Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-03-11
FINANCIAL AND COMMERCIAL.

fiNAHGlAL ANU IuMWthGiALs
CoTroN.-Forty days elapsed before the
number of cotton bales in the city was last
counted. A mistake of seventy-fve bales
each day, as may have occurred in estimates
of receipts by wagons, would account for the
excess Of 1868 bales. Boats have often re-
moved fewer bales than reported, and thus the
excess is properly accounted for, and properly
made known by the Chamber Of Commerce.
The stock on hand is now 1900 bales. Yes.
terday there was slight Improvement in the
market, which became a little steadier, and
low grades were in better demand Specula-
tors gained a little courage, and gobbled ass
bales. Strict middlings sold at Zoe low mid
dlings, 1Sc ordinary, 141s to l5c; mixed, 1214
to l59sc. The whole number of bales sold yes
terday was 1894, as nearly as we can ascertain
the facts.
==As we go to press, the market is very un-
settled, and holders have mostly advanced to
2lc for bright middlings. Few sales have
taken place, and nothing over 20 and 19c for
middliDgs l719 to 1sc for good ordinary. We
hear of no sale of bright ordinary. Stained
good ordinary l519 to Ice; and stained dusty
ordinary from l212 to he. Demand active
buyers timid or cautious The better feeling
is based upon the advance in gold.
MoSEY MARKKT.-Tho money market is
likely to improve in morals and healthful-
ness. Multitudes of sharp fellows who have
been devoted to gambling in gold, will find
their occupation gone, and very many people
from Wall street and other sinks of pollution
may devote themselves to honest avocations.
If the genius Of these gamblers we're devoted
to legitimate pursuits, the wealth and morals
of the country would be greatly promoted.
Our Memphis banks are checking ON the East
at Lc premium. and money Is abundant for
all legitimate transactions. Good CONNER
cial paper is readily used at 10 to IL per cent
Taxpayers give from rs to 7sc for city or coun-
ty scrip. which has downward tendency, and
Tennessee money, worth little less. is in the
same declining condition. Memphis bonds
are worth a to 45c; Tennessee, old, $50, new,
4Sc,
DRY GooDs AND STEwART.-The argument
adduced by A. 7. Stewart in defense of his
policy in marking down" cotton prints, is
simply that cotton production pays 100 per
cent, and the difference between the profits Of
production and manufacture is entirely too
great that cotton goods are now sold at too
high prices, and that increased consumption
will be promoted by reduced prices. Stewart
is now waging war upon Southern farmers and
upon Sambo whom, not long ago, he loved so
tenderly. He proposes TO lessen the profta-
bleness Of cotton culture, and thus Of negro
labor. Love for the negro is very fine. and
thus steadfastly practiced until it comes in
conflict with love for gold, The yellow
boys " IN Stewards pocket are fondled with
infinitely more tenderness than the "black
boys" on Southern plantations. In other
words negrophily as preached. and. as prac-
ticed. constitutes a sublime lie. 1t is Ques-
ton Of dollars. and properly enters the fnan-
eial columns Of ledger Balances in which ac-
counts are fairly stated between truth and
falsehood.
MoSEY.-It is not believed that during the
next several months. any great demand for
gold for foreign remittance viii arise. The
ability Of the country to extinguish trade
balances L hardly questioned. and there are
sufficient additional resources to pay interest
on American securities held in Europe. This
being true. there can occur no natural or nee
essary advance in the gold market. What
speculation and it Of insanity may do in
Wall street. no human ken can anticipate. To
meet foreign obligations the cotton crop Of
this, viii exceed that Of last year By not less