Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-16
FINANCE AND TRADE.
E1NANCE M TRADE.
Kidding Cotton is 1-2 to Is S-4-Rx.
change S-s Discount to Par
-GOld Ill 1-s@III 81
AetiTe Business-Feed Market Dull
Prospects o COrn.
Inc Stringeney Lightening-Sale Of
County and Charleston Railroad
BOnds-NeW Bank Com
mencing Operations. q
Cotton Still BuOyant-0ur Market Ad.
Tanced-Sales, 21O0 Bales-SeW
Orleans Faeilities-Ncks-
burg Complaints.
OFFICE OF THE DAILY APpRhI.
TUESDAY. October IS iS72
FINANCIAL


b uoe Of business and the ush ofarava,a
people along Front street were ~strfff1r m,
morning but on turning into Madison stree
echelHB on the nags and little dofnr insS5e
ne Aanusome stone buildings Exch8nge ~.
mains a. on yesterday, = discount buying.
seLlns 70 al points except where sight
Oils require grace. Checking Was Hghter an
0epoSltlng rather better: some sI~irhf3 mnrSva.
M Darc - monetary situation was thought 20 be
Brokers' were paving llk Sr
gold. lot Of 5000 Memphis and GharfsSfon
tallroao bonds changed hands a. s0c. whirh 4
coSS SrIrent rslsi - Harbour Lewis certified
rahlS are rising in value As the one wear for
when they cannot be used 70 pay taxes Rlides
list o. November No. Ip Msdisoa Street VII ~
olsAel pl Ihe Mechanics and Traders Bank
Win 9 Z Graham as President and j. Al
Ir, as cashier. The directory tncipde
some OF our best business men. me ssfabiis6-
lnent viii DO a general banking snd hrokeris
oLSlnsss WIN such men rs G. c. Graham, a
1tp-lalsL ana a man OF maulred exnarfaDce-
.euelAl ElAef' OF the firm OF Estes. FfEer Il
Llnsoni Mr. Rutland, Of pae firm or Tarior a
- a Ev~ ~ @sreNa.t ofthe 1rm OF stew
wynn lhere cSm be no dff7cuIfr in
LoIeseelhg a W~eu-man1ged and c-onseQuentlv
psospefous institute on. The Cashier. M
hayes mas won for himself esteem and renn-
tauon As shrewd lndustrforS eneTgS+fc -
tlaIng praetcfl man OF business NFVer
bscr always prompt nrm and de-
bank is 70 be eongrarulafea M ToaaS
FLeSuIe Is Complained OF e~vervwhere- orr
Ico s mos uufavorably Affected
~ IL me 81 uuuis Deaocru al W,-9ev -
poTlS: ere has been no cbsnge in ~ c5S-
De loceI none market during ne
1T51gi the market has been very close
1I-eT FouR Win a scarcity Of loanahlef funds.
smand continues TO be considenbiv in
ace ufthe banks ability 70 EuppIv. sothsf
~ are compelled 70 refuse all demands from
Il1Gers Inc rates are nrm al 10 per cent.
SaSness over the counter the past week has
heen more active, and the deposits are creep
up Slowly New York exchange un-
N"LH.ULHnN -MW 10 81 discount - ENkun 49,
9anEs, and 81 premium 70 customers over the
counter, The amount Of Southern business
IeEoIiedl Is OF sman figures, and chiefly against
The New Orleans Times OF the 18Th States
We nave no Improvement to notice in the
money market nor any further variation in
rates. The demand az the banks for currency
and discounts continues quite as strong As Al
any time during the week The offerings on
me street show no dfminu1on. but many Of
them are Withdrawn in consequence OF the
parties being unwilling 70 pay the advance in
rates showing that the demand is not 81
pressing as II would appear from the figures
asked. The business to-Iay was. neyertheIass-
o. fair extent and We continue to quote inst
cas- paper AZ L per cent Der annum. A at
D, second grade At 10. nrst-class mortgages Al
u. ana second class MORTGAGES AT ". The most
y, q = l la rel paper Negotiated continues
helerrlng 70 kilograms on Saturday, report
~ kNlu az 4rs- and in twenty minutes
asrsa nd aI Ia The same paper remarks;
on Tie receIUd Of the frst telegram, lower
rdles We're "a Ken for foreign exchange than
would nave lJeen accepted after the me- quo
lapn ana buyers then paid more for biIls
sL3L lhsE sould have given half an hour
-ller. The. effect Of these h~uctuafious is felt
~ many lunches OF trade, as well as in ey-
glange- and notably 50 in our leading STAPLE.
- ~ no means an isolated case. such II
le-A-hl ties occur frequently, and have a dis
lurblng influence on trade throughout md
S'uD y. The fluctuations In gold at New
loTk present. IN fact, one OF the chief evils OF
rs mercantile classes, and especially those OF
the cotton movement Ifthey were dependenf
eA clusively on known laws Of trade-iL for
Aample the merchant could watch the Lon
o9n market Tor 5-&s as a financial barometer
-anu argue from II the course OF gold and
nlla he would be exposed 10 less uncertainty.
and be able 70 conduct his operations with
greater regularity. But in the reckless habits
1t the eXcltable New York gold OPERATOR the
slightest as well as the most weighty causes
would be prevented il the United states Cow
trnment would pay its floating debt-that is.
rs g~reenbacks In gold, and leave It's bonded
utpi 20 await It's maturity. In other words,
the nuisance Of gold gambling in Wall street
and leave prices TO be governed by the laws ~
supply and demand"
Memphis currency bonds, with pasf-due
coupons, slNes, 53gSs Memphis gold bonds
&C.; Memphis pzst-due coupons, FR6S.
Mempn1s and Charleston railroad stock, S0a
&4 ditto lst mortgage bonds, s.; do. I'd mort
gage -; Memphfs and Ohi0 railroad stock,
ID mortgage, 50; Mississippi and Ten
nessee railroad stock, l542Q. ditto LIST mort
gage bonds, 81 ES5; do. ID mortgage bonds, aoa
u; Mississippi Central railroad stock, Is. dit
% lst mortgage bonds, s.; ditto % mortgage
bonds, So Mississippi warrants. 7ua2. Wf-
slsslppilevee bonds, 40; arkansas leYee bonds,
Li oneluy county new warrants, SSd92:
4l-lQ reissue warrants, S8S5; ditto coupons,
new, 3es; Ienaessee ComptroIers war
rants, 6l9S.