Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-02-25
Stocks closed irregular and weak,

New York oF9'
New York Central Scrip.--.-
Erie -,
headlng
Michigan
Michigan Southern~.-.-.-..----.-.-.-... sos
Illinois
Cleveland and Pittsburg.-------.--l0l54
Chicago and NoFthwestern.---.-.....- n
Chicago and Northwestern preferred. SIS
Rock
st. %
ST. Paul preferred-..--.---.---.----..-. 155+
Tennessee bonds are declining; old
in New York were quoted at 52A, and
new 4S4 at , pm.
OF stockholders margins a late
Financial Chronicle says the case OF
Markham VS.. JaudOn, decided by the
Court Of Appeals in this State, a few
weeks ago, isan impOrtantOne to stock
brokers and their customers. 1t was
test case, selected by the Stock EX-
change, and heard as a preferred APP
peal by special order OF the Court of
Appeal, in advance of its regular
place on the calendar.
The Court of Appeals decides:
l. That when a broker buys stock
for a customer, and agrees to pay for
it and carry it on receiving q deposit
of a margin OF money or stock, he
holds the stock 50 purchased a a
pledge for the repayment Of the
money he advances, and cannot sell
il, even if the value Of the stock falls
so as to exhaust the margin, without
giving notice Of the time and place of
the sale.
2. That evidence of the custom or
usage of brokers cannot be received TO
change these rights and relations Of
the parties to such transaction.
3. That a broker who sells out his
customers stock after his margin is
gone, but without giving him notice
Of the time and place of the sale, is
liable TO the customer for the highest
price Of the stock down to the time OF
the trial, because the customer owns
the stock, and the act OF the bro
ker is a wrongful conversion.
"DOwn with the taXesi' has become
a universal cry throughout the length
and breadth OF the land. People of
all classes r appealing for relief from
the burdens of taxation, and agree
that there can be no real prosperity
until these appeals are needed. The
gradual advance of g~reenbacks for
some time past, until they have ap-
prOximated a specie value, has shown
the wonderful resources of the cOun-
try TO be equal to the task Of a specie
resumption without the necessity of
resOrting TO legislative influence. In
the face of the worst fiscal system of
modern times the Government has
been more than able to meet all its
obligations since the close of the war.
The great mass of consumers
have, however, been forced to a
degree Of economy that tells
with pressing effect upon the mer-
camille and manufacturing classes
and until Congressional legislation
takes some well defined shape in re-
gard to future taxation, very little
confidence in the stability OF values
can be felt, and trademust continue in
an unsatisfactory condition.
The st. Louis Republican of last
"Wednesday, in an article on western
finances, says The uncertainties as
to the future price Of gold and, cOnse-
quently, the real eXpOrtable value of
produce that now prevails and will
continue TO prevail until Congress has
determined as to what action, if any,
il will take in relation to national
finances, prevent even that legitimate
speculatiOn necessary 10 a movement
OF surplus produce TO consuming
markets. No one wishes to buy wheat
at interior points and still less to con
tract Tor grain for future delivery, and,
consequently, currency is being sent
10 the interior only in such quantities
= is needed TO pay for produce already
- hNud. At the same time the cheap
- n -evaiIing in New York early in
H. - .0uabled a class OF operators
1IIosiIya bso.- bling large sums and lock
- ~ Sama m by customary renew
ais in the high raJts hrst ueIhanueuo 70
replace the larger paII lhereOI ny
the proceeds Of paper u~lsoOun.ou
in New York. . 1t, therefore, NJ nap
pened that while Chicago ana CIneih-
matt have lacked currency for aally
operation, and while the former city
has frequently drawn from the Easl,
ST. Louis has either held a plethora OF
currency, or has been steadily c
mulating balances in New YORK
through shipments thither Of eXchange
received from the South. IN
crease Of lOanaDle funds at an IN
usual period of the year, leading, as
II has. TO an inadequate employment
thereof, is now inducing invest
ments in securities which are absorb
ing considerable sums, and when
nav ia turn lead 10 an unexpected
closeness in the money market when
the produce ofthen northwest is thrown
upon the market by the complete
OPENING Of navigation. Mercantile
discounts were not in large offerings,
and were readily taken at ea9 per
cent interest. Money is in more
active demand, but chiefly for local
bidding.