Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-14
FINANCE AND TRADE.
Middling Cotton is Ii 20 is 1-s-Ex.
change 8-s Discount to Par
-G0ld Ill 1-2.
Advance Ia Oats-COrnmeal Better-A
Quiet Market.
Where the Money GOes-Exchange Down
Sales Of Stocks.
Cotton Sales Four Hundred Bales
Market StrOHger-Agricultural
Bureau Report.
OFFICE OF TIE DAILY APPEAL,
SArURDAY, October Y, u72


what becomes OF the money that It is Sc
tight d. a question omen asked lust now. In
elenplls we nave 70 depend upon New York
and tne Easf Tor the money thar is to pax fur
our cotton; II they are short there, we mnsi
snare tAe I'M They become habitually
shert at This time OF the year; beS des the cot
sQn crop. there are the corn and wheat crops,
logsi elca all draining money from the huS-
ness centre ana distributing Id TO The extreml-
Ties Nhe New York Slockhotder explains the
process as follows: "In agricultural countries
inc harvest season is the time for liquidation
ana payment Of nearly the whole years en-
Eagements The iaborer have then 70 be
paid; all other charges which fan upon the
farmer are expected 70 be met and discharged
IN money, including his dues for merchandise,
Tor which he may be indebted, and ali other
current charges for the year. MOI can these
claims which are in r~omparaGvely small
amounts, be met by the transfer Of balances,
IA the ordinary method OF bankers and mer-
chants through the agency Of drafts OF bills Of
exchange. III farmer keeps no bank account
So "a me nearest inland city sal les az
money. money which is in turn paid OUT by
lls ueoton TO their creditors, and BY these 20
oilers and thus is kept for = considerable
period passing nom hand to hand, until. the
circuit Of Liquidation being completed, these
moneys again accumulate at centres,
mere the4 finally are used IN large amounts
a. remiGtances TO meet the general liability Of
the Interior 20 SeabOaru cities for imported
ana manufactured goods In the period in
which money Is performing this Uund OF cir
Culatlom a. disappears from Kew York, and in
consequences the annual season Of financial
-Su1ngency" sets in there. After the nrst OF
January IN each year, currency IN large
mounts, beginning 20 be less needed in the
Interior, Is found 10 IN New York.
tne aggregate increasing toward midsummer,
III d grows 10 plenty that tits lent in the
large way nom day 10 day IA rates sometimes
ass ow as2 per cent per
On Madison street the StrinEency shows no
abatement Applications are made quietly,
but where little Is expected there Is little
disappointment; but the payments for cotton
and The renewals cf stocks, that have gene
rally been allowed 10 fall unusually low, re-
qulne heavy sums. To supply All that Is re-
qu-red, "a transportation Of money from the
cast has become an absolute necessity, and
therefore exchange has gone 20 & discount
buying and par selling, While currency l. i'm
porting rom the East; one bank received
5000 yesterday In proportion as currency
arrives the closeness Thai has held business
tight ever since early in august II expected 10
become les oppressive. Brokers puid ma for
There are some symptoms OF revival in local
securities, II Is expected that the county l.
about "a throw "a lot OfState warrants upon the
mar1cL AI0t Of Charleston railroad stock IS
oEerug a. 81; il is generally expected that
chls stock viii 60 up 70 the former 81 as soon
"a, the money str1ugency ughtens. A lot OF
SI1,sn GayosO Company gas stock sold Al SIC,
an advance OF lc on the sale yesterday: 50
shares Of the Old cOmpauv are Offering al par.
In Is claimed that Barbour Lewis certified
county warrants are now within a shade Of
being equaL 10 the old, and some holders are
Memphis currency bonds, with pasf-due
coupons, skies, 5a5i; Memphis gold bonds
skies, 90; Memphis past-due coupons, e5a68,
4eupll and Charleston railroad stock, 59G
als; ditto lst mortgage bonds, IS; do. I'd mort
gage, 81; Memphis and Ohio railroad stock,
lsi ditto lst mortgage bonds, So; ditto
~ mortgage, 50; Mississippi snd Ten
nesse- railroad stock, l5G@; ditto LIST mort
gage bonds, S4s5: do. ID mortgage bonds, 70G
81 Mississippi Central railroad stock, IS; dit
o. Isl mortgage bonds, e ditto ID mortgage
bonds, -; Mississippi warrants, 10g2; Ms
sl-s-ppl levee bonds, 20; Arkansas leyee bonds, I
LN- shelby county new warrants GEjZ;
d rro reissue warrants, aGs5 ditto coupons, I
1853 Bank OF Tennessee money; old, G994; 4
new, 343,; Tennessee Comptrolle-'s war
rants, b19g.