Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-11-01
FINANCIAL AND COMMERCIAL.
PUBLIC LEDGER 0FvIcE,
MEMPHIS. TENN. November l. 1870. !
MONEY.

MONEY.
The money market works closer, as
the obligations of October become due,
aud marked stringency is noticed to-
day There is even complaint among
some that money is unobtainable; the
banks, however, have not made any al
iteration in their rates of discount, and
although hard pressed this morning. sup
piled, without exception, the demands of
depositors, who were checking at lively
rate when our reporter left the market
On the street, the rates are about the
same as was reported yesterday, 3 per
cent per month being paid for short date
accommodations to those who have bank
paper to meet between now and the 4th
inst, while there was exceptions at TO
2. per cent. Eastern exchange is active
with commercial bills; per cent. dis
count buying and par selling, with one
exception, where 4c discount is charged.
Besides the active business in checking,
the only noticeable feature in money
matters to-day is the scarcity of small
currency. Several leading banks were
compelled to order from the East by tel
egraph. and will be fully supplied in a
few days. In consequence of the scar
city, the payment of checks is attended
with no little difficulty. Local stocks,
scrips and all classes of securities are
dull, with no especial demand for any
particular class, and there being no
transactions, we report our former quo
tations; City bonds, 80 to Sic; county
warrants, 81 to Zoe buying and selling;
Memphis and Charleston railroad stock
is dull at 36 to 37c. A movement is said
to be on foot whereby 81 900, 900 of Little
Rock railroad stock ia to be issued TO a
prominent citizen, who in consideration
thereof is to complete said road by the
3lst Of. December next Gold continues
to be offered in limited quantities, and
is purchased to-day at ITO; the New
York rates we're llls at the opening and
Ill at the close at noon. Government
securities opened dull but steady in tone
and sterling exchange steady at lO9i
with gold loaning at 1872 of per cent.
COTTON.
Under less favorable advices from the
East this morning. our market opened
quiet and with much less active de-
mand than than noticed yesterday, with
buyers rather Indifferent, and but few
of them in the market, and sellers will
ing to respond to the decline in New
York. This state of affairs continued
up to poop, Bhep the sales reported
would not fall far short of 700 bales,
principally middling and low midding,
at l5c for thelforiner and. I43c for the
latter, including 10 bales middling; at
l5c; 300 bales midding and low midding
at a. to l4io for the fbrneF aud l4s to
l4Sc for the latter; So bales middhng
at l5c; 10 bales good ordinary, l4lc; |
"a bales middling, l5c; 6 bales mixed,
l3ic; 30 bales low middling, l43c; s2S
bales low middling, l4sc, and other pur-
chases at about the same prices. All
noon therewere more sellers than buy
srs; notwithstanding this, however,
prices were generally well main
talned even though the news
from the east was anything but
encouraging. The receipts here for
the week were 1888 bales, and exports,
3,ls4 bales, against 1857 bales received,
and $3.50, bales exported last week, and
II ,524 bales received, and 1861 bales ex-
ported during the corresponding week
last year, making the total amount re-
ceived since September Ist, 4G,62s bales,
aud exports, 4O,9a9 bales, and 80, 100
bales received, and 29, l4s bales exported
during the corresponding period last
season.