Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-06-23
FINANUE AND TRADE.

BANKING AFFAIRS are too quiet to af-
ford an event FOR record. Money is in
but moderate demand, ana the banks
ere in strong condition. Exchange is
doing little, and at the usual rates; on
New York par, selling at / premium I;
on New Orleans ! discount, selling at
par. Gold closed in New York at l174 {;
brokers were paying ll69164. Local
securities were without movement at
quotations already given. The New
York Times Of Saturday Gays: alt is
stated that the treasury department has
contracted with Flood & O'Brien, of San
Francisco, for the purchase of Sl6, 0O0,-
OOJ Of silver bullion from the CONSOLE
dated Virginia mine. The government
has made great efforts to secure correct
information relative to the extent and
value Of the mines of the west, and is
charging ali its minis TO accommodate
the increased product anticipated. The
director OF the mint Is now in Califor-
MIA on this business" This shows
hat the pCjact to travel on the
way to resumption is proceeding, but
currency matters are "a muddle,n as is
evident from the following in the New
York Times, OF Saturday: 1.-THE cur
rency Of the country il out Of all proPor-
ton 70 the business Of country. Ii is
being piled 10 in the banks Of this city
week after week, and month after
month. Last Saturday It had reached
the enormous sum of $50, SD 500. Two
months previously the banks had but
SiS 4l9 800; and this is an increase of
SIS, 402 so, or thirty-eight per cent.
Meanwhile there Is go way in which
this accumulation Of currency can be
used 10 profit. Com meTcisl paper, which
Is in some regards the very fairest index
Of the legitimate demand for money in
bu mess circles, is freely sought at from
3 10 81 per cent. interest. Demand lsans
can be had at rates often as low as 2 per
cent. United States bands, the stand
ard OF perfect safety in the way of in
vestmCut, snd paying 8 per cent. in gold
with gold at III, sell at from rs to rs,
that is they pay less than six per cent.
currency on their market value. These
facts show that their is at present more
currency in the country than we
Can possibly user The English
bankruptcies sre-as they most do
attracnuE much attention. The New
1oTk BUttetaa, OF Saturday, observes:
"IheTe seems 20 re little room for doubt
that the series OF failures which started
two weeks ago in the Welsh iron trade
is destined to become general through
out the trade Of Gyeat Britain. The
auspeus' ons that have already occurred
cove probably nearly $500, 900, 600 OF
liabilities; and yet they have been con-
fined 20 only two branches Of business,
the iron trade and the East India trade.
The severe shock to confidence produced
by these siOppages cannot well have any
other effect IMAM to produce a caution in
diseouutiug which will compel the sus-
pension Of many more firms, even in
other departments OF trade; and this,
no doubt, is the cause Of the apprehen-
sions Of numerous further failures which
the cable reports 70 US from day to day"
The COTTON MARKET yesterday was
very quiet. There were some orders
which were readily filed as to price, but
the low stock makes it rather difficult to
fiUd the qualities sought. Prices re-
maiIel unchanged. The closing tele-
grams were IS follows: New York
st sady, I55c, sales, $500 bales. New Or
leans at I5lc; sales, 500 bales; receipts,
3IS bales. Liverpool firm al z lied;
Orl ans, 75i; sales, 10000 bales, OF which
$500 bales were American. Savannah,
lac; Mobile, Il Ice; Charleston, l5c;
Galveston, l4lc; Wilmington, IA 3-l6c;
Baltimore 15c; Norfolk, IA ll-l6c; B0s-
ton, Isle; Augusta, IA 3-l6c. Gold at
Rev York, thee O'clock, ll74. The
following sIe the official quotations Of
the cotton exchange:
Ordinary I'd