Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-10-03
PUBLIC LEDGER OFFICE, |
MEMPHIS. TENN, October 3. 1870. !


The money market continues without
any material change. The heavy pres
sure for discounts continues, both at the
banks and upon the street. The former
were taxed to their utmost capacity this
morning to meet the wants Of customers,
and to accommodate all they were
obliged tn restrict the amounts to sums
barely sufficient to meet their immediate
wants. In several cases applicants
were--as was the ease last week-obliged
to seek the street for sufficient means to
meet their wants. The street rates are
about the same as those reported last
week. The capital seeking investment
through this channel is limited and cap
italists very particular as to the paper
they discount No. | notes are taken
when secured by collaterals or real es-
tate at p to per cent per month, while
that Endorsed by good names is dis
counted at 81 per cent. Exchange is
coming in more freely in the way Of
cotton hills, owing TO an improved de-
mand for and larger transactions in the
staple Eastern checks are taken at par
and sold at fc premium. Local securi-
ties, scrips, railway shares, etc., continue
quiet and unchanged, with no noticeable
demand for any particular class. County
warrants are quoted at 10 to 73c buying
and selling; Tennessee money, 6S to re;
city scrip, 60 to Csc. Transactions in
gold were limited to 9 few counter puF-
ehases at lles to ilS, The opening
New York rate was IA; it subsequently
declined to ll3i, when dealers here re-
duced the buying rates accordingly.
Government securities opened with
slight advance through the list with a
medium demand, but subsequently de-
clined TO the closing rates Of Saturday.
We clip the following from a Philadel-
phia exchange:
The decision recently made by Judge
Strong in the case of the Philadelphia
and Reading Railroad Company VS..
barney, Collector of Internal Revenue,
Is of much less importance than the
principle which underlies that decision.
If he is correct, the popular interpreta-
ton of the income tax law as it stood |
was the correct one. The last assess
ment was collectable this year, and the
tax levied was upon the income of 1869. |
The Internal Revenue Bureau, however,
continued to collect the tax on dividends |
Of all kinds and on salaries of Govern
meht officials. Moreover, to make its
work sure, Congress passed an act con-
STRUNG the act favorably to such collec-
ton. If this judgment, rendered in the
United States Circuit Court, should be
sustained by the Supreme Court, every /
dollar reeeiyea b. the '4teasuty from this |
soutce, which exceeds six millions, must
be refunded. Justice Strong occupies
the halfway position, but holds that the
action Of Congress being unconstltu-
tional and void-that the construction Of
law is a judicial function, and that any
attempt of Congress to define a statute
by Legislation eEoeeqs its power
COMMERCIAL.
The Liverpool market opened steady
at SGD for uplands and SID for Orleans,
and New York market steady at letc for
The market here opened
with a much firmer feeling on the part
Of factors and some disposition to invest
on the part of buyers. The latter, or
some Of them, we're in receipt Of numer-
Gus orders from the East during the
and purchased largely, one
buyer alone taking lsO bales and an
other 100. The total sales up to noon
will reach nearly 800 bales, exceeding
the sales Of any previous morning this
season one hundred bales Among
the sales we're 3 bales stained at
l2o; a bales Low Riddling, l4c;
do, l4c; 20 bales stained at llac; .
bales middling at l4ic; 2 do. at lllc; 2
low middling at llci and $50 bales, com
prising so bales middling, at IA to l4lc;
aud 100 bales low middling at lsie also
so bales, principally all old cotton, con-
sisting of middling and low middling at
lie for the latter and l4lc for the for
mer, With few bales Of stained at Ito.
At noon several holders, anticipating an
advance in Liverpool and New York,
advanced their prices to basis Of l4lc
for middIipg, refusing 70 sell at less
ratee. The receipts for the forty-eight
hours ending at noon to-day are l486
bales, and for the week 1922. and ex-
ports 2ll7 bales, against 1857 received
and 2O22 shipped last week, making the
total receipts since September 476l,
and exports $3.50 bales, leaving a total
sfock IN hand If lToi hales