Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-04-26
FINANCIAL AND COMMERCIAL.

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RAILwAys. Holly Springs, q beautiful VII
laee, and full ofipteligentp people. would out
rival Memphis and all interior towns Of the
Gulf States. Its we'll. and Memphis should
assis. rather than. retard the progress Of any
great work that oontemplates the aggrandize-
ment Of Holly Springs. II Chicago and st.
Louis can absorb the trade OF Holly Springs,
FIVE hundred miles away. bywhat right do we
complain? What divine authority invested
any class Of men with an exclusive right to
govern any city with q monopoly Of trade?
Whenever Memphis Is connected with the
grain and bacon fields ofthe Northwest when
the cost of living and that of manufacturing
is reduced to minimum. then ii will signify
aothing how many railway lines are con-
structed connecting adjacent towns and vii
lagos with rival cities Of the Northwest.
Louisville, Cincinnati and ST.. Louis will draw
trade from our very doors only so long us those
cities are so surely better markets than Mem,
phis that il pays the Holly Springs tradesman
to prefer Louisville. Memphis Is no more
lightly taxed than any Western city, and IL we
had cheap food from Northern Arkansas,
Western Missouri and Kansas. and manufae-
turing was thus made profitable, the greater
the number Of competing railways the denscr
would become the population of neighboring
counties and States, and the wealth Of all
would be drawn, by irresistible laws. to this
the nearest and cheapest city and market.
Day GooDs.-Business continues Bfisk, and
county collections are not as good as was
hoped for. Country merchants have sold goods
for cotton or speculated in the staple, gene
rally at a loss therefore the delay to settle.
Come to the scratch, and let us get along
smoothly. The stock of dry goods held here
was never more abundant an magnificent, or
offered ON mare liberal terms. Our boot and
shoe market is unsurpassed In the United
States, and the trade of the city should -four
ish as never before.
MoyEY. = Exchange is scarce and rates
steady, banks buying at par and selling at Il
premium. New Orleans bills are sold ct J3t51S
off. There is considerable demand for money,
but A No. short paper is eagerly taken up
by money lenders at rates defined by law.
Many of our factors already complain of heavy
drafts by planters, who are buying mules and
bacon Cor darkies, all contemplating an i'm
mense crop next year. rsbas
srocKs. rc.-City scrip is still very debili-
tated, and Alderman Hallum administered a
terrible blow to city bonds. The inyestiga-
ton of the million and half bond transact
tion Of the last municipal administration has
caused dead lock in the city bond and scrip
market, Memphis and Charleston railroad
stock is held at Acc. County warrants are
bought by brokers at 76@T7e.. and selling at
7S@Tgc Tennessee money is unheard Of
bought at 72c,, and sold al 7Se. Brokers buy
gold at Il@lc. below New York quotations, as
given in our special kilograms.
CoTToS.-The market yesterday was very
firm, Desperate efforts were made to make
holders come down, but the game could not
win, and buyers were forced into spasmodic
transactions at full prices. Middlings were
firm at 22l4c. The sales made amount to only
5SS bales. Middlings, 22ls@2214c; low mid
dlings, 2l54@22c; good ordinary. 20g21c; or
binary, lie: mixed, l7lz9lS1zc; stained, H@
20c. Most of the cotton offered yesterday con-
sisted Of low mixed lists, while there was
much inquiry for the finer grades, Through
the past few days middlings have steadily
maintained their position at 22l4M221zc. Dis
patches from Liverpool this morning indicate
a protraction of this condition Of the market