Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-10-01
FINANCIAL AND COMMERCIAL.
Public LEDGER 0rv1cE,
memphis. TEsE.. October |, 1870. !

| hONEf.
The annual report of tho Memphis
Chamber of Commerce for the CONNER
cial year ending August 81, 1870, pre-
pared and published by the late secre-
tary Of that Chamber Colonel Dupre),
was handed us this morning 1t is a
very neatly gotten up pamphlet of ninety
two pages, and contains much informa-
ton Of general use to our merchants and
the public generally. In his report the
Secretary claims that the functions of a
Chamber Of Commerce are wholly differ
ent from those Of a Board of Trade, the
one dealing with questions Of public
commercial policy, with railways and
with local and State legislation; the other
affecting the prices of mercantile com
modties Included in the report is a
chapter devoted to industrial exhibitions
and several pages descriptive Of multi
piled manufacturing establishments. The
trade of the city is defined, and its finan-
cial condition with that of the county
and State. The condition of our fnan-
cial institutions, banks and insurance
companies, is fully discussed. The chap
ter on the river trade Of the city gives
new conceptions of its Importance and
magnitude. The statement of facts af-
fecting the Memphis system of railroads
will arrest the attention Of every intelli-
gent citizen interested in promoting the
city's prosperity Merchants of the city
will hardly fail to read the chapter on
cotton, which may show that the best
theorist has the best practical knowledge
of questions he discusses. The secret
causes affecting the wholesale trade of
Memphis, which is growing rapidly in
extent and value, are also defined The
question of immigration and causes in
auencing it receives full share of atten-
ton. The pamphlet is before the public,
and we can only commend it to the |
thoughtful perusal of those who would |
comprehend the commercial condition Of
the city. 1t should be read and widely |
circulated.
The money market continues exceed
ingly stringent, with borrowers increas-
ing rapidly; almost every branch oftrade
is represented to-day in the list of appli-
cations for accommodations. The banks
are loaning small amounts to customers
at the old rates, while on the street
rates are from 2 to 4 per cent. per |
month, according to the quality Of the
paper offered and the urgency of the
borrowers. Exchange is making more
freely in the way of cotton bills, and is
being taken at par and sold at ic pre-
MUM. Local scrips, stocks and securi-
ties of every description are quiet and
unchanged. Transactions in gold were
light this morning; small lots were taken
at ll23, and several shipping lots were
purchased at ll3, the latter being the
outside premium paid The opening
New York rate was ll35, at which price
it remained steady up to noon. Govern
ment securities opened fraction better,
with a medium demand Sterling ex-
change opened dull at 1895. The Lon
don stock exchange opened firm, with a
considerable recovery from the depres-
sion of last evening, but closed dull at
the quotations given below.
COMMERCIAL.
The New York market opened quiet
at l6sc for middlings, and at noon was
quoted dull, with decline of &c. The
Liverpool market opened dull at SD for
uplands and SID for Orleans, with sales
estimated at 5000 bales. The market
here opened with better feeling on the
part of holders, and buyers disposed to
purchase at the ruling prices. The decline
in New York had a depressing effect on
buyers aud checked their operations to
certain extent The sales reported up
to noon we're about 200 bales, including
II bales stained at lslc; 4 do. at lie;
2 do. at l2lc; at laic; 20 bales mid
ding at l4c; 20 bales averaging strict
good ordinary, l3c; 100 bales middling
and low middling at IA to l4ic for the
former and l33 to l3ic for the latter; 20
bales middling at IA to l4ic; 2 strict do
at l4lc. The stock of cotton on hand
at noon to-day, by actual count is
4O7S bales. The receipts for the month
ending yesterday were 6425 bales; for
the same last year, 46l4, and the year
previous, 2525. Receipts for the week
ending this evening are 1882 bales. An
actual count of the stock ON hand shows
an excess of l443 bales oyer the run
ming account, showing that the receipts
by wagon have been largely under-esti-
mated. The statement below gives the
stock at the different sheds, as we'll as
that on the bluff, and at the different
presses in the city.
COTTON STATEMENT.
CHAMBER or COMMERCE.
MENPHls. October l.
Stnck IN hand SAINT I 1S7O 4 0eO