Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-05-22
FINANCIAL.

The banks were very quiet places yester
day, but an impression Is apparent that tbs
brilliant success that has attended the appli
cation for gold for resumption is a proof tina
the foundation OF our financial system is much
stronger than was believed, and that in pro
portion as that fact is realized, and the worh
OF resumption proceeds prosPerousy, the
people will regain confidence, and that active
business will ensue. The New York Herald
remarks: "Six weeks ago doubts pervaded
many financial minds as to the ability of the
secretary of the treasury to acquire the amount
OF gold he would need for resuming specie
payments on the first OF January, according
70 law. His contract with the syndicate re-
lieved those doubts, and the country felt re-
assured by the prospect of an accumulation OF
gold at the stipulated rate of FIVE million dol
lars per month. But thirsy-ive million of the
total OF fifty million have already been taken
by the syndicate, and it was stated Yesterday
that the Rothschids had taken the remain
ing fifteen million, so that there is no doubt
that the whole transaction will be
closed before the first of July-six months in
advance Of the stipulated time. This cheer
ing success removes all anxiety respecting
the ability OF the treasury to resume in Janu-
airy. The prospect Is that full preparations
for resumption will be completed in July, and
that the commercial community will be made
so easy on the subject during the remaining
six months OF the year that when the legal
, date arrives business men will be unconscious
OF any chang" Amid the clash of schemes
and the JarriUg Of opinion, 1t is a pleasure to
know that ih;Ht tally, after all, we are not as
bad off as l. WIS thought we were With
capital in abundance aud revived confidence
the future begins to brighten. With some
increase IN supply exchange remained at par
buying, and Il premium selling on New
York; New Orleans buying at Il discount
and selling at par. In our local stock mar
nF f,Nn ,.k.,.- IA
ton remains turned toward "city stuff" with
advancing rates and strong anxiety to get
hold OF city securities. Some city gold cou-
Pons were seeking buyers at Az.
IBY TELEGRAPH.I
PARIS, May 21.-Rentes, l09f. soc.
NEW ORLEANS, May 2I.-Gold, I0I@
1Ol4; New York sight. d premium. Sterl-
ing, 489.
LONDON, May 2l.-Consols for money
and on account, 965s. United States AIS,
I042S; do. Dos of 1867, 10SB; do. 10-40s,
1081s; do. new Sc, 1863; Erie, ID; Erie
preferred. 3I1<; Illinois Central, so; Penn
sylvania Central, 2819.
NEW YORK, May 2l.-Money easy at 21k
@315 per cent. Prime mercantile paper, 4@
5 per cent. Customs receipts, $243,0 900.
The assistant treasurer discussed $97 600.
Produce exports for thu week, 81, 069, 900.
Clearings, $13,900,000. Sterling firm, 4851s
@488. Gold opened at 1908, and closed at
1909. Carrying rates, l@2 per cent; loans
were also made fiat. Silver bars, 11715 green
backs, ll654 gold; silver coin, and = per
cent. discount. Government bonds generally
steady, some issues fraction lower; coupons
OF 1881, 1884 do. 1865. new 1041f do. 1867,
1O716; do. new IA, 1868, 100; new 5s, 1851;
new AIS, 1915; new Is, 1918; 10 40s,
State bonds steady; Tennessee 6s, old, 80;
Tennessee IS, new, 3519; Virginia 6s, old,
%; Virginia Is. rev. q: Missouri g., 106.
Railroad bonds were strong. A telegram
from Richmond, Virginia, reports that the
recent sale in the foreclosure Of the Chesa-
peake and Ohio railroad has been confirmed
by the court IN which the proceedings origi-
mated. The reorganization will now be per-
fected as soon as possible. The board of
managers of the various coal companies met
to-day, and fixed the total production for
June at ,743, 600 tons, against 2, l25, 900 tons
the corresponding month last year. The
Delaware and Hudson company advanced
prices for June from ten to twenty-five cents
per ton. Stocks were generally dull and
heavy, with decline in prices of 14@l4 per
cent, with the chief weakness in coal stocks
and Pacific Mail. Otherwise the market was
without special feature, except that just at the
close New Jersey Central recovered q per
cent. Transactions aggregated "a. 200 shares,
of which 5000 were Ere, 10000 Lake Shore,
1OVO w dUdsu, iOOO .NOElnHeslSIu COuuOuS
5000 Northwestern preferred, 1900 Rock Is
land 1000 St. Paul common, 2400 st. Paul
preferred, 5000 Lackawanna. 1000 New
Jersey Central, 1900 Illinois Central, 800
Cleveland, Columbus and Indiana Central,
1900 0hios, $1,000 Western Union aud 5000
Pacific Mail. Closing quotations were:
Western Union telegraph company, 8218;
Quicksilver, Is; Quicksilver preferred, 81;
Pacific Mail, 1919; Mariposa, l0l; Maripo-
sa preferred, l0l L; Adams Express company,
1919; Wells a. Fargo Express COM
pany, 90&; American Express company, 49l4;
United States Express company, Az;
New York Central, lc8i Erie, 1224; Erie
preferred, 81; Harlem. AZ; Michigan
Central 6024; Panama, 7S; Union Pacific
stock, 50; Lake Shore, 6216: Illinois Cen
trial, 7776; Cleveland and Pittsburg, 754;
Northwestern, sos; Northwestern prefer
red, 7lB; Cleveland, Columbus, CINCINNATI
and Indianapolis, 271S; New Jersey Central,
221k; Rock Island. I0S34; st. Paul, 5l1s;
St. Paul preferred, 77l4 Wabash, 143s; Fort
Wayne, 923s; T'erre Haute, 10l; Terre
Haute preferred, 1l2; Chicago and Alton,
20; Chicago and Alton preferred, SO;
Ohio and Mississippi, l091s; Delaware, Lack
awanna and Western, ssh; Atlantic and Pa
cifc telegraph, 201s; Missouri Pacific, 1011S;
Chicago, Burlington and Quincy, 1031S;
Hannibal and st. Joe, 1925; Central Pacific
bonds, 1914: Union PacIhc bonds, 1878;
Union Pacific land grants, 1867; Union Pa
ci6c sinking funds, 99H.