Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-12-05

OUE FINANCIAL MARKET, like the
sands Of the desert, moves but does not
change. The same blank uniformity
faces the reporter in slt his attempts TO
find something new to communicate to
the public. Since last years panic the
banking business has been confined to
abe routine Of everyday transactions
nobody speculates in anything-there is
no breathless watching while somebody
wins aud somebody else loses. Nobody
shoots himself from sudden riches h2v-
ing destroyed his mental balance, and
nobody browns himself because the
rifs and bonds for which he had
exchanged his fortune prove to be Tut
waste paper. Good order and pure
morals gain by this quietude in none
tary affairs, bu. the reporter is 3 bird of
tHe storn-'the wreck of matter and
The crush Of worlds" are the material
for his aspiring pen, and il nothing will
wreck snd nothing will crush the re-
uDstaf is little better than OtbcIO with
d gone occupation. Money on Madison
street Is less tight than il was, but if q
lhiIl or s half Of the 81, 900 bales OF cot
Ton we have on hand was sold the con-
Iltion OF Memphis monetary affairs
vfouid be good deal more complicated.
Exchange has bsen in limited offerings
f1ra day OF two, bat the more liberal sale
of Thursday will increase the flow.
Rates we repeat at discount on New
York, ! on New Orleans; selling at par
1u all points. Gold was taken by the
brokers AT ll0@, but III could be obtain
"a for large lots. NicksbuTg papers have
raised their quotations OF Alc5rn money
from s. to 97695! and say 1t is scarce
and in demand. The Chicago Tribune
SAYS the banks there are ordering money
nicely from New York, which city has
sent out to the interior over 81 900. COO.
Tire Tri5tae adds: "The supply Of New
York exchange is abundant, and the
urice is unchanged. Some Of the banks
are drawing exchange against their bal
auces in New York, preferrlng that
course 10 paying express charges on cur
feu-y. au0 many Of the country banks |
are sending ia exchange for currency. |
The rate is zoe 20 81 discount between |
Hanks i5r $1,000" The New Ysrk But |
Hsfa. December lst, reports: "When |
business opened heTe, il was known that |
the directors of the bank Of England |
Had held special meeting this morn |
tlg aud advanced the minimum dis |
count rate Of the hauk to six |
Der cent The effect OF this ac-
-.uu, which was only unexpected 1
s u time, was to depress British |
aousols 3, and in this market to cause |
Ed advance 10 IL in gold, and read |
iu-tment IN the rates Of sterling ex-
change, prime bankers sixty-day bills !
having been reduced 10 4S5l; demand
bills were kept at 49Ol. The exchange
market was only steady, and, on the
whole. was dull, the business having
ieeu on the basis 81 4S5 and $50 for
srime sterling. Although the action Of
The bank Of England will, so far as il
affects our banks, weaken their reserve
uv drawing coin from them, yet the
news did not prevent al advance early
iu .ue day iu speculative shares, the IA
e1rites in the speculation having been
lac low prieei western stocks. To-mor-
..g'- steamers will take out at least
500 900. thst amount having been
packed
THE COTTON MARKET was animated
,...,. arday; il il satisfactory to see that
.,irUA.-s are purchasing with a degree
"a -rirIf they have rarely manifested
mis- season. exporters are also fairly
ill.v. but lie cbItiuued large receipts
have cooled down TIE courage Of specu-
fsf0rq. The askiugs We're firm, and prices
,..are more 10 the satisfaction OF sellers;
tte official quotsti0ns remain unchang
eel. The kilograms reported New York
dun and easier at lac. New Orleans
uufet 1t l4le; Liverpool steady at ID,
with sales OF ] ,, O08 bales. The port re-
aaipfs showed an increase over last week
iut below last year, but the stock was
.s.> 400 against 4S0, 800 at the same tine
30 .aason. The Eewly elected board OF
,.I.ttou exchange have met and elected a
...,,,,i,'ten,teut and assistant for the
..l.,,,i,.s, ,,esr. John 3. TOOf, Ed, was
-q--lecsed supslia!s8dent Of the cotton
.,.beuge. he discharged the duties OF
bis p0sition last year with Gegree Of
Gleiify industry aud skill that has won
him praise, not only la Memphis nut
wherever his carefully arranged reports
lrve zone. aud he obtained especial
credit - one Of the most ef-
feieut officers at the meeting OF
he national cotton exchange, Of which
te is the secretary. The assistant SUI
0sriutendsut elected was also in the
same position last year, z. w. semmes,
Fsa. Mr.. Semmes is one Of those gen
tle,nen who are content TO be felt, not
heard. Refining ana quiet, be has lei
his work speak for him, and that has
been performed with . degree Of dill
oencs and correctness that do him
honor. and the melobeTs Of the cotton
exchange are pleased 10 see him con-
finued IN the duties hs discharges so
well. Sales yesterday amounted 20 $500
baigs At the following prices; Stained