Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-01
FINANCIAL.

Inc banks were again dull places foI
business yesterday, and no change was
reported IA the situation. Exchange was
at per buying and premium selling
on New York; on other eastern cities
par buying, and Il premium selling for both
demand and sight; on New Orleans. Il dis
count buying, selling at par. The New York
Post, of Tuesday, reports: Silver IN London
is 53lid per ounce. At the New York price
the bullion value Of the new silver dollar Is
$0.9OI0 gold. Here the decentralization Of the
sterling bill market Is a feature requiring COM
ment. The nominal rates for prime bankers
bills have been further reduced 10 1891 for
60-day and 4S6 for demand drafts, and even
these rates do not represent business. If
necessary to sell bills, theS could hardly be
moved at a concession Of a full cent on these
rates This condition OF the sterling market
is not due to the excessive supply of CONNER
cial bills; that supply is in fact not at all ex-
traordinary for these tirues. Ii is true, there
being no importations of coin, that the only
demand for remittances is on trade account,
the condition of the market is the scarcity of
gold and the high rates paid for its use. This
scarcity is mainly due to the transfers Of gold
to the treasury in the settlement of AZ per
cents, and this movement, it Is believed, Is
aggravated by those who have speculative
purposes to serve in and out of the stock ex-
change" In the local market no transac-
tons were to be heard of; city golI coupons
were offering at as.
IBY TELEGRAPH
PARIS, May 31.-Rentes. l11f. 321kc.
NEW ORLEANS, May 3I.-Gold, IO1H@
@10l3s; New York sight, l6@4 pre-
MUM. Sterling, 48719.
LONDON, May 31.-Consols for money
and on account, 81 9-l6. United States AIS,
IO5Ii; do. 5-20s of 1867, IO93a; 0-40s,
l091<; do. new Be, 1074; Erie railway shares,
I45s; Erie preferred, 50; Illinois Central, Sc;
Pennsylvania Central. 30A.
NEW YORK, May 3l.-Mouey easy at
per cent. Prime mercantile paper. 3@
AZ per cent. Customs receipts, $259, 900.
The assistant treasurer discussed $38, 600.
for the week, $650000. Sterling steady;
long. 4S31S; short, 4851S. Gold opened and
closed at l0l, with sales in the interim at
I01H. Carrying rates, 1@2 per cent |;
borrowing rates, 15@2 per cent. and fiat.
Government bonds were quiet and lower
for some issues; coupons OF 1881, lO815;
do. 1865, new, l0456; do. 1867, l073s; do.
new Is, 1868, 100; new IS, 1859; new 41<s,
IO41S; new Is, 1Ol Il; 10-40s. 1073s; do. cou-
pons, 1875 currency IS. 1915. State bonds
dull; Louisiana consols lower; Tennessee 6s,
old, 39; Tennessee &c, new, 351a; Virginia IS,
old, %; Virginia Is. rev. %; Missouri Is, LOG.
Railroad bonds firm. The stock market
u
2A per cent. as compared with the closing
figures of Wednesday. There was an active
business in all the leading shares and the
dealings were attended with much anima-
ton. The greatest advance was in New Jer-
sey Central, but Erie, Northwestern, st.
Paul, Rock Island, Lake Shore and the coal
stocks were conspicuous in the upward move
ment and figured largely in the transactions.
Toward noon there was decline Of Il to l u
per cent, the latter for Pacific Mail. At the
second board the market was strong again at
a recovery in prices, and at the close was firm
and higher for coal stocks and steady for the
balance of the list at some reaction from the
best figures of the day. The earnings of the
Northwestern road for May, partly estimated,
show an increase of $3.50, 900, aud the May
earnings of the Chicago, Burlington and
Quincy road, partly estimated, show an in
crease of $250,00 Transactions aggre-
gated 149, 900 shares, of which 1000 were
New York Central, 1900 Erie, 1900
Lake Shore, 2500 Wabash, Ia 600 North
western common and 10, 500 preferred, 2600
Rock Island. II, 800 st. Paul common and 1000
preferred, 1900 Lackawanna, 5000 New
Jersey Central, 5000 Morris and Essex, 1900
Union Pacific, l5C0 Chicago, Burlington and
Quincy, 1000 Western Union, and 5000 Pa
cIfc Mail. The closing quotations were:
Western Union telegraph company, 1885;
Quicksilver, l51a; Quicksilver preferred, 81;
Pacific Mail, ISL; Mariposa, 1929; Maripo-
sa preferred, IO21E; Adams Express mpa-
ny, 102, Wells Il Fargo Express COM
pany, 90Ts; American Express company, 48H Is;
United States Express company, AZ;
New York Central, l0924; Erie, 151l; Erie
preferred, 50; Harlem, 147; Michigan
Central. 66; Panama, lis; Union Pacific
stock, 691E; Lake Shore, 631S; Illinois Cen
trail, 8314; Cleveland and Pittsburg, 801S;
Northwestern, 5324; Northwestern prefer
red, 2S14; Cleveland, Columbus, CINCINNATI
and Indianapolis, 251S: New Jersey Central,
1874; Rock Island. $3.50; st. Paul, 1874;
st. Paul preferred, 1875; Wabash, 961E; Fort
Wayne, 1925; Terre Haute, ll2; Terre
Haute preferred, 78; Chicago and Alton,
I01; Chicago and Alton preferred, lO8H;
Ohio and Mississippi, 561l; Delaware, Lack
awanna and Western, %; Atlantic and Pa
ciic telegraph, I1011E Missouri Pacific, 10455s;
Chicago, Burlington and Quincy, 1Il1l;
Hannibal and st. Joe, 1081s; Central Pacific
bonds, 1924; Union Pacific bonds, 10724;
Union Pacific land grants, 1865; Union Pa
ci6c sinking funds, l003s.