Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-02-24
BY Telegraph.

| LONDON, February 23.-Consols, 100 1-16 !;
| for account, 100 3.I6 United States bonds
new s. extended, 1888; AIS, Il5i; AZ, 1913;
| Illinois Central, 1876; New York Central,
1924; Erie, 1881; Erie seconds, 9S@; Read
| ing, 1929.
New YORK, February 23.-Money per
cent per annum, per cent. per diem, clos
ing Lie per cent. per diem in addition to
| regular rate. Prime mercantile paper 54(96
per cent. Sterling exchange-bankers' bills,
| steady, 1851; demand, 400. Government
bonds were rather weak, and per cent.
lower for extended So and As, and unchanged
for extended IS and AIS. Railroad bonds
we're active and generally weaker. This
afternoon witnessed more excitement and
wider fluctuations in the stock market fhas
has been seen on any day for months, and for
twenty minutes, between and o'clock, the
market was in condition of panic. 1t was
at this time the price of Richmond and
Danville stock fell SO points, and that sew
eral stocks which are well distributed among
holders fell from 2 to z points. This condi-
ton of panic did not continue up to 2 o'c ock
and in the last hour, while the market was
feverish and unsettled, no one seemed anxions
TO sell without regard to price. On the con-
trary, there was an upward reaction, which,
however, left prices much lower than at the
close Tuesday. Speculation opened at a
general decline from Tuesdays closing
phis and Charleston, and Chesapeake and
Ohio, while Louisville and Nashville was J
per cent. higher. In early dealings,
after fractional advance in the general
list and IL per cent. in Hannibal and st. Joe
preferred, the market fell of g(S4 per cent,
louisville and Nashville, Hannibal and
st. Joseph preferred, Missouri Pacific
Texas Pacific and Nashville and Cha
ttanooga being the most prominent
in the decline. Succeeding this was a recov-
cry of 3(d331 per cent, the latter for Louis
vile and Nashville, while Norfolk and West
ern preferred advanced Il and Memphis and
Charleston per cent but the latter immedi-
ately fell of 1, advanced 2 and declined l
per cent. From about noon until after the
second board, prices continued to sell off. the
decline ranging from 10 to per cent, Louis
Vile and New Albany, Missouri Pacific and
Louisville and Nashville being prominent in
the downward movement, while Richmond
and Danville fell from 219 to $50, but recov-
cred 80 per cent. in late dealings. In late
dealings recovery of 492B per cent. took
place, the latter for Missouri Pacific, while
Nashville and Chattanooga sold up per
cent. In the final dealings
general decline OF t(02 per cent. was
recorded, Nashville and Chattanooga leading
therein. The Commercial Bulletin says: at
was 'red-letter day at the Stock Exchange.
All foreign news was favorable. There was
little or no domestic news bearing on the
value of stockl except about the South
ern and Western fioous, and that could hardly
be called news. The stock market, however,
was moved as violently as If there had been
appalling news; but it was the power of
leading spectators which made the changes.
The drain of Monday and Tuesday had
pretty thoroughly demoralized the street, and
when business opened this morning furious
attack was made along the whole line of
be o,.1 lrr fha oft
were disappointed in the smallness of
the result. This was partly because
Vanderbilt stocks were bought by some
one very readily, and because there
were also good buyers for coal stocks. The |
market continued feverish and irregular, but
not decidedly weak till a little after o'clock,
and then a fresh raid was made, with a re-
suit creating panic which lasted, however,
for less than thirty minutes, when an upward
reaction set in and continued up to the close
of the market, leaving off at quotations,
which were feverishly strong. During this |
panic Richmond and Danville, the leader of |
Southern fireworks" dropped from 219 to |
100, Nashville and Chattanooga from 90 to |
81, and the remainder of the list 1@5 per |
cent In the last hour there was a rally 10 |
Richmond and Danville to $50, it closing at |
1914, and in the remainder of the list 1d14 |
per cent. Respecting the Richmond and |
Danville, the stock is cliqued and has |
never been distributed. 1t is doubted |
if prudent oney-lenders would lend |
anything on it. Other stocks whicr |
fell have for the most part been the subject of |
loans, and great many bonds were called |
this afternoon, which forced money up to 1
per cent. per day to stock brokers. OF |
course it will take time for the market to
settle, even after the final turn comes, but it
Is clear enough prices are getting down to
figures which will attract outsiders, and
which will make basis for solid "bull"
movement early in the spring. Transactions
aggregated $4,000 shares.