Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-09-23
FINANCIAL AND COMMERCIAL.
PUBLIC LEDGER OFFICE,
MEMPHIS. TENN. September %. 1870.

PUBLIC LEDGER OFFICE,
MEMPHIS. TENN, September %. 1870.
MONEY.
There is no new feature Of interest
worthy of mention in financial matters
to-day. The banks report almost every
branch of trade among the list of appli
cations for loans. Regular customers
are being supplied with funds for imme
date wants at the usual rates. On the
street, money continues scarce and hard
to get, even at the exorbitant rates
charged. Gilt-edge paper was noticed
among the notes seeking discount on
the street to-day, and plenty of names
considered frst-class were among the
borrowers. Exchange is quiet and
scarce, owing to the limited amount Of
cotton bills making; the rates are the
same, however-par buying and ac pre-
MUM selling Stocks, scrips and local
securities are generally quiet, the only
noticeable demand being for county
warrants and city bonds. The former
could be sold to dealers at Il to &c; the
selling rates are "A to zoe. City bonds
are quoted at SOC purchasing and 53c
selling. City scrip is quiet. at GO TO 62c,
with nothing doing. Railroad shares are
dull and unchanged Bank of Tennessee
money is nominally 6s to Tie. Transac-
tons in gold are limited and purchases
confined to small lots, at ll24 to ll2a.
The opening New York rate was ll3l;
at noon it had declined to ll9l. Gov
eminent securities opened dull, with a
slight decline. Sterling was steady,
and gold carrying at per cent.
Some Of our readers not being fully
posted as to the changes in internal
revenue taxes, which go into effect on
October l, we give the prominent points
of the act of July II, 1906 Sales by
Wholesale dealers w to October are
taxable as heretofore, but not thereat-
ter, except those on sales of tobacco,
spirits, wine and those paid by stamps.
The returns for September must be
made on or before the 10th Of October,
and the tax on them be payable on or
before October 81. And thiE is the last
return which can be enacted under the
law as it new stands. Taxes of gross
receipts will cease on the same day.
Taxes on incomes Including salaries,
viii be "a per cent. on income over
$4,000, Instead of per cent on incomes
over $1,000. The use Of stamps will
cease October /, 1870, for promissory
notes for less than 500, for receipts and
for corned and preserved fish.
COMMERCIAL.
The New York market opened steady
to-day at lsic for middlings, with sales
of $3.50 bales for future delivery at the
following prices: September, lie; Oc-
tober, l6ic; November and Decemher,
leIc-basis, low middling. The Liver
pool market opened quiet with estina-
ted sales of 10000 bales-uplands, Old;
orleans, 9ld. The market here this
morning was quiet and prices irregular,
The sales, including 10 bales strict mid
ding at lie; IA bales middling, l6ci 90
bales low middling l5lc; do, l5lc; 10
bales strict middling, l6ic; l3 bales good
ordinary, l5c, and some small pickup
lots Of low grades at IL TO l3c. The
market at noon was unsettled; some fac
tors we're anxious to realize, while others
would not readily coRcede to the views
Of buyers. The stock of cotton on hand
at noon to-day is 1852 bales.
COTTON gTATrurxT