Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-09-08
FINANCIAL AND COMMERCIAL.
PUBLIC LEDGER 0YvIcE,
MEMPHIS. TENN. September 5. 1870. !
MONEY

MEMPHIS, TENN. September 8. 1870.
MONEY.
There is no material change in fnan-
cial matters since our report of yester-
day. The banks are loaning to custom
ers at 10 to IL per cent, and outside
capitalists are asking from to 81 per
cent. per month for street accommoda-
tons on paper secured by collaterals.
The demand for discount at the banks
this morning was somewhat heavier than
yesterday. On the street the demand is
more active and rates firm. Exchange
is quiet but firm Cotton bills are com
ing in more freely, owing to larger trans
actions in the staple yesterday and to-
day Scrips and stocks are inactive and
unchanged. County warrants are taken
by dealers atyesterday rates-69 to zoe.
City bonds would find ready purchasers
at 40 to SOC, but none ara on the mar
ket City scrip is quoted nominal at 60
to Gle Bank of Tennessee money is be-
ing purchased by dealers at zoe and sold
at II to nc. Gold opened in New York
at ll4I, and at noon had declined to
ll3s; dealers here purchase at lie below
New York quotations. Government Sc
curities opened irregular at about the
closing quotations of yesterday, and
sterling very steady at 1898. Railroad
shares opened unsettled, with but few
stocks offering. American securities
opened frmer at London, with a slight
advance. Our Frankfort telegram re-
ports American securities firm; 5-20s,
925. The Paris bourse opened firmer;
rentesi 53f 40c.
COMMERCIAL.
The sales of cotton yesterday reached
$50 bales, being chiefly low middling and
middling at prices ranging from III to
Isl. The sales reported up to noon to-
day will foot up to about $50 bales, com
prising one lot of 43 bales of middling
at lS4 to lSc for the round lot; IA bales
middling at lSc; 20 bales low middling
at III; Is bales low middling at lie, and
small lots of the same grades picked up
at prices ranging from l64 to Tie for
low middling and Is to Isle for mid
ding. Very little was done in low and
trashy grades. Buyers at noon held off
little, owing to the extreme dull
ness reported in the Liverpool and
New York markets. while sellers
were anxious to realize, some Of
fering good styles of middling
trihe lower than the opening prices.
The receipts of cotton for the twenty
four hours ending at noon to-day will
exceed those of any day during the past
month, as also the exports. The Liver
pool market opened heavy this morning,
with sales of 5000 bales at yesterdays
quotations. Our pm. telegram quotes
uplands at Old and Orleans at 9ad. The
New York market opened dull and some-
what heavy, at zoe for middling The
first new bale of the season received at
Little Rock reached that market on Fri
day last 1t classed good middling,
weighed 432 pounds, and sold for l5c.
Several new bales were received here this
am. A telegram from Helena states
that the Directors of the Arkansas Mid
land Railroad Company have contracted
with ] H. Logan 4 Co., to build that
road from Helena to Little Rock. The
contract having been signed, work is to
be commenced in December and the
grading completed to White river by No
1ember, 1871, and trains are to be run
ling to that point by March, 1872, and
he road is to be completed to Little
Rock in two years-according to the dis
patch.