Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-09-26
Small Arrival Of PrOduce-Bran and
Oats Higher-COrnmesl Again
DeeIined-BacOn Still
Advancing.
Quiet Banks-Exchange Searce-Pay-
ment Of Charleston Railroad Mort
gage Interest One Month Aheadl
Cotton Trade Of the Week-EurOpesn
Markets-AdTance in New York
Active Market Here-5OO Bales
SOId-StOck Decreasing.
OFFICE OF THE DAILY APPEAL, /
WEpNEsDAY, September ., l62.l


EANANSAAL
The usual Quietude reigned in Madison
street. Exchange quoted as before, a dis
count buying, = premium selling; some lots
on New York and Cincinnati were passed be-
tween banks. The supply was below the
needs OF an active inquiry. Money continues
Tight but applicants fewer, and less anxiety
about the situation, owing 10 the free selling
of cotton. on the street rates are from 5 to 0
DER cent. a month; in the banks customers
are accommodated, as far as claims Justify, at
10 per cent per annum. For gold brokers were
paving liL, with very little Offering We
hear of no stocks, bonds or other securities
changing hands, being inquired afteror offer
ed. Nothing can be more stagnant and ex-
hausted OF vitality than the shark market in
Madison street. The most notable circum-
stance to-day was the m by the South-
ern Security Company, Of the interest on the
first mortgage bonds OF the Memphis ana
Charleston railroad out OF the earnings OF the
road. and one month in advance Of its being
due. Whether the new management OF this
road would do all that was promised when
the company transferred II into the present
hands. has been an object Of close scrutiny
since that transfer was made. The payment
We now record will doubtless win the conn-
Genee OF dou0ters, and assist to place this
great rosd on the footing the advocates OF the
Change claimed il would attain.
co1TaBs- Sizes 5sa55; Memphis gold bonds,
skies, 50; Memphis past-due coupons, o.;
Memphis and Charleston railroad stock, so
ditto lst mortgage bonds, 81 dltto "a mort
-.a-e, 81: Memphis and Ohio railroad stock,
Ig: ditto it mortgage BONDS, 3D. ditto
2d' mortgage, 80; Mississippi and en-
nessee railroad stock, l592o; ditto lst mort
xage bonds. S.; ditto ID mortgage bonds, 0Eg
80 Mississippi Central railroad stock, 49, dit
70 81 mortgage bonds, 81; ditto I'd mortgage
bonds. -; Mississippi warrants, I0SS; Mis-
EisSinDi Jevee bonds, 50; Arkansas levee bonds,
2la5: Sh eiby county new warrants, oe9sZ;
dffro ra-5ss u warrants, Sass; ditto coupons
SEES5. Rank II Tennessee money; old s2gyi;
nov. sS44d: ,SeDnessee COmptroller's war
1@TTLs' BE- o-k CZrsnfole, September 2lst, has
Tie following. aThS event which We have for
some months been preacSlhg Sn1 IaDoILng -
avert is now upon Us. Our BANK reserve IS
down 10 ne LEGAL minimum Of . per cent,
and the power of the banks % SHLaIsS wy q
ciIities OF business is curtalled ~ 1S sTLg
moment when Il should De enla- -
crops have 10 be shipped and the BANKS are
called on for funds. But they are SLOW 70 re-
sDOnd. Their resources are already too low.
10 make fresh loans they must disturb oId
ones. To lend money IN new places tney muNt
call in what is lending elsewhere Inc con
sequence in every branch OF business Is d
contraction which has reached a point where
il acts directly on the money market. Inc
hanks are limiting ordinary cconnl99s1LOn
70 their dealers. Many offerings or dlscouht
are refused. The mercantile community De-
gin 10 feel the pressure A few failures are
already announced. Currency Is sent from
New York 70 the interior, and an unusual
amount Of skill viii be required TO keep our
money market free from serious spasIns dur
ing the coming fall
Inc same paper has the following clear e1-
DIsnatfon OF the late certified cheques"
Transaction: 1.-The ught-money cirque nave
EUst received a signal rebun. 10 the BANK OF
Commerce belongs the credit OF giving lnese
-7rEless adventures "a f~OretaSte OF what
awaits them If they persevere IN their desper-
ate vaids on the mOneymarket. On Thursday
ii seSms all their preparations were COM
pleted for locking up several millions OF
greenbs cks with a view to make a monetary
1anic- l"hey had adopted their usual tactlcS
Fo- sever VI DAYS before they had been accu-
1nTIsfjnga large amount Of certified cheques.
These they u ~Oceeded to present TO the several
banks on VII Ten they were drawn, ana de-
handed psvm ut in greenbacks, instead OF
passing tie chez Ues IN the usual way through
- C1esrfngbo1sE. Every bank they visited
complied with ruNur uelnAuu anu pdio
ont me ~preenbacys, until at last the
Concentration came 20 the Bank OF Com
merce. having previously got together
from the other banks when Lney hau Fls1Ued
~ aggregate Of a million OF dOllaIs. mere
they were met by Mr. Henri r az, VINO re-
fused payment in ~greeubacE5 on the ,grouho
mat "a certified cheque is not payable over
the counter by the ordlnary custom u DuhL-
ness. a custom which is recognlEeu Dy law
He added that such cheques are layaoIe OuLy
through the Clearing House. II pal9 otaef-
wise the VINE is a matter not OF right out
anf favor or courtesy. That favor and courtesy
Mr.. Vail refused TO extend in inns case po-
cause the cheQue was presented Iot lhe
ILLEGAL purpose of Withdrawing nom
use legal tender notes. This pea HsS
pronounced unsatisfactory, but IL. Nai
raDearpd II when the cheque was afterWaro
presented by a notary. subsequently a SUM
mons and complaint was served upon bne
hank authorities, the suit being brought IN
the supreme Court. Although the ground a.
Eumed by the bank Is perhaps unJenaDie ~
law. the popular sympathies are for the most
part on the side or the bank, ana us aclloA
seems at present to have completely paral-
lied the cOnspiratOrs and quleteo the money
market