Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-12-02
FINANCE AND TRADE.

FINANCE AND TRADE.
THE FINANCIAL MARKET yesterday
was as varied and interesting, as would
be- the task Of a wesried mortal who
should undertake to smuse himself by
studying the ruled pages Of an unused
copv-book. There was some talk last
week about putting the rate Of eastern
exchange into new figures, making the
discount or z. The scheme met with
opposition and was deferred. 1t now
appears to be dead. We again, there
fore, quote New York and eastern cities
discount on sight }; New Orleans I;
selling on sll points at par. Money is
siill tight al some Of the banks, and
those who do not acknowledge to tight
ness show no more slaerity in extending
accommodation than the rest. The gro
Gerry snd cotton lines have principally
aided to tie up money, especially the
latter, owing 10 the wish to hold cotton.
Two and three weeks ago cotton prom
ised to improve, and holding out
Of market looked like good pol
icy. Since then the receipts of cot
ton have continued unremittingly, the
"failing ofrn so strongly predicted
has not come, snd the course of prices
is downward. Liverpool has again de-
clined, and that city now quotes aga
instead Of the I'd of last week; New
York is also on the downward way
how shall those who held cotton out OF
the market before the decline, bring it
forward for sale now? If they do not
how is our mOUey market 70 get out OF
the tight place? New Orleans has in
some way, continued to keep out Of the
restriction; in fact, there is no place
where the monetary reports speak so
cheerfully Of plethora Of money g. do
those Of the Crescent city. The Pea
glUcOf Saturday, reports: Extreme in
activity Is yet the most prominent fea-
tire Of the money market. In fact,
there never has been a season since the
war when there Wss so little demand for
accommodation at the banks, and these
institutions are scarcely able 10 find en-
plOyment for their funds. Outside there
is an abundance Of money offering,
but Lenders Gue stiH very particu-
Jar about cOllaterals.n This happy
state Of abundance appears to be "tOO
good to last for the Times OF the same
city observes: 1.-THE impression in some
well informed circles is, that the money
market viii harden next month. The
reasons adduced are the usual settle
ments at the close Of the year with Ia
b0rers and stOrekeepers, and local de-
.mand for speculative purposes" It viii
be observed that the Tines does not
reckon holding cotton from market as
one OF the causes Of the expected hard
ening. There might, probably, be some /
advantage IN ascertaining the reasons !
for the different positions Of the Mem
phis and the New Orleans money mar
kets Just low. We can only note st
present that the western markets geneT-
sly feel the tghtness that exists here,
The 81. Louis Democrat, for instance,
said on Monday: Discount lines have
been contracted to the usual winters
limits, and outsiders experience eonsid-
cradle difficulty in getting money. There
is no scarcity Of funds as yet, but the
banks are eating into their balances
pretty rapidly.n Are we to understand
that where there has been the most en-
ferprise, there is the most tightness? III
SO, Il follows that those banks in Mem
Vhls that have their money the
most engaged in actual commerce
are the sUperiOrs in energy and
SPIRIT and viii ultimately make
the most money. The attitude of Eu-
rope on financial questions is exciting
much attention, for our own fate is, in
many respects, clearly bound up in
theirs. The Bank Of England has raised
IT'S rate, and Is expected 10 advance it /
yet higher. Tie banks Of the continent
~ Europe are following the example set
them. Germany is encOUntering diff
Culues In establishing its new standard
~ valEe, gold for silver, and the Bank
% Prussia has raised its rate to six per
cent. An exchange paper remarks: !
These monetary movements may seem /
quite remote from our financial interests |
here IN the center Of the American con- /
tiuent but If the banks of England, |
France and Prussia get to competing |
with each other IN the accumulation of
specie, il cannot fail to affect the whole /
United States very greatly by causing q |
rise ia gOid.' The rise Of gold has set /
iu-Or rather, to speak correctly, the de-
cline IN the value OF greenbscks-and |
no cessation from the iDdictiOn is eK- /
peGted for the whole winter to come. 4
This means that our greenback Is |
now worth three cents less than il was IL 1
September. Being worth less it will buy 1
less, but the wCrkingmen, and all who |
live on salaries aud incomes, will re- /
ceive no more Of them on that account. /
OF stocks, bonds and sCrips we need do |
no more than give the nominal quota |
lions, for no bank, broker, or curbstOne |
hsUuUer Of heather Chinee corner, could /
tell Us 2 word about them, or any one Of
them. 4 young bank clerk mOdestly
sugcesi ed that he believed there were no |
quotations f0r Arkansas leVee bonds.
TIE COTTON MARKET yesterday wss
detected by discOUrsging kilograms; |
prices were easier in consequence, which [
gave some Of the buyers opportunity to |
get IN on their merits. Little was want /
ed but q good quality Of river bottom
c0ttons, and there was complaint that /
the show OF such on the tables was re- /
stricted. Both exporters and spinnens /
bought with considerable freedom st the /
following prices: Stained at 124Gl3{c; /
ordinary az l2$8l3c; low middling at
l3tTl3sC; middling at l3z@l4c; good 4
middiHg st IA l-I6c; fancy at 15c. New |
York telegraphed q heavy market at 4
"a c: New Orleans had q fair demand at /
&c decline, quoting lac; Liverpool was /
heavy So q, l-l6i decline, with sales Of |
1000 bales. The following are the quo /
tati0ns Of the cotton exchange: