Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-24
FINANCE AND TRADE.
Kidding Cotton is 81 10 19e-Ex-
change S-s Discount to Par
GOld liz.
A Flat General Market-PrOVisiODs
Weak-Feed Unchanged.
Exchange AdYsncihg-City Gold Interest
70 be Paid-Sale Of Insurance Stock,
Charleston Railroad Stock, and
County Warrants.
Cotton Easier-17O0 Bales SOid-NeW
Orleans Declined-ChrOnicle's Re-
view Of the Market.
OFFICE OF THE DAILY APPEAL,
WEDNESDAY, october % lslAJ
FINANCIAL

There Is a feeling Of relief in monetary cir
Giles at the evidence OF easier feeling. The
applications for money, though SUI IaT De
yond the average, are Jess pressing. h time
Is believed TO be near when some OF the eoun-
Try people will be seeking investments FOL
nevf sDrfng II IA also expected that the MAYOR
Will pay interest on three hundred thousand
gold bonds az the beginningOf the next month,
Exchange is in abundance al the rates We re-
po-ref Yesterday. q OF on New York and = on
New Orleans; il is likely the q VIII soon be
come =, as currency cannot well be brought
on for less. New Orleans exchange is scarce.
with some inquiry for IL For gold, brokers
were having ~: a lot Of 500 brought HIS In
local securities there appeared 70 oe naraIg
even a grain Of curiosity. Holders OF Barbour
Lewis certified county warrants are out OF
the market. refusing less than 81, but an "out-
slider sold sI5U al Sc. Twenty-Five hundred
dollars Peoples Insurance stock sofa az par
more is offered at lG2l4. The inquiry that was
SCI on foot after Arkansas levee bondsresulted
was expected. Twelve shares Charleston rail-
road stock went q 3 which Is considered be-
low the market.
coupons, skies, 5Sd54; Memphis gold bonds
skies, o.: Memphis paSt-due oupons G9N /,
Memphis and Charleston railroad stock, SOC
sac. 81. Memphis and Ohio railroad stock,
Id: ditto lst mortgage bonds 80. ditto
"a mortgage, 50; Mississippi and Ten
messed railroad stock, l5G2; ditto LIST mort
gage bonds. SlaS5; do. ID mortgage bonds, 70S
n: Mississippi Central railroad stock, 10; dit
10 Isl mortgage nll4nH O : 4AElQ ~ AANLAhdEc
bonds, s.; Mississippi warrants, TO9s2; Mis-
rissippIl evee bonds, 20; Arkansasleye bonds,
Ig- shelby county new warrants, SsGS2;
ditto reissue warrants, ss9S; ditto oupons
EgFs5- Bank OF Tennessee money: old. &gq:
new, SOS; Tennessee ComPUoAers war
rants, Sgq.
soon as the Government interfered with the
speculative operations in gold and money, II
became the policy OF those VINO had been
locking p % turn ali their forces IN the
other direction, aud fall in with the Treasury
movement 70 make everything Work very
easily. II il due, In part, 70 these taenes mai
money on call has since been so readily OBJ
raiuahie at low prices. There Is a great dlner-
anrp noted between the extent OF the relief
rhat has come 10 stock brokers and 70 COM
mercial borrower, for while the brokers' are
accommodated with their loans on call al
the easy rates above mentioned the very
best class Of commercial paper can hardly be
s5Id better than 10 per cent, with q Few ex-
ceptions as low rs 9 per cent during the past
day or two. other paper very good, but not
iudorSed. sells from IS tolls per cent II thus
appears that the Treasury operations have
f6uS far benefited the borrowers Of Wall and
Broad streets more than the commercial COM
muuiJy. The future course OF the market Tor
the balance Of this year would seem 70 de-
pend now very greatly upon the action taken
81 the Secretary Of the Treasury; II IL is TO be
Trrdersr0as that he intends 70 keep an easy
money market, even II IL requires the issue OF
more ~Ereenbacks 20 accomplish u, the result,
OF course, is certain. But II his measures 10
relieve the money market VIII Be limited 10
what has has already been done, IL Is possible
that money may yet be in active demand and
perhaps stringent, within The next % days
Better Prospects.
The advance Of the Bank Of England rate 70
o. per cent has, not unjustly, been regarded IS
Indicative OF possible danger in the worlds
financial position. We are glad to see by the
London c-urrespOudence Of the New York
glrsHlele that the difficulties are lessthan was
Ta1ad for We quote: dhe Bank OF England
minimum rate o. discount has beer further
advanced, and is nov ats per cent. The Bank
return published this week shows some i'm
u0rrauf changes; but, TO a considerable ex-
cent. they are due to the payments incidental
TO the quarter. The next statement will show
still greater alterations, as the payment Of the 1
dividends VIII be included in il; but, al
though there Is at present considerable nrm-
uesS In the discount market, Yeti is not eX-
pected that money IS about 70 become per-
maueufIy dear. Il Is remarkable that II was
IN this very week last year that the rate, under
very similar circumstances was raised too pei
cent. The Bauk authorities certainly allowed l
Thursday meeting 10 break up without an
uUuuclng a change, and advanced the mini
mum on the succeeding Saturday; and II is
remarkable that the Bank accounts for this
week and Tor the corresponding week Of last
year are, in many important respects, idenu-
cal. This Is certainly the case with regard 10
the bullion and reserve, which are, in fact,
rather larger now than IN lo4l. But the
main feature favorable o" a return Of ease in i
fh4 money market Is the large dfminution in I
the amount Of " other securities AT this
period last yearlt was maintained that money
would De subjected 10 ulL4tIDlhl uCtAdAlolh j
In value. If not keep high, 50 long a. 50 much
foreign money was held here. From the re-
turn. which is given below. IL VIII be seen that
mat item in the account last year was
as much as 2.655yUJl. but that it is
now only El9NVi.uS, being a dlmtnutlOn OF as
much as E.tUluu. u would appear, there
fore. that most, IL not all, Of foreign money, /
which was considered 20 be an element Of dis
turbauce, has been Withdrawn; and from this
We ought 10 infer that the market Will soon
assume a calmer aspect. Before the year 1871
was brought 10 a close the rate had declined TO
3 per cent. and although there are many
grave persons who view the future with an1l-
CIV. YET there is a probability that at the ter
miuatluu Of this year 8 per cent. will be the
again.