Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-28
Prices or Stocks at Auction and
in the Street-Rates oil Ocean
Freights as Affected
by the Panic.
Philadelphia Board of Brokers In
dOrse Secretary Richardson,
but Want a General
Banking Law.
The Prospect in Chicago, Cincin-
natl, st. Louis and Elsewhere
-COnfldeBce Felt at
Last, Etc.
ON THE STREET,
A MEETING OF BUSINESS MEN.

A MEETING OF BUSINESS MEN.
New YORK, September 81. Some
prominent financiers met last evening
in the rooms Of the Mercantile library
association, and after consultation rela-
tive to the present condition of financial
and commercial affairs, adopted the fol-
lowing:
Resolved, That all our efforts should
now be directed to the support of trade
and commerce, and to promoting their
greatest possible efficiency in carrying
on the vast exchanges of commodities
incident to our bountiful harvest.
ReSOlUed, That We recommend to the
banks the maintenance of their union
so happily begun, and earnestly request
that it shall be supplanted by joint
resolution to discount freely commercial
paper of undoubted character, which,
on like occasions in 1860 and 1851, so ef-
fectuslly and so promptly triumphed
over the insane panic Of these years.
ReSOlUed, That we have uDdoubting
confidence that the policy of liberal dis
counting will Immediately restore tran
guilty to the public mind, as il did in
the years above named, and thus bring
to the Golfers of the associated banks the
thirteen million of greenbacks paid out
by the government within the last few
days in exchange for government bonds
which are now boarded by savings banks
and individuals.
STREET PRICES FOR STOCKS.
New YORK, September 27.-Street
dealings in stocks are smaller than yes
terdsy, and prices were pushed down
further by an irresponsible crowd on
Broad street, and the following quota
tions are reported, but very little de-
pendence can be placed upon them:
New York Central, S66SS; Erie, 45Ca4S;
Lake Shore, 62G63; Rock Island, Sl@S4;
Pacific Mail, 2SC930; OhiOs, 25Ca26;
Western Union Telegraph, 52G5i; Wa
bash, 4064l; Union Pacific, 1SE@l9
Cincinnati, Columbus and Indiana Cen
trail, 20G2l.
STREET PRICES FOR GOLD.
The gold market was active,
with frequent fluctuations. At the
opening sales were made at 1l4t and
later as high as ll54, followed by a re-
action to l144. The advance was partly
due to the covering Of short contracts
The money bears being frightened by the
high borrowing rates for gold, some Of
the brokers assisted in making gold
scarce, IN ORDER 10 run prices up ana sell
at the advance. The free sales for their
account carried the price down from lis.
to Hat, the opening price of the day.
At one time it was reported that the
government had sold $500, 900 secretly,
but this report could not be authentieat-
ed. At the opening borrowers paid
per cent. for the use of gold, but the rate
soon fell TO flat, and still later advanced
t@B per cent. The clearinghouse COM
mittee has concluded not TO make
known hereafter the amount Of loan
certificates issued.
STOCK EXCHANGE WILL OPEN TUESDAY
New YORK, September 27.-The re-
cent propositions submitted by the COM
mittee Of the stock exchange TO the
elearir ghOuse association have been re-
jected. The exchange will open Tues
day night, it is said.