Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-03-12

Sales OF New Tennessee Bonds were
reported at 658c; old held at &c, but no
transactions.
The Stock market opened with price
irregular and remained unsettled
throughout, closing SIS follows:
Wells q Fargo Elk, 500 American Ex.,
All; Adams Ex., COZ /; U. s. Ex., =
Merchants Union. Elk, l64 Quicksilver,
24E ; Canton sos; Pacific Mail, 99!; West.
ern Union Telegraph Co, S1} New York
Central, 159; Erie, S74 to -; Hudson,
1895; Reading, GIT Chicago & Alton, l5S;
preferred, I55 Toledo, w. aud F. w,
66E preferred a st. Paul, 663 preferred
rs; FIT. Wayne, II64; Ohio & Missis-
sippi, 33t Michigan Central, III; Mich
igsn Southern, 964 Illinois Central,
us; Cleveland & Pittsburg, 50; Cieve-
land & Toledo, 105t Rock Island, 1881 F;
Chicago & Northwestern, Sl5 f; preferred,
9OE.
The New York Commercial Bulletin
says at is understood that the bill pro-
hibiting the certificatiOn Of checks was
signed by the late President. Inquiries
made at Washington nave resulted in a
deuis! Of this understanding; but the
banks generally regard the bill as having
become q law, aud act accordingly.
Some banks decline TO recognize the Law,
until they have been officially nitoied
OF its adoption. others have discontinued
certifcstion entirely, but = majority find
it necessary to becoms parties to
observing it only in form. In some
csses the banks give 8 "due bill"
bill" to the customer desiring a certi6
cation, which bill is deposited, and be.
comes a basis for e~erti6catiOn. Ia other
cases 8 loan is made by the bank TO the
customer, and the amount deposited by
him in the bank against which thecheck
is certified. And in cases where brokers
keep accounts in two or more banks, g
check is drawn against one bank and de-
posted in the other, against which the lat
ter certifies. The banks find no alternative
between adopting these expedients and
allowing their accounts to 90 to the State
banks, which are free from this restric-
ton. The statement is less favorabIs than
was anticipated. The banks have lost
s., 6S9,0 900 in legal tenders, and 81, 345, 900
in specie, making a total reduction in
the reserve OF s.. 034. The decline Of
81, 6II 900 ia deposits warrants q reduc-
ton Of S647i 600 in the IS per cent. re-
serve, so that the loss in surplus reserve
is S2,3S9, with this loss in resources, how
ever, the banks have increased their
loans S7I7,O 600.
The authorities at the Bank of England
have issued g circular calling attention
TO the fact that paper manufactured for
various banking and mercantile firms,
contains water marks and other devices
peculiar to the paper which lie prepared
solely for the use Of the bank, and re-
minding the paper manufacturers Of the
law which prohibits any such paper to
be made or used.
The public debt statement for March l
lst, we published q few days ago. shows
q decrease Of S1I, 100, 900 for the mantb.
owing to the unusual increase in Gus
toms receipts from the excessive impor-
tstiOns OF merchandise. The coin bal
snce shows q nominal increase OF SlS.-
1913 600, from which, however. must he
deducted about SIS, OOO, 600 due March LAT
for interest on the ten-forty bonds. The
coin reported on hand is SIS, 74I, 26O. from
which must be deducted SIS, 775, $50 for
Gold certificates, leaving the actusI
amount Of coin belonging to the Govern
ment 500 9G5, 200. The currency balance
is SIG, S23. 529, 80 that with this ample
amount Of currency on hand and the in
coming large receipts from Internal reve-
nue., Government will not rtqulre to sell
Gold liz order to raise currency. The
following is a table OF the changes on
March !, compared with February i