The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-03-04

Money is In good supply with rates firm at
per cent, 10 all bnnk customers who re-
cciyc ample accommodation.
The clearing house report Is as follows:
ClcarngS balances
sAiurlay March = isss...s til,7oi % ,Gjm q
Total this week ..............- 2,cg29 sSss ~
Corresponding time 1851. 2.bllola 90 c2@tS, y
Corresponding Time 1880. 20S7.3,I "a 4AR9 ~
EXCHANGE.
New York and cities north and east, on
demand, 4 discount buying New York
and principal cities north and cast, sight y
discount bnying, New Orleans, 81 discount
buying.
Selling Ga.cs-On New York, y per cont
premium on sums below $1,000, $3.50 per
1900 premium on sums OF 81 600 or more;
on Cincinnati. st. Louis or Louisville, 500
per 81, 900 premium on all sums; on New Or
leans, $3.50 per 1000 ON all sums Prime
commercial sterling, Si.S2c1is2h,
The only transaction registered at the stock
call board meeting today was the sale OF five
shares of Mississippi & Tennessee railroad
stock at 70 cents. Tho Manhattan bank In
Its monthly circular, issued today, says
"since our last, the market for local sccu'
rifles has prrucd The even tenor Of lis way
that +. The iamo features that have gov
erncd Il during the past three months con.
tinur--a steady 10 strong market and good
demnnd for investment bonds aud invest
mcnt stocks aud dull and dropping market
for speculative stocks.
'rcnncsscc o. have dcrllncl 'ic from the
prices Of four weeks ago. This decline has
l.. l.s. II
hut from the fact that q large amonnt Of the
States old Indebtedness has lately been
funded thereby increasing the amount ON
the market While, In the past, we have
spoken aloud and spared not IN relation
10 what We then considered bad faith on the
part OF the State, we have no hesitation IN
now stating that We believe the present
status 81 the State debt q secure one aud
that the interest on the States present
debt, ns settled will be promptly met right
nlong
Taxing District bonds ere In fair demand
At unchanged quotations. IL may not be
amiss to remind our friends that, at present
quotations, iho 9-Gs' are fully l4@ihc
chcnpcr than the 6's for the RAs' will
become Gs after this year, ~ that the differ
cncc betwcon the tWo issues will soon be
only nominal.
'Missis-ippi & Tennessee railroad bonds
suddenly sprlne Into activity during the lat
Tor pnri ~ The month and no wis openly
bid FOR the ss'ric- u bonds, anil 10 for the
Srrics 4 bonds. We understand New York
capitalist WIS the purchaser
Bank stocks have ruled quiet but firm,
anil Insurance stocks appear 70 have become
firm AZ their recent decline. We hear Il
whispered that there Is a project afOot 10
combine Some ~ tie smaller and
one or two Of the LARGER companies. This
would bc 'consummaiion dcvouily 10 be
wished hy the tired holders of these stocks.
Tho feasibility q such y union has. IN
our opinion, ceased To be question
Of profit. bat has become one Of
sclfp.,scsyation, under existing conditions
memphis Gas Light compiny stock has
been unque-iionably weak; yea, almost pan
icly, yet VIC would not be surprised. and
even expect. 10 see that, when the smoke Of
battle has cleared away, few shrcwd aud
c0ol.hcadcl people There are always a Few
Of such) will have pookeicd n snug profit by
buying nj just such times as these.
"Mcfohnnts' Cotton prcss and Storage com.
pany stock has not rallied much from the
staggering blow the FIRE fend dealt II last
November. While the directors Of tho COM
pany 'pooh-pooh' the idea Of the company's
liability Tor any heavy loss occasloncdby the
hrc, ye, the facts that speak louder than
words are that while the officers have ~.
ocntly issued q olnular calculated 20
strengthen the spirit Of the stockholders,
the stock stiil shows decline OF fully %
cents from the point AZ which Il stood -four
months ago, and It, directors do not appear
70 be buying any stock. SIN, We do not
wirh 10 be understood as discourATing In
vct,ment In Il; the amount Of stock Offering
y no, lan,c aud few buying orders woul,
soon scnd Il up several points
'Tcnnesscc Coal aud Iron company stock Il
about r. lower than Il was month ugo. bu
The bonds Of the company have advanced
steadily during the past three or foul
months Early last tall they sold down 10
55c. Since then the company has paid a ;
per cent coupon on them. and the bond. m,
now selling at S0jl@s5,sc. The earnings o
the company show well, aud We believe N,
stock 10 be- a purchase At present quotations
20 tnch people As can aiiord TO pay Tor II aud
lay Il away"
The following was posted ai the Cotton cx
change today by Secretary Hotter
For the purpose OF showing the amount Of
The cotton crop Of iss5-ss. In sight to the
laies, available data, the following statement
n submitted.
Amount In sisht 10 Marh ?, q shown ny
the rrular weekly statement Of the
Memphis Cotton exchange ..............O ~ "A
Overland movement ipf February ostl-
40
fiock Al !, 40 "uncouuiei towns. February
2, rforied by liradanvt's ............... 100 %
o.
Total IN slght...................... G 20 4,
The local cotton market closed quiei, Will
talcs OF 300 bales. New York spots close,
easy and on I-0ic, and A. to the future mar
Ial lIuIlrt.l pie. A A.. L.. III. -.