Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-02-26

kI1NAl - 1919 NV
sold at 654.
The stock market was again unsettled
and irregular at the opening to-day, but
sooR became steady with an improve
ment in some cases. AT pm. the mar
ket was generally firm and quite active,
and closed strong
Wells & Fargo EX., so; American Ex.,
Al; Adams Ex., 591 Q. s. Elk, =;
Merchants Union Elk, L; Quicksilver,
"a; Canton 60!; Pacific Msil, 1923 West,
ern Union Telegraph Co., 375 New York
Central, I64s; Erie, TO -; Hudson,
I96; Reading, 925; Chic. & Alton, I56
preferred, I56 Toledo, W. and T. w,
673 preferred u; st. Paul, Cog preferred
ISL Ft. Wayne, 1929 OHIO & Missis-
sippi, 345 Michigan Central, us; Mich
igsn Southern, 96s Illinois Central,
IA; Cleveland & Pittsburg, 9O2 CIeve-
land & Toledo, 1865 Rock Island, 1885
Chicago d Northwestern, So preferred,
9l5.
Large amounts OF securities have been
sent to Europe within the last six weeks,
including, perhaps, $50. 0OO, 600 Of L. s.
bonds and several millions Of other Sc
c~urities, especially the preferred shares
Of the Chicago and Northwestern Rail-
road, the stocks Of the r ok Island, Fort
Wayne and Illinois Central roads, and
the bonds Of the Central Pacific Rail-
road. Sufficient Importance perhaps has
not been attached 10 the fact that, at the
beginning OF the year, European invest
Ors have, in late years, been free buyers
IF nr7F aunurfHTu1 Fnr tn. -,g,-z-A---A -
interest and hence this movement has
contributed to the weakness OF gold be-
yond what the facts Of the case really
justify.
Henry, Clews & Co., ia their last
moRthly circular, under date of February
18th, say In former circulars, we have
alluded to The deviation from the ordi-
nary course Of monetary affairs conse-
q1ent upon the artificial ssringency in
the fall OF last year, and we have still to
note q continuance Of that irreguiarity
OF movement. Instead OF the return Of
currency in January which had been
sent out in connection with crop move-
ments, We have been RENTING money
to the West and the South; so that the
banks now hold no more legal tenders
than early in January. o wing to this
detention Of money in the interior to an
unusually late period, the amount OF le-
gsl tenders held by the banks is ST, 1OO,-
OOO less b at the am period Of 1868.
SIZ 3OO OOO less than in 1867, and SI4.-
100000 less than in 1866 and this low
condition OF the legal tender reserve has
naturally been attended with more ae-
tivity in loans and higher rates Of inter
est than usually prevail al this season.
The present condition OF exchanges at
the leading commercial csnters does not
indicate the probability OF any immedi-
ate how Of currency 10 this city: and
there seems to be reason for a~ndcioatiDg
that little will be sent here beyond what
may be Necessary for the settlement of
balances. Early in April. money il
wanted by the banks Of the nearby
States for the annual settlements made
81 that period. And should NAVIGATION
open carrier b a usual, which from the
character OF the weather appears quite
probable, the West will require money
earlier than ordinarily for forwsrdine
Its products to the markets. Il Thus an.
pears very doubtful whether the inte-
rlor banks will consider that there is SUI
hcient inducements to send money here
on deposit, for the short period that will
intervene before they require it for local
use. 1t may, therefore, very possibly
prove that the legal tender line OF the
banks viii continue 30 rule unusually
The retention OF money by the
country banks, from the causes here in
dicated, will, however, have this com
pensstiOn-there will DO SO much less
drain upon the New York banks 10 the
and early summer. For these
1t Woul seem probable that, for
the next few weeks, we may witness an
active demand for money at the legal
rate Of interest. The South has taken
rom TINS city an unusually large amount
currency In payment for It's cotton
ss considerable quantity remains
70 De at high prices, il "a not
impossible that even further smounts
have 70 be RENTED. But, At tho
time, the merchants of that section
are free buyers Of merchandise In our
markets, for which payment is mad.
IN cash. 1t appears reasonably
hat Congress viii so far modify
the law relative to the statements of the
national banks as to obviste the de-.
Engagements in the money market grow
Ing out Of preparations for the quarterly
which removes one source Of
apprehension that the beginning Of April
van De attended with striBgeney. At
the present moment, the loan market
shows considerable activity, brokers hsv-
Ing had IN some instances 10 pav seven
per cent. in gold this turn in the NAV
Aet' however appears to be due partly
% speculative manipulation designed to
promote aian in stocks, governments :
and gold.
COTTOh-