Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-06
FINANCE AND TRADE.


TIE FINAt5CIAL DEPARTMENT OF bug
ilezs yesterday was q mere show. Pr.n-
cipals and CLERKS were kept at their
posts, but nothing was doing. Then
why keep the banks opeu? Because the
State legislature-iD thst excess Of wis
dom fJT which it is SO distinguished in
Tennessee-while it has provided for
closing the banks on the Fourth of July,
has made 10 provision for the fifth OF
July when the Fourth happens on a
Sunday. There we're no kilograms from
The east. Noah on the waters knew az
much as business men and banks knew
Yesterday IF what was going on outside
vet our SOahs were DOtteTlag about in
their aTks when there was no food.
When 1UiH light break upon us in Mem
phig, 60 that we shall do business when
we have il, and make holiday when We
have none? Reviewing the past week
the principal feature is that there hiss
beer an increased demand for money
nothing great in itself, but significant as
a beginning that may become some
thing very soon. Money will be wanted
that many eastern capitalists stand
ready TO accommodate, at per cent, all
cotton. growers who need help and can
make good show. In the city Shelby
county scrip is taken by holders at 72t4
rs: city police sud fire scrip at 1901;
city school scrip at S7@8S; Tennessee
new lEsue at 20; State treasury notes at
So. Nothing Going in city securities Of
any Importance, whether bank or in
suT8nCe.
OUR REVIEW Of the cotton market last
week quoted New York at 1850, which
on Tuesday became l54c, but on Friday
advanced again to 15sc. New Orleans
quoted l5sc, but next day declined to
Isle. Liverpool quoted 77,16d, but de-
clined on Monday to 78d, on Tuesday to
5.iGd, and on Wednesday TO I'D, but
on Friday became Z 3-161. Memphis
week ago quoted 14lc, and so remains.
This statement shows steady market,
except that in Liverpool decline Of Id
caused by duh trade in Manchester, i'm
nortaut commercial failures with appre-
hansioDs OF further disasters, and by the
favorable condition Of the American
cyoD IN our market the statements be-
low show that nearly all the cotton
bought duIiBg the week was taken by
summers, ana Il is stated that eastern
mills are doing 50 poorly that
they contemplate unanimous
closing for SIX weeks, principally
with The object Of working OF stocks.
The stock IN this city is now so low that
we can have Only,&u unimportsnt trade
10 the end OF the season. The Liverpool
=, 1otton Report Of Watts & Co. reports
In. 'tness unsettled by commercial fail
uras. and prices Of American cotton
down 20 about as low pslnt as has been
touched within ten years past, and this |
in face of 8 decline of 800 900 to 400 900 |
from the current estimates at the open |
ing OF the aeasOn, and at time that |
had been looked for as certain to bring |
hIQber prices. To the question, What |
has caused this? the Cotton Report re- /
,,iiase "The root Of the matter is, we |
baliSye.. found maiDly in the pTostratiOn |
m frs,la in the United States during the |
mast mir. months. and the high premi- |
ma on gold at New York. American |
SINNERS paving taken mucn less cotton 1
TINS wear g,lEn was expected, nave lett /
all the mors to come 10 Europe. In 1873 |
the average premium on gold 10 New /
Vorty was about l23 per cent, and IN |
1874 about II. per cent, but during the
fbraa months vndiGg thirty-first uitimO |
: ne aversga nreHlium was l53 per cent,
ard Yesterday was 1874 per cent. Cot'
ion il yyiU be borne in MIND, is sold in
iba States Tor currency, or green backs,
wsich. being legal-teuder IN
The psvment OF debts, etc, il matters
little 10 the producGr or holder what the
gold value is, whilst to the exporter 1t Is
q very important item. For instance,
-upDose gold was now at illsd in New
York, instead Of lI7Bd, cotton purchased I
st 70 asent quotations in New York
Ugn.d cost az exporter about 90 per
,Ould more, and hence he would not
~ ,rchase, or would require a correspond
a., advance here to cover cost, ETC."
re Meet OF our deTaDged currency on
no fnpfUnes Of the cotton planter, as
,Is;nIy shown by the Liverpool
1,ritar Is worth m,re attention
han II has received. The Report
10 adds large receipts from India
D. suotner cause for the depression
~ nrice. All this has been aggravated
hv the serious commercial failures that
NV occurred, which have weakened
0gblic confidence and gives tendency
10 restrict trade operations. The various
/, ,tton exchanges Of the cotton districts
have Issued their official reports o! the
condition Of The growing crop ana they
confirm the high expectations that are
Boirg so much 10 revive public cOnh-
deuce and to encourage ahtlclpauons
that the "hard times " caused ny the
mar &c O.! 1873, are near Their termination.
me Kew York Bulletin Of Thursday,
aid: 1--WE have again to record
! very d6V market for spots and
the business, 20 lar IS report
confined eyc.usiyely to small lots re-
-,,;,sg hv SINNERS to satisfr current ne
lsssi,ies, Exporters have found the
-orsion adyices growing worse and
Eorse. and naturally remained quiet,
mi only in the way OF purchasing, but
aven SIS 10 venturiog upon bios, the con-
1ition Of affairs abroad stJrulng them
M Ijr1it, except at very material con-
,aszigu f-gm the rates holders are ask
mo. There has been 10 alteration on
quotations to-day, but they may be con-
.iEered as entirely nominal The opea
,A.Tiuvs OF stock have continued mod
ITO and holders have checked The APP
Of any effort to realize, but
80 oI,i7t figuring has been going on,
nth indications that il buyers would
'andJe uII lines. and guarantee to ship |
rem off the market, they would be sc
inundated az some cU1ce5slon. On
,o-Tr-. Is there has been feyerisG and
Uncertain ceiling with two or three t'uc-
nations in values, but the business is
lot very heavy, and the actual gain
In buyers favor"
The following table shows the COM
,arative weekly and totsl receipts at the !