Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-18
MONETARY.
FOr1sries Equal to SIOO, ,o00.-. SSindIers
Active --AHma len in the Gold Room
of New York.
Wide Fluctuations 0oCaslonsd by Reports
from Washlagton---GO!d Movements.

New YORK, March 7.-Further
developments in regard to the Wall
street forgerieS were the chief topic of
conversation in financial circles to-
day. The losses of the banks, it
is stated, will reach 100000, and
those institutions are quarreling
among themselves where the loss
shall ialI. There is a growing uneasi-
ness in regard to the new issue Of gold
certificates, as they are not so well
guarded against alteration as the
first certificates. To-day a number
of brokers were sending to their
respective banks memOrandumS OF
every check they drew so as to pre-
vent certihcation OF altered checks.
Another forgery came to light, in
vOlving the loss OF sc, 900 to broker
firm.
a person called upon Chas- Anger Il
Co., with q letter OF introduction from
their correspondent at Baltimore, and
gave an order for $40, 900 of bonds.
The order was executed and bonds
delivered in exchange for a check up
on the Ninth National bank, appa-
rently duly certified. 1t proves a
! forgery. Ar unsuccessful attempt has
/ been made to pass an altered check OF
( kimp. Day d Co., altered from $50 to
| S6625, in a similar manner. The swim
dlers have not yet been discovered.
The gold room was the scene OF ami
nation and wide fluctuations this af-
| ternOOn. AT first it was reported the
Ways and Means Committee had
postponed the consideration OF the
/ funding bill until after the tariff bill
/ Is disposed Of This caused an upward
movement In the premium, which
checked the market. The market at
/ terWard turned downward by the
announcement that Secretary Bout
| well was before the committee press
/ inc a majority of its members to re-
port the funding bill Immediately in
/ its original shape, including foreign
agencies and one per cent. cOmmis-
I sion, Still later it is reported thai
/ Boutwell, was on the floor OF the House
/ pressing members to pass the bill,
The gold market was active, with
4 strong mercantile demand-very
strong in the morning, rising from IL;
ST opening to 1929 on the reception o
Washington advices unfavOrable tC
the passage Of the funding bill. Con
| trarv reports this afternoon, however
carried prices down 20 l12 at the close
Carrying rates, 5 and 5 per cent, tht
latter being the latest rate paid
! Clearances, 81, 100000, representing
yesterdays business.
Governments steady; State securi
ties dull and heavyi old 1ennessee5
49}. go
Cotton market quite animated, witt
a further rise in price. Low middllnl
sold at 22lc on the spot, and 22o for al
months TO the close of the cotton year
! Middlings sold at 23fc on the spot
The advance was caused by the cev
ering OF contracts by some weak bears
who sold cotton short close on to tn
lowest point, a short time since.
RumOrs of failures among the bear
in Liverpool stimulated the GOVERN
process.
Money was more active at SOC pc
cent. on call, the former on Govern
ment collaterals; prime discounts "a
/ per cent. Sterling firmer at SaSt, wit
but few bankers that are willing
f. draw under a higher rate. Cotto
: bills have heen bought at ls, and th
2 supply is decreasing.