Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-03-16
MEMPHIS BANK cLEARrxGs.
ny EtItF FWpHs
PARIS March l5.-Rentee. S3f 9Oc.

PARIS, March l5.-Rentes, 81. 9Oc.
LONDON. March I5.-Consols, 101 1-l6; ac-
count, 1OI Is; AZ, 1l5i; Illinois Central,
1873; Pennsylvania Central, 81; New York
Central, 1856; Erie, 37l; Reading, 2S.
New YORK, March 15.-Money, sos per
cent. per annUm, closing at per cent offered.
Prime mercantile paper, 5G6 per cent STR
ling exchange-5ankers' bills steady, 4S5i;
demand, 1881 Government bonds per
cent. higher for extended 5s and 4 Is regis
tered, and unchanged for extended Ga, rs
coupon, and AZ. Railroad bonds active and
generally higher. State securities irregular.
Share speculation opened in the main firm
and 4 per cent. higher than yesterdays clos
ing prices for Richmond and Ddnyille, and
I@1 per cent. higher for the remainder
OF the list, the latter for Hannibal and
ST. joe preferred and Norfolk and Western
preferred, while New Jersey Central opened
per cent. lower. The market in early
trade, alter a fractional advance, tell 1921
per cent Louisville and Nashville, Denver
and Rio Grande and New Jersey Central be-
ing most prominent in the decline. Subse-
quently the market sold with occasional frsc-
tional reactions of las per cent New Jersey
Central, Reading, Denver and Rio Grande and
D-laware, Lackawsnna and Western being
mos; conspicuous in the upward movement,
while Louisville and y Nashville advanced / !,
reacted l !, and cold up Il per cent; Rich
mond ana DanvIlle, however, sold down p
per cent. to 1919. la the early part OF the
afte rnoon, after a reaction OF s(o1s per cent.
in the general list, the latter for New Jersey
Ceotral, an advance of 5(91f per cent..was
r, corded, in which Wabash common, Dem
YER and RIO Grande and New Jersey Central
were prominent. This was succeeded by
reaction of l(als per cent, Wabash common
leading therein; but in late dealings the
market again sold up 4(iGl5 per cent, LOUIS
vile aud Nashville, Delaware, Lackawanna
and West IN, Reading, Denver aad RIO
Grande, Texas Pacific, Northern Pacific
preferred and Missouri Pacific being
prominent in the upward movement
while New Jersey Central advanced par
cent. to SO, declined J and recovered / per
cent. at the close. The market closed stronger,
at about the highest figures of the day. The
total advance from the lowest point OF the
day for New Jersey Central was g. Denver
and Rio Grande 80, d laware, Lackawanna
and Western 81, and Louisville and Nash
vile per CEN. The working of the stock
market throughout the day shows that a
strong power is now back of the leading
stocks. The exhibition of this power is grad
ually working a change in the sentiment OF
the street" and of those outside of the street
who deal in stocks. II the market continues
steady to strong for few days longer it will
cause no surprise if the outside public and
foreign markets become large buyers. Prices
have been low enough of late to tempt pur-
chasers from the quarters named but these
have not been made because 1T seemed ii
the bears of the last few weeks had such COM
plete control that they could do whatever
they pleased, without regard to anything
which should properly affect prices. When the
public and foreign market begin taking stock
freely, then the large short interest, which
has not yet been covered, may be expected
to come in and cover, which demand of
this magnitude, comparing with other de-
mands' Tor other stocks, might easily give.
Evidence accumulates that heavy capitalists
are at the back of their respective stocks
and have resolved to put them beyond the
power of being raided by those who have
been successful at this work in The last few
weeks. The leading Gould and Vanderbilt
stocks, to-wit: Lake Shore, Western Union
and Missouri Pacific were steadily strong
throughout, In the early dealings New
Jersey Central, Louisville and Nashville and
Denver and r o Grande were shaken up, or
rather down, but as later events showed for
the purpose of bulliDg; all advanced sharply
in the latter part of the day, notably New
Jersey Central. A good many orders for
stocks from outsiders were received to-day by
commission houses and from European mar
kets by foreign bankers. Transactions ag
greg ated 500 600 sh ares