2.
Corn Held Higher-cOrnmeal Stronger
Butter Adyanced-BaeOn Weaker.
Collections, Exchange, and Strlngency-
Good Time Coming.
Cotton Again Advanced-11OO Bales
SOld-An InjurytO Memphis-What
Win Merchants Dot
OFFICE or THE DAILY APPEAL.
EETnAK nnFnhor Te1 Z
FINANCIAL.


One single topic ahsorbs an that is 10
be said Of Madison street and the money
situation-the money pressure. II Is
immense. Like the plaques Of the
Egyptians, it is in every house. To
collect money is a taskfo Hercules, and
notes at bank have to be renewed, and
instead Of balances going up after the
nrst, they have gone lower than before.
How 10 meet obligations, how to escaDe
the severest difficulties a business man
a meet with is now puzzling many a
brain, perhaps p8ining many q heart,
We are glad TO see that there Is q strong
spirit of forbearance existing, and the
general desire shown is not TO take adj
vantage Of difficulties TO Cypress, but a
desire TO help over the embarrassments
OF the moment, and TO hasten the "goOd
time coming" when easy times Will
bring back prompt payments and a re-
Lief from anxiety. Exchange is making
20 a fair extent, but the collections and
money arrangements connected with
the beginning of the month absorb il all
like a sponge. The rate remains I dis
count buying and Z premium selling: on
Boston and "outsiden points, { huying.
Not a thing could we hear Of connected
with the sale Of stocks or bonds; the
money such purchases require is not to
he obtained. To ask whether any local
securities have changed hands in the
market Is 10 arouse a smile that tells
more than words-yOu must be precious
green 3 900 Mississippi aud Tennessee
-1llrJad bonds sold at Sic; some Torbett
money was taken at 35c; several lots of
different securities were offering on the
market.
Memphis currency bonds, with past
due coupons, skies, 63a54; Memphis
gold bonds, skies, 60; Memphis past
d~ue-c0upOns, 60; Memphis and Charles
ton railroad stock, 81; ditto LIST mort
gage bonds, $; ditto ID mortgage, so;
Memphis and Ohio railroad stock, 10;
ditto lst mortgage bonds, IS; ditto I'd
mortgage, so; Mississippi and Tennes-
see railroad stock, 15d2O; ditto 1st
mortgage bonds, IS; ditto % mort
gage bonds, 70E7 Il; Mississippi Central
railroad stock, Is; ditto LIST mortgage
bonds, 81; ditto ID mortgage bonds, 81;
Mississippi warrants, TOCGS2; Mississippi
lyvee bonds, 40; Arkansas levee bonds,
ID; Shelby county new warrants, SSG92; !
ditto Reissue warrants, S2GS6; ditto
coupons, S56,S5; Bank Of Tennessee
money, old, 93e "a; new, S3G37; Ten
DesSee COmptrOller's warrants, S7(G90.
The New Orleans Times SAYS: 1.-THE !
]
money market, though showing 4 slight
Improvement during the past few days, |
exhibits only a slight relaxation. The
demand for discounts continues strong, |
s1d the offerings at most of the banks
are in excess Of their available resources,
and the rates on the street are without
any sensible variation. The offerings Of
Hrst-clsss paper have been for some
time limited, and have been readily
taken, but second grade has been more
freely offered, and has not been easily
placed, unless at outside figures"
The New York FiBdRcier has the fol-
lowing interesting explanations: "The
DrOXimate of the pinch this week,
as everybody knows and everybody else
would instantly reply, is speculative
combinations But speculative cOmbi-
nations watch for occasions, and il was
not by accident that the Black Friday
conspiracy in gold was at the same sea-
son Of the year, three years ago. The
clique OF operators who deal only by
millions, and disdain small games,
watch their opportunity. In the regular
and fixed movements Of legitimate !
trade, every autumn, the banks Of the
interior are drawn upon by their home
customers for the purpose Of moving the
crops 10 market as the phrase goes;
more specifically, they are called upon
Tor advances of money upon those crops; .
the banks then draw upon their own !
balances deposited with New York
uauks, and a liberal movement of circG-
lating money takes place from the banks
here TO those in the interior, which con- (
uuues for some weeks, and acts toward
a tightening Of money here and a rise in
the loan rates, this change being also 4,
aided by the general revival Of business. {
This periodical condition Of things can !
be counted upon in advance with all the
certainty Of eclipses, although not the Z
eXactness as TO date; the treasury can
he expected TO do much by way Of ,
relief 10 the pressure in gold, and there I
Is but a trifie Of interest due before the f,
hrst Of November. The situation, l
therefore, gives to the wealthy cliques I
81 spectators who delight to turn others :
extremity into their own opportunity 4,
the largest liberty they have during the
year, and il l. 10 be expected they will
attempt a renewal Of their l~ocking-up' l
tactics. The natural inquiry is, Where :
the bauks2n Are they not estab-
lished for the accommodation Of the :
Of business and as a regulator Of I
the supply Of money? Why do they not I
70 the relief of the community? I
simply because they are positively for s
hidden by statute to do so, and here is
Tie ruming-pOint Of the whole situation.
When money is plenty and there is no
special demand, th9y may loan freely;
when there j. a special need of the very
facilities from them which they are {
meant 20 supply, they must contract |
their loans. The law does not word its /
IL fle effect If - (