Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-08-28
FINANCE AND TRADE.
OFFICE OF TIVE DAILY APPEAL, /
TUEsDAV. August =, lS52. ]

FINANCE AND TRADE.
oFF1eE OF rHE DAILY APPEAL,
-n = TUESDAY. August = 1872. 8
FINANCIAL ua
Exchange is in moderate demand and
light supply; q little currency is ship
ping; rates still par buying and pre-
WWT MUM selling Currency Is scarce and
becomes more 50 daily as we approach
the termination OF the commercial year.
The application for loans is continuous,
but in this Memphis by no means stands
alone, the st. Louis Democrat reports:
"The money market during the past
week has been very active. A brisk
counter business has been done .daflv.
die heavy deposits flowing m, and quite as
brisk checking going on. The demand
for currency throughout the week has
u been very active, every business indus
Try OF the city being applicants for
bank favOrs. By far the heaviest loans
have been made 70 the grain and mill
ing interest Country banks have also
been dema 1ding large sums, so that
taken altogether the stock ofidle money
here has been very greatly reduced, and
the rate of Interest rendered very firm
at ten per cent. Exchange on the East
grew plenty and cheap dunng the week,
dropping TO 25 cents discount, between
banks per $1,000, and par to 50 cents pre-
MUM over the counter" The Chicago
- Tribune says: "fhe call for money has
Det0 50 DIOIlSe recently LlaEHIle BANKS
have been obligedt TO order large amounts
from New York, and 1t was estimated
that not less than two million dollars
arrived here to-day by express. Some
of our bankers anticipate a hardening Of
rates before long. u b settlements fol-
Towing the collapse Of the wheat corner
have reduced the margins in the hands
of the Treasurer Of the Board Of Trade
to the extent of fully half q million dol
lars. Eastern exchange was less plenty
Fn-dar end Aanidadlu frraar ou-fuu 70
the large reductions in the balance TO
our favor in New York, due to the lib
erRl shipments Of currency to this city,
It was quoted between banks at 75Gs0e
per $1,000 discount Counter rates were
quoted at par selling, and buying at
81 . per $1,000 discount The brokers
were paying Ill4Glll3 for gold. City
coupons were readily taken and are
wanted at65G653, but few offering. The
determination to pay city taxes in COZ
pons is strong. The Mayor may prob.
ably have the power to reject them in
payment of that portion Of the taxation
which goes to the maintenance of the
government Of the city, but the portion
that goes to the interest ~fund-nearly
one-half of the entire tax@stands on.
another footing, so does another portion
eTied for the funding account. For
one or both these tits considered certain
that city coupons will have to be taken.
For some reason or other, they are GER
tainly looking up and are expected TO.
q quote 66 very soon. County scrip is said
GI-a1L 70 be Offering freely on the market prob
ably this is a consequence of the City
memphis currency bonds, skies, 81;
Memphis gold bonds, skies, 60; Mem
Phiz PasJ-due coupons, 49,; Memphisand
Charleston railroad stock, "a; ditto lst
mortgage bonds, IS; ditto ID mortgage,
so; Memphis and Ohio railroad stock,
10: ditto lst mortgage bonds, 92i; ditto
second mortgage, 80; Mississippi n
Tennessee railroad stock, 20; ditto LIST
mortgage bonds, ob;. ditto ID mortgage
bonds, 709T2; Mississippi Central rail-
road stock, 12GfS; ditto LIST mortgage
-1r bonds, So; ditto Sd m~0rtgage,zS2; Mis-
sissippi warrants, 5000; Mississippi
leyee bonds, so; Arkansas leYee bonds,
-; Shelby county new warrants, $50
80; ditto reissue warrants, at S44;
ditto coupons, So: Bank of Tennessee
money, old, 9OS92; new. 4GG45; Ten
nessee ComptrOler's warrants, $3.50.
Now or never. 4
-rDT- The Chicago Inter ocean says: "Fhe
complications arising out of the recent
collapse in the wheat "'corneT," are
more unsettled than ever. Efforts are
being made to induce parties to accept
less than payment in full from the par
ties who failed in their grand scheme to
squeeze the shorts until they should
break financially. It is TO be hoped that
all the claims Will be demanded in full
and no settlements made. It Is time
iuln MIittNdsutIE buclltoS was uAoJon-
tinued on the Chicago Board of Tarde.
= A party goes into a grand scheme to
break seven out Of every ten firms on
the Board. makes them settle as long as
they are able to do 50. Then they lay
down and want TO compromise for ESQ
50 per cent. oftheir honest Indebtedness,
and then go back TO their old business
again, and attempt the same game. 1t
is time that something should be done,
and an example made, which will lead
parties TO infer that they cannot fail
whenever they please and compromise
their indebtedness. It should be under
stood that q contract between members
means business-10G cents on the dollar
and the sooner this is understood, few
er efforts viii be made TO run corners
and square parties who are selling prop
erty on its merits. Decisive action is
now needed and should not be deferred
longer" .eFErl