Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-05-15
FINANCIAL.

eastern exchange, but the decreasing amount
of cotton sales keeps thinning the supply, and
currency has 10 be shipped to fill the dehci-
ency Yesterday exchange quoted par buy
ing and Il premium selling on New York;
New Orleans buying at Il discount, and
selling at par. Money is in plentiful supply,
and has TO look outside OF Memphis for
chances OF investment owing to the small de-
mand here; the rate is generally 9 per cent,
occasionally lower. This pientlfulness Of
money shows, then, when better times come,
that the means for carrying on trade will not
be wanting. The Louisville Journal remarks
on this subject: when profits are small,
production and trade cannot pay high inter-
est: but 10 the meanwhile, cheap money
must be gradually accommodating power for
an accelerated movement OF the industrial
mechanism and the wheels OF trade. A very
important special reason for inaction exists
for the moment IN the impending repeal OF
the bankrupt law, which lnclInes every one
TO avoid giving credit. The only point now
remaining in the way of repeal is the senate
amendment fixing September list as the date
when the operation of the law for new cases
shall cease, and it is thought that the house
will certainly concur" Nothing new was to
be discovered in our local stock market; all
good stocks and bonds meet ready purchasers.
IBY TELEGRAPH.7
PARIS, May 14.-Rentes, I09f. zoe.
NEW ORLEANS, May 14.-Gold, 100al
@l0I. New York sight, Il premium.
Sterling, 1921.
LONDON, May l4-Consols for money,
95 1916; on account. 80. United States AIS,
IO5li; do. 5-20s of 1867, 1857; do. 1040s,
1878; do. new IS, 1864; Erie, l215; Erie pre-
ferred, 81 81; Illinois Central, 70; Pennsylvania
Central, 2SLi.
NEW YORK, May Ii. - Money, 3@4
per cent, closing at per cent. Prime
mercantile paper, 495 per cent. Customs
receipts, $270,000. The assistant treasurer
discussed $l56,000 Clearings, $4,000 900.
Produce exports for the week, S6.29S, 900.
Sterling weak long, 1851; short. 4s8. Gold
opened at I005s and closed at 1909. Bor-
rowing rates, per cent. to Hat. Carrying
rates, = to 2 per cent. Government bonds
strong and higher; coupons OF 1881, 1919;
do. 1865 new, l04; do. 1867, 1864; do.
new As, 1868, l09; new Is, lO315; new
AS, 1857; new As, 1908; 1040s, 1861;
do. coupons, l06l currency Is. 1l94. State
bonds quiet; Tennessee Is, old, 3912; Ten
nessee o., new, SO; Virginia Is, old, 25;
Virginia 6s, Few. 81; Missouri 6s, los.
Railroad bonds were firm. Business was In
terrupted somewhat on the stock exchange In
the forenoon by the installation of the new
officers. The market, however, was strong
and generally higher, with Lake Shore,
Northwestern, s.. Paul, and Delaware, Lack
wanna and Western as the features The
improvement III prices ranged from % to =
per cent. The stock speculation was firm
throughout the afternoon, with general adj
vance in prices of to ] Is per cent. from
the lowest point Of the morning. The deal
ings late IN the day were on larger scale,
and there was a strong undertone. 1t was
announced on the street that the trunk lines
had advanced rates about % per cent. be-
tween New York and Chicago, east and
west, which had q favorable influence on
orb tapf ral IaE Ioan
Central and western shares. st. Paul and
North western advanced on the receipt of
kilograms that the reports about. the frost
had been exaggerated, and that little or no
damage had been done to the wheat crop.
Lake Shore was one of the prominent fea-
lures, and was hammered severely by the
bears without effect. During the morning
and the early part OF the afternoon somebody
took all the stock that was offered at 81 - to
81, and later some of the bears attempted to
cover when the stock advanced quickly to
625s, and the dealings were quite animated,
Transactions aggregated $4,000 shares. OF
which 10000 were Lake Shore, $500 Wa
bash, 800 Northwestern common, 1000
Northwestern preferred, $500 st. Paul COM
mon, 1000 St. Paul preferred, l4,C0O Lack
awanna, 400 Michigan Central, 1000 Ohlos,
1900 Western Union, and 1900 Kansas Pa
ciic. The closing quotations We're:
Western Union telegraph company, SIS;
Pacific Mail, 204; Mariposa, 10l; Maripo-
sa preferred, I0l4 Adams Express COM
pany, I031s Wells & Fargo Express company,
9016; American Express company, 81;
United States Express company, 484;
New York Central. lC65S Erie, l2l4; Ere
preferred, 80; Harlem, Az; Michigan
Central. 81; Panama, Is; Union Pacific
stock, 6S7s; Lake Shore, 622S; Illinois Cen
trail, 761l; Cleveland and Plttsburg, 74Ill;
Northwestern, 5015; Northwestern prefer
red, 7Ia{: Cleveland, Columbus, Cincinnati
and Indianapolis, 26; New Jersey Central,
1915; Rock Island. 1854: st. Paul; 49,;
st. Paul preferred, 75}f; Wabash, 14l6; Fort
Wayne, 80; Terre Haute, los; Yerre
Haute preferred, 10; Chicago and Alton,
y; Chicago and Alton preferred, SO;
Ohio and Mississippi, l081s Delaware, Lag k
awanna and Western, 54Ia Atlantic and Pa
cific telegraph, 202l; Missouri Pacific, 1919;
Chicago, Burlington and Quincy, 1919;
Hannibal and st. Joe, ll2l4; Central Pacific
bonds, I071s; Union Pacific bonds, 1071s;
Union Pacific land grants, l045s; Union Pa
ci6c sinking funds, 961s.