Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-18
FINANCIAL.


banks the last week, was dull and entirely
without interest. In this Memphis Is not
alone; the financial reports OF the great cen
tsrs OF trade have been hat for want of IN
Cidelts. Our banks report plenty of money,
but still have n poor demand for it, though
slightly imp-0viug-rates at SGlO per cent,
generally the latter. The sales OF cotton were
the largest Of any week for three weeks,
which has improved the supply Of exchange
which is still small enough. The exchange
rate yesterday remained at par buying and
II premium selling on New York; on other
eastern cities par buying, and premium
selling for both demand and sight; on New
Orleans, discount buying, selling at par.
Last week a shipment OF 100000 IN
gold arrived in Baltimore from Lon
don, sent for investment, as gold
pays little or nothing there. Should its
investment prove satisfactory there will be
more following II, and we shall have plenty
of coin for resumption. At New FORK the
exports Of gold during the SIX weeks ending
June 9Th, have baen nu.r 1862, 700 gold, and
sos, sec silver, $l,01l 80 IN all. The i'm
ports during the sam period have been
about 81 OO0.OjO. In comparison with the
CORE spending period last year, tne change is
striking; during the six weeks of 1877 the
imports Of specie here were only 1856. S4i,
and the exports from tins port alone were
$I2,45i2S6. lt l. evident that the change in
aient 10 an ADDITION OF nearly ~ 10000 each
week to the available specie resources of the
country. During the six weeks mentioned
New York banks lost SIS. 700 600 in specie;
the coin held by the treasury IN excess of out
standing coin certificates increased $50 000,-
600 during the same period. The treasury
has beea absorbing million week
New York, Boston and Philadelphia bank,
yet the premium on gold has been raised les
than one half OF per cent, Notwithstanding
this extraordinary dram. The conclusion Is
irresistible that the premium will fall again
As sO0a - payments Oh account of the syadl
cate cease, and the maturing c4us Tor per
cents begin q balance the popular subscrip-
tons 10 the 4 per cent. loan. At the same
time the payment OF July interest will in
crease the supply in market and the stock in
banks 10 oIr local stock market the report
ed transactions o. the week have been con-
fined to routine tax-paying scrips and some
small sales OF insurance stocks.
IBY TELEGRAPH.7
LONDON. June l7.-Consols for money,
9j15; Pennsylvania Central, 81.
NEW ORLEANS, June 17.-Gold, 101@
1OlIi; Nv York sight, 3-l6@4 premium.
Sterling, 1919.
NEW YORK, June 17.-Money easy at 21a
(d3 per cent. Prime mercantile paper, ~ "a
per cent. Customs receipts, $264,000 The
assistant treasurer discussed $4,000. Clear
ines, $I5 coo Co., Sterling firm 1T 1850
4S71%. Gold steady at 1904 Borrowing
rates, I6G3 per cent. Silver bars l1714 cur
rency, Il61s gold. Government bonds were
firm; coupons OF 1881, 100; DO. 1865, new,
IO43{: do. 1867. los; do. new As, 1868,
I1O24; 10 40s, registered. 1855 do. coupons,
l03s6 new IS, l0l; new AIS, lO715; new
Is, IO7i5: currency 6s, 1905. State bonds
were steady; Tennessee 6s, old, 391f; Ten
nessee Is, new, 30, Virginia IS, old, p;
Virginia O., rev. p; Missouri Is, lO7
Railroad bonds irregular. Stocks unsettled
aud depressed. The decline for the day ranged
from i to 2li per cent, the latter CLEVELAND,
Columbus, Cincinnati and Indianapolis. The
feature of the market was Lake Shore, which
was sold very freely, both :or long and short
account; stock dragged to "a and the decline
was accompanied by rumOrs of the cutting
OF rates add some unfavorable talk about the
next dividend. Michigan Central was
affected 10y the drag in Lake Shore, and
declined q per cent. Inc general list sym
pathiZed IN the break and the market closed
ieyerish and weak at almost the lowest
figures Of day. TrausactOn aggregated $4,000
shares. Of which II ,00J were Erie, 10000
Lake Shore, 400 Wabash, II, 900 Northwest
ern common, 1900 preferred, l2,0O0. St. Paul
common, 1900, preferred, 5000 Lacka-
wanna, $4,000 Michigan Central, 1000
Cleveland, COLUMBUS anu luuidIi" poIis, NfOO
Ohios, 1900 Western Union, 1000 Pacific
Mail. The losing quotations were:
Western Union telegraph company, o513;
Quicksilver, Is; Quicksilver preferred, "a;
Pacific Mail, 1871; Mariposa, 10l; Maripo-
sa preferred, l0l; Adams Express compa-
nv, IO2Ii; Wells & Fargo Express COM
pany, 92I%; American Express company, 4S1z
United States Express company, Az; New
York Central, ex. div, 7Lii Ere, l6l6 Ere
preferred. 81; Harlem, l22; Michigan
Central. 674; Panama, l26; Union Pacific
stock, 69l4; Lake Shore, 594; Illinois Cen
trial, s.; Cleveland aud PIttsburg, 794;
Northwestern. 5lli; Northwestern prefer.
red, 500; Cleveland, Columbus, Cincinnati
and Indianapolis, So; New jersey Central.
800; Rock Island, lS4; st. Pau, l54;
St. Paul preferred, Is: Wabash, 1888; Font
Wayne, 951&i Terre Hsute, l02; Terre
Haute preferred, ia; Licago and Alton,
1881; Chieaco AID ton preferred, l03;
Ohio and Miss ssippl, l0>5s; Delaware, la k
avanna and Western, 575t; ATLANTIC and "a
cite telegraph, 22al; Missouri Pacific, 10I12;
Chicago, Burlington and Quincy, lO7;
Hannibal and st. Joe, III; Central Pacific
bonds. 100; Union Pacific bonds, 694;
Union Pacific land grants, 1919; Union Pa
ciic sinking funds, 1918.