Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-09-25


The quietcst place We found open for bust
neSS yesterday were the banks on Madison
street, Front and Main streets pol alive. hui
Madison street has not yet recovered from thu
letharEy OF the duh season. Exchange to-day
we quote - before, I discount buying. 4 pre-
MUM seAings As soon as cotton bills become
plenty II vii be par buying and : premium
selling. Up TO last night $50 bales Of cotton
hhd arrived here since September lst, sold
mostly since Tuesday morning last, the sales
amounting to over five thousand bales. The
money derived from This goes 10 me country
at present % assist to pay for cotton picking
and provisions Ultimately n fair share OF II
viii nndits way to the city, TO the great relief
oI commerce, at present the drain exceeds
the relief. Business men, however, feel re-
ueVe0 OF much anxiety, caused by the eA-
IRENE slringency Of money, by thu unusually
early arrival Of cotton. il offers an unexpected
and acceptable means Of escape nom what
was ~emphatically becoming " a tight place"
again, we md that-althOuEh money is 50
much wanted that from 3 to 5 per cent. is paid
for II on the street-yet the applications to the
banks are lighter. One banker informs US
Llat every customer requiring money has u
nom them a. ten per cent per month IA APP
plcation- Brokers paid ll2H for gold, with
little Offering. Stocks and bonds were passed
over in silence, except that 200 Tennessee
tumptrOuer's warrants were sold at 81. The
Sls1ngeDcy which has troubled US strongly
since the last week in August is spreading;
Aesterm n Southern cities are ell beginning
20 complain OF short supply OF currency"
Ibe New Orleans Times, I'D, says: 1--WE hear
Liberated complaints Of increasing strinaeu-
Ev. accompanied by a stronger demand for
discounts, and a decrease in the volume OF
currency" The Louisville Journal I'd, re-
ports: "The money market is still working
very close. Merchants have checked down
their balances very low IN paving up their
Eastern bills, and are not getting as large a
proportion OF cash on their sales as was ex-
pccted, which, together with the general de-
mand for money from all branches OF BUSH
sess, has endere the money market uncom-
lprJably close" The Chicago later Ocean,
1ist, states: LAS for DAYS past, the feeling al
me BANKS was quite clOSe n conservative,
ana the business transacted was both liberal
ana SATISFACTORY. Local and country patrons
were unusually heavy callers for accommo-
uI1Ons, and as the currency inmeu 10 the
interior were large, the banks had about all
ne business they were anxious TO attend to.
Money continues 10 move steadily forward in
-dNor OF St~r1ngency, and although the excite
Elentln New 1orlk Is suu chiefly OF a local
1ttAfef bnOugn iEnecting somewhat our eX-
changes the loan market Is even now close
loE everything but choice busines paper.
al 1ahks are extremely DESTROYS to keep
thelr discount lines for the present, and are
SohsSluenuy discriminating severely, and to
l1e dlscOuI Agemeut Of outside paper" The
p; LouLs f~%pNohoG1 I'D, emphatically says:
must refer 10 the steady and undated
atnItnu Kept up upon the resources Of the
lily bahEs doing business with the interior.
ne aianSes o. all country banks have been
lhucll reduced by the shipments Of cur
IensAl., by rlany il was not anticipated that
II AL money would sell at this early
lN5lodm the season; the almost sudden tran
rom extreme ease to comparative
stIn Eeecy found many unprepared TO meet
me emergency, and a sudden call upon tenn
20 EE loans was made-the borrowers nd
y E11mculty to place them in other hand at
: .a1Ore favorable rate than ten per cent. per
Esnum, with the most approved collateralS.
The banks have eurtailed their lines OF &C
commOdatiOn TO dealers, and unless in excep-
Ional cases have been firm, with the rate at
ten per cent, and then discriminating in IA
NOr Of shOrt-date paper"
Memphis currency bonds, with past-due
coupons, skies, 56957; Memphis gold bonds,
skies, 60; Memphis paSt-due coupons, 66:
Memphis and Charleston railroad stock, 80:
ditto LIST mortgage bonds, s.; ditto ID mort
gage, 81; Memphis and Ohio railroad stock,
49, ditto lst mortgage bonds, IS; ditto
I'd mortgage, 50; Mississippi and Ten
neSSee railroad stock, l5G20; ditto lst mort
gage bonds, S.; ditto ID mortgage bonds,
=; Mississippi Central railroad stock, Is. dif-
70 lst mortgage bonds, s.; ditto ID mortgage
bonds, 81; Mississippi warrants, 75GS5- Mis-
slsSlppi leyee bonds, 30; Arkansas leveA bonds.
Ag2; Shelby county new warrants SSa92;
ditto reissue warrants h2Is6; ditto COUPONS.
&FGS; Bank Of Tennessee money; old. giaqa
new SsqBi Tennessee Comptr oilers war
rant, S7@s0.
The German National Bank places upon tho
market to-day $4,000 Shelby county, bonds
and $4,000 Lauderdale county bonds. issued
TO the Mississippi railroad. But few bonds or
stocks are receiving attention lust now. but
conspicuous among all VI. n stand these two
issues.