Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-07-17
FINANCE AND TRADE.
pFsfcE on THe bArnY ArpRALl
2rfsDAx. July Is, lS2 I



oFFIcE On TBr bArIY ArpEAL,l
2rEtDAEs July u, lS2
Although a decline Of one-sixteenth Of
apenny is noted BY to-day's LIVERPOOL
advices, our factors genealiy were an
ucipating an advance in New York.
The expected Improvement Anticipated
Is caused By the very heavy and c0ntin-
uons rains In this and other c0tton-rais-
Ing States, intending Arkansas, Ala
hama, Georgia and South Carolina. In
Alabama there has been an incessant
rain for four days, and the small streams
nave swollen so that nearly all fhe low
lands are submerged, and the Alabama
river Is higher than known before in
years. Insome instances whole fields Of
cotton and corn have been washed out,
while in Othere but a portion OF the crop
has been injured. In the two states last
named there are apparently reliable ac-
counts Of the devastation Of the worms.
Up to last accounts there were heavy
rains ia those states, and the crop esti-
mates void be reduced very materially.
They have also been heard from in
Texas, on the Sabine, and in LOuisiana,
as well as in other localities; but, as yet
the intelligence of these pests received
from the district tributary to this mOrket
Is not ofO character to create amp alarm,
although il has excited general atten-
ton.
An increased demand for meney was
the general experience among the banks
End bankers To-day, and there was a
further reduction in currency in ONE
quarters; but the supply of loanahe
funds was ample, and the market,
though inclined TO stringen;y, was not
pressed, and discounts IA prime business
paper was made at from 10 TO u per
cent. per annum, the inside figure being.
exceptional. Outside of banks good
paper can be placed at Il per cent. per
month, but there was hardly as much
money as usual seeking investment.
The tone Of the market for Eastern <
change was stronger, under a better
mercantile demand, and although buy
ing at par, with an exceptional purchase
of bank exchOnge at > premium per
$1,000, the banks sold checks on Eastern
cities at premium. There is so little
doing in cotton now that nearly att the
exchange made by the banks is by ship
ments Of currency. Gaid was in de-.
mand, and 113}6113k was bid by deal
ers on small lots. the latter offer having
been made late in the day. The New
York rate advanced TO II42, at which it
was quoted steady. LOcal investments
present no new feature, and nothing Of.
Importance transpined in that line on
Madison street, except the sudden ap-
pearance there of a former wel-known
C.-S. operator, who some months since
abandoned the business for more lucra-
tive employment. We revise our QUOTA
tons FOR stocks, serips, uncurrent
money, etc, as follows:
Arkansas Levee bonds, nominal.
County scrip, 90695. Barbour Lewis,
certified, S59Ss. Memphis and Ten
nessee railroad Ist mortgage, So; ID
mortgage, 72l. Memphis city railroad,
As. Bank OF Tennessee money, 92994
for old issue; new issue, 3593S. Ten
nessee C~OmptrOller's warrants, SO. Lit
tie Rock railroad first mortgage bonds,
80. Memphis city gold bonds, ex-
coupon, so; currency bonds, 53654.
Memphis past due coupons, "a. Missis-
sippi new, 1872, warrants "a. Missis-
sippi Central railroad stock, IS. Second
mortgage Memphis aud Ohio bonds at
50. Charleston railroad stock, 80. Mis-
Eissippi levee bonds, IS.