Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-03-27
FINANCE AND FRADE.
OFFICE OF THE DAILY APPEAL, I
MEMPHIS March 26. lA5a.


FINANCE
The only item Of interest in our Local
money market to day was the setting
aside Ct the injunction in the matter OF
our CITY bonds. Tasb- instrument was
dissoIved bv the Court without leaving
evon a hone for the Citizens Union TO
Law hold OF in the future. The decision
was a PROPER one-the only u that any
,c;tizan having an interest in the welfare
Of the whole city had 3 right TO expect.
OF course it will appreciate u bonds and
oity scrip, and delinquent taxpayers vii
be the sufferers. While they, however,
will have to reach far down into their
pockets to pay the taXgstherer, other
propertyholders Will be benefited. This
decision secures not only immediate
OF our iremen and others in
the employ Of cur city, but assures the
payment Of the July interest, ana bonds
viii be in demand accordingly. Already
thew are inquired for. A few weeks ago
and they we're not worth SOC in New
York. To-day they would sell readily at
52e here.
Money is tolerably easy and Exchange
In fair supply, with promises enough to
keep up with the demand il it all comes
in. Rates are steady st to of, buy
ing-seIling st premium, with occa-
sional exceptions to customers.
Railroad stocks and bonds are in good
demand, but none on the market.
City Scrip is firm and all in the hands
Of spectators, who are very much re-
ioiced 1T the decision in the Injunction
case. Judge Smiths opinion in the mat
ter will be found in our local columns.
County Warrants are nominslly uC-
changed. BUying:at 70e-selling at 75c
Police Scrip Is firm and scarce at S.
697e, buying. Selling al So.
There were no transactions in the
stock or gold boards Of New York to-
day, owing TO this being Good Friday.
The opening street quotations showed
the Stock market to Ue very irregulsr,
and Governments were duh but steady,
with little change in prices.
Gold in New York opened at 1914 and
was steady throughout. Sterling Ex-
change was steady at I0Sl for go day
bills.
Gold in this market was dull. Buying
in s small way al 1904. Selling at 49,
@Is2s.
Governments touched 81 in London on
Friday last, the highest point they have
ever reached. The advance to this
point, says the Herald, wss expected on
Thursday by cur foreign bankers, who
were purchasers to an amount vsTi-
- ,-As--.k-g - 49, an mo- n10 ]
TO SIS, COO, 600. The market closed
heavy, however, in consequence Of
the reaction succeeding this demand,
and the inability Of the foreign
bankers 10 probably plses the exchange
INSIDE sgainst the purchased bonds,
while the dealers who had sold to them
we're willing to allow prices to settle in
to lay in DeE stocks at lower fig
While the 62's stilI continue to
lead the list, and are the highest priced,
the effect Of the passage Of the public
credit has been to divert foreign atteu-
ton and Investment to the other ISSUES
are expected to be admitted to
the call st the boards in London and
Frankfort. The 1878 became q favOrite
for shipment, and OF the millions pur-
chased as above stated a large proportion
was Of this date.
The same paper says there seems to be
; determined purpose 10th in Congress
and with the Secretary OF the Treasury,
10 stop the corrupt and gambling prae-
tice Of secret sales OF Government gold
Mr.. Fsnt0n introduced q bill il the SEN
ate on Saturday with this view, and
Secretary Boutwell,, in conference the
lay before with the Committee on Ways
and Means, declared bis purpose to sell
gold publicly snd nsver privately. Here
Il the prospect OF reform in q matter
which produced corruption, demOrsIizs-
ion and loss TO the Government. l. is
an emphatic condemnation OF MeCu,-
Oeh's conduct. But Mr.. Boutwell, went
and said be believed ne had the
power to invest the surplus gold in the
ressury II bonds, and thought be would
10 so. The income from customs, h
aid, was increasing. This would ana
BE him to buy up bonds at the present
market value and reduce the interest
debt. We hope the new Sscre-
ary will carry out his purpose; for it is
.bsurd to let q hundred millions or SO OF
odd lie idle in the treasury, when by ap-
dying it to the purchase snd csuceling
f the interest bearing debt SIX or eight
Millions syesr could b saved Besides
can be purchased 10 at q much
rate than in the course OF s few
ears, when currency and spscie shall be =
{ par. Mr.. McCulloch siWays began st
be wrong end, IN 3 way to increase the
weight Of the debt and the burdens OF
he people. Mr. Boutwell, appears to {
ave q different view and purpose. II /,
be Secretary will stick to the policy an ]
.ounced We shsl SOON see the debt d. /;
FINISHED and the public credit strength
ned. !
CORES.
No Liverpool dispatches received to- d