Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-12-04
FINANCE AND TRADE.


FINANCIAL AFFAIRS were dull busi-
ness yesterday; the commencement OF
new month has Evoke nothing up, " and
the weak condition OF the cotton mar
ket gives little chance Of present recu-
perstion. Exchange was offering only
in moderate amounts, and the rates con-
tinued st discount on New York and
eastern cities, and on New Orleans;
the selling rate is par on all points.
Money is wanted, but only frst-clsss
borrowers get it; there is less tightness
than was experienced a week ago. In
the street there is strong demand, but
the supply is within narrow bounds.
Bank rates are 10 per cent. per annum:
in the street, when anything is done it
il usually at / 10 2 per month. Gold
was steadier in New York, ard at near
y the rate before the break a day or two
ago, quoting ll2s to 1l2l; our brokers
are sui Offering 100, but large lots
might bring more. Stocks and bonds
We're without transactions. The Nash
vile pSpers Of November "a
say; Comptroller warrants are
rather duh, with no demand by tax
payers. Dealers buy st 30 and sell at
$50 The NicksbUrg Herald, OF Novem-
Der lst, reports: t"qhere is 8 fair demand
for AlcoTn money, but it is scarce and
held At 81. - The Baltimore Gazette finds
things improving in that city, 10 states:
There ia a more cheerful feeling per-
vading business circles than has hereto
fore been exhibited, ard for most staple
products prices are firm. There is an
increased demand for money for legiti-
mate commercial purposes, which is 3
favorable feature, but the supply is still
abundant, both at bank and on the
street.n The New York Herald agrees
with this view, and observes: Now
but little remains TO remind us of the
dangers aud trials through which we
were passing only a year ago. The
causes which have promoted this early
return 10 comparative prosperity can be
found i'm the remuDerative prices our
farmers have received for their products;
the fact thst they had lsst year an abun-
dance Of the latter TO sell; that their
eastern and European customers were
forced % have them, and that the freight
charges for the year have been less than
usual. During all tbess months the
people have been practicing close econ
Dmy. They have sold more in values
thaD they have bought, aud hence some
have been iguidating obligations, while
Others have been largely adding to their
veal IN aud prosperity The New York
Tribune does not see things in this rose
c0i0Ted light, but remarks. sit is to be
regretted thai the business Of the week
mate trade OF the city or country. Out
side Of the small orders for sorting up
Of stocks ia dry goods, sales are only
effected by making material concessions
iI prices. The reuaction in the prOdHe-
tiOus of the mills have thus far failed t.
impart the steadiIess, not to say firm
ness. 10 prices which was anticipated as
Che result Of that measure Of precautiOn.
in the speculative markets the week
opened with more lie and q better out
LOOK; but the VIM was all gone by the
middle q the week. The Louisville
Journal reports eastern exchange at s.
per olguO discount, and currency import
ed daily by express. More curren-
IS shipping 70 the country than
receipts viii balance, a moderate
auppiy, only, remaining at the banks:
i'Ln the open market there are more ap-
Uleau0ns for loans than are readily
placed, and none but first-clas5 borrow
ers meet encouragement The st.
Louis Democrat, Of Wednesday, COM
plains OF s close market, snd adds: ain
conversation with a broker, we heard
tlst in many cases much higher rates
had been charged, and that, too, on uu-
doubted coliaterals. We give this for
what il is worth, but the party giving us |
the Information states that IN some cases I
that are authenticated, he knew where I
T. per cent Der month had been charged, /
not bF the bank, it is true, but by the
cashier, the bank, however, taking the /
credit" The New York Times reports /
.r-e shipments TO the interior, and adds:
aJIr banks could well spare much larger
sums Tor the same purpose without injU-
rill--Y affecting their ample reserves,
and Clis not Only because the surplus Of
unemployed funds now il their vaults is
SD large, and the rate OF interest here
sd unusually low, but also because the
money sent away VIII perform a
legitimate function, viii assist a sound
all wholesome movement Of trade"
The COurse OF gold, just now, is attract
1rg attention, flr II materially affects
the prices OF produce. The uncertainty
n what congress may do, the continued
loss II bullion by the Bank of England,
and tie monetary position OF France
and Germany are ell telling upsn gold.
There are individuals who think that
the decrease Ia the value Of green backs
iJT this IS what advance III gold really
I1eans-wiI stimulate trade, relieve
pressure. and quicken commercial &C.
livi-y. Is is clear TO unclouded eyes
that whatever distUrbs the value Of the
currency which is the measure of value.
ly casting il further and further below
is nominal standard, iUjuTes commerce
exactly in proportion to the amount of
il casts into its operations.
To sell goods in September with green
backs 81 below gold, and receive paw
meut in December, when they are l25
below gold, thus losing three dollars on
every hundred dollars, will not " stimu-
la5e commerce ia the right direction.
It msy, however, stimulate prices by
melting sellers 70 ask enough to cover
the possible loss, by a change ia the value
Of the green back. The New York Times,
Of Monday, Gays: The speculation in
gold was materially assisted by the snip
ments Of specie, which for the week !
amount 70 81 $50, 600 in American gold
coin, ald about $500, 600 in sundry kinds
Of bullion"
TEE COTTON MARKET yesterday was
irmCr, New York was duh at 144c; New
Orleans a. l44c, and Liverpool steady at
3, with sales Of 1900 bales. This
steaiiusss in quotations, ana a tOlersbiy
active inquiry, with gold holding up to
l2 and II2t, strengthens the feeling,
and the average Of prices apprOXiIaated
le-ler % quotations than for a couple
q days past. These remarks, however, | IA
syply only 10 good staple cottons, other r
qualities commanding no attention. :
sales were at the following prices:
stained cOttOus, l249l3}c; good ordi-
Iary, 13Gl3sc; low middling. 131G =
lc; middling, 1870 l4c, with some ex- =
"a staple az lac; good middling, l4s9 !,
fse The following are the official =
quotations Of the cotton exchange: ;
rll nary az q
foo4 cru ilills l 8 IS atl514 =
DIV lt-4-.A-iii - sl5js .
q nun q y
EJ1d iullallli . y e5ls54 =
The market was quiet, with a mode I
ave demand; sales, $500 bales, Of which I
Exporters took &C., spinners 100, and
pscUlstons llU0 bales.
1873. 1873. 1872.
ceiuts veste -. ......... 30If 1884 227 !
.eeeipts same dag last week. 2,153 Z,513 l,71O \
ZeesL pts since last Friday. - ,S7s l2,0l a
ssceIpts same time last week - 1888 - i32 {
E-ceipts same time week De-
10y ll.biB li,loF Z
receipts since sept LII SO l5l,f03 i57,l55
sock on na-..-...,--.---7l,3lo 5lrl46 5Sra3a :