Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-20
FINANCE AND Trade
oFFJCB OFTBEDAIuY APPEAL,l
EEEFHIs. November 10. 1888. !

&kEAA4h Ut III DAILY
EEEPHns. November 10, 1888
FINANCE.
There is no Improvement to report 10
the offerings of exchange. While some
Of our banks report the supply equal to
and in a few cases IN excess Of the de-
mand, Others report the counter de-
msnd in excess OF the offerings. Rates
are therefore irregular, ranging from
3@te discount buying, on all Eastern
points; selling at par 70 tc discount.
New Orleans sight is taken st &c discount
snd selling at par TO tc discount. Sight
bills on New York are quoted in New
Orleans at ie discount.
Gold opened in New York at I34sC
and closed at 1343c. Exchange opened
81 9t99ic, and at noon was 9saI0c. Nc
further change reported.
Gold Ia this market Is IN demand a.
Eastern quotations. Selling by dealers
st an a1vance Of 19l4c.
City Bonds are noninslly unchanged
An order from the East for $500 wa,
filled yesterday at 5I3@52c. This sal,
wss confined to paving bonds
which srs not as much sought after 9,
"plain bonds, " and sre generally I@I4;
lower than the latter.
City Scrip is in good demand snC
scarce. Brokers buy at S249s3!c. Sell
ing st S5c.
County Scrip is inactive. Dealers to.
day offered 74c, but we could learn of nc
sellers st thst figure. Brokers sell tC
taxpayers 81 7SGS0e.
Police Scrip is scsrce and nominsIIy
unchanged.
The New York Dry Goods Reporte,
says OF the New York money market,
We have nov 10 face a new source OF
demand from the SIuth and Cincinnati.
the South has b8en unsble 20 get adj
vGnces in the usual wsy, and has nov
rssOrted to the shipment Of cotton, send
ing the bills drawn against the eOnsign-
ments 70 New York for saie-B process
which must 500 cause s movement OF
funds in that direction. At the West
the pressure for money is reported very
severe. Two banks have fsiled 81 Mi
Wsukse in Consequence OF their cnmmit-
meut u grain u~ez.-Ts, and it il This-
perez that 3 pressure l. u bs brought to
besr upon certain 6spks at c. eVeland,
carrying large amounts OF stock % the
Northwestern Railroad Company. Al
together, there are yet elements OF IN
sssiness, sId while We hope for q steady
improvement, We cannot but fear that
the reckless schemes OF spectators may
cs' Pc fresh trouble.
The New York Sun charges that for
some weeks psst the directors of lhe Erie
Railway Company have been secretly
issuing millions upon millions Of dollars
worth Of new stock, snd selling it for
whstever price they could get. A num-
Der OF other stock gamblers hsYe been
buyink she stock, with e view TO obtain
control Of the company, and make their
own men directors in place Of the pres
ent board. As, however, new issues
kept coming On the market, the price Of
shares Kept sinking, until on Friday last
they touched thiTty-hve dollars, and the
buying psrCy, in Ibe meanwhile, many
of them being EBglishmeB, had sent
their purchased stock to England, bCt
their friends JhsTe, when they found z
there was nc liDit 70 the quantity
ufsotured by the printing press, got
alarmed and telegrephed to their brokers
here TO sell at any price, shipping the
stock bsck At the same time bY steamer.
The brokers on this side, thinking to turn
sn honest penny, knowing they would
receive plenty % stock in TIE ten days
period required by a steamer to cross the
Atlantic, undertook 10 sell ahead, Dor
rowing in the meanwhile TO make their
deliveries, but suddenly the SPECTATORS
who had been selling the new stock, hGv-
ing plenty Of money, turned sbOut and
bought up sll the stock actually here,
and as the steamer cannot arrive wits
the stock from England for s. week t.
come, they have compelled the foolish
brokers who msds the sales a. forty and
Whereabouts u buy in al dfry-6ye and
sixty to meet their contrasts. The
amount lost and won by individuals II
this way, Wishin three days past, Is esti-
mated 81 sums ranging from one hundred
and fifty 10 hve huaCreG thousand dol
lsEs each. The great combustion caught
msuy wealthy operators short OF Erie,
and this IS the cause Of the sudden re-
maTksble rise In this stock. Severa!
failures are reported, and money lenders
refused 10 Beg0tizts except upon the best
OF securities Daniel Drew was reported
10 have lost half s million Of dollars.
AID viii probably be punished more Sc
TiOusly before the end. There was
element In the gold room over the high
price. The shorts we're f~rsatic, and pay
ing al sorts OF rates fos borrowing. As
high Is oDe-haif Of d per cent. Der day
was paid for the use Of one lot, ard one
quarter per cent. was paid Tor S450, 900
cash.