Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-20
FINANCIAL.


credit, the st. Louis Globe remarks: while
the summer Iun of trade exists in its present
light proportions only limited transactions in
financial circles can be looked for" That is
precisely how it is in Memphis, and the banks
are innocent of news, but they have
plenty Of money, and more borrowers
would be welcome. The exchange rate
yesterday remained at par buying and
i 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 Bulletin reported on Monday
The weekly bank statement was the most
favorable for several weeks, it showing a gain
in the surplus reserve Of 81, $50,
which makes $l5, l6l 800 lawful money in
the banks above the legal II quirement. The
gain IN total reserve was 81 800. 500 and of
this 81 $3.50, 500 was Of legll-tender rot-s and
1904, 900 of specie. The banks, it will be
observed, have nearly as much gold as a year
ago, Notwithstanding the large transfers
since April llth from the banks to the treas
ury in settlement OF AZ and per cent
bonds" The United States Economist says:
There are Just grounds for merchants,
bankers, and commercial men generally to
take hopeful view of the present condition
of business, and speak TO each other In
more encouraging tone. We are fast near
ing a specie basis. Congress will soon ad-
journ." Our local stock market had nothing
of interest yesterday.
IBY TELEGRAPH
PARIS, June 19.-Rentes. 1l2f 721Sc.
NEW.ORLEANS, June 19.-Gold, lola
I0lLi; New York sight, 3-I6@4 premium.
Sterling, 48712.
LONDON, June 19.-Cousols for money,
95 5-I6; on recount, 9515; POS of 1867,
I0621; 10 40s, lC94; new 5s, 1925; 412s,
1858; Illinois Central, Sc; PennsylvaniaCen
trail, 3lli.
NEW YORK, June 19.-Money easy at 90
3 per cent. Prime mercantile paper, 39412
per cent Customs receipts, 1910, 200. The
assistant treasurer discussed $50, 900. Clear
ings, SIC, 100000. Sterling exchange. bank
ers' bills, 4e5@ 4S7. Gold opened at 10056@
I004. Borrowing rates, 294 per cent. and
1-64 per diem. Bar silver, l1524 gold.
Government bonds were strong and higher;
coupons of 1881, l091s; do. 1865, new,
I1O1S; 10 4Os, registered, lO6; do. coupons,
I039s; new IS, l0l1s; new AIS, 1918; new
Is, IO77s; currency 6s, 1905. State bonds
were steady; Tennessee 6s, old, 80; Ten
nessee o., new, 30; Virginia IS, old, 20;
Virginia Gs. rev, %; Missouri 6s, 1863.
Railroad bonds were quiet. The stock mar
ket opened firm, and prices advanced Is to 20
per cent but weak tone soon set in, and
decline of II to q per cent. ensued under
heavy pressure TO sell. Lake Shore was
feature, and ranged between COZ and 581S.
The unsettled feeling continued until late 10
the afternoon, when hrmer feeling set In,
and there was a recovery of II to IL. the
latter in New York Central. In the final
sales the market showed fractional reaction
in the general list, but Pittsburg was heavy
and broke IL per cent. Transactions a9gre-
gated $4,000 shares, of which 1900 were
Erie, 1900 Lake Shore, 5000 Northwestern,
1900 St. Paul common, 10000 Lackawan
ma, 1000 Michigan Central, 200 Cleveland,
Columbus, Cincinnati and Indianapolis, IL, 900
Ohio, 5000 Western Union. and 5000 Pacific
Mail. Closing quotations were as follows;
Western Union telegraph company, 84B;
Quicksilver, IA; Quicksilver preferred, 81;
Pacific Mail, I716; Mariposa, 101; Maripo-
sa preferred, l0l; Adams Express compa-
ny, 1929; Wells & Fargo Express COM
Rany, 81; American Express company I1S As;
United States Express company, AIS New
York Central. 1895; Erie. 1873; Erie
preferred. 81: Harlem, 80; Michigan
Central. 671s Panama, %; Union Pacific
stock, 6856; Lake Shore, 5916 Illinois Cen
trail, 8324 Cleveland aud Plttsburg, 1885;
Northwestern, 4716; Northwestern pre-
ferred, 7l56; Cleveland. Columbus, Gin
clnnati and Indianapolis, "a; New Jersey Gem
trail. 81 Il; Rock Island. l815; st. Paul, 5O1S;
St. Paul preferred. 1855 Wabash, 1319; Fort
Wayne, 9215 Terre Haute, l02; Terre
Haute preferred, liz; Chicago and Alton,
IS; Chicago and Alton preferred, lob;
Ohio and Mississippi, 10S; Delaware, Lack
awanna and Western, 5S4; Atlantic and Pa
ci6c telegraph, %; Missouri Pacific, 10l1si
Chicago, Burlington and Quincy, LOG;
Hannibal and st. Joe, lll15; Central Pacific
bonds, los; Union Pacihc bonds, 685s;
Union Pacific land grants, 1915; Union Pa
ci6c sinking funds. lo25s