Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-11
FINANCIAL.

FIN A NClAE.
A very dull day was reported IN bank cir
Cles yesterday, with no onanGe IN the situa-
ton. Exchange yesterday quoted at par buy
ing aud Il premium selling on New York; on
other eastern cities par buying, and u premi-
UNI selling for both demand and sight; on
New Orleans, Il discount buying; selling at
par. The New York Bulletin. of Monday,
reports: 'Silver was unchanged-52}4Id per
ounce-and at the price here the bullion
value of the new silver dollar was only about
SS1s cents gold. The weekly bank state
ment showed gain IN total reserve of
$l,5OO,O 900, and IN surplus reserve OF 80, 49,,
600; the surplus reserve is now within
~, 100000 OF what Il was a year ago, when
there was such premium on gold that no
one thought OF paying 1t out on currency OBJ
legations" The Cincinnati enquirer, like
our own banks, report better inquiry for
money; il says: oar local money market
has been somewhat more active, but there
was an ample supply Of currency, and the
rates of discount in bank are
without essential change. The
leading discount houses report
fuller employment tor their loanable funds
than is usual at this time or the year, al
though rates OF interest are relatively low
In the open market prime business paper is
sitter as to rates than in the recent past
The shipments Of currency to the interior
have been quite liberal The San Francisco
Chronicle says: The small gold coined dur
ing the past year embraced 5000 half eagles
and $4,000 IN quarter eagles last October
and $4,000 IN aglas, $50 go in half eagle,
and So, 500 in quarter eagles last November
The work of coming standard (4l2I$ grain }
dollars was commenced April Is 1873, under
the law Of February, 1873. There were no
double dimes coined during the year, and
that coin was demOnetized in May, 1873 No
trade dollars have been coined since April,
and only S35 900 in that month" Persons
in positions to know estimate the amount OF
counterfeit coin now in circulation in this
country at fully T2,000,000, much the greater
part OF which Is spurious silver Tne amount
of counterfeit coin increases steadily, the in
crease having been greater, 1t Is sand, within
the last four years than during any previous
period OF the same length, in consequence OF
the pervading dullneSs of trade, which al
ways stimulates rascality of every kind. In
our local stock market no transactions of In
terest were to be heard of.
IBY TELEGRAPH.I
PARIS. July 10.-Rentes. Il5f. SOC.
NEW ORLEANS. July I0.-Gold, I001S@
1002z; New York sight, Il premium. Ster-
ling exchange, bankers bIhs, 4S7.
LONDON, July 10.--Consols for money,
96 3-I6; on account, 96lt; Illinois Central,
50; Pennsylvania Central, 32l{ Reading, 10;
Erie, 1885: Erie preferred, -; ) 205 Of
1867, 1874; l0-40', ll024; new IS, 100;
AIS, 1865.
NEW YORK, July 1O.-Mouey market
easier at 2 per ceut. Prime mercantile
paper. 3@4 per cent. Customs receipts,
$265,O0 The assistant treasurer discussed
1871 600. Clearings, $I4 0)0000 Sterling
exchange, bankers bills, 1917; sight
Gold steady, IO01k. Carrying rates, l
per cent borrowing rates, 1S@l per
cent. and fiat. Silver bars, 1854 currency;
l14ts gold. Silver coin, u ok DIS
count. Government bonds were firm;
coupons OF 1881, l07l5 DO. 1865, new
l023s; do. 1867. 1854 30. 1868, 1924; do.
new Is, 1868; do; AS, l041k; do. AZ. 1901;
currency 6s, 1905. State bonds were
dull; Tennessee "a, old, "a; Tennes
see 6s, new, 81; Virginia 6s, old, 90
Virginia 6s, rev, 20; Missouri 6S, 1034.
Railroad bonds generally strong. The earn
ings of the Milwaukee and ST. Paul road in
creased Us, 900 the first week in July. The
Chicago, Burlington and Quincy railroad
company's gross earnings for FIVE months
this year show an increase over last year OF
$l,O06,OOO, and the net earnings, after de-
Quoting all expenses, are S2,242, 600, show
ing an increase over 1877 Of $6,l72, 900. Sec
said: with gold at 70 of per cent. premi-
um, resumption is practically accomplished.
l do not think governmental order for re-
sumption will be necessary next year, as /
believe that before the day fixed for it re-
sumption will have been brought about by
natural causes" The stock market was
buoyant and higher, and in the final deal
ings the best prices of the day were made.
In a few cases the figures attained were the
highest of the year. The advance was slim
ulated by favorale reports from the Saratoga
railroad meeting, the incr eased earnings of
the granger roads, and considerable pur-
chases of dividend paying stocks by invest
ors The most prominent features OF the
market were Northwestern preferred. Lake
Shore, Chicago, Burlington and Quincy,
Michigan Central, Western Union, and New
Jersey Central Transactions aggregated
I02. 900 shares, of which 5000 were North
western common and $500 preferred, 1000
Rock Islapd, 1000 st. Paul common and
1000 preferred, q 900 l9ckawanna, 5000 New
Jersey Central, 1000 Delaware and Hud-
son. 600 Erie, $4,000 Lake Shore,
$4,000 Michigan Central, 5000 Western Union,
and 1000 Chicago Burlington and Quincy.
4 The quotations at the close were as follows:
Western Union telegraph company, 1894;
HQuicksilver, -; Quicksilver preferred, 3l24;
Pacific Mail. l715; Mariposa. l0l; Maripo-
sa preferred, 10l1 ;; Adams Express compa-
nv, IO4; Wells * Fargo Express com
'pany, 50; American Express company, 472f;
Hunted States Express company, Az; New
York Central. lO91.; Erie. 1855; Erie
&preferred, 3laI: Harlem. l39; Michigan
sCentral. 6S; Panama. l27: Union Pacific
#stock, 631z; Lake Shore, 62a5; Illinois Cen
tral, S6lS; Cleveland and Pittsburg, SI15;
Northwestern, 5l35; Northwestern pre-
|'ferred, 794; Cleveland, Columbus. Cincin-
hiatt and INDIANAPOLIS, 26li; New Jersey Cen
.kral. AL; Rock Island. 81 st. Pant, 81 Il;
Isl. Paul preferred, S4sS; Wabash. l4lS; Fort
Wayne, IS; Terre Haute, l0l; Ierre
HaIte preferred, l0l Il; Chicago and Alton,
tD3s6; Chicago and Alton preferred, l02;
|lwanna and Western, 6li6 Atlantic and Pa
ci6c telegraph, 20; Missouri Pacific, l0l;
chicago, Burlington and Quincy, lll12;
4. Hannibal and st. Joe, III; Central Pacific
ponds, los; Union Pacihc bonds, lO6lS;
Union Pacific land grants, l0SlS; Union Pa
;i6c sinking funds, l044.