Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-11-11
FINANCE n TRADE.
Kidding Cotton IS IA to is 1-2e-Ex
change 1-2 Discount to Par
Gold liz Ia.
No Produce ArriVals3Slight Business
Prices Uneertain-The Ohio TO
the Rescue.
Money ShOrt-Exehange Scant-Missls
sippi County BOBds-Bauk or
England Rates.
Coston Unehanged-Sales 400 Bales
Saturday Quietude.
NfE CT OF THE DAILY APPEAL,
SATURDAY, November 3, lS-2 ]
ENnNEnAL

FIAANNAAL
The financial ituanon has not q feature 70
day that differs from the day before. b
change. as a rule, was scarce, or rather sale
from which exchange should have come
owingtO the tremendous pressure that eNtste
from a week TO ten days ago-ylelded up thei
exchange before they were wei consum
mated. One bank reported a considerable i'm
provemeHt on Friday, having turned over SO,
90 before Y o'clock- Rates unchanged, =.
e on New YORK and Eastern cities, = on New
orleans, par selling on all points. Gold wa
taken by brokers at l2Z8ll25sth latter In tn
afternoon OF stocks or bonds we heard no
a~lugle tr21sacri1n, there b no money 10
them. We heard that bonds from a fourti
Mississippi county may come into this mar
Ket- oul could learn no particulars me tete
gram to-day contained intelligence thai m
Bank Of England had again advanced ~
rate, which is o the unusual figure OF pc
cent? the ordinary rate being % Per cent
The drain upon the currency OF Europe
which is caused by the gigantic paymen
France Is making % Europe, sthe pflnclpa
cause OF the advance. But The necessity d
belng prepared for large payments 70 meet ex
expenditure for food 70 MI the deficiency IN
the potato and other crops Is doubtless m
more immediate cause, The eject OF thi
change upon the Of the nation vii
doubtless become percepuble even In oul
Memphis business, as the cotton trade mus
feel Il as much as Others. Below we have
copied from a New York paper Of authority
some interesting extracts upon the subject
Memphis currency bonds with pest-dus
coupons sLEeA bfEo4; MempnFs gold ponds
skies hNf ACmphis past-due coupons, tgaU|
Memphis and Charleston railroad stock 30
81 llJto 1st m0rsgage bonds, s. do. ID mort
gage. 9; Memphis and Ohio railroad stock
L5 littDIst mortgage bonds 20 ditto I'd mor.
9 -. So. Mississippi and Tennessee railroad
-st0rE, IIlA- ditto lSt mortgage bonds, Sesi
do. I'd mortgage bonds, 7o8u Mississippi Cen
rraI railroad stock, Is; ditto LIST morigagl
bonds, ditto ID mortgage bonds 81 Mtssls
s.ppi warrants, 7o9E; NlssissiPpi leyee bonds
Arkansss levee bonds, IS shelby county
new warrants sJg92; ditto reissue warrants
~ IH: ditto coupons SgS5c; Rank Of Tennes-
see money, old reese; new. Ssg35i TenDesse'
-L1IUtvglyris warrants,
The Bank Of England Advance.
IN view Of the action Of the Banl
%! England in raising The rate Of discount q
per cent, the following from the BondoI
C-6rrespondence published in the last numbel
0t the New York Chronicle, becomes Of inter
e~t. The correspondent says "The money
market has been in q state OF uncertainty
during the week but the directors Of TN
Bank have made no change in their terms fi
d~l-cJuut-the minimum quotation being s1
Der cent Al one period the rates in the OpeT
market were considerably below those Whicl
were current at the Bank Of England, the hes
Co. days and 3 months paper having been dis
counted al 5A per cent, while 9 months banl
bills. which haEe continued IN demand OF
continental account, have been done al as Low
"a figure as 43sdj per cent The difference be
tween the Bank minimum and the open mar
EHr minimum fully accounts for the dimtn
l~leI business which has been transacted a
the BANK but II also counts Tor this Circum
St.Ise-thatR larger demand having Qeen eN
Uerl=uced in the open market during the las
tUp OF three days, the rates have becOmi
uruer. scarcely any accommodation beini
u1taLnable under % per cent The monel
market Is uuUuesfionably in a peculiar state
and there b. no doubt that 50 long as we I'm
port largely OF coin from France, and -
long As the bills are purchased and sent q
Germany, SO long are we likely to have to pa
81 large proportion OF our grain importation
from France in gold. II is probable that on
Indebtedness TO France is due chiefly 70 on
imports Of wheat, -four and barley; and a
gold Is now wanted in germany, We may ex
poet 20 have 10 ind a larger quantity than VI
might have anticipated. should the German
orders which are now believed 70 be % IN
extent OF about Eu9uo0, assume any large
proportions, the Bank VIII have 10 Be resortet
70, as there is scarcely ans goldtn the market
while only boon Is known to be on pessagl
1r1m Australia. The prevailing belief, there
lirer Is thal the present VIII %
maintained. while il is possible that we an
AFFAIR.""
Inc same paper in It's editorial eolum hat
the following IN reference TO the recent move
ment Of gold nom the b NIX OF France Z,
london: This movement has produced
beneficial effect on the public eonndenci
here. and has relieved the suspense as 10 hos
1=- our monetary position is likely 70 be dis
rUrbed by the action OF the Bank OF Engiana
II IL had been true, as the London papers al
Tripated at the latest dates yet received, tha'
The only course open 10 the bank was 10 90 OF
raising lis rate Of discount, point aner point
until gold was forced To now thither and q
accumulate in its vaults, nOtW1thstandln
that the German Governments buying up al
the foreign gold that arrives, and Is DRAWN.
heavily on the bank besides: then the sever
Sr-iEeucE hus caused in London could no
nave failed 70 excite a series Of respOns1V,
~Ua~ms here, which must have become very
ml-chievOus in the sensitive financial posi-
ton that We are now in. such apprehension
being, as we said. alleyiated by the transfer 81
gold IRON Paris, the QueStionis whether ths
whole danger is over. OF course much de
ponds on the amount Of gold TO be transferred
70 london The French Government keep
It's own unse though not quite 50 secretly
as that OF Germany. II is well known tina
The Bank Of Franc in lSg lent the Bank o
England, for an emergency, E-5o0O0, and Ia
since offered similar help, which has Away
been declined. such an e IS said to hay'
been recently made and refused al London
i D, well known, as We showed las
week, that the braid IN the Bank Of Englan,
is cauSed chiefly by the French payment
which have TO De cleared in London, Thus /
is equitable that France should provide an!
extra supply OF specie that these payment
might absorb, q such specie could not other
wise be conveniently got"