Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-09

Excitement in New York Money
Market Without Parallel.
Gold $IIII-4---GOvernment 81 Bonds
$l08.
Rapid Decline of all Descriptions
of Values in New York
Markets.

NEW YORK, March s.-The excite
ment in the gold market to-day wa
without parallel since september last
The anxiety to sell gold assumed thi
shape of a mania and its equal wa
never before witnessed in the gold
room. Fluctuations were unusuall
frequent and the dial recorded nearly
one hundred changes during the day
The scene was almost indeScrible
The crowd of operators surged to anC
fro and cheered each decline of quar-
ter or a half per cent. and vented
their feelings in screams and yells o
delight. There was not bull to bt
found in the room and at times a pre-
MUM was offered for the sight of (
man who thought gold cheap.
The room was crowded the entire
day, while, on New street, large
crowds watched the dial with great
interest.
Everywhere, in financial and com.
mercial circles, the gold question wa;
the great topic of conversation, and
the continued downward course wai
felt, through all the ramifcations o.
business.
The excitement in the Gold Room
was intensified by kilograms froln
Washington; one that Senator Viii
lianls had introduced a resolution to
receive 4 part Of the customs in green
backs. followed by another that Mr..
Fowler wanted all the surplus gold Ia
the Treasury sold, and the price
tambled TO 1l0E.
The telegram next received was
that the House Committee on Bank
ing had agreed to report bill in favor
of $50, ,0O1, 900 more greenbacks, and up
went the price to lis. The report
was denied, and down went the price
TO Ill. Then il was reported that the
chances for the funding bill in the Sen
ate were less favorable, and back went
the price to lll2 at the close 11li was
bid and l1Is asked. Greenback prices
Of government bonds were seriously
affected, and a heavy decline took
place, 1667's selling down to los, the
lowest price reached for a long time
past. On stock exchange the effect
was lot so great, owing to the great
effort of the Bull clique to prevent the
stock mark ct from sympathizing with
surrounding depression. The market
at times fell OF, but was prevented
from breaking by the persistent effort
of the clique.
In mercantile circles decline in gold
had q tendency to further unsettle
business and weaken prices. This is
particularly applicable TO the depart
ment of dry goods, whose leading job
bers are still Offering bargains In all
styles to induce trade.
The produce exchange was demor-
allied. Wheat heavy and lower, not
withstanding the advance in Liver
pool. Flour heavy ahd declined.
Provisions decidedly lower, with un-
settled market; pork falling of soc,
and lard 4c. In open market there
was a heavy decline in cotton, and
middling uplands 5c lOwer-selling at
2I4c on spot, while low middling sold
down to Ice; Orleans 195c for April
and May delivery.
Money market was very easy at to
5 per cent. Sterling closed II to l14c,
after touching I0fc. Clearances S73,-
OOO, 600. Carrying rate + per cent. to
fiat. Governments heavy and lower. |
State securities strong; old Tennessees |
50; new 49.
The Express says that the State Con-
frOller has given a careful opinien on |
the subject of demands for the pay
ment in coin by owners of mortgages |
held by the savings banks and other |
institutions. His judgment is that |
specie payments are not required. |
The opinion is in reference to certain |
the payment of which is |
in coin. The same paper |
says a large portion of gold bonds of |
the ChicsgO and Northwestern Rail- |
road Company are already in large |
demand in Europe, particularly in
Amsterdam.