Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-05-20

! clininE 20 and closing aL.lls-. Dealers
here. bought st IlZ@luz until late il the
day, when 11lL was tle best offer made.
4 AbOuf 5000 was purchased by the prinCi-
pal dealers during the day.
Tennessee bonds were q shade lower in
New York, opening 81 Il Tor both the old
and new, and closing 81 70Z tor the for
mer snd 705E for the latter.
Local securities, scrips, stocks, etc.
we're quiet, and, except the little 'rspurt'
in railway shares mentioned above, but
little or interest transpIred during the
day. County warrants were in more &C
tive demand, and Notwithstanding q dill
gent search was made by 8 dealer, but
few could Re found. Buying rates were
/ 7zE12z and selling rstes IS, Bau of Ten
nesse5 money was in fair request from
taxpayers, but little. however, could be
found, and Tor that little dealers generally
asked 76tQTT, and would have bought 81
%. City securities are firm, and but few
are offered Tor sale, the holders pUeferriRg,
perhaps, TO keep them as an investment
rather than place them upOn the market
/ At a small profit. The new currency issue
were quoted at 55A&57L buyingaud sell
ing, and the gold issue at 60HG6lL.
Memphis and Charleston railroad shares
were In demand at S5z, but were held at
56H. Mississippi and Tsnnesses railroad
/ stock and bonds were in demand and for
the former there was more than the usual
inquiry, arising perhaps from the fact
/ that there are parties in the city who are
] anxious 10 buy at almost any price. 1t is
now stated that the agent whose pres
anCs in the city was noticed in our report
Of yesterday, has letters Of credit upon a
leading banking house in New York, and
/ also upon q leading railroad official at
Louisville, amounting in the aggregate to
several millions Of dollars, and that it is
the intention Of the MCCOmbs ring to
double their energies TO gain their point
and secure 8 controlling amount Of
stock, in order to obtain the entire con-
troll of the road, when It is said they will
effect a combination with other lines, and
by discrimination In local freight q
passenger rates, carry to New Orleans the
trade now coming 10 this city Ths pres
5uJ officers Of the road do not, however,
express any alarm, but continue to assert
that the mEI9rity Of the stock Is now held
by them and the city, and that sl Nc
Combs can do in the way Of purchasing
stocks or bonds between this time and
the next election Of officers, in November,
will avail him nothing, thatIthe second
mortgage bonds can only be made con
vertiDls by q majority vote of the dir6c
l0ry, and that such a vote cannot be OBJ
tanned by McCOmbs.
We call the attention OF our merchants
and business men to 8 communication in
another column from Front Row. re-
garding the proposed sale and loss 10 the
city Of the boats belong TO the Memphis
and Arkansas River Packet Company,
slsO 20 al editorial upon the same subject.
The great sud almost inC8lculable
benefits derived by our merchants and
even prOperty-OWners are known TO
many, while others are OF the opinion
that the trade from the Arkansas
and White rivers is small COM
49, 30 HL-H go 80. .amH-AALa r. H.
latter we would say that, were IL not for
she boats owned and controlled priuci-
paly by our citizens, that % bring here
the immense trade Of those streams, Mem
pnis would to-day be of far less import
auce from q commercial standpoint han
Cairo. The Arkansas River Packet Com
psny require 500, 900, which amount could
b. easily raised were those who derive the
benefits Oft trade il brings Us not too
niggsrdly 70 contribute 10 its relief, and
We must let New Orleans, s. Louis, Louis
vile and Cincinnati have the trade that
has made scores Of "a merchants rich.
The gold market, Just now, is consider
ably disturbed by the action of the Secre-
tary Of the Treasury, In ordering the pay
meuJ Of small coin instead OF double
eagles IS hereto ere, The objection TO
the small coin is that it has lost in weight,
aud cannot be shipped at its full value,
hence the increased demand for large
gold snd the advance in the price. Re
gardiug the sc ion Of Secretary Boutwell,,
the New York Tines says: ''The very
slight loss In weight, by abrasion, Of the
. and $40 pieces Eagles and Half Eagles
would scarcely justify the expense Of re-
coinage into the larger pieces, and there is
10 sU hOTity Of law We believe, to pay
them out by weight, TIE occasional in
JsrmiXJurs Of 8 50 and 81 pieces, although
paid in by the importers Tor customs, is
an Inconvenience which 10 Is hoped will
soon be spared to shippers altogether.
Ths inLiCGsti0n by One Or two journals
on Saturday, that the Secretary Of the
Treasury desires to check the present
export Of gold by paying out small
com, is exceedingly unjust, and quite
the reverse Of his real wishes on
the subject, which are not only 70 meet
and accommodate the demands Of our
foreign trade q exchanges, from which
the Treasury derives its gold, but to turn
las he has been doing all along a good
part Of his balances to the redemption Of
the public debt" The Cincinnati Gazette,
tRadicaIl referring TO the same subject,
shoots OF the following "Thst Office
hOldersin a Republican Government are
servant Of the peoples a principle which
none deny; but 10 would be refreshing 10
find an Incumbent az the present day who
would give US q practical complication
OF blb bIALua Inc 4461LAJAf men, Is uAE-
rOWed down to whether the people shall
submit 20 the loss Of the depreciation in
value Of the small coin by constant use,
or whether the Government shall furnish
coin Of full weight. It is probably true
that much Of the gold deposited in the
Treasury consists Of small coin; but
there u q surplus Of this coin, Orif IL Ia
below the standard weight, it Is the
province Of the Government 10 have IL re-
auHnnH into nnnh aauAHaHnuHHnna a. nHa q ]
guired by the wants Of commerce. Per
maps the worst feature Of this whole mat
ter is tina the course Of Mr.. Boutwell, is
calculated 70 impair the good faith and
credit Of that department Of the Govern
m6nt Of which he is the Chief.'
STOCKS n BONDS IN NEW YORK.
NEW YORK, May -, IO:25 a.m.-Gov-
ernmsnts q fraction better, with medium
demand. Sterling steady ct I0h. Gold
lOsning Eat.
oOlQss.--.