The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-05-06
clearinghouse report is as follows
EXCHANGE.


New York and cities north and cast, on
demand, x discount buying. New York and
principal cities north and cast demand par
buying. New Orleans, 81 discount buying.
Selling Ratcs-0n New York 81 per 81 600
premium selling; on Cincinnati ST. Louis or
Louisville, $3.50 per 81, 900 premium on all
sums; ON New Orleans, 500 per 81 900 pre-
MUM. Prime commercial sterling SlslI
@ls5.
In local socuriticsa firm feeling prevails
The Manhattan Savings Bank and Trust
companys monthly circular just issued,
says "Sinco 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
ccptions. As compared with n month ago,
Tennessee 3's have advanced 2lac; Tennessee
Gs, &c; Shelby county Gs lEc; Taxing Dis.
triet l-Gs, &c; Taxing District G's, nc; Cot
ton exchange G's, &c, and Mississippi loyeo
'6s, fully DC. The exceptions to the adj
vancos have been Citizens Street railway Gs,
which have been unfavouably Influenced by
the renewed controversy between that cor.
poraiion and the Taxing District authorities;
and Pioneer cotton mill bonds, which
are heavy, owing 20 default ON the
May coupons Of the first MORTGAGE bonds
There being but few Of these last
named bonds outstanding, this default Is, To
my the least surprising. Bank aud insur-
ancc stocks have been quiet and steady,
while speculative stocks, In sympathy with
the recent advance In New York, have
awakened from their letlmrFy, and somc Of
them show sharp advances, oil trusts having
advanced &c; Tennessee Coal aud Iron 2Jsc
louisville a Nashville o.; Memphis n
Charleston DC. The advance, however, has
not been uniform, aud we are glad 10 say
that our people do not show much DISPOSE.
ton 10 load mp ON speculative stocks on
crdt Indeed, the system ofspcculation 40
much INDUCED IN at the large eastern cities
Of buying railroad and other stocks ON mar.
gins g. happily but little known here most
81 our people. when thoy do pur-
chase such securities Tor, NJ some
facclloutly call them, insrcuritlcs) hnv-
Ing the ability 10 pay for what they
buy. There has again been considerable ac-
tiyiiy this spring In tho real estate market,
and several large sales have been made nj all.
yanccd prices the purchasers being wcll-io-
do merchants and capitalists, n fact which
has created very good feeling among real
estate men. aud also, by sympathy. among
our citiacns generally. Money IL In good
supply, but activity In business keeps rates
ats per cent The clcnnngs OF our local
hanks last month we're q. sos. 1891 against
E,sii, 1871 for the corresponding time last
year, being an increase Of 500 n55m. For
the hrsi four months u isss the clcnring,s
wen $3n, GG0, iG235 against SIS, Si5 OJS.O0 for
the same time last yoai. an increase
Of Sl,a2i, 1880 Tho bonded debt Of
Shelby county was reduced sgOO0 dur
Ing the past slx weeks by purchase out
Of The sinking fund; aud the county officials
are endoavoring 70 purchase several thou.
sand dollars more Of the short bonds from
the famo fund. These prime bonds arr ~
firmly held as TO be practically out Of the
market, advanced bids falling 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 and July up point;
other months unchanged. 40 Liverpool
prices arc against buyers, aud futures closed
quiet aud steady at 4 point advance New
York spots advanced i.i0c In oil grades
closing steady, while futures went up 10
points, closing steady.