Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-08-24
FINANCIAL.

With universal quiet around, rthe banks
are doing only the routine checking
and depositing, and those on a dimin-
ished scale. Exchange in our banks quoted
at par buying and Il selling on New York;
on other eastern cities par buying and Il
selling for both demand and sight; on New
Orleans d discount buying; selling at par
The New York Herald reports: The follow
ing were the rates of exchange on New York
at the aforementioned cities to-day: Savan-
nah, buying u premium, selling Il premiums
Charleston, depressed. par@4 premium;
New Orleans, commercial 3-l6, bank Il; st.
Louis, so discount; Chicago, SOC discount,
and Boston, easy at par" The New York
World says: "Daily loans have changed, and
instead Of fiat and 19@1 per cent. carry
ing, are 1@2 per cent. borrowing. This can
only have been effected by withdrawing from
marketa part of the gold deposited by the
treasury with the national banks. A check to
| the advance In foreign exchange has doubtless
been given in this way, but 1t Is not a salts
| factory way, for it may easily be made vlo-
lent If it is to be effective. A better method
is for the treasury to insist upon receiving
interest for its deposits. The treasury by Its
deposits is lender of money, and receives
no interest for its loans although paying IN
terest both upon the four per cent bonds
which it sells and upon the SIX per cents
which il calls in for payment at the end of
ninety days 1t will be as easy for the treas
its deposits as it is for the city of New York;
and it is more important that it should do so,
because the money which it lends is gold, and
the proper course to keep gold here and to
attract it here is to make it worth something
by way of interest for loans upon collateral
security"
IBY TELEGRAPH
PARIS, August 23.-Rentes, 112f. TIC.
NEW ORLEANS, August 23.-Gold.
lOO72 @l004; sight New York exchange, Il
486@487. ~ "'' ''A' ''i''
LONDON, August 23.-Consols-money.
81 Ills; on account, "a 1916. United States
bonds-411as, 1855; 5-20s of 1867, 1865;
1040s, los; new IS, l075s. Illinois Cen
trail, 81; Pennsylvania Central, 80; Read
ing, 161S; Erie, 1917; Erie preferred, 81.
NEW YORK, August 23.-Money market
easy at 11S@2 per cent. Prime mercantile
paper. $685. per cent. Customs receipts,
$374.000. The assistant treasurer discussed
S384.000 Clearings, $7,088, 900. Sterling
exchange, bankers bills, lower-483; sight
exchange, 4S71a. Gold sold at 1001l through
to fiat. Silver, here, l157s greenbacks, 1142s
gold. Government bonds quiet; coupons of
1881, 1924; do. 1866, new, 1929; do. 1867,
los: do. 1868, 10Y; do. new IS, log; do. AIS,
1044; new As, 1904; 1040s, registered,
1864; do. coupons, 1885; currency Is, 1879.
State bonds quiet Tennessee IS, old, 35; Ten
nessee IS, new, 334; Virginia 6s old, 81;
Virginia 6s, rev, q; Missouri IS, 1929,
Railroad bonds are strong. The stock mar
ket opened heavy for coal roads, and the
prices of these shares declined from Is to pa
per cent; there was great pressure to sell
Delaware, Lackawanna and Western, which
earned the stock down IL per cent. New
Jersey Central and Delaware and Hudson
were the weakest of the coal list; the former
declining 24 and the latter Ia per cent.
The refusal of the Lehigh Valley to raise their
prices for coal in September gave rise to ru-
mors of trouble, and this was one of the rea-
sons ascribed for the break. The remainder
of the share list was up and down slightly
during the morning, but after midday be-
came firm, and advanced from d to q per
cent. After this improvement in the general
list, the coal stocks recovered from a to q
per cent In the afternoon the market was
6rm, the advance from the lowest point Of
the day ranging from Il to Is per cent,
Northwestern and st. Paul leading IN the i'm
provement. Transactions aggregated $4,000
shares, OF which 900 were Lake Shore, $500
Northwestern common and 10000 preferred,
$500 st. Paul common and 1900 preferred,
AGO Wabash, 10000 Lackawanna, $500 New
Jersey Central, $500 Delaware and Hudson,
2l00 Morris and Essex, 1900 Western Union,
1000 st. Joseph common and 1900
preferred The closing quotations were:
Quicksilver, IL; Quicksilver preferred, "a;
Pacific Maui, l72@; Mariposa, IOl1s; Maripo- |
ny, 104; Wells & Fargo Express compa-
ny, 981s; American Express company, 48; |
United States Express company, 46; New
York Central, 1105s; Erie. 161a; Erie pre-
ferred. 81; Harlem, 1873; Michigan Cen
trail, 6919; Panama. 1251a; Union Pacific
stock, IS; Lake Shore, 65A; Illinois Cen
trail, 791S; Cleveland and Pittsburg, 7914;
Northwestern, 3519; Northwestern prefer
red,i 674; Cleveland, Columbus, Cincln-
natl and Indianapolis, 26; New Jersey Cen
tral. 1924; Rock Island, ia; st. Paul, 3I24;
ST. Paul preferred, IL; Wabash, 11472s; Fort
Wayne, IS; Terre Haute, 1O116; Terre
Haute preferred, 1929; Chicago and Alton,
30; do. preferred, 102; Ohio and
N; Delaware, Lackawanna
and Western, 57f;. Atlantic and Pa
Chicago, Burlington and Quincy, 1881;
Hannibal and st. Joe, 1885; Central Pacific
bonds, 1865; Union Pacltie bonds, 106;
Union Pacific land grants, 1868; Union Pa
iic sinking funds, 1885,