Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-06-25
FINANCIAL.

The banks were again the qdietest possible
places yesterday, with nothing new to re-
port. Again one or two of them report some
movement in the demand for money, but
such is the general quiet that the call Is re-
garded "a sporadic" merely. Exchange Is
IN the lightest possible supply almost, as may
be judged by the inactivity Of the cotton
market. The unexpected decline In the legal
tender average in the last bank statement OF
New York, is fortunately nearly counterbal-
anced by an increase OF specie and decrease
in deposits. Still the banks have come to a
halt In the process of building up their re-
serve at a time when it would be unfortunate
for any material loss to occur. There is no
reason to apprehend any disturbance to the
market through the settlements of the first
of July, but anything like considerable de-
crease in bank reserves might make trouble
through too great distIust Of the future. 1t
is well, therefore, that the treasury began
the last Of the week to make the remittances
for the bonds due on the twenty ninth, of
this money which had been forwarded for
prepayment. The Public, Of New York, of
la t week, has the following regarding clear
ances: 1.-The exchanges for the second week
OF June exceed those OF the corresponding
week last year at sixteen out OF the eighteen
cities at which clearing. houses exist reporting
each week, and the aggregate increase is 15-S
per cent. No part OF this gain Is due to speeu-
lation in stocks, because the amount Of sales
last week was smaller than the amount Of
sales for the second week IN June, 1873, and
Tor once the increase in the aggregate o. ex-
changes outside OF New York ia greater than
the increase at New York. Boston, with a
gain of I'll per cent; Philadelphia, with
24.9 per cent; Milwaukee, with 50 per cent;
and Louisville, with 40 per cent, take the
lead in ratio increase, and the recent decrease
in some kinds of trade at Baltimore, still
leaves exchanges larger than thoIe of last
l., Nary nrlaQpc - tha IN,
city at which any considerable decline of
business appears, and for that decline there
are abundant reasons in the prevalence OF the
fever last year, and ia the recent commercial
and financial condition of the city and State. "
The New York Bulletin, of Saturday, re-
ports: New York exchange was quoted to-
day as follows at the places named: Savan-
nah--selhDg, Il buying, e. Charleston
nothing doing, 3-l6@4. So. Louis, so
discount. New Orleans--commercial, 1S
premium; bank, Il premium. Chicago
steady; ITO discount, buying, and Ito premi-
UNI, selling. Boston, 9d discount" Exchange
was quoted in our market: New York sight,
buying par, and selling Il premium; all
points in New England, demand par; sight,
Il discount, selling Il premium; New Or
leans, L discount BUYING, and selling at par.
Money 6G8 per cent. Shelby county scrip
quoted 80 buying, 81 selling. Memphis gas
stock, nominally 30; Tennessee, new issue, 80
N0OJ5 nAAnoAcbtppl anu ANAuSoeCC runway ntbl
mortgage bonds, Il5; second mortgage, "a;
Memphis gas bonds. 95 United States d,
selling, 1854 @10317.
!BY TELEGRAPH.J
PARIS, June 24.-Rentes, 116f. S21<c.
NEW ORLEANS, June 24.-Sight ex-
change on New York, 4 premium; sterling
exchange, bankers bills, 1884.
m LONDON, June 24.-Consols for money,
lie; on account, 81 3-l6; Illinois Central,