Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-30
A AND RAD
Kidding Cotton IS IS 70 19c-Ex-
change 1-2 Discount TO Par
Gold It2.
No Arrival OF PrOduce-COrnmeal Low.
er-0ats Declined.
Quietude among the BaRks-Large Re.
ceipts Of Currency-The Attitude
Of the People.
Telegraphie Gotten AdFaBces-Our Mar
ket Stiffer-SaleS 24O0 Bales
Anxiety to sell.
FINANCE AND TRADE.
OFFICE OF rHE DAILY APPEAL,
TUESDAY. October ., lSTlJ
~AMHnL


The characteristic OF Madison street thi
morning wnS Quietude. The recent failur,
appears y be already discounted In It's in
uuenCe upon transactions, and Il in no visible
ways affected business unfavorahly. ON
banker and prominent business men were
nesolNed-When they became aNare ofthe DIFF
nculty that exlsued-that the difficulty should
be met 80 effectually that the commerce Of the
city shOulu not suffer. At the very opening
OF The cotton season, Win lhonsands or cotton
bales in The sheds and thousands after thou.
sands still to come, they felt has Memphis
was able u save herself aud have an untold
amount OF vigOr len when IL was done. Last
week, on the first whisper OF difficulty, The
East was t~elegraphed 10 be ready with aid,
and currency was NJ once dispatched. One OF
our banks telegraphed 70 a New York institu-
ton: Can we have S60o0o at once, II want
edH' The answer was Immediately flashed
back " Yes; and El0,0o after that, II neces-
sary.' - ample have been the supplies actu-
ally forwarded. that there Is more currency
This day IN Memphis than there has been for
months, and the presentation or exchange Is
invited that Il may be covered. II a sudden
demand for fund had been made on the
banks, 10 would have been promptly and am
ply met. but 50 far from such q demand aris-
ing, business men avoided any such course.
one fact we heard OF wiz show the disposi-
ton that prevails. A party who sold cotton
on Monday applied 20 The buyer-one Of our
richest men-yesterday Tor a cheque for the
money. lyon cannot have tt to-day, was
The reply. But I had relied upon IL, and IL
VIII Inconvenience ms not 10 get L. am
rlrrl 70 hear mat was me answer, Tor you
c1n11t get it, would not sign a cheque to-
day 20 save my life" The disposition every
where-Ncept a few OF those narrow souls
that VIII be found on all o~ccasions-is 20 be
t-qroearlug, 20 press no one Unnecessarily, %
ElFe every man a nance 10 pass through the
pressure or the moment with the least posi-
tle lncunNenlence. The result or THIS Ieellng
and c~orre>ponQlng action, was hat last even
lnEi Of two banks we had opportunSty Of OBJ
tanning Information about. one was fifteen
thousand dollars rronger in deposits than IN
ne morning. and the other thirty thousand.
LhenrsJ oltne month isapproaching, twiI oe
a time or difficulty, but with THIS spirit OF
lorbearanoe continued with q oetermlnanon
OF one To stand 81 another. and Win the wise
and serene economy tharts Just nov regulat-
ing eommerclal expenditure ana purchases,
there is stl0ng aad easy confidence in the fu-
ture.
