Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-09-26
FINANCIAL AND COMMERCIAL.
PUBLIC LEDGER 0FPrcE, |
MEMPHIS. TENN. September %. 1870.
MONEY.


The demand for money at the banks
and upon the street this morning was
pressing, more so in fact than on any
day this season A continued drain
upon the banks has compelled some Of
them TO restrict their loans to the imme-
date wants Of customers, to whom dis
counts are made at the old rates. On
the street it is difficult to negotiate the
best paper at even the fabulous rates
charged, outside capitalists having in
vested in this way all they care to. Ex-
change is scarce and taken at par when
offered; selling rates are ic premium
Local securities, including scrips, stocks
and warrants, are quiet and inactive, and
without any material change in prices
Gold is purchased to-day at III; the
New York opening rate was ll3, it sub
sequently advanced &c, aud again
dropped &c, closing at noon at ll3i.
Government securities opened dull, but
steady in tone.
The Baltimore Sun, of the 22d, in no.
ticing the arrival of Mayor johnson and
Councilman Prescott, Chairman Of the
Finance Committee, in that city says:
"They are here with a view of confer
ring with the holders of the bonds Of
Memphis. Perhaps, at least, 100000
Of such bonds are held in Baltimore, and
the Mayor and Chairman of Finance
Committee give notice that they will be
glad to confer with holders, at Room No.
pa Barnum's Hotel, to-day and to-mor-
row, between the hours of II noon and
3 pm. Under the present municipal
administration of Memphis strenuous
and systematic efforts have been made
to bring order into its finances and place
the operations of the city on cash
basis, and so far the success has been
quite encouraging Since January l,
1870, some $3.50, 1000 of the floating debt
of $Sll,00O has been paid, but in the
meantime $l07 900 of interest (for july
has accrued on the bonds. The whole
bonded debt August LIST was 1856 900,
exclusive of 5000, 900 bonds of Memphis
and Little Rock Railroad Company as
sumed by the city, and which is offset by
mortgage on navy-yard property. The
total valuation of the taxable property
of Memphis is $24, 1873, 100, on which an
interest tax is laid of S239,0i9 SO; city
general tax $l73,4S2 49, and school tax
S74, 3i9 81. The tax is 81 on the 800,
of which 81 is for interest. The pros
perity of Memphis is indicated by the
increase of population, which, having
been 22,633 in 1860, is now, by the CEN
sus of 1870, shown to have increased to
40, $50, exclusive of 645l in the suburbs.
COMMERCIAL.
The market for the staple was dull
this morning, with but few sales, those
being small lots at irregular prices
Holders we're disposed to and seemed
anxious to realize even at lower prices
than they asked Saturday, and buyers
manifested very little disposition:to pur-
chase. The total sales reported up to
noon did not reach 70 bales, and COM
prised 20 bales middling at l5ic; 10 bales
at Ice; low middling l54c; 2 do, Isle;
and at l5ic. Several lots of lower
grades were bought at l3l to l4c for good |
ordinary, and IL to lie for ordinary;
stained grades We're offered at CORE
spondingly low rates without, however,
finding a purchaser. The New York
market opened quiet at lsc for middling,
but at noon declined to l73c, at which
time it was heavy, with sellers anxious
to realize. The Liverpool market
opened steady at 81 to Old for uplands
and 81 to 9ld for Orleans, and at p. m.
declined to to 9bd for uplands and %
to % for Orleans, with sales estimated at
5000 bales.