Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-03-15


on New York, 81 per $1,000 premium
Sterling exchange-bankers' bills, 1851.
LONDON, March I4-ConsoIs, 1907; ac.
count, I0li; new IS extended, 1O4; AZ, 1l54i
a, 1901; Illinois Central, 137; Pennyslvsuia
Central, Gil; New York Central, 1343; Erie
81; Erie seconds, 90; Reading, 27t.
New YORK, March 14.-Money, 4@g6 pei
cent. per anuum, closing at per cent. Prime
mercantile paper, sos per cent. Sterling ex.
change--bankers' bills steady, 4854 demand
4S93. Government bonds unchanged except
for registered A., which ara { per cent. lower,
Railroad bonds we're moderately active and
generally higher. State securities inactive.
Share speculation opened strong and sG41
per cent. higher than yesterdays closing
prices, Richmond and Danville, Hannibal
and St. Joseph preferred, Rochester and
Pittsburg, Missouri Pacific and Illinois Cen
trail being the most prominent in the advance.
A general advance Of s@ll per cent. in early
business was followed by decline of f(92 per
cent, in which Richmond and DanvIlle,
New Jersey Central, and Missouri Pacific
were most conspicuous. At about IL o'clock
a recovery OF s@1 per cent, led by New Jer-
sey Central, took place. The market subse-
qnentIy became weaker, and in the early
part OF the afternoon fell off 493! per cent,
Denver and Rio Grande, New Jersey Cen
trail, Louisville and Nashville, Delaware,
Lackawanna and Western, and Missouri Pa
ciic being the most prominent in the decline,
while Richmond and Danville sold up l and
reacted per cent A recovery of i(913 per
cent. then took place, Delaware, Lackawanna
and Western, Denver and Rio Grande, New
Jersey Central, and Lake Shore being prom
inent therein, folio we'd by reaction Of 5G9f
in the general list, and q per cent. in Dem
yer and Rio Grande. An advance OF s@13
per cent, Denver and Rio Grande leading
therein, was succeeded in late dealings by a
decline of 5914 per cent, the latter for New
Jersey Central, while Denver and Rio Grande
sold down per cent. to 52i, its lowest point
during the day, being per cent. lower than
the highest point in the morning. The mar
yer and Rio Grande, Delaware and Hudson,
Memphis and Charleston, and Missouri Pa
cifc being prominent in the advance, while
Louisville and Nashville, and Richmond and
Danville each fell off ! per cent at the
close. The market CLOSED irregular
but generally frmer. Taking the
day as whole, it was notable
given to leading stocks. One firm OF Van
derbilt brokers bought over 10000 shares OF
Lake Shore. One Gould firm OF brokers
bought 10000 shares of Western Union, and
another firm, il is reportsd, had an order to
take all the Missouri Pacific which was Of
fered. This support OF leading stocks gives
coler to the reports about an understanding
between leading spectators. Stocks not in
oluded in the list for support, like Denver,
New Jersey Central and Louisville, were at
times sold without reference to price, and
were made the most of to demoraliZe the
whole market. With what result is shown
by the fact that prices closed l(42 per cent.
higher than yesterday. The stocks which
closed lower were: Denver Al per cent, and
New Jersey Central and Louisville I each.
The Commercial Bulletin says: "rhe bear
party, which has until lately had complete
control of the market, finding that there we're
good buyers for ali the Vanderbilt and
Gould stocks they wanted to SELL and at ad-
vancing prices, turned their attention to the
stocks which have no friends, like Denver,
New Jersey Central, and, in a less degree,
Louisville and Nashville. These stocks they
raided from time TO time, but with indIffsr-
emit success 80 far as creating a general de-
morali1stion is concerned, and they closed
lower than yesterday but other stocks
were all higher" "There was an entire abb
sence," says the Mail and Express, "of that
unessIness which has characterized the mar
ket for some time part. The showing made
by Gould yesterday and the efforts now being
made to punish those engaged in circulating
false reports for the purpose of damaging
private and corporate credit, had a very
good effect, but failed to restore confidence.
The governing committee of the Stock Ex-
exchange, in addition to whatever legal
measures may be taken by individuals,
should act promptly in the premises, and adj
minister in their body whatever punishment
they can to any member of exchanges who
should put sfoat unfounded reports or ru-
mors calculated TO impair the credit of indi-
viduals, firms or institutions. 1t is a notorious
fact that of late this rumor business has been
carried to extremes, and great depression en-
eineered thereon in securities at intervals,
whereas all the surroundings of the general
situation warranted and called for i'm prove
ment in values. There is no time like the
present to put an end to the pernicious opera
lions of rumor-moug ers, and We trust the gov
erning committee will give this latter imme-
diate attention" Transactions. 5U1 900 shares.