Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-05-18
FINANCIAL.

At the hanks, yesterday, no change was re-
ported, and business was dull. Money was IN
good supply, with far too little inquiry for it,
at ga 10 per cent. generally the latter, and
often still lower. Exchange is in less supply
than wanted, but rather larger cotton sales
the past day or two will make some improve
ment; it was quoted par buying and L pre-
MUM selling on New York; New Orleans
buying at = discount, and selling at par.
The New York Bulletin, of Wednesday,
speaking of the syndicate having taken $35,
100000 of United States bonds, observes:
This leaves SIS, 900, 900 to be taken, constI-
tuting the options Of s.. 000, 900 each for the
months OF October, November and Deem
Der. Excluding Sundays and holidays, the
sales thus far have averaged something above
$1,000 900 per day. At even this rate. the
entire $j0,000,0OO should be well closed
out before the middle of June, although it
is not likely that the price of these bonds
will remain as low as at present.
The news OF the $40 900 900 operation above
alluded 10 advanced United States bonds in
London, and had strengthening effect on
the market here for governments. On &C.
count of the rapid subscriptions, there is a
temporarily increased demand for gold, and
the price closed at 1909" In New York
money Is abundant at BOA per cent. on call
and prime paper has been done as low as 4,
though the range is 419@5X. The rate for
money on the best paper In Paris is reported
4
of in the local stock market, except an active
inquiry for city paper, WHICH manifests an up
ward tendency.
FTBY TELEGRAPH
PARIS, May 16.-Rentes, 110f. 15c.
NEW ORLEANS, May 17.-Gold, 10l
@I0ll4. New York sight, i premium.
Sterling, 4S9.
LONDON, May 17.-Consols for money
and on account, 963s. United States AIS,
IO456; do. 5-2Os of 1867. 1881; do. 10-40s,
1854; do. new 5s, 1867; Ene, 1885; Erie
preferred, 81; Illinois Central, 70; Pennsylva-
MIA Central, q.
NEW YORK, May l7.-Money easy at
3 per cent. Prime mercantile paper, Az
per cent. Customs receipts, $4,000.
The assistant treasurer discussed $4,000
Clearings, $4,000, 900. Dry goods imports
for the week, $4,000. Sterling firm. 435 3
@4SS. Gold steady. 1904. Borrowing rates,
1S@21S and fiat. Government bonds firm;
coupons of 1881, los; do. 1865, new, 104;
IS, los; new AIS, 104; new As, 100B;
l040s, 1863 do. coupons, l065s currency 6s.
1917. State bonds steady; Tennessee 6s, old
3914; Tennessee 6s, new, SO; Virginia 6s. old,
26; Virginia 6s, rev. q; Missouri 6s, 1854
Railroad bonds we've strong and higher. The
stock market was generally strong through
out the day, and in some cases the highest
prices OF the year were made. The advance
was 15@I3a per cent, aud In the final deal
ings the highest prices OF the day were cur
rent in many instances. The leading fea-
lures of the market were Western Union,
Lake Shore, New York Central, Rock Island,
Northwestern, ST. Paul, Michigan Central,
and the coal stocks. The rise in West
ern Union, at the close, was due to the re-
ports of the increased earnings, and also to a
large reduction IN the working expenses, said
to be equal to 100000 per annum. The
earnings of the Milwaukee and st. Paul rail
road increased $3l 900 for the second week
in May. The announcement that the syndl-
date had taken the remaining $l5 ,OO0, 600
of the Az per cent bonds was premature;
the balance of the bonds are liable to be
closed oat at any moment, but as yet it has
not beenS The transactions aggregated l12,-
600 shares. of which 1000 were New York
Central. 2300 Enc, $4,000 Lake Shore, 800
Wabash, 1000 Northwestern common, 5000
Northwestern preferred, 64OO Rock Island
1000 st. Paul common, 1000 st. Paul pre-
ferred, 1900 Lackawanna, 1000 Morris and
Essex, 300 Ohio, and 1880 Western
Union. The closing quotations were:
Western Union telegraph company, S21s;
Quicksilver, 16; Quicksilver preferred, 30;
Pacific Maui, 1874; Mariposa' los; Marlpo-
pany, lO3; Wells & Fargo Express company,
BOZ; American Express company, 40;
United States Express company, 48;
New York Central, 1855; Erie, 1928; Erie
preferred, -; Harlem, Al Michigan
Central, 6516; Panama, 20; Union Pacific
stock, 40; Lake Shore, 631s: Illinois Cen
trail, 7615; Cleveland and PIttsburg, 7416;
Northwestern, 5ll4; Northwestern prefer
red, 7219; Cleveland, Columbus, Cincinnati
and Indianapolis, q u; New Jersey Central,
1873; Rock Island. 109; st. Paul, 5l1s;
st. Paul preferred, 1913; Wabash, IA; Fort
Wayne, 904; Terre Haute, los; Terre
HaIte preferred, 40; Chicago and Alton,
72lI; Chicago and Alton preferred, SO;
Ohio and Mississippi, l09ll; Delaware, Lack
awanna and Western, 552I; Atlantic and Pa
ci6c telegraph, 201S; Missouri Pacific, 1913
Chicago, Burlington and Quincy, 104;
Hannibal and st. Joe, 1l2l4; Central Pacific
bonds, 1918; Union PACING bonds, l073s
Union Pacific land grants, 1855; Union Pa
cifc sinking funds, 965s.