Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-30
More Gold from England-Cur-
rency Payments Resumed
Rules of the Stock
Exchange.
Transactions in Money, Loans,
Stocks, Bonds and Gold on
Wall Street Clear
ings $S3,S42,OOO.
The Situation at Other Important
POints-"What is to be
DOne"-ImpOrtant Ar
ticle from the
Bulletin.
IN NEW YORK.
JAY GoULD's OPINION.

JAY GOULD's OPINION.
NEW YORK, September 29.-Jsy
Gould being asked for his views cos
cerning the financial situation, gave
them as follows: AZ think the panic is
over. / have every faith now in an ad-
vance Of prices, and believe the market
will be more buoyant than for a long
time. Wall street has been cleared
Of q great part of worthless stocks and
so-called securities by the purging pro-
cess of the panic, and there are COM
psratively few stocks now quoted except
thOse OF real value. In all cases prices
are now too low, and in that of good
dividend paying stocks very large ad-
vance is necessary TO brig them up to
their actual worth. The reasons for an
advance are that the money market
will become easy as soon as the stock
exchange is opened, owing to the
very large quantities of greenbacks
which have been disbursed by govern
ment In its late bond purchases; that an
immense amount OF capital has been put
into circulation by the action Of the
banks in issuing clearinghouse certifi-
Gates which displace the corresponding
quantity Of currency; that England in
sending over millions Of gold which will
come into active use Immediately on its
arrival, and that speculation has had
such long sleep that it will be all the
more lively when it wakes up again.
The disturbed state of money has made
it necessary for some large firms in this
city to discharge many of their hands
and to give Others only three or four
days works in a week. A large manu-
featuring firm has closed up altogether
Much difficulty is expeFinced by en-
ployees in getting cash for their work
men, and on Saturday last many were
paid either in whole or in part in checks
In neighboring cities a similar condition
Of affairs exist.n
THE WEEKS BUSINESS OPENS CHEER
FULLY.
NEW YORK, September 29-The week
opened with quiet and cheerful feeling.
Foreign exchange was dull, with sales Of
prime bankers sixty days sterling l04E
9l05. There is a liberal supply of grain
bills offering. Gold is weak and lower,
chiefly on account Of the order OF the
treasury to commence payment, with
out rebate, of the November interest and
cable reports of further large shipments
Of gold. In the street dealings stock de-
clined, opening, as compared with clos
ing prices of Saturday, but afterward
became strong and advanced, the fol-
lowing being the latest quotations.: New
York Central, 90I991; Erie, 5lG.52;
Lake Shore, 75976; Rhode Island, 9Ot:
Pacific mail, "a; Ohio, 2SG36; Western
union, 66G673 Wabash, AZ; Union Pa
cifo, 2OG2l; Cincinnati, Columbus and
Indiana Central, 204. The clearing
house association viii meet at three
o'clock this afternoon, to hear proposi-
tiOns in regard to removing the block
now existing in the export trade. The
bank officers, at their meeting this
morning, mstured proposition 10 be
submitted to the clearinghouse COM
mittee, and it is thought something will
be done to-day to facilitate the move
ment Of the crops. The executive-com-
n.iUtee Of the gold exchange has decided
to close the exchange hereafter at three
o'clock.
THE GOVERNING COMMITTEE.
NEW YORK, September 29.-The gov
erning committee met again at half-psst
one O'clock this evening and continued
in session until three O'Clock. 1t was de-
cided on the resumption OF business To-
morrow that committee be appointed
TO whom all claims will be referred, snd
that sales under the rule, il necessary,
viii be made privately instead Of pub
licly, and that but three days Of grace
will be granted before going into the
hands Of the committee. Gold closed
at 1928.
WALL STREET TRANSACTIONS.
NEW YORK, September 2s.-The
situation is improving, and bank Off
g., q, Il l. All ~ 10
cerned the present danger is passed.
Money remains pnquOtable.
Loans in gold were made at fiat to
per cent. for use at opening, and close
loans were made free OfinteTest to either
borrower or lender.
The gold market was influenced by
the order Of the treasury to prepay the
November interest, and other remit
tances Of coin from London to New
York. The price declined from 1871 to
lIl3, recovered to 1928, and closed at
lI2s.
The prepayment Of the November in
terest at the treasury to-day only
amounted to $1,000. There are $751;
5S0,GO Of per cent interest due in
November, held abroad, and the interest
on this amount to s., 625, 900, which
will not be collected under even the
most favorable circumstances before the
fifteenth of November. The interest on
new SIS amounts TO $4,000, 600, and this
can't be paid before the fifteenth
proximO, because the books don't close
till then. 1t is possible that parties
abroad may cut OFF coupons from six
per cent immediately, but even then
they wouldn't reach here under ten
days. The books for the registered six
per cents do not close until the first
proximO, and the small clerical force at
Washington will not be able 10 write
them up before the last Of next week, so
that when the payment Of registered
Interest is made it will not be before the
fifteenth Of October.
Clearings, S38, ,s42 900.
Foreign exchange is generally quiet.
and for actual business is quoted at l04a
C3l05 for prime banks sixty days sterling,
aud lO54Cal06 for sight Commercial
bills sold all the way from l0l 10 1904.
The assistant treasurer paid out to-day
fifty thousand dollars on account Of in
terest and in the redemption Of five
twenty bonds.
The earnings Of the Burlington, Cedar
Rapids and Minnesota railroad for the
third week in September, 1873, were
thirty-four thousand one hundred and
three dollars, against twenty-eight thou
sand eight hundred and fifty-six dollars
for the same time in 1872, an increase OF
five thousand two hundred and forty
seven dollars.
In early street dealings in stocks a
weak feeling predominated, but firmer
tone soon set in and continued through
out the day. Dividend-paying shares
were in good demand and In small sup
ply at improving prices. At the close
the largest business and greatest i'm
proyement was in New York Central,
Lake Shore, Rock Island and Harlem,
though Western Union. Pacific Mail,
Wabash, and low-priced stocks gene
rally We're participated In freely. Stocks
strong at the final close at following
quotations: