The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-04-03
DOMESTIC EXCHANGE.


Buying-New York aud Eastern points,
demand, lilo discount Eastern points,
sight, l-5 discount Cincinnati, st. Louis,
Louisville and Chicago, lilo discount;
New Orleans, is discount
New York and Eastern points, Sl.5O
premium; Cincinnati, 81. Louis, Louis and
Chicago, lilo premiumi New Orleans,
par.
The Manhattan Bank monthly financial
circular says OF local securities; "Tho mar
kct during the month continued TO pre-
sent the same feature as il did the month
previous-almost continued strength for
well known securities aud dull to weak
for most OF the speculatives. Taxing Dis
trict 6's OF 1915 aud Memphis Comprom-
Use bonds sold up to l0ll, but have some
what weakened in the past few days. The
proposed issuance OF 100000 school
bonds is probably the partial cause of this;
but the remote cause is more probably the
fear of stupid legislation or unleglslation
7 at Nashville on the subject OF taxation
and assessments. Like some others States,
Tennessee is continually cursed by what
nay be atty termed 'hay.seed" legsla.
On. This legislation has It's foundations
, Oh general Ignorance and blind hostility
toward capital, as II there were no other
States in which capital could be proHtahly
Invested. Hence the bionnia meetings
OF our Legislature arc frequently a source
OF dread TO the more intelligent class OF
people. Bank stock continue strong; in
surance stocks slagnant and speculative
stocks irregular. Tho bank cleafings for
March were Sll, 202 Ggij6 against $40,
O37, 1905 for same month last year, an
increase Of 81, l65, 3lS6l.'
The local cotton market remains quiet
and firm. Sales ., 400 bales, % which I, 100
TO exporters and 1900 to spinncr. There
Is quite demand for good grades, but
none are in the market at present. Spots
closed steady at New Orleans aud futures
quiet aud unchanged. Liverpool is quiet,
futures quiet aud steady, near months un.
changed, distant months declined point
AT Manchester, cloths and yarns are duh
The New York spot markc, remains quiet
and steady, with iulu,es quiet and uu-
changed.
Hubbard, Price 4 Co. say: "Tho tone Of
the Liverpool spot cotton market today
was firm upon small sales 0f 1000 bales
and il is undoubtedly the better grades
that are giving the strength TO that
market, a. We find the American spinncts
--Srhiooking around Tor choice lots Of good
character cotton AT full prices. Otherwise
the speculative markets have been very
duh without change rom last evening
bui slightly lighter movement OF the
crop has caused some covering demand,
though the sales ON the exchange were
the snallos, ever recorded The tonaciIy
with which holders have maintained their
position under adverse circum stances dur
ing the past month has led many to believe
that this month We will sec q revival OF
the demand irom Manchester aud con-
scqncnt rise In prices. This view has
BEEN reinforced 10y the strength Of the sta
tislical position aud has prevented the nc
cumulaiion OF short interest In am
market, No that while the professional 81,
ment is bcarish In lis view, It's action
have not coincidcd with It's uttcrancci
The range OF values for the balance Of IN
season will undoubtedly hinge on the Il,
mand from the continent