Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-12-14

1
day than for several days past, and the
banks are busy paying for cotton pur-
chased several days since. The rates
ON Eastern exchange are firm at ! to 10
discount, and New Orleans at ic dis
count. Checking rates are par to &c dis
count on Eastern points. There is but
little doing in local scrips or securities.
The buying rate for county warrants and
Tennessee money has declined to the old
figures -68c--and the selling rate to zoe.
Memphis and Charleston railroad bonds
were offered at 4Oc. without takers. The
! offerings Of gold we're light this morn
| ing and transactions limited to few
small purchases at 1921; dealers, how
ever, were offering lO9i for shipping lots.
The opening rate at New York was llOl,
after which it advanced TO, and at noon
closed at, ll0s. Government securities
opened dull but steady in tone. Sterling
exchange was steady at l09.
OF the money market, Henry Clews &
Co., in their recently issued circular,
say:
Within the last few days, the money
market has shown hardening tendency,
the rate Of interest on call loans having
advanced to to 7c. To some extent,
this change Of tone is due TO the demand
for currency from the Western banks,
especially those Of Cincinnati, connected
with the forwarding of the pork crop.
Although, at the moment, this demand
shows no symptoms of abatement, yet,
owing to the very much lower prices of
provisions. it is hardly probable that the
outflow Of currency to the West will
equal that of last year. Thus far, the
remittances OF currency to the South,
usually made at this season in connec-
ton with cotton movements, have been
quite nominal; nor is there, perhaps,
much reason for supposing that they will
equal those for the corresponding period
of the last two years. The receipts of
cotton, it is true, are larger this year than
last, the arrivals at Southern ports since
September LIST having been l,058,0 900
bales, against 90l 900 bales in 1869, but
the decline in value more than offsets
this gain in quantity, With fall of
about cents in the price, the past re.
ceipts of this year realize for the South
about SIS, 100000 less than those Of the
corresponding period of 1863; and as
there is no reason for surprising that the
purchases of the South at the North are
proportionately less this year than last,
it does not seem probable that Southern
exchanges will so range as to admit of
any considerable amounts of currency
being sent hence to that section.
1t may be regarded as an indication Of
the average ease in money throughout
the country, and especially in the agri-
cultural States, that thus far the amount
OF new banking capital employed under
the Currency act Of last July aggregates
only SO, 239, 900, although the act admits
Of an additional issue of $54, 900, 900 Of
currency. Applications for authorize
tons have been made to the extent Of
$27, 100000 of capital, but the Comptrol-
Ter of the Currency thinks that one-half
of these applications would never be car
ried through to a completed organiza-
ton. The fewness of the completed
organizations, compared with what many
expected, is to be accounted for mainly
by the fact that the heavy decline in the
prices of our great staples within late
months has really reduced the require
ments for currency. The
growing public sentiment in favor of the
earliest possible resumption of specie
payments may be expected to find ex-
preston in the proposal of measures
looking TO that end hut it is question
able whether, with the crude and contra
dictory ideas in Congress on the methods
to. be adopted, any really practicable
scheme will be reached. At the same
time, the earnest discussion of the sub
ject, with common sympathy with the
end proposed, can hardly fail to have an
important influence on the premium,
At the present time the amount Of gold
actually on the market is comparatively
light, the specie held by the Associated
Banks on the Sd instant being only ST.
100, 900, against $50 800 900 at the same
period of 1869. The requirements for
export and for the payment of customs
duties are likely to reduce the supply
materially during the month, and may
expose borrowers of gold to the exaction
of high rates Of interest until the pay
ment of the January interest on the pub
lie debt.
COTTON
Notwithstanding the unfavorable adj
vices from New York, and still further
decline of &c in that market to-day, the
demand here has been active, and prices
fully sustained. The sales up to noon
amount to 400 bales, l3ic being the
average price paid for middling, with
exceptional sales at fraction less, and
some sales at lac for even-running lists.
Low middling sold at l3a to l3sc, with
u l. l. L