Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-06-20
FINANCIAL AND COMMERCIAL.



MONEY.
Other than decline in deposits and closer
rates of discount. the week just passed has
brought but few if any changes in financial
circles. Excepting the demand for discounts
and city bonds. general dullness prevails,
the tendency being toward close market.
There continues to be a tightening of the
money market. Notwithstanding the factthat
! the bangs are pretty well supplied, they are
not inclined to discount anything except gilt
edged paper at anything like reasonable rates.
This feeling is brought about by the extreme
closeness Of money East and North, and to-
day borrowers, unless backed by the best
security. would find difficulty in discounting
at less than IL to 2per cent. per month. There
ia steady current Of money going to the inte-
rior, and the probable continuance of the
same, now that crops are again in fourishing
condition, is somewhat remarkable, consid-
cred in connection with the recent extremely
easy condition and the apparently slight cir
cumstances which have effected the change
in this market. The maturity Of lang loans
will be large in the next thirty days and this,
perhaps. is to some extent ilductive in part of
the present more active demand. Now that
the weather is favorable for planters, and the
present glo wing prospects Of large coming
crop, Notwithstanding rain and hail storms,
we can hardly expect an easy money market
until the crop begins to show itself. Consid-
ering the inactivity in cotton, there is to-day
fair demand for Eastern exchange. but the
rates are unchanged. Dealers are buying at
par and selling at 4. Government securities
open quiet in New Yorki the market here is
unchanged, and but very little demand. The
taxation of bonds has again been brought be-
fore Congress by recent act of that body. In
general the Republican press Of the country
avoid this taxation as they would viper, as
sorting that Government agents, in selling
these bonds, guaranteed that they were not to
be taxed, while the Democratic press Of the
country urge taxation as justice to the people.
This subject may perhaps be settled by the
present Congress, but will, we presume, not be
changed. There is nothing new in Railroad
circles. Our Little Rock road is making but
slow progress toward completion. while other
Arkansas roads are being pushed forward rap
idly. The war between the trunk lines Of the
East continues, and has resulted In material
reduction in both passenger and freieet rates.
The annuel production of gold in California
has in eight years time fallen from So 900 900
to 81, O0O, 200. and has now become legitimate
business. yielding no more than an average
remuneration. and not 90 much az many other
trades. California papers state that the min
ing business has passed into the control Of
large capitalists. and the miners receive wages
Of four dollars day. The capitalists assert
that they are unable to keep the mines in ope-
ration at the above wages. while the miners
are resisting reduction Of prices; a. a conse-
quence many Of the mines are closed. and
those still in operation do not offer any pros
pect Of reasonable returns. Crop prospects
are improving. Reports are received from
and Arkansas stating that cotton +
is looking finely. Along White river planters /
are busily engaged fighting grass and weeds. /
I'm the Arkansas. and in a majority Of the
counties in that State, crops are I
looking hpely. Heavy rains, followed hy
warn weather, are reported throughout that
State; and notwithstanding the many sensa-
tional reports Of a failure Of the crop. there
viii undoubtedly be an abundantyield. Gold
continues steady at about the closing rates Of
Saturday. Dealers are buying small lots for
shipment at ll2. and sell at rs. Tennessee
money is somewhat dull with but little de-
mand az previous rates. City bonds continue
in demand; rates unchanged. City and county
scrips arc dun. without change in prices.
There is nothing doing in Railroad shares.