Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-08-15
FINANCIAL AND COMMERCIAL.
PUBLIC LEDGER OFFICE, /
MEMPHIS. Tenn, Aug. Is. 1870. !
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The banks report no noticeable change
in financial matters this morning The
demand for money continues active.
Regular customers are supplied by the
banks at the usual rates to IL per cent.
Street rates are firm and quoted at IL to
p per cent per month. Exchange is in
active demand, and transactions to-day
will doubtless be heavier than on any day
for several weeks. Small cotton bills are
making this morning, but scarcely suffi-
cient to meet the demand. Rates are
firm at par buying and ic premium sell
ing. County warrants, scrip and Ten
nessee money are inactive and without
request. Local stocks and bonds are
generally dull, with but little doing in
either. Gold opened in New York at
HE, and at ll:3O am. it had declined
to ll6s. Purchases we're made here
early in the day at ll6l, hut ON the news
of the decline in New York, dealers re-
duced their rates, and would not pay
over ll5s to ll6 for large lots and &c less
for smaller ones. Governments opened
dull but steady, with no change since the
closing Saturday night, except in 5-2Os
of GA and '65, the former having declined
ic and the latter &c. An advance of &c
is also noticed in Pacific skies. Our
Northern, as well as several Eastern ex-
changes, are now complaining of strin-
gent money markets, where week or so
since the same papers reported money
drug in the market. In st. Louis, Louis
vile and Cincinnati money is becoming
scarce and rates advancing. Saturday
New Orleans Times says; The money
market continues to work close and
street rates are stiff Some good mort
gage notes were placed at II per cent.
per annum and pretty good business pa
per at per cent, per month. The feel
ing to-day was less favorable to borrow
ers, the tenor Ct the European news Civ
ing no indications of peace. There is
no movement of money to the country.
At the banks strong demand for dis.
counts is still reported" The Louis
vile popFier!oHrnal of Saturday says;
Banks decline to discount upon the
very best security unless it is to favor
some friend. Considerable money is
loaned on the street at II to 10 per cent"
The St. Louis Times, in referring to
to the stringent money market there,
says;
II is q somewhat curious fact that, al
though the market has within three weeks
past been quoted as dull and money a
drug, to-day it is quoted as stiff and in
many instances scarce. Wecan ascFibe
it to no other cause than that bankers
have relieved themselves of the surplus
by buying United States bonds on the
late decline, to sell thenl~egain upon The
opening of the fall trade, and are salts
fed that this has been done largely, not
only here hut elsewhere. To this cause,
we opine, may, in large measure, be as
cribed the continuous advance In "g0v-
eTnments, without proportionate move
ment in other securities. What the re-
suit Of this movement may be, in case
the war is prolonged, will be curious to
observe, as it is more than probable that
in case a return TO low prices may be
expected TO be accelerated by the effort
Of bankers to realize for the wants Of
their customers.
The same paper adds
As insianoing the singularity of the
movement telegraphed from Paris, and
that It is likely only to be momentary
under success for French arms, it is
stated that out of debt of ~, TOO, GOO, 600
very little is held outside of that country,
the loans being generally made to the
State BY the people. The fifth loan, for
instance, issued at G6f SOC, bearing ; per
cent. interest, was received with the offer,