Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-03-19

IAGlue cAAG1s W.
No transactions in Tennessee Bonds
reported.
The Stock market at the opening was
unsettled, but the market soon became
better, with q considerable advance on
leading stocks in consequence Of
"shorts" carrying largely. At p. N.
il was sgsin dull and bearish, and Gle sed
steady with prices somewhat better.
Wells q Fargo Ex., 3l3 American Ex.,
Il; Adams Elk, 594 U. s. Elk, 554 /;
Merchants Union Tx, 153 Quicksilver,
ISL; Canton 50; Pacific Mail, GIT; West
ern UGion Telegraph Co., 375 f; New York
Central, 1891; Erie, to; Hudson,
40; Reading, 81 Chicago & Alton, 1911! (;
preferred, Isl; Toledo, w. and
W, 663; preferred u; s.. Paul,
6Sf; preferred 79l Ohio and Missls-
sippi, SIT; Michigan Central, HI! Mich
igau Southern, 96I; Illinois Central,
40; Cleveland & Pitisburg, SIT; Cleve-
land & Toledo, 1865 Rock Island, 1857 I;
Chicago & Northwestern, S45 preferred.
92s Ft. Wayne, 40.
Outside q few smell lots, we have no
gold transactions TO note. Dealers took
500, SI50, 1915 and $500 st lS04@l3I dur
ing the day. Selling at 4S1l@l32.
OF the recent demand for United States
Bonds in Europe, the London Economist
of february 20.h says "The fve-twenty
United States Bonds have now reccv-
cred to tie highest price that has been
since the war, The buoyaBcy in this
market has been due TO three CAUSES,
which have favorsbly Influenced the
opinion OF the public. 1. An absorption
has been going on for some time in Ger
many. the Indifference with which
American securities were for 8 long time
regarded on The continent having been
gradually overcome by the improving
prospects reported from time to time
from New York. 2. The premium on
gold has been marked by declining OF
late, but attention was not generally
called to the fact until quite recently. 3
The bill introduced by Mr.. Shenck de-
claripg all interest bearing bonds to be
payable in coin or its equivalent, except
ing in cases where the law authorizing
their issue specified payment ia curren-
ey.'"
Va III az H&LkG AZ -En in 4ACIAtL
says: "Tle demsnd for our bonds in
Europe has been already large enough
TO produce important effects in foreign
financial csnters. Within the past
month holders OF English cousels have
been tempted to part With their home
securities, and we find in comparing
prices in the London Exchange that
when United States securities we're ss-
cendiDg cOnsOls were going down,
Within the past week, however, there
was E reversal of movements in these |
rival investments, consols going up and
our bonds descending. The reason lies
in the difficulties which attended the
formation Of President Grants Cabinet.
A delsy in organizing a new governm snt
in E0gland CT any other portion Of EI
roIe Is locked upon ss q very serious
matter, and foreign capitalists and in
vestOrs have regarded the work Of max
ing a Cabinet here as a similar process.
Hence the inaugural Of President Grant.
with its promise to pay the bonds in
gold, produced very little effect in appre-
cistiEg our bonds abroad, especially as il
was Immediately followed by the an
nouncenent that the public credit bill
was a failure. The esger demand which
had been originally excited was OF such a
character as to threaten adrain upon the
specie Of England, and put the balance
Cf trade against that country, cur bonds
being, for all practical purposes, re
gsrded as so much merchandise TO be
paid for with gold. Since the first
Of this demand there has been at
least $50 00O,0 goo Of cur bonds sold to Eu
rope. L requires . very brief arithmet-
zeal process to show that st the end Of
the year England would be largely cur
specie uebtoTD