Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-11-08
FINANCE AND TRADE.
OFFICE OF TIE DAILY APFEAL,
THU&DAY, November :, ls12
EINAMCEAL.

Madison street had not q single striking
re-ture apnarant tp-dzy that viii afford sub
tended ne incoming Of the mont having
suJ ded, nothing has occurred 10 interrupt
ne negulaT processes Of checking and deposit
ing With any novel feature. Exchange re.
mains as reported the last few days.; 70 =
discount on Eastern cities * On New Orleans
par selling on AL points The Increasing st0ck
Of cotton @5QN bales requires n large
amount 81 money 20 carry Il, aud there are
zisgs OF decreasing balances. As compared
T. relief IN he money market, but IN view
OF The VANS Of Uade, there Is a WOaful de-
ucteucy Of currency. We are however rub
bling our way out OF the difficulties OF the
OF the election and the chance Of
change arr out Of The way, q speedy
Improvement IN affairs is confidently looked
FOR. The brokers were giving lllk for gold,
with little doiug Some negotiations have
been going on, wlth a t.ew OF placing the
I~ssaquena, Bolivar and Washington, Missis-
sippl, county bonds Aat are on our market,
but they have come 10 no result 81 present.
There arc already some symptoms that as soon
as there j. any money TO Invest the Arkansas
levee bonds viii come prominently forward
once more. The TACT Ilat they can be used 10
pay fur lends gives them a valuable basis, and
when the interest on them comes to be regu-
larry paid hey viii, no doubt, be valuable
properly. A lot OF $1,000 Mississippi and
Tennessee railroad second mortgage bonds
changed HANDS az 20, which agrees with our
quotation.
Memphis currency bonds with past-due
N1aNhLH Ea+1H M8.AaaH AAaA4NANn kAAA AA4LAes
skies, a.; Memphis psEt-due coupons, 65GG6;
Memphis and Charleston railroad stock, SkG
"a ditto IS mortgage bonds, 8; do. q mort
gage, 50 Memphis and Ohio railroad stock,
l9; diuOlst mortgage bonds, IS; ditto Id mort
gage ~. Mississippi and Tennessee railroad
stock lss5i ditto - mortgage bonds stas5;
do. "a murtgagp bonds, WnH; Mississippi Gem
tul rslsnostd stock l5i ditto LIST mortgage
bonds, = ditto ID mortgage bonds, s.; Missis-
sippl warrants FN2, Mississippi levee bonds,
co. Arkansas levee bonds, ~; Shelby county
new variants. s3G32; ditto reissue warrants,
s&ei ditto coupons SSS5e; Rank Of Iennes-
Comp-ruler's warrants. r aQ0.
Tbs New York Ca-0ujS INDUCES IN a hope
ful Fiew Of the present circumstances II
say. e-Ihe debt statement for November LIST
la Irt been Issued, and has given an impulse
20 ~peCulaLiou Il shows that The principal Of
the DEBT has decreased S.28,A7 since October
/. The SIX per ceni gold bonds have decreased
nine millions, ana the special deposits have
lncrea-cd eighl millions. The gold certificates
have declined from @g2760 last month to
81 5j.-J0 at present. The coin balance IN the
Treasury has risen from f1S,47-n 70 Se,I72,l@,
aud the currency balance from 1891 03 to
Sl2-2a,j>1. The chief interest centres in the
currency Issues which have been enlarged;
the ~g'esnbacks from SS6.0S6l52 70 s360,62.sl6,
aud the fractional notes from Si0,fSo.ES 10
S-.5lt,7si The effect OF this issue on the money
market i. for obyiouT reasons, scarcely II at
al percnpulig. For some time past there has
been an Increasing complaint that at certain
seasons OF the wear, when, aS at present, the
monetary sltuAuOn is critical, two widely
different money markets seem TO be estab-
AsuCu-une To- mercantile borrowers and the
other for cal pan-wtth Q great disparity OF
rases, the merchants and other business men
having 10 pas much more than Is relatively
equitable Tor lleE discounts and K ac-
Communications. There Is, however, nothing
ueW IN this state Of LfngE. From the nature
and movements OF capital IL must be so. The
bank deposits have risen during the last
month by about seventeen millions, and the
return low o. currency and deposits is setting
this way, but, or the other hand, the
applications for ue-discuunts from the banks
Of the interior are on the increase, and the
needs OF our city trade are also heavy. Hence
the demand SSH ahead Of the supply. II
we look IN other directions in quest Of signs
OF future monetary Improvement, the pros
poet appears brighter. In the first place, we
seem 10 be nd, for the present, Of the ever-re-
curing fears Of aafinclal s~trtngency. The Eea-
Eon has passed hen that kind Of monetary
manipulation Is most 70 be dreaded. second
" the European capital which is nOat-
ing IN our money market les
OF being suddenly drained away, and s.
much more likely 10 lie supplemented by
further -upples from the Over-plethOric
mOneT markets OF England and the CONT
which were GrsorhinE money from the loan
market So rapidly. are now less active, and the
drain upou the lOanable fundsof thceOmmun-
lty from this source has abated. Besides this
there j. a better feeling generally prevailing,
and public confidence t. 20 be one
OF the conditions Of monetary ease, and TO be
supply OF capital Moreover, the reserves OF
our banks are very e1od FOR the season, and
Comparr fayOrably with those Of August and
SEPTEMBER before tne faN shipments Of cur
nencT. And as the fear that specie will be
shtpued hence % any serious amount has now
been ai-s-pafed, the legal tender element in
the bank reserves is no lOnger 30 jealousy I
wGachet. After The election Of next week
activity in several departments Of business
where CLuness nov prevails