Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-08-13
FINANCIAL.

Monetary matters have been remark
ably quiet since our last weekly report,
and the applications for fayors at the
banks have increased daily. The ship
ment of currency to the Interior is the
main cause Of brisk inquiry, Our mer-
chants, in some instances, having sent
double the amount forwarded last sea-
son during the corresponding period,
which necessarily causes stTingency and
a closer state of affairs. As an illustra-
ton of this state Ofthe market, a prOmi-
nent bank officer to-day remarked that
he had refused a dozen applicants rep
resenting as many large business firms,
and that nearly as many more who
had paper maturing sOon had applied
for extensions. On the other hand,
some of the banks report nothing more
than the usual demand at this season
Of the year, and are making shOrt-date
loans at l0G12 per cent. per annum.
Exchange has been moving with in
creased activity during the week, the
demand for the payment Of goods pur-
chased in the East being greater than
the amount made in commercials bills,
necessitated, in many instances, the
shipment of currency even after the
usual neighbOrly transactions between
banks, which ranged at from 81 50 to
> 50 per $1,000 premium. Counter rates
remain steady at par buying on New.
York and Northern cities gen.
orally, and &c discount on New
Orleans, and in selling over the counter
drafts on the former are drawn at pre-
MUM, and on the latter at par. Gold
has hUctuated but little, the rate in New
York on Tuesday last being steady at
ll54. It has since advanced I, and to-
day closed at 1l5}. Dealers purchases
here were at from to lc below that pre-
MUM, one broker to-day having bought
5000 at lI+2. Local securities are with
out particular interest, Memphis and
Charleston railroad stock being the prin-
cipal feature, in which there was q
slight stir, caused by the operations of a
Z" ring" that purchased some 1900 or
1000 shares in odd lots, paying as high
as "a, but Withdrawing from the market
when their intentions were made public.
Scrips and other investments are NOV
ing slowly, and no changes other than
those noticed during the week and
quoted below have occurred.
County scrip, 90G92. Mississippi and
Tennessee railroad lst mortgage, Sc; I'd
mortgage, y. Memphis city railroad,
IS. Bank Of Tennessee money, 9O994
for old issue; new issue, 34G3S. Ten
nessee C~OmptrOller's warrants, Sc. Lit
tie Rock railroad first mortgage bonds,
80. Memphis city gold bonds, ex
coupon, 90; currency bonds, 53@53}
Memphis past due coupons, $500. Mis-
sissippi new, 1872, warrants "A. Missis-
sippi Central railroad stock, Is. Second
mortgage Memphis and Ohio bonds at
50. Charleston railroad stock, 3+GS5.
Demand better, but confined to two
operators under domestic orders for low
middling and middling, the prices of
which fell within the range of 2O3G2l8c.
Some stained at lSc were reported. Sales
about rs bales. New York and Liver
pool reported no change.
Money at Cineinnati.
Currency is in ample supply and the
market is easy. Some houses still re-
port liberal shipments of currency tothe
interior, and that country bank balances
are lower than for some time past In
dividual deposits, however, are increas-
ing. The applications for loans are
chiefly for legitimate purposes, and all
branches of trade are represented in the
list of borrowers. The regular discount
houses are able to accommodate all the
good paper presented, and there
is little aflOat in the open market,
where it is in demand. Rates Of
interest are unchanged and steady.
The current figure is eight per
cent. OF coed names, but there were
transactions at : per cent, and money
can be had at CO. per cent. on call.
There is not at present much paper ma
turing. The receipts Of Eastern ex-
change were more liberal while there
was less demand for it, and in some
cases q considerable surplus was report
ed. The market ruled dull, but there
was no important change. The current
buying rate was SOC per $1,000 discount,
though some houses are still receiving il
of depOsitOrs at par. The selling rate
was retained at SOC per $1,000 premium.
There were some transactions between
bankers at 1-2 acknowledgement,
10Th.
Money at Louisville.
The money market was comfortably
active to-day, the improvement being
due to a better commercial demand and
the fact that our exchanges have worked
around 50 unfavOrably to buyers as to
make the shipment of currency profit
able. All first-elass paper is readily
taken at steady rates. Exchange-Pur-
chases were made at 10 % Lilo pre-
MUM, and sales over the counter at lilo
to premium COUrjer-JOUTBOl, 1ldh.