Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-14
FINANCIAL.

Financial reports everywhere are dull read
ing for they begin with dullness and end with
the same, like the edge of a schoolboy'i
knife. The Louisville Journal says: "Tht
money market was dull, the demand being
mainly limited to only two or three branches
Of trade, and these required only moderate
accommodations. Rates Of discount were
steady at 7@S per cent, the outslde rate gov
erning miscellaneous business" The st.
Louis Republican reports: THE money mar
ket was quite as dull as it was any time last
week Advices from the country do not in
dictate much immediate prospect of relief
from that direction. The demand for money
was noticeably less yesterday and the volume
of business was much smaller" Similar ex-
tracts could be made from the papers of
dozens of cities, and the Memphis contrlbu-
comprised in one word-ditto. The exchange
rate yesterday remained at par buying and
II premium selling on New York; on other
eastern cities par buying, and II premium
selling for both demand and sight; on New
Orleans, L discount buying, selling at par.
Gold holds to its premium; OF which New
York reporter writes. There Is no doubt
that the syndicate has still a good deal of
gold to buy-perhaps $50. ,000-while the
popular demand for the 4 per cents will be
apt to keep the premium from falling so long
as that demand exists. This demand, then,
with the wants of the syndicate, ought to alb
sorb all the July treasury gold as fast as it is
paid out" Ninety-hVe failures were reported
in New York during the month of May, with
liabilities amounting to $5,686, 306. There is
an increase In the number OF failures over the
record of the previous month OF twenty two;
but there is a decrease 10 the gross liabilities
amounting to $1,000 600 in round numbers.
The Louisville Journal undertakes TO console
those who are dlsconsolate on account of the
prostration of trade by referring to worse
times than any we nave seen within the last
few years. The banking movement of the
United States shows that in 1889 the loans
were 1921 .S39. Geo; in 1913, 1926, 900, 900;
specie, 1889, so, 900; in lS43, SIS, 2S2,-
600; circulation in 1899, $62 34l. 900; in lS43,
~, 552, goo; dePOslts in lSSS, $39, oSS,09o;
IL 1913, $l9,074 .000. In connection with this
frightfdl falling off, out Of $50 banks in the
United States, 405 suspended.
IBY TELEGRAPH.7
PARIS, June 13.-Rentes, Il2f. 521sc.
NEW ORLEANS, June 13.-Gold, I01@
10l1i; New York sight. 3-l6 premium.
Sterling, 4891S.
LONDON, June l3.-ConsoIs for money
1055s; do. 5-20s OF 1867, 1899; l0-40s,
1918; new fiVes, 1858.
NEW YORK, June 13.-Money easy at 219
as per cent. Prime mercantile paper, 3@
AZ per cent. Customs receipts, 1921, 900.
The assistant treasurer discussed $14, 900.
Clearings, 81, 500, 900. Sterling, 43519 @4871z.
Gold opened at 10l and closed at 1909.
Borrowing rates, 3 per cent. to fat. Gov
eminent bonds were weak and a frac-
ton lower; coupons of 1881, 109; do. 1865,
new, l042l; do 1857, 1921; do. new As,
1858, 1l04; new 5s, 1854; new AIS,
I031k; new As, I0l1S; I0-40s, regular, 1071a;
do. coupons, l0715; currency IS, 1879. State
securities were steady; Tennessee IS, old, 36;
Tennessee &c, new, 341S; Virginia IS, old, 20;
Virginia IS, rew, Is; Missouri 6s. 1868.
Railroad bonds were Irregular. The stock
exchange was characterized by considerable
excitement at intervals, and some wide huc-
tuations. Early in the day great depression
prevailed, and there was sharp decline in
prices This condition of affairs was due to
the disruption of the pool compact, the riots
at Quebec, and the fear of riots and strikes
elsewhere. kilograms were received from
Chicago that there was growing fear there
of strikes, and there were also rumors of
strikes here All this had an unfavorable influ-
ence on share speculation. During the after
noon there were purchases to cover short
contracts, under which the market rallied and
closed FIRM. Transactions aggregated 25,-
600 shares, of which 80, 900 were Erie, $4,000
Lake Shore, 10000 Wabash, 5000 North
western common and Ii, 600 preferred, 300
Rock Island. $4,000 St. Paul common and
1000 preferred, $500 Pittsburg, q, 900 Lacka-
wanna, 2400 Michigan Central, and 5000
Western Union.