Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-09-29


Exchange continues scarce and firm.
Checks are bought at par and sold at lc
premium. Securities, scrips and local
railway shares remain dull and nominal,
with limited transactions; so to sic is
bid for Memphis SKIES with none offer
ing. County scrip is bought at 10 to Tic
and sold at 70 to 74c. City scrip is quiet
at Coo buying and 63c selling. Bank OF
Tennessee money is quiet at CSC buying
and Zoe selling. Gold is being purchased
for shipment by dealers at ll3. The
opening New York rate was ll4B; it sub
sequently declined to ll3s Govern
ment securities opened quiet but steady.
Our London dispatches to-day announce
a reduction to p per cent. in the rates
Of the Bank of England, with much
better feeling prevailing in the money
market.
The New York Standard Of the 24th
says:
The progress Of the money market
toward stringency has been checked this
month in great measure, by the sums
disbursed from the National Treasury
in payment for bonds purchased by the
Secretary. The aggregate amount of
the currency paid out in cancellation of
fve-twenties, on the I'd, 9th, 18th and
23d insts., is about ten million dollars.
The capital seeking investment at this
center has been increased by that
sum, and at the same time probably
an equal amount of foreign capital
has been suffered to remain here by the
drawers offoreign bills All business
operations for year back have been con-
Quoted with extreme caution. The ten-
dency has been the opposite Of initiation,
even in the stock market. Last year at
this time, though the banks were in a
stronger position than they are now, the
rate for money on call was seven per
cent, while now it is from five to six.
The banks now hold bue So, l47, S4S above
the twenty-five per cent of their liabili-
ties required by law, while at the CORE
spending date in 1869, with almost pre-
cisely the same reserve, the liabilities
were $9,572,974 less, and tho surplus
reserve was $l0,436,849.
The gold market has had a declining
tendency during the week The highest
price has been Ia, and the lowest ll24.
The rates paid for borrowing show that
the short interest continues large. They
have been fiat los per cent. per
annum, and l-64th of per cent per day.
The payments for customs during the
week amount to S3,09l ,633, and there
was disbursed for gold interest 1886, 920.
The market for Government bonds was
weak, and fraction lower In sympathy
with gold The supply Of bonds here is
maintained for the time being by persons
who are changing their capital from Eve
twenties into railroad mortgages. AS
the Financial Chronicle well observes,
the return to be had from the railway
mortgages is larger, if not quite so GER
TAIN yet there is the disadvantage that
money cannot-always be obtained from
the sale Of railway mortgages except at
a sacrifice.
COMMERCIAL.
There is more animation in the mar
ket to-day, but prices continue to droop.
Buyers were out this morning picking
up small lots at irregular prices. The
sales reported up to noon will reach $50
bales, embracing small lots of middling
at l4lc, and low middling at l4c. Very
little being done in lower grades One
lot of 40 bales middling and low mid
ding sold at l4fG9l4c. Another of 80
bales, same grades, sold at lac for the
round lot. Included in the sales this
morning was special purchase of
one bale of fine cotton that was on
exhibition at the fair last year 1t
brought zoe, and was bought upon
special order from an Eastern spinner.
The New York market opened heavy,
at l6sc for middling, with sales Of 375
bales for future delivery at l55c for 0e-
tober, November and December delivery,
basis low middling. Later dispatches
report that market inactive and prices
dropping, with sales of middling at l63c.
The Liverpool market opened quiet,
with estimated sales of 5000 bales at 50
@ssd for uplands and 9@9sd for Or
leans.