Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-21
FINANCE AND TRADE.

IL FINANCIAL matters nothing changes
but the rate Of gold, and that has some
lively pirouettes. Up to two o'clock yes
terday the telegraph reported the follow
ing prices at different hours: ia, 1875
Il4., ll4!; here brokers were paying for
GOLD ll3@Il33. The New York Bulletin
says: 10 the gold room there was some
little excitement, 10y reason of a decline
in the price. This was Immediately
caused by the unloading Of number Cf
wesk speculstoIs, and, indirectly, by dis
patches from Washington reitersting the
determination Of the treasury TO sell new
five per cent. bonds in excess OF the S5OOI-
900 900 authorized by the funding act of
1870. for the purpose Of getting silver
with which 20 supplant the fractional
currency. How this csn forward specie
psyments is not understood, but it had
as GOOD an effect as IL il were clearly an
aid 10 that much-GesiTed end. In the
afternoon il was announced that Secre-
tary Bristow had issued another call for
$40 600 600 5 20 bonds, interest to cease
October l4th, the call having been
made at the request OF the syndicate sell
ing new fives.n The following European
news shows the effects of the English
BANKRUPTCIES: t'The London and
Westminster bank, the next largest in.
stitution in London to the bank Of Eng
land. has reduced it's dividend from 20
Der cent. per anuum to 10 per cent. per
aunum. Their losses On bad bills, etc,
owing to recent failures, have used up
half their reserve fund. Other leading
banks have suffered severely of late
from similar causes; but il is some salts
faction to know that the bulk Of the
large failures has len upon institutions
80 well able to meet the losses" Elk
change continues very dull at unchanged
rates. Yesterday We copied the
following: 1.-The New York CtrOn-
icic, Of July LIST, says the Hamburg and
Bremen fire insurance company claims,
in its advertisements, 10 have q, 600, 600
assets, but its returns to the State Of
New York show only 1923 400 paid up,
with Sl5l 663 surplus" We learn from
the respected agents Of the company in
this city that this paragraph conveys
wrong impression, because it gives only
part OF the fact. The company's card
gives total assets in the United States at
:s457 $40, but claims a total OF "capital
and acrumulations'' OF g, 900, 900; the
balance is there fore held in Europe. In
local securities We heard only Of the sale
Of $1,000 State notes at SO; we quote $50
80; fire and police, IS; school notes, $50
90; Shelby county scrip, 74975.
THE COTTON MARKET w9s without
me point OF interest yesterday. Re-
CENTS were trivial, the stock sunk to be-
low 1850 bales; New York sunk to l5c
and Liverpool to 6 $3.50, while gold
~ss down to 1873. Bids in our market
we're Low, and what was taken was gen.
erally al lGtc below quotations, which,
ho,yever, were retained, all that was
.oIJ lid not 20 beyond fifty bales. The
closing kilograms were as follows. New
York weak and ire GUAR al l5c; sales,
1922 bsles. New Orleans, dull at l5c;
Gales, 100 bales; receipts l02 bales.
Liverpool dull and easier at 6 1851;
Orlesns, - ISi; ssles, 5000 bales, OF
yhich 1900 bates we're American. Sa-
gaauah, lac; Mobile, IA Ice; Charles
ION, I4}c; Galveston, l4sc; Wilmington,
I4Bc; Baltimore, l5c; Norfolk, Il l6ci
Boston, l5ic; Augusta, l4sc. Gold at
New York, three O'clock, ll33. The
following alc the official quotations Of
the cotton exchange;