Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-22
FINANCIAL.

The situation on Madison street preseneec
no change except that the call Tor money Il
| lighter u some extent. still money Is very
close and difficulty has to be encountered
daily for want OF 10. Exchange is offering
heavily, far beyond receipts Or currency
some NEUTRALITY-SUSPICIOUS. IN rates is likely in
! consequence, az an early day. An the banki
are now importing currency. In local securi.
ties We have no transaction TO mention
There were some questions asked about Ar
ka-saS levee bonds. The rates Of county war.
rants received some attention, but there
was no money 70 Invest and the market was
a. dull In this line as a boiled oysters dwell.
ing. Bankers were Offering IL for gold. bul
there was little or none TO be had.
Memphis currency bonds, with past-due
coupons, skies, 55d54; Memphis gold bonds
skies, 90; Memphis p~st-due coupons, 65g66.
Memphis and Charleston railroad stock, 30g
81; ditto LIST mortgage bonds, IS; do. ID mort
Ehge- So Memphis and Ohio railroad stock.
II: ditto lst mortgage bonds. 3. dirfr
ID mortgage, ~; Mississippi and Ten
nessee railroad stock, l5G20i ditto LIST mort
gaze bonds, s4ES5; do. ID mortgage bonds, TMa
Il; Mississippi Central railroad stock, Is; dit
70 LIST mortgage bonds, s.; ditto ID mortgage
bonds, -; Mississippi warrants, Oas2; Mis-
sissippi levee bonds, 40; Arkansas levee bonds.
10; shelby county new warrants, S5m92
ditto reissue warrants, as ditto coupons,
sos; Bank Of Tennessee money old, 2G94
new, Sgo; Tennessee COmptrOller's war
rants,
The effect OF the s~tringency Of money, try
ing as IL Is in most Of It's respects. has doubt
less been advantageous in compelling bust
ne@s men 70 keep their means within their
control and to avoid all enterprises not i'm
mediately available In their results. In this
Polnt OF view the following remarks from the
-. Louis Itnses are nOt" inapphcable % Mem
ph1s and neighbOrhoOd: HThe condition Of
the money market continues to be almost
anomalous. The banks are generally overrun
considering their disposition TO withhold ac-
commOdations n the market may be de-
ctareu decidedly more stringent than the
cause OF trade should permit NJ this season Of
the year. lack Of means In the banks Of St.
Louis, however, generally ELECTS a suppl
nom private sources and cOmpels the mer-
aufile Interest 70 a carefulneSs in making
debts and a corresponding effort AT collections,
which puts down the brakes very suddenly
on any panic, which might IN another city
sWeeplt with a very rough broom. Hence, while
there can be no such word as ease yet used in
regard to the market, there IS no strain upon
auy1eiass Of trade, and nearly every mercan-
tile branch Is reported a. in most excellent
condition. This should not be discontinued.
a. the prospects are by no means iarteringf for
an easy financial movement until after the
new year, OF Until the cotton crop shall have
created a change in the state Of trade between
this country and Europe. The local borrow
en- are now exclusively among shippers 10 the
East and South and there are many. millers
grain receivers advancing upOn stocks held in
the country oriu store in the city, and other
miscellaneous sources"
The Manchester England GUdgdidn has the
following 'The stock markets have been AZ
fecteu BY numerous adverse rumOrs, such as
large failures and important Withdrawals Of
bullion. With regard 70 the former, there does
appear 20 be sufficient evidence to warrant
a conclusion while, as regards the latter
Is well kDOwn hat the market for gold Is in
an uncertain state, but thatit Is in almost pre-
clsely the same condition az IL has been for
many months past the principal drawback
10 our meeting the German demand being the
Onin our impOrtatiOns from the Juiled
States. The remedy, however, is in our own
hands, for Eith the increasing demand for
capital, higher and still higher rates
be charged until the borrower from
abroad becomes convinced that this is not a
convenient market in which to procure his