Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-08
OFf-lk oE Day APPEAL, /


The laanrIai situation showed little chanae
-rHts .esi week The money -strugency was
Joss .r which l. gratifying, but there Is
great cio~-1css How close ilonay Is Is clearly
exhibited by the fact tAat sales on the nrsl
week OF tie Hew molth have been no more
active than they were the last week Of the old
one kNclaaEe 4, making only 10 the extent
~ the demand, little is passing between banks
"a, each bank requires what a. receives. One
bank took in from sBss3 to $4,000 on Satur-
day, and sla,AE ra-dat up % noon. The rate
FDE.Aln- ~ = discount buying and = selling
20 New YORK; on Boston, Providence and Fail
94yluE one bank, however, makes
No between the above
points when the paper Is a demand note,
Hemp-y authority 70 pay. when. however, fhe
hoe Is payable On sight, fEe aw al ne
above places gives three days grace. IN which
case discount i charged. Brokers took
E1t az H. Nolllng whatever done in locai
eg As November approaches, and
WITH 10 the Presidential election. the banks
.eIefat lol1e more cautious and conserya-
I've GplAl Is tImid, n1u the agitation and
movement That attend the event. with pos
slo-e chanEes OF men and measures after t..
awaken vigilance and prudence. The power
OF me banks a. The present time is cur
NL-91 uy uhe extreme ~stringency that Is
eHe ping It's course from the sea 20 the lakes.
coupons, skies, 5ss4; Memphis gold bonds
49, plf Memphis past-due upOus IS.
Lempni, n Charleston railroad stock 50;
aito Ht mortgage bonds. s.; ditto "a mort
gage, 80 Memphis and 0hie railroad stock
diHo -rt mortgage bonds, 30 ditto
- mortgage ~; Mississippi and Ten
@t 9I 49,
gaze bonds D. ditto II mortgage bonds, ia
d; Mississippi Central railroad stock, IS; dit
e. il mortgage bonds S ditto ID mortgage
Nls-&ippL warrants lu1aZ; Mis-
--lnE agNre bonds, 81. Arkansas levoe "a
Hneios county new warrants, SGs2;
etNg reissue warrants, a2Ao0i ditto coupons.
Sl>5- Bank Of tennessee money. old g2Gq4:
new 9; Tennessee Complrolers war
The Wv YORK BUletfp of Thursday SAYS.
"4he 1aE was characterized in Wall street by
>triucg-t money market a strongg gold mar
so aud a heavy and declining market for
oFrlH-e ,atIr Inc specu44uors who
are manipulating gold and money with
the view OF breaking stocks made more
impression to-day than they have done
heretofore, and il f. thought that they VIII
ure@ heITOprralou tomorrow. In the money
rUrkei tbe rates on call loans ranged among
% 5-I5 OF per cent. per day. This in lace OF
The disbursement OF about three and a quar-
Ter millions OF leEal-tenders by the treasury
e--s aai Yesterday. The situation a. the
Hank~s unchanged, the applicasions for dis
counts bang greater than the banks can
grant This s~trIngsucy Is not confined TO our
own land, Tor We read In the same paper:
Government bonds were never lower than
The best prices OF yesterday, owing 10 the de-
cLIne ~ London, where az securities declined,
owing ~ the unexpected advance OF the min
AmuB discount rate Of the Rank Of England,
Which now stands at 5 per cent" From Ber-
am comes "a dispatch with the
"lEel u-ues~lue>s as observable on Change;
the critical position Of financial maluersi is be-
coming daily more plresls, having, Is 4 first
uumL>lakuble sign, brought about a raising Of
t1e discount % 7 per cent by the National
atHs c- Prussia and lie panic, OF rather
ilts- into which the BOurse has been
L----- AAs been al ne more intense
as q Iurltr raising q. the discount is
believed 20 De impending As viii be
SEN tHe statement the bank has
stl lot millions in specie, and unless "a
sop IS now uIt 10 the share COmpauy
1a1- we SHAH approach a fearful crisis.
