Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-02
FINAYCE AND TRADE,

FINANCIAL MATTERS, nOtwithstand-
ing the beginning Of a new month, are
dull and unchanged; as there is only
small amount Of paper to be- taken up,
the occurrence Of q new month cxcites
little attention. Tie Chicago Tribune OF
Tuesday thus describes the state Of things
there: at is noticed that some manu-
fsgtUrers, like the brewers, who would
q ordinary times get their receipts from
collections, are carried by the banks
This has been The case with some OF the
merchants for long time. The opera
ton Of familiar causes is adding to the
surplus Of the banks, but, to the surprise
o. some borrower the indispositiOn Of
bankers TO take risks increases as their
surplus increases. the number of deelT-
able outside borrowers il ss small, prob
ably. as il has ever been in this msrSet,
and they are able to make more favor
able terms than has before beeL posi-
bla. Rates OF discount at the banks are
SGI0 per cent. to regular customers;
more favorable rates are made to in
dependent borrowers who have sat
isfactoTy seCuritiesn The Cincinnati
Enquirer of the same date says OF
financial ms tiers there: The general
course Of business in monetary circles
has been in favor OF further increase
in the ready means OF the banks during
the week. There has been some curren-
cy sent to the country banks, but not
enough to counterbRlance the receipts
through mercantile channels, and the
supply is ample, il not excessive. The
demand for discounts was generally
small until Saturday, when it was quite
active, but to-day il was light, and the
banks find il difficult 10 keep their means
fully employed at the current rates
which are 7lGS per cent. In the open
market prime business psper has beenln
active demand sll the week, and while
the rates remain steady at 7GS per cent,
most Of the bushes IS done at the in-
side figure, and there have been some
exceptional transactions as low as 6 per
cent O.day paper was scarce, and
there was a good demand for IL al per
cent" Exchange here Is dull
q ar buying on New York, selling at
premium: on New Orleans discount
buying, selling st par. Gold was lower,
opened at Il65 in New York, but at noon
wss III: here brokers were giving 1850
ll64. Local securities again without
movement. The interest on the $780,
900 Mississippi river railroad bonds was
paying ont &C the city offices yesterday.
We again quote Shelby county scrip st
S58S7; city fire and police, 1876; city
school notes, S7,e.SS. We have received
q copy Of tue July tariff Of the Mem
phis and Charleston railroad.
THERE Yves only q moderate demand
for cotton yesterday, and that, as for
day or two psst, was principally for
gGOd ordinary. With only 700 bales in
stock, Of cOurse the offerings were small,
but the market was easy, and there w2s
readiness 10 sell. New York was &c
higher, but the inference that advance
might have had on the market was neu.
tralized by decline Of &c In New Or
leans; Savannah and Mobile also re-
duced their figures. In our market quo
tarions remained as on the day previous,
with a steady feeling. The closing tele-
grams were IS follows :iNeWHOTk steady
and higher at 1890 sales, ll07 bales.
New Orleans quiet and lower at 1897
GALES, 200 bales, receipts, 81 bales. Liver
pool quiet at : IA; Orleans, : 7-l6I; sales,
10. 900 bales, OF which $1,000 bales were
American. Savannah, l4sc; Mobile,
i 9-l6c; Charleston, l43c; Galveston,
iisc; Wilmington, Il 3-l6c; Baltimore,
l5o; Norfolk, IA 7-I6c; Boston, l54c;
Augusts, l4lc. Gold at New York, three
O'Clock, ll7s. The following ale the
official quotations of the cotton ex-
change:
NlNAtA-ea- ~
Good ordinary
Low mldcIng .......l4-g-
--4-ulll - ~ y -
Good middliug-.
The market was quiet; sales 200 bales,
OF which spinnJrs took go bales.
The following were the changes in
New York futures: