Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-04-12
FINANCE AND TRADE.
OFFICE or THE DAILY APPEAL,
WEDNESDAY,, april u, ISL. j



Madison street was again quiet yesterday
quoted par buying to = premium seIingi
there are some transactions in II between
bankers, when the rates are usually 80 per
SlfOl. Gold quiet al i0sz one inQuireafofi We
heard Of a lot OF S270 taken by 8 broker az the
above rate. County scrip is quoted S5SS0s
but is looking still higher, taxpayers seeking
IL eagerly. The new law with respect 70 prop
erty sold at tax sale, the certainty oil nDsotu1e
alienation OF property 50 SOiu has had q sLlnIa-
lattVe effect, and due ana overdue taAes y
Offering IN paymen in increased PfOPolttoN.
We are Informed that one oul OF
the several that is owing the city heaNlly
has engaged TO pay monthly 8 given amoult
lectOrs. PAY or SELF appears likely 10 prove
an excellent drawing steFEuce 70 u
City bonds are exciting attenuon-ho5 H9n
their activity, but their inactivity faftles
are feeling the market; attempts are making
10 ascertain a basis for sale, TO discover NheIe
the bottom" IS. These attempts - L1s nave
proved vain: the bottom has not YET been us
covered. Offers were made To-Day 70 sen ~ 0l
and there were no takers though We heand Of
three bonds selling at sic. ltapPears asl bal
timore and other holders OF cry bo~nQsYnnolns
that steamboats,, merchants banks, etc, are
eufoined from paving their taxes 10 the city.
bave become DESTROYS of unloading, and are
irving the market with a view 10 operations.
Dealers, however, are by no means eertain
fbat prices have touched bottom, and decline
Durchaslng: and so the city bonds lie, depre-
ciated Tor the moment having no certain
standing, occupying. only that quaklng
kL0AAA 0NhtNN1 49, 6
Tor something TO turn up We repeat quota
lions for the Bank OF Tennessee
money S9890; - offered for street railroad;
Memphis past due coupons, SOS. The
Nashville Onion Of April 10th quotes Tennes-
see old bonds, Is; new, CO. capitol, 6fi coupons,
fundabie, 20; due July, ls69, s.; Memphis aRd
Charleston railroad stock. "a; Bank OF Iennes-
see money, Old, SC; new, 81.
Clark, MaicOtt & Co.'S circular OF the 9Th re-
ports sales OF 500 Tennessee is at 6l1s, and
i7.O0J al %, and quotes Tennessee Is, new
bonds, AT q; Arkansas Us, unded 81 IS l. *,
p. a y. o. r. r, Il; IS Miss, .. r. Riv. RE
K, 4S; Mem. q Char. r. R., 3.
Trade Matters.
The New York Herald says that such was
the sr~ringency there ON saturday last that In
the excitement near the close OF the market
a. nigh rs Z in addition TO : per cent. was
paid by the frightened borrowers Indeed, IL
i said that as high As per cent was PAID IN
the excitement; money Al l-loGN per cent a
dag.
ment proved 10 be very unfaVorable, and sug-
geStS q much worse condition than Is present.
cd. for, with even the half OF a distribution OF
The loss Of resources over SIX days, the surplus
reserve is reduced almost 10 q million dollars.
We're the statement made for the day and not
given as an average for the week, II would
probably show that the banks are actually be
low the limit OF reserve which the law re-
auires them 70 keep on hand"
The k1laneler says OF the monetary stna-
-stringency in money, the lowest rate being
cola. and the commission put on ranging
from A-dZ 10 lilo auQ e per cent A0L SaAIglAh5
over until the following day; on Monday,
Transactions al j and even q were reported
The hundred days limit to the session Of the
legislature is nearly expired and II IS un-
Hkely that the members viii stay long with
ont nav. hence there is only a slender chance
Fbaf tie repeal OF the usury laws VIII be Ell
farted. but the uSelessness Of such a restric-
ZION IS evident enough, the last rate a5ove-
named being equivalent 10 over q hundred
and forty per cent q year" TIT tr2dHeter
says heavy speculation has a share in causing
the ~stringency.
The Dr. Goods Reporter says the last week
in risar bushes was one OF the slOWest they
ever kaew in the midst of the season. This
mas caused q cutting under in some houses 10
force business. Cotton goods are unusually
nrm: in woolens rates are hardening, Dress
goods in any fancy styles are sold up TO pro-
ductiou al good figures, and are jObbing with
fair degree Of activity, Notwithstanding the
quiet market that has prevailed.