Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-05-26
FINANCIAL.

The increased sale Of cotton is increasing
the volume Of exchange, but shipments o
currency are made notwithstanding. IN som'
instances 10 a heavy amount. EXchang,
quoted par buying and premium selling OF
New York; on other eastern cities par buying
and Il premium selling for both demand anc
sight; on New Orleans, Il discount buying
selling at par. Money abundant, generally
at s per cent, with light demand for it. The
New York BHllet,n, Of Thursday reports
The syndicate early in the day advanced the
price of United States ~ per cent bonds 10
l02A gold, equal to about l0415 currency;
and 1t is expected that the treasury will soon
call IN TOR redemption 100000 more 20
per cents, paying for them with the proceeds
of sales by popular subscription OF Uuited
States 4 per cents. In London, United
states bonds declined 16@4 4, and recover,
70. At one time there was a profit on I'M
portations, and the German house which
does the most trading in bonds between the
two markets bought a considerable amount
there and sold here, the operation in
including $4,000 Az per cents. Silver in
London fell 10 So I'D per ounce, and the bull
lion value OF the new silver dollar here fell to
about 9O14 cents gold. The extreme ease in
the money market was feature to-day, call
loans having been made as low as ~ per
cent, and prime four months paper having
sold at $685. per cent" There is a delicate
imputation In the following from Wednes-
days Philadelphia Ledger that is noticeable: :
The money market opened the week yester-
day without manlfesting any improvement on
the past few weeks, being still characterized
10y marked dizziness, intensified by the eau
tous movement of all having money to lend.
Recent events, especially among the banks,
have demonstrated the necessity for vigilance
IN quarters ordinarily above suspicion, and
when bankers ind that for self-protection
they are called upon to assume the role of
detectives in addition to their other RESPONSE
bile duties, 1t Is no wonder that their move
ments should be somewhat slow and hesita-
ting The local stock market has become
either very quiet or the heather Chinee "cov-
ers up his tracks"
IBY TELEGRAPH
PARIS, May 25.-Rentes, I09f. 90c.
NEW ORLEANS. May 25.-Gold, I0I@
@lOl4; New York sight. Il premium.
Sterling, 4S915.
LONDON, May 2j.-Consols for money
and on account, 50 8 IS United States AIS,
1855; do. 5 2Os Of 1865. 1905; do. 10. 40s,
l091s; do. new 5s, 1925; Ene, ID; Erie pre-
ferred, 81; Illinois Central, SAL; Penn
sylvania Central. 80.
NEW YORK, May 25.-Money easy at 21S
93 per cent. Prime mercantile paper, 30
Az per cent. Customs receipts, $l77, 600
The assistant treasurer disbuIs ed $35, 0O0
ClearinRs. 100000. Sterling steady;
long. ABS; short, 4S716. Gold opened at 10l.
and declined to 1909, closing firm at that
figure. Borrowing rates, per cent. to fiat.
Government bonds firm; coupons of 1881,
1854 do. 1865, new, 1045s; do. 1867, l071k;
do. new AZ, 1868, I091s; new IS, 1864; new
AS, 1044; new Is, l0l1s; 1040s, 1919;
do. coupons, l0716; currency 6s. III q.
State bonds steady; Tennessee 6s, old, 80;
Tennessee 6s, new, 36; Virginia Is, old.
rf,ta G. - g.,
Railroad bonds strong. The stock market
early in the day showed great activity, and a
sharp advance 10 prices under free purchases
attended with some excitement. The princi
pal improvement was in the Pittsburg,
Northwestern, st. Paul, Western Union, Chi
cago, Burlington and Quincy, and Michigan
Central. There was further advance in the af-
ternoou, and compared with the closing quo
tations yesterday, the advance ranged from 3
G24 per cent, the latter in PittsburR to-
wards the close. Coal stocks fell off L5@IA
per cent, but closed with frmer feeing and
a denial of the reports or trouble in the
Lackawanna regions. Transactions aggre-
gated 12l 600 shares, of which 1000 were
Erie, 20, 900 Lake Shore, 500 Northwestern
common and 1900 preferred, 1900 st.
Paul common and ZOO preferred, 10000
Lackawanna, 200 New Jersey Central, 1900
Morris and Essex, 1900 Delaware and Hud-
son, 1900 Michigan Central, 800 Union Pa
citc, 1000 Chicago. Burlington and Quincy,
400 Western Union, and 800 Pacific Mail.
The closing quotations we're as follows:
Western Union telegraph company, 1885;
Quicksilver, l54; Quicksilver preferred, ~;
Pacific Maui, 1871; Mariposa, l0l; Maripo-
sa preferred, lOl; Adams Express company,
l021<; Wells & Fargo Express COM
pany, 81; American Express company, 4S1S;
United States Express company, AIS.
New York Central, I0S16; Erie, 127s; Ere
preferred, 30: Harlem, 47IS; Michigan
Central, 6756; Panama, Is; Union Pacific
stock, I'M; Lake Shore, 631f: Illinois Gen.
trail, S21(; Cleveland and Pittsburg, 80;
Northwestern, $50; Northwestern prefer
red, 75ss; Cleveland. Columbus, Cincinnati
and Indianapolis, 2716; New Jersey Central,
2l1S; Rock Island. 1904: St. PAM, 5224;
st. Paul preferred, 792l; Wabash, ID; Fort
Wayne, 9596; Terre Haute, l0l; Tere
Haute preferred, liz; Chicago and Alton,
a.; Chicago and Alton preferred, 100;
Ohio and Mississippi, 1895; Delaware, Lack
awanna and Western, 54a4 Atlantic and Pa
ci6c telegraph, 2224; Missouri Pacific, l0l16;
Chi ago, Burlington and Quincy, 104;
and st. Joe, 1ll24; Central Pacific
bonds, lO81S; Union PaclHc bonds, 1888;
Union Pacific land grants, l0l; Union Pa
cifc sinking funds, lO0%8.