Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-08-29
Gold in New York closed at Ill;

Gold in New York closed at III
same time last year, 1l3B.
The BANKS still report quietute as
their principal feature. Toe sales Of
cotton having decreased, lees exchange
Is offeriT q, &C the usual rates: On New
York, buying at par, selling at pre-
MUM; on New Orleans, buying at t
die 7unt, selling at par. The New York
Times of Frid.y reports: 1.-The rates Of
exchange on New Y TX st the under
mentioned cities to-day were: SsVsn-
nah, premium; Charleston, tot pre-
MUM; Cincinnati, steady, psl@50 pre-
MUM; New o. leans, commercial, 10,
bank, 4; Chicago, 20 discount, aRd st.
Louis, IS premium" Money is abundant
at our banks, while, for the time OF the
yesr, the demand for 1t is light. Gold
appears to be in the hands Of manipu-
Iators; since the first Of August it has
been up TO liz and down to l103; it then
took an upward turn and reached Ill,
once ll1t; it is now on "the down grade"
once more. In New York yes day it
opened at Ill and went down to 11Os.
It is coDsolstoIy to the christian MUD
to think how the money in pocket is
worth one thing one hour and another
thing another. Boxers here look at
SOku Win utSlIuS'1 anu WotC ohcI-
ing only 1904 to 1893. The New York
Times says: "rhe gold speculation was
firmer on the large less of bullion by the
Bank of England during the week, and
the price advanced from 1l0k to 111a,
some short contracts having been cover
ed on the way up. Subee quently, how
ever, the announcement from Washing
ton that syndicate had been formed to
market the Al per cent. loan, com binipg
all the parties bidding for the bonds,
caused weaker feeling, and the market
dropped off to 1l05 again, but afterward
rallied to Ill on the firmness of the ex-
change market, and closed at that
figure" The New York Post reports:
"The foreign bankers report that the
price of silver in London is nominally
513d per ounce. At the New York
equivalent the gold value Of the trade
dollar to day is SO cents (S0.889S); the
gold value of the silver dollar proposed
by the senate finance committee Ito con-
tain Az graius) would to Gay be S73
cents ($0.6746), and the gold or bullion
value OF two halvee, four quarters and
ten dimes to-day is 614 cents (S0.Sl74)
The rector of the mint reports that all
the minis are now Running on subsidiary
silver coins to their full capacity, and
that the monthly coinage OF silver will
be about s., 500, 900. During the present
mouth the daily average OF fractional
currency redeemed in silver coins
at the treasury has been sixty.
three thou-and dollars, or one mil
lion six hundred thousand dollars
per month. The treasurer estimates that
this daily average will continue during
the balance OF the month. 1his is about
$1,000, GOO pr month below the amount
now. Should the minis continue to
coin silver at the present rate, no appre
hension need be felt about scarcity-of
small change. Since the passage Of the
silver act, the amount of the fractional
currency presented for redemption has
steadily fallen off. At first the daily
average presented for redemption was
nearly 100000 In July it was $65 600;
and the treasurer estimates that in Sep.
tember it will fall below $780, 600. The
Philadelphia mint alone can supply
enough email coin to meet this de-
mand." Nothing Of interest is doing in
local stocks or scrIps, and quotations are
little more than nominal; $1,000 State
national bank stock was offering at 80.