Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1885-06-30

NEW YORK, June 29.-Money on call easy
at > per cent. Prime mercantile paper,
los. Foreign exchange quiet at 4S42 for
sixty days and 1851 for demand.
BoBd5-Government bonds were more
active and quotations firm. Except the
IS, which are } lower, State bonds have
been a little more active and quotations
steady. The railway bond market has
been only moderately active, not includ-
ing the two leading speculative issues,
the t)tal sales being 81, $50, 600, Erie sec
ouds contributing S497, 900 and West Shore
frsts, S29O,C00 of this amount. Prices are
generally lower for the active issues. The
trustees of the Kansas Pacific railway
consolidated bonds have bought and re-
tired since December oath last 81 200, 900
OF these bonds, reducing the Union Pacific
bonded debt that amount. 1t is estimated
| the land sales will permit the retirement
| of another 81 100000 of the same bonds
| by January LIST next. All the leading
roads in Texas, including the Gould and
Huntington systems, have entered into a
ten-yeaT pooling arrangement; and rates
will be advanced on the 1st of July.
| Managers of the roads in that section OF
| the country predict for this fall the largest
| business they have ever done, basing their
| calculation on the great increase in the
| acreage Of the crops throughout the South
west.
Stocks-The feature of to-day's stock
market has been the heavy break in Lack
awanns, without the development Of 9
ngle item Of news affecting the intrinsic
value of the property. The decline is at
tributed on the street to the action of 8
single broker who is generally supposed to
control the price OF the stock. IL is re-
ported thst recently he disposed of large
| portion of his holdings of the stock, and
sfter giving additional orders this morning
to sell, left the street and has not been
| seen during the remainder OF the day.
| Some persons believe that he has also gone
short of the general list. Whatever may
be the cause, LaCkaTanna opened this
morning at 1909, the same as it closed on
Saturday evening, and after selling at 1909
rallied TO l0l during the first hour, and
then steadily declined on heavy sales un-
I'll it touched got between and , o'clock.
Later II rallied Is 81 and clcsed at g72, a
net loss of 9 !, with fluctuations Of A per
cent. The tot'l sales Of LackaWanna were
,'S ass shares, while the total sales
for the dav - ali stocks Dealt in were
264. 500 shares, leaving only. ,@o'oVV shafes
t } be divided among the rest Of the ~
of which ST. Paul and Union Pacific con
tributed 10000 shares. The rest OF the
list was decidedly dull, the sales - no case
amounting to as much as l4000 shares,
The highest prices for the general list
were made at or soon after the opening,
and the lowest generally a III lie after /
O'Clock, but three stocks developed de-
cided strength in the afternoon, touching
their highest price in the last hour. Pa
cific Mail closed with net gain of per
GEN. Central Of New Jersey is up per
| cent and Louisville and Nsshvi le is per
| cent. higher. With these exceptions the
closing quotltions were from / to per
lower than the final sales OF Saturday, bot
generally to per ceLt below the highest
prices reached to-day. 1t was snnounced
this aft 5Inoon that the Jersey Centr
Company will file its petition tais week
for the snnulhng of its lease to the Read
| ing, aLd that the interest due on July Isl
I will positively not be paid then. While
the geRersl list sympathized in measure
1 with 1 he break in Lsckawanna, the moment
that the decline III that 81 )ck was checked
| the whole active list rallied fraction and
showed decided strength during the lie
mainder of the day. The rally from SIC
lowest prices was from ID per cent
The tai sales of stock to-day were
| 264, 1924 shares, including Delaware
| LackaWanna and Western, l15, ass; Della
ware and Hudson, 500; Lake Shore, H.,
| 020; Louisville and Nashville, 95l0; North
western, Is, 700; New jersey Central, $3.50
| New York Central, 15,208; Pacific Mail
| 0,430; st. Paul, $1,000; Union Pacific, "a,
1 zoo; Western Union, 1000.