The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-05-07
EXCHANGE.

EXCHANGE.
New York aud cities north and cast, on
demand, \ discount buying. New York and
principal cities north and east demand par
buying New Orleans, 81 discount buying.
Selling Rates-on New York, 81 per 81 900
premium selling; on Cincinnati, st. Louis or
louisville, $3.50 per $1,000 premium on all
sums; ON New Orleans, Sl.00 per $1,000 pre-.
MUM. Prime commercial sterling, ASM
CAS-.
In local securities firm feeling prevails.
The Manhattan Savings Bank and Trust
company's monthly circular just Issued,
says "snce our last circular, our market
for local investment securities has ruled
firm 10 strong, the demand for bonds having
been steady, and prices show an advance
along the whole line, with two or three OK
captions. As compared with a month ago,
Tennessee 3's have advanced 2J.c; Tennessee
Gs, &c; Shelby county Gs nc; Taxing Dis
trict i-6's, &c; Taxing District Gs, nc; Cot
ton exchange Gs, &c, and Mississippi leyee
6's fully &C. The exceptions TO the ad.
vances have been Citizens Street railway 6s
which have been uniavorably influenced by
the renewed controversy between that cor
poration and the Taxing District authorities
and Pioneer cotton mill bonds, which
are heavy, owing TO d;fault on tho
May coupons OF the first mortgage bonds
There being but q few Of these last
named bonds outstanding, this default is, 10
say the least, surprising. Bank and insur-
ance stocks have been quiet and steady,
while speculative stocks In sympathy with
the recent advance In New York, have
awakened from their le,hargy, and some of
them show sharp advances, oil trusts having
advanced DC; Tennessee Coal and Iron 2Iic;
Louisville 4 Nashville &c; Memphis. q
Charleston Sc. Tho advance, however, has
not been uniform, and we are glad TO say
that our people do NOT show much dispose.
ton 20 load up on speculative stocks on
credit Indeed, the system ofspoouation so
much INDUCED IN at tho large eastern cities
Of buying railroad aud other stocks on mar
gins Is happily but little known here. most
Of our people, when they do pur-
chase such securities Tor, rs some
fncetiously call them, inseourltes) hav-
ing the ability TO pay for what they
buy. There has slain been considerable nc
tivity this spring In the real estate market, |
and several large sales have been made at adj
vanccd prices, the purchasers being wcll.to-
do merchants and capitalists, n fact which
has created very good feeling among real |
estate mon, and also, by sympathy, among |
our citizens generally. Money ia In good |
supply, but activity In business keeps rates
nj 4 per cont The clcnrlngs Of our local |
banks last month were SssOs, 1904 against |
G,sli, 1871 for the corresponding time last
year, being an increase Of 5000, $500. For
the first four months of 1883 the clearings
were sSD, coo, 1925 against S., 3i5, O3s.OQ for
the same time last ycai, an increase |
Of si,32i 1890 The bonded debt of |
Shelby county was reduced $4,000 dur. |
ing the past six weeks by purchase out
of the sinking fund; aud the county officials
are endeavoring TO purchase several thou.
sand dollars more Of the short bonds from
tho same fund. These prime bonds arc 10
firmly held As 10 be practically out Of the
market, advanced bids failing 10 bring out
any Of them"
In the local cotton market spots closed
firm, with sales 3, 100 bales. The New Or.
leans spot market closed firm with futures
dull, with May, June aud July up point;
other months unchanged. AZ Liverpool
prices are against buyers, and futures closed
quiet and steady at point advance. New
York spots advanced i.l0c In all grades,
closing steady, while futures went up 10 2
points, closing steady.