The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-09-14
BY TELEGRAPH.
Money, Bonds aud stocks

NEw YORK, Sept. l3.-MOncy on call easy
at liami per cent; last loan 2JE, closing
offered at pa per cent Prime mercantile
paper 5ttG1 per cent. Sterling exchange
duh but firm at tisiH for sixty day bills
and - $50 for demand,
Government bonds we're dull but firm 20
strong. State bonds were entirely neglected.
The action Of the 81. Paul directors in
passing the dividend on the common stock,
aud especially in reducing the rate In diyi-
dcnd on the preferred, wa, the occasion Of
an excitement In the stock market this
morning the like OF which has not been seen
since December 10, 1884. While such action
was not entirely unexpected the market
was not prepared to take the load Of stock
dumped upon IL by the frightened foreign
crs, and material concessions In prices were
the rule throughout the entire list at the
opening of business this morning. The
board room traders were all bcarishly in
ciucd, aud actively aided the bears In their
efforts 10 bring about q further de.
cline, and they were helped by
other causes chief among which was
the advance In is rate Of discount,
by the Bank Of England There was, how
over, an unusually heavy covering Of shorts
while supporting orders were numerous and
the impression made upon the general list
after the opening was entirely insignificant
In st. Paul large number Of stop urlor,
were reached aud It's decline at the opening
was nearly doubled by their execution.
There was good buying In the Nundcrhilts,
Wizards aud some Others and this did much
in aluy the excitement aud fears which ut
the opening wcp most intense. The scare
was about over after the first fifteen minutes,
during which were over 5000 shares chang.
inr hands. over l25 OOO were sold In the
hnlf hour and In the hour l75UoD.
outside Of the grungcr the range Of
prices was small and IN q fair proportion Of
the general list was confined 10 less than !
per cent The declines lt the opening were
S. Paul, 3, Hooking Valley aud Northwest
cru. Il. aud IN others from "a 20 ~ per
cent, but while further slight losses were
sustained In few stocks most Of the list
began to rally Immediately and fractional
gains were scored all over the list even st.
Paul rallyiug with the rest Of the list The
market weakened again toward II o'clock
| however aud before moan the lowest prices
NJ the day was reached the LOSSES from the
| best figures ranging up to ~ per cent In
/ st. Paul. After noon tho market again
moved up, with coal stocks aud Vanderbilt
| especially strong, aud while the business
| done showed a steady decrease there was hul
| little movement Of feature 10 the subsequent
| trading buyers ut the low prices 1T IN,
morning realized on the last hour, and th,
market finally closed heavy and quiet Al
| close "a the opening figures
The feeling ON the street this evening
| however, Is very unsettled. The days husi
ness fpots up iss,UO shares a. which ~
| Paul contributed llS3lH Reading. ~ zoo
Northwestern 81, 100 lhrkawunn1, 81 ~
aud Lake shore -. $50 ~ course everything
II lower, aud ~. Paul lost ., the preferred
az, Northwestern, 20 Missouri Pacific and
Pullman, ~. lackawannn, -; Northern
Pacific preferred -, Manhattan aud omaha
~ Oregon ImnscDntincntal and Norfolk 4
Western preferred -. Hooking Valley,
jersey Central Northern Pacific Pacific
Mail and Union Pacific per cent and
Others portions
The railroad bond market inilcd a. reflect
the activity aud excitement IT the share list
hut II was heavy to weak IN sympathy, aud
most oi the ISSUES traded in are lower this
evening. There was M special feature to
the dealings beyond lhr sustained activity In
The iiruiiug hr,l incomes, which furnished
tllIuIO cut ul the total days business Of
Sl.ll1un The total sales " stocks today
we're Is ',Oi1 shares Closing quotations,