The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-01-17
DOMESTIC EcnANGE.

DOMESTIC ECHANGE.
New York and Eastern demand, 50 dis
count buying; sight, 70 discount buying par
selling New Orleans, - discount buying,
81 premium selling, Cincinnati, St. Louis
and Louisville, demand 50 buying par sell.
ing
According to Clews & Co.'s financial circu-
lar "the event of the week has, Of course,
been the formation Of the Interstate Com
mcrcc Railway Association, the main objects
Of which shall be the enforcement OF the
Interstate Commerce law aud the establish
ment Of reasonable and stable rates. The
tendency Of money is toward lower rates
both here and in Europe though the pros
poets Of gold exports may make the decline
relatively less here than abroad The bank
statement was surprisingly good showing
an increase of $4,000 In surplus reserve,
due mainly 10 Government payments and
partly to the return OF currency from the
interior. London displays rather more CON
fdonce In American securities, but is in
aotiye, and our own market lacks the adyan-
tagc OF an outside interest. the public still
showing little speculative activity. For the
time being We advise against short sales,
except for quick turns, aud then only on
top Of sharp rallies while buying should b,
confined to moderate reactions, taking profit
upon any pronounced advance
In the local cotton market spots CLOSED
firm, sales 3, 400 bales, or 1850 TO exporter
and $50 10 spinncrs. Liverpool, large bust
ness nj unchanged prices with futures slcad,
aud unchanged. The New York marke
closed easy futures weak at decline OF :,
points.
Hubbard Price & Co. say: "'rolay's cot
ton market has been disappointing one fo
the bulls aud the bears have gathered frcsl
courage to again attack values with the ~
suit Of reducing ynlucs 4 10 . points. Tn,
market here gave way point by point, tn
local interest gradually ycrEing to the shoI
side"
A New York paper IN reviewing IA
weeks market, states that the tone Of th
market early In the week was very weak AN
the bears were greatly encouraged, hammer
ing the market vigorously aud putting on
fresh lines of short cotton. Liverpool wa
disposed 10 buy at current prices, however
and when our hrca, Of Monday was met b
n decline ~ only l-6id the shorts went In 3
cover and with the exception Of few per
ODDS. when there was q partial show Of weak
ness. they have been covering ever sina,
Besides this, the position has steadily grow
strongcr the receipts become lighter, q
buying In the South, largely at higher rate
aud the bull ranks have been augmented I
the enrolment Of some ui our best and mo
conservative operators There was nn u
s..sH- .-.-.'s'.sf, g. ''.a ...tHii- - u
week that the advance would not hold br
was due nearly entirely 60 the covering Of n
short interests, but this has died out in
great measure aud there is 70 strong belief
n continued hull movement, with the usu
I reactions Of o or 10 points, brought ADO,
, principally 10y realizing sales"
: The Manchester Guardian IN its CONNIE
cinl article II the 10th, says '"rhc mark
I shows little activity, yet there Is gre
\ hrmncss Ia all directions, Buyers find Il
/, market extremely strong aud often complaI
4 Of difficulty In placing orders Some
e them arc rcgrctlul, as u ihcy saw little hoI
y of n resumption II business ON full sea
= ut current rates. and nppr,hcnd q period
~ | HHhNNillN anu NllNiNllA ~ ilit Nlfifilutlf
y markets, Other, are more hopeful. c1pcc
: Ing better prices ut home aud abroad. Thi
the upward movement has met with scrio,
ID resistance, hut there isa prospect Of a u
tlnct conflict between buyers and seller
The latter now appears 10 have III
advantage Tho tendency Is upWar
In nearly all departments, still IN
current business is Tsibly lcsscnin,
The inquiry Tor export yarns
fair but sellers have shown niue
strength aud q few frvsh contracts Of la
puriancc have been concluded Home mar
uiaCtuWrs bought carefully aud the sale
wew generally light, Altogether cloth
exceedingly strong India shirtings arr We
sold aud new orders can mrcly bc placed d
Fridays rates Shrctinrs arc very struu
and arr generally well sold. Makers oi lac
comets rarely command better prices. IN,
duccr uf finer India goods generally max
pont progress Printing irpuds arr strndy
With an occasional hardening of price,
Finer re .s however are duh lltayy good
arr generally quite steady with modcrat
snlcs and an upward tendency
IIon,s aud stoei..