Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-10-04
FINANCIAL AND COMMERCIAL.
PUBLIC LEDGER 0FFIcE, /
MEMPHIS. TENN, October 4. 1870. !
MONEY.


banks are taxed to their utmost to sup
ply the demand Of their customers, and
are combining their attention exclusively
to supplying them with funds for imme-
date wants as far as they are able to.
Rates of discount remain at to 10 per
cent On the street the rates are the
same as those given yesterday. Ex-
change is firm, with the supply by no
means sufficient to meet the demand;
rates are steady at par buying for East
ern, and ic premium selling. Cotton
bills are coming in more freely, and are
taken at &c discount. Local railway
shares, scrips and other securities are
quiet, with no demand for any particular
class. Memphis and Charleston railroad
stock is quoted at Sic. For city bonds
SIC is bid, with none on the market,
owing to the probability Of the January
interest being paid. City scrip is quiet
at 60 to Csc buying and selling. County
warrants, ~ W Toe. l1dnh VI lciiHCSocO
money, GO to 72c. Transactions in gold
this morning we're limited, and confined
chiefly to the purchase of small lots at
ll2i to ll2l. The opening quotation of
the New York Gold Board was ll3a;
after which it declined to ll3s, and at
| 80 D. m. rallied to ll3i. Government
bonds opened dull, with slight decline
drought the list. The New York Stand
ard of Saturday, referring to the decline
in Governments on the previous day, at
tributes it to the weakness in bills Of
Exchange and the large amount of
bonds offered to the Government for
purchase, and says:
A decline in the value of bills on Lon
don is equivalent to rise in the value
of London bills on New York. Hence |
bonds are not worth as much to sell in
London, the seller having to pay par for
his exchange ON New York instead of OBJ |
tanning it, as heretofore, at discount. |
Bonds of 1862, at ll21 currency in New
York, with gold at ll33, are equivalent
to 1868, inclusive of interest. At 90i |
in London they are equivalent to 1868.
Sterling exchange opened dull to-day |
at 1904, with gold carrying at per cent.
Railroad shares we're very unsettled and
irregular in prices.
Referring to the new Port of Entry
law which went into effect ON the LIST
instant, the ST. Louis Times says:
1t seems that, either by negligence or
intention, the Treasury Department has |
given collectors of custom no instruc-
ton concerning it, and it is, therefore,
dead letter Why or wherefore, the Col
lector of this port is unable to say.
Without desiring to be partisan, we can
not fail to note this as an apparent, if
not an actual, attempt Of the Treasury
Secretary, by his dilatory action and his
commitment to Eastern interests, to rem
der null the workings of law which,
whether or not distasteful to him, he |
should see executed.
The St. Louis Republican anticipates
an advance in the prices Of provisions,
and says in support thereof;
The stock of dried salt meats in Chi
cago has been reduced to 100000 lbs.
at this place, including bacon, to less
than 100000 lbs; in New Orleans to
about 400 hhds bacon; at Louisville to
about 800, 900 lbs; while in Cincinnati
it is estimated at some 1000, 900 to G, O00,-
900 TBS, which if properly distributed
would not amount tothree weeks supply.
At the rate shipments are being made
from this place, we shall be nearly, if
not completely, out of stock in three
weeks, and then we shall have to draw
full three weeks supply from other points,
most likely from Cincinnati As soon
as this position is well known to the pub
lie, as it is to the trade here, a material
advance will be inevitable.
COMMERCIAL.
The market opened quiet this morn
ing at about the closing rates of yester-
day, and prices remained unchanged up
to noon, tho sales of the morning sum-
ming up to about 1925 bales, including
one purchase of "a bales of middling,
low middling and stained at IA to
l4tc for middling, l3l to l3ic for low
do, and II to l2c for stained; another
purchase of 40 bales middling and
low middling at l4ic for the latter, and
l4c for the former. Another Of IS
bales, same grades, at lSs to lac for low
and middling, and other small
lots, comprising % bales middling at
l4ie; ID do. at late; also 100 bales of
middling and low middling at l4fc for
the former, and l3i to l4c for the latter,
and 20 bales strict good ordinary at
l34c. The demand was chiefly for
the better grades, inferior qualities being
almost entirely neglected. The Liver /
pool market opened quiet at l6ic for
hut subsequently advanced to
l6s. The sales att all United States ports
yesterday we're 5,565 bales; receipts, I
1920. The Liverpool market opened ,
steady at previous quotation, and at
p. m. was quoted unchanged, with sales
of the day 10000 bales.
COTTON STATEMENT. 1
CHAMBER or COMMERCE.,
MEMPHIS, October 4.
stock on hand Sept. /. 1s70....... 1850 ]
Received to-day.....-....-............. $50
Previously .... ..................... 9.On e,7Sl