Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-15
FINANCIAL.

Dizziness without mitigation or rehet OF
any sort ruled the day yesterday. and the
money market was "a undressing as 1t
could possibly he. There WAS some move
ment In securities, but the banks were as
quiet as IL people had quit work and had
gone out of town for a holiday" SO said
the st. Louis Republican on Wednesday, and
it answers perfectly for Memphis on Thurs
day, and so we adopt 1t. The exchange
rate yesterday remained at par buying and
Il premium selling on New York; on other
eastern cities par buying, and Il premium
selling for both demand and sight; on New
Orleans, Il discount buying, selling at par.
The New York Post remarks; "SIlver as last
quoted in London was 5398 a 531l per ounce.
At the New York price the bu lion value of
the 4l21< grain SILVER dollar is 50 1929
gold" The New York correspondent of the
New Orleans PicdyHHe says that on the last
of May 500, 900 In gold left Liverpool for
Baltimore, and 1t is stated that the half
million was sent here purely ON specula-
ton. Money can scarcely be loaned in
England at any price; whereas, to-day,
in this city, the above gold could be lent
out at the handsome interest of | Ga
per day. II is the first operation of the kind
in a long while-the sending CT gold from
London for use in this market as specula-
tion-and it will prove profitable one so
long as borrowing rate for gold is paid.
This is significant; 1t Is another proof that
this country do not arise for want of money.
The New York Shipping List says
that the country Is certainly
making satisfactory progress toward
prosperity. Habits have become more
economical, and wealth is increasing, for If
profits are light expenses are less than when
they were heavier. Money is in abundance
and cheap; failures ar. decreasing and con-
fidence awaking. Fact, of frequent occur
renee of late, give weight to this view of the
case.
IBY TELEGRAPH.T
NEW YORK, June 14.-Money easy at 2
as per cent. Prime mercantile paper, So
The assistant treasurer discussed $87 900.
Clearings, SIC. 500 900. Dry goods imports for
the week, $769 900. Sterling steady, 4e515
94871f. Gold opened at l0l q and closed
at l00%. Borrowing rates, 212 to l-32 per
cent. per diem. Government bonds were
weak; coupons OF 1881, 1854; do. 1865,
new, 1045s; do. 1867, 1919; do new As,
1868, ITO; new SIS, 1858; new AIS,
I032l; new Is, 101; l0-40s, regular, l07s5;
do coupons, 1878; Currency 6s, 40. State
securities were generally steady; Lou
islana consols better; Tennessee 6s, old, 36;
Tennessee Sc, new, 35: Virginia IS. old. 20;
Virginia Is, new, %; Missouri 6s, 1861.
Railroad bonds were firm. Stocks were
strong and higher during the greater part of
the day, with the granger shares, Rock
Island and Western Union as the features
Large buying TO cover short contracts as
sisted the upward movement. AT the close
the market was weaker at n reaction of 49
81 per cent from the highest point. Trans
actions aggregated lj2, 900 shares, of which
1900 were Erie, sc, 900 Lake Shore, ii 900
Northwestern common and $500 preferred,
5000 Rock Island, 1900 st. Paul common
and $500 preferred. $1,000 Lackawanna,
5000 Ohios, and 10000 Western Union.
The following were the closing quotations.
Western Union telegraph company, S538;
Quicksilver, 1884; Quicksilver preferred, 3512;
Pacific Mail, 1879; Mariposa, 1915; Maripo-
ga preferred, 10l L; Adams Express compa-
ny, I021<; Wells & Fargo Express COM
pany, 1893; American Express company, Az;
United States Express company, 4SA;
New York Central, Il01S; Erie, 1888; Erie
preferred, 81; Harlem, 45; Michigan
Central. 681i; Panama, %; Union Pacific
stock, 69H; Lake Shore, 81 q; Illinois Cen
trail, Ssh; Cleveland and PIttsburg, S054;
Northwestern, 515s: Northwestern prefer
red, 759z; Cleveland, Columbus, CINCINNATI
and Indianapolis, 29s4; New Jersey Central,
301<; Rock Island. 1914; st. Paul, 81;
st. Paul preferred, 7616; Wabash, IA; Fort
Wayne, 951<; ,Terre Haute, 102; Terre
Haute preferred, III; Chicago and Alton,
-; Chicago and Alton preferred, lob;
Ohio and Mississippi, l0811; Delaware, Lack
awanna and Western, 5Sll4 Atlantic and Pa
ci6c telegraph, I091s Missouri Pacific, 1884;
Chicago, Burlington and Quincy, 1861;
Hannibal and st. Joe, lll16; Central Pacific
bonds, l0S; Union Pacific bonds, l07;
Union Pacific land grants, 1914; Union Pa
ci6c sinking funds. 1919.