tE-se has been quite q tumble IN railroad
shares to-day. the heaviest IN Berlin and stet-
Lil- which lrt-ned points Our New YORK
cl-Hstcle- come 10 US one day after another
WIN AnlaFoFs14 atlacntu 70 inelF bank
Tala--S- Thar .e- OF decrease OF reserves, loans
called ID, decrease OF specie decrease OF legal
I"- Decrease OF deposits decrease or
rlrg-4l-Hu- Here Is enough % arouse atren-
rluu-a sermon 10 ali 20 be circumspect and
hold their business In complete control. Our
own city -ls been especially affected with the
~sI-uEeuyy- and It may De wei for us that we
have been early called 70 attend 70 the did
culues ~ the time and 70 prepare IN time for
increased pressure II should come. Inc very
early arrival OF cotton this year has been a
pelverauce % U>. by assurIng business men
tnat 50 far a. the difficulty was local, The bot
tom was reached. and with arriving cotton
would come easier times. Without that for
ruulta occurrence the position OF our none
s-4. more trying ~ not even distressing. 4
sew YORK telegram We publish below, shows
lL-l a- government nAs become anNe 70 the
E--f--r N- t-c >-isa--nI, and As preparel 10 al
jon. facilities -H .Ha market % the extent OF
rga . Is L-- amount should be found
Ire New York Bulletin states: The Secre-
larry H. rTe treasury has called In another
OBJ. r--aa per cent. certificates, the
-f orr them % cease November 5jth.
Tins makes SH-laJ4J1 called in, all which has
CUue OF. OF the reserve OF the New York
banks since the beginning OF Isl, the last TWO
calls excepted. This loss OF three per cents Is
the scarce n the present trouble in the money
market IL was expected that the Treasury
would sell al the gold bid for to-day, and
would transfer the currency received therefor
20 uarilna. bank depositOries, 50 that IL would
sun r. available Tor the banks and general
market. There was, therefore, a good deal Of
disappolntment when u was announced thst
only el.uutuV would De- sold. and gold imrne-
ulately advanced % La. There IS a popular
ml~appreleuslOn 10 the effect that the Secre-
JJry OF the Treasury has the discretionary
power 70 issue SU.aaUuU legal-uender noces in
addition 90 the SHJ,Oeap00 now in circulation.
L Is true that Congress did, by act July
H. ls2- authorize SDnOJ-0V0 OF such legal
tender notes % be held in reserve FOR the
payment or special deposits Of money in the
treasury payable al 10 days notice after %
days, anL again renewed the authority under
ACT Of June 30, l.5A, for the same object. These
special deposits have long since been paid, and
with tLeI1 expired the authority 10 issue legal
tenders held only for their protection"
Finances Of Tennessee.
New Yora BuIetin5
BALTIMORE, october /, Is72.
EDITOR BTLLETIN-tn yOurissue ofthirtieth
nL ~eptsmn-r Ne notice a statement OF the
debt nI -4-Uu-~--e. VIII you please state
whether any action has been taken by their
L--A-H % pay tEr interest," and II 50, at
what Tune Any Information you can give on
Iha- subject wlL confer a great favor 20 many
anxious BOSDHOLDERS.
Nc action has. thus far, been taken BY the
--,-a-ure providing FOR the interest IN the
dent. We learn however, from the best au-
rlHlrT el Tennessee finances in this city that
leading .-lEgu~ OF that state contemplate in
PRODUCING into the legislature @ bill prOvid-
ing lGE the landing OF the overdue Interest
and the resumption Of interest payments on
The entire debit and there seems 10 be no re8-
SIN Tor -uFporlLE that such a measure would
meet with any effective opposition.
l- aDlll8utE able 70 pay It's Interest, and the
people appear % be- bDnorObiy disposed in the
matter; buL since the decision OF the courts
thai tine notes OF the deluuct Bank OF Ten
ues-ee are receivable In payment Of state
mgut has been materially reduced; and this
must Doe regarded a. one important cause Of
The state default on Interest. There are now
outstanding only about $4,000 Of these
notes. out OF the original total OF sl,j0o.000; 80
tIll these liabilities shUnld no lUugers stand in
HE way Of the renewal OF interest payments.