Exchange continues TO be at all the banks
EG'- discount buying on New Orleans = on;
selling for all pOiuG az par. Brokers took the
Little gold tlat was Offering al III Nothing
was done in stocks or bonds. some Strangers
who have been in the city during the Fairl
have offered small lots OF uncurreut honey
and securities, and have been surprised 70 see
how averse everybody was 70 purchase on n
speculative basis. some inquiry was made
about Tenuessee Bank, new issue, apparently
with a desire JObuy, but we hear Of no trans
Memphis currency bonds, with past-due
coupons, skies, Gt45 Memphis gold bonds
skies, So Memphis past-due coupons, 65g58
Memphis and Charleston railroad stock, "a
80. IllI0 lst mortgage bonds, s. do. I'd mort
gaze SO Memphis and Ohio railroad stock,
lei ditto lsJ mortgage bonds, S5; ditto
~ AAAELAE 0H ANAAEgA ~ AAA
uessee railroad stock, BE23; ditto lst mort
ElEe b0nds, ofzS5; do. q MORTGAGE bonds, ga
n Mississippi Central railroad stock, 10; dit
20 Isl mortgage BOMBS, s. otto ID mortgage
bonds 81 Mississippi variants, WGs2; Mis-
ssslppilev-- bonds, 80. Arkansas levee bonds,
y; shelby county new warrants SSgs2;
ditto reissue warrants, ~ ditto coupons,
--Lo5; Bank Of Tennessee money; old, 82a34;
new, 9le2, Tennessee Compuolers war
The New Orleans Times saws there is a
strong demand for currency th1re to ship 70
Texas where large amounts Of gold have
already been sent The PcUgsIls has a vail
over the dull times IN the Crescent City. II
says. Merchants are asking on all sides,
what IS the matter with our UraQe2' DuLl-
month, the bulk Of the business outside Of
cotton circles being less than during SepBem-
her. The month Of October ought 10 be a very
active one and as our merchants see the cot
ton rushing 70 market faster than ever known
CD before. they wonder why the demand for
Their goods Is 50 small. The true cause OF this
eEl1uorc1nary depression IN the trade Of the
city Is not easily OWNED There are causes
Whrl might reduce the aggregate sales Of
provisions and manufactured goods as well as
ul fancy articles below the corresponding
month Of last year, but the stagnation which
has been generally witnessed is not easily ez-
Tie Dry Gods Reporter OF the twenty-sixth
has the following remarks on the monetary
situation The p srringency
is apparently destined 70 accomplish some
Unexpectedly good results. It's forcing Dusl-
ness men, as nothing else could. 70 investi-
gate the causes that paralyEe trade at the very
season when II should BE- most active, and
wnL.h compel the banks TO withhold accom-
mhdauOns az the moment when they are
-nost needed, and when the returns are most
certain Win good crops and with the con-
NEmer both East and NeS IN pressing need
ut the commodities, there Is, nevertheless, 8
sudden embarg0 IN trade which does not ap-
pear 90 b owing 70 any sufficient or natural
causes Inc consequences is that people are ev-
erywhere rendering on the financial problem
au- are hlnking as never before, ofthe RENE
Clestnat should be adopted nutouly to alleviate
present. -El-s. oui al-s 10 provide against their
recurrence. For this sudden blight Of the Fall
trade j. no new Thing. Imay be always eK-
pected 10 occur about this time Of the year
With more or less severity. From the time OF
the Infamous ~GOld Conspiracy three years
ago, % the present the promise Of the Fall
trade has always been blighted by Just some
such contingency as recently occurred II is
iHle 70 blame the speCulafors for these events.
The real r~esponsibllity devolves on the per
sons or party who maintain a system which
places the mercantile community at regular
stated periods al the mercy Of so-called cliques
ana gold rings II our currency and finances
were IN q sound condition, Il would mani
fesly be out Of the power Of any set Of specu-
lat0rs 20 affect the business Of the entire COM
munity."
Treasury Regulations.
On and after the nrst Of November, section
ntteeu Or the treasury regulations or May
9Th, ISL VIII be 50 amended as 10 require that
transportation bonds betaken for ninety days
when The route Of transportation is over nve
hundred and not less than one thousand miles,
for four months when such route Is over one
thousand and les than fifteen hundred miles,
and for i've months when the route is over
fifteen hundred miles.
The Secretary Of the Treasury has decided
that seized goods not exceeding a thousand
dollars uNalue may be released % the claim
ant by a collector, on authority from the De-
partmeuL. on paEment Of their appraised val
ue and Of the expenses Incident % the seizure,
"a waving ia writing all claim 20 legal pro
ceedlngs in consequence Of the seizure. 1.-THE
goods exceed I've hundred dollars In value,
and their release is not approved the collector
Dr. o. report them for libel 70 the district artor-
uer but 81 theg 90 not exceed five hundred
lH4arN ina Valuc. and IN Cney are not released
rn rle owner. they should BE- advertised and
-nlL, and claimant nouhed Of bis right 70 con
Test the forfeiture on the conditions specified
IH section Twelve OF the set Of July, 1850.