Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-12-05

FINANCIAL AND COMMERCIAL.
PUBLIC LEDGER 0pvrcE,
MRMPHIs. TENN. December s. 1870.
MONEY.

PUBLIC LEDGER 0pvrcE,
MEMPHIS. TENN. December 8. 1870.
MONEY.
We are unable TO note any marked
variation in, the condition Of financial
affairs to-day. The banks report an nc
tive checking business, and also state
that nearly all their available funds are
required for the payment Of cotton al
ready purchased, which absorbs nearly
all the surplus funds Of those institu-
tons, compelling them to discriminate
closely upon all applications for accom-
modations, To customers the rates of
interest are 9 to IL per cent. per annum.
The street operations to-day are more
active in consequence Of the stringency
noticed, and rates are frmer; No. pa
per is discounted at } per cent. per
month. The offerings of exchange are
somewhat smaller; Notwithstanding
which the banks are generally getting
all they wish Rates are &c discount on
New York, Boston (demand), Provi-
dence, Philadelphia, Fall River (de-
mandy, and Pittsburg, &c, and &c
discouRt on Baltimore, Wilmington, Uti-
ca, Fall River (sight), Boston (sighD,
and all points east of Pittsburg, New
Orleans &c discount. Banks check at
par to Ic discount. Local scrips and
securities are dull and nominal. The
demand for county warrants having fall
len off to certain extent this morning,
reduced their rates to CT and 67lc, but
continue to sell at Zoe with this excep-
ton. The buying and selling rates on
all classes of local securities are I'M
changed. Gold, when offered, is taken
at | 10 by purchasers; the opening New
York rate was llls, at which price it
continued steady at noon. Government
securities opened without any decided
change. Sterling exchange was quiet at
1909.
The latest mail quotations of Southern
securities at New York are as follows;
Tennessee, ex-coup., COZ to COZ; do,
new, 684 to SO; Virginia 6s, ex-coup,
65t to 67; do 6s, new, GO to GA; Georgia
Is, 81 to 80; North Carolina 6s, ex coup,
47s to As; do 6s, new, 26a to u; South
Carolina, old, SO to 80; do, new, 683 to
60; Missouri 6s, SO to 93s; Louisiana 6s,
ex-coup., GS; Alabama IS, l0l to l04;
| North Carolina special tax, 1913 to l92;
Arkansas Is, 65 to &C.
COTTON
The market is dull with but few buy
ers operating, and prices irregular.
Holders are anxious to realize, but UNI
willing to accept the prices offered on
large lists-the difference between their
! views and those of buyers being in some
cases fully lc Small lots were disposed
of at a basis of lac for middling, but
the majority Of the large tables were
held at l4sc, and l4ic was asked by
some. The sales during the morning
amount to 800 bales, including AZ bales
low middliug to middling at l33c; 7
strict middling, at l4sc; 80 strict good
ordinary, at l3sc purchased before the
reception of the Liverpool Dispatch; rs
low middling to middling, at l4c; 9S do.
at l4c; $50 do. at l4Bc; As low mid
ding, at l3sc; so do. 1879; and other
purchases at basis of l3sc for low mid
ding, and l4sc for middling. We quote
Good Ordinary. l4@l35s
Low Middling....."...-..........
Sinio, mggidi;n , iIi9z@1l1k
Good l4is9l01s
The New York market opened dull at
l5sc for middings, and at noon was re-
ported dull and irregular with prices un-
changed. Sales at all United States
ports Saturday we're 1885 bales. Re-
.ceipts, 22,6sS. Spot sales to-day were
1900 bales, and sales for the future, 1000
bales; December delivery, l5lc; Jan
nary and February, l5lc, basis low mid
ding The Liverpool market opened
dull and irregular tplands 81 to 3D.;
Orleans % to Old. Sales, 10000 bales.
Mr.. c. M. Farmer, of the firm of Nor
ton, Slaughter & Co., Al Broad street,
has our thanks for circular issued by
that house on the first, from which we
make the following extracts:
The cotton market has been feverish
and unsettled all the month, though but
fractional decline has been established,
the opening price Of middling uplands
being lie, and the closing price on yes
terday l6ic. Divers causes have con-
spired to depress the value Of cotton on
both sides of the Atlantic, the most
prominent of which have been the heavy
receipts at our ports, and the political
complications abroad-not only actual
war between France and Prussia, but
threatened hostilities in other quarters.
1t would seem that these heavy draw
backs just mentioned ought to have de-
pressed the cotton markets much more
severely than they have, and it may be
pertinent to offer a reflection on this
head. A prolonged war between France
and Prussia was fully discounted many
weeks ago, and wrought its full influence
on cotton The English spinners have
been, and still are, under liberal and ex-
tended contracts for goods and yarns at
paying prices, and money and food be-
ing cheap, and employment abundant,
they have therefore bought largely of the
raw material in Liverpool hence the lib
eral sales in that market all the time,
even while the Continent has been only
q nominal purchaser, the total consump-
ton averaging about So, 900 bales weekly,
which is as large as in ordinary times
Thus has Liverpool been sustained, and
thus have the markets on this side been
so far upheld, aided also by the short in
terest outstanding, and created from
month to month in New York. Should
England fortunately escape the evils Of
a war which of late have threatened her,
we may have no fear of any further de-
cided decline in cotton, but rather hope