Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-12-08
FINANCIAL AND ooHaERaAL.
''i3iil MONEY 5iiI ~ .
.x..s,,.,,, RgsEIo F.D q :, 70 o,yiqgs,,

new feature for comment to-day. The
demand for money Is exceedingly light
and money plenty. Prime commercial
paper could be placed Of 10 70 IL per
cent. per annum, and "a lower rate
would be made to customers. On the
street | ! to 2 per cent. per month. are
the market rates. Transactions in To-
cal securities are now more active, and
larger business is being done than for
several months.
Exchange is in fair supply and good
demand. Cotton bills are taken at ! to
lc discount and the eight checks are
sold at ic discodnt.
Gold is higher in New York to-day,
opening at ITO. Our dealers buy at 1904,
and cannot get enough to supply the To-
cal demand
Local securities are quite active, and
all classes Of local stocks are in demand.
County warrants are bought at 99c and
sold at 95c. Memphis past-due coupons
are held to-day at SAC, with no sellers.
Arkansas levee bonds are quiet. Mis-.
sissippi warrants and Alcorn money
are in improved demand to-day, and are
sold at Soc for auditors warrants and
9Oe for Alcorn money. City securities
are advancing rapidly in this market, as
well as in Eastern markets, and but few
sellers can be found 5eic was refused
this morning for $4,000 of the currency
issue, Coo being the rate asked.
Whether Mr.. johnson is reelected OR
not, the advance here and elsewhere
caused by his acquiesence to the call "
asking him to again become candidate
is sufficient to convince business men
that his REELECTION would serveY TO
strengthen greatly the city's credit
abroad as well as at home. Gold bonds
are held at Gao, an advance of lc since
the "call was published. The princi-
pal feature in the local stock market to-
day is Memphis and Charleston railroad
stock, and the excitement over the ru-
mors published in the morning papers
that the Pennsylvania Central railroad
had possession Of the road; that they
had leased it for forty-ive years, and
had guaranteed an annual dividend
Of six per cent. Our contemporaries are
in error to certain extent. The LEDGER
first notified the public that negotiations
were pending for the lease of the road
some months since, which caused an ad-
vance of &c in the stock, and since then
has avoided giving rumors, hoping that
in time we would be able to lay the facts
before our readers They are substan-
tally as follows: The Pennsylvania Cen
trail Company have leased the Memphis
and Charleston road for term of years
perhaps ninety-ninel from the Board of
Directors of the latter road, but the con-
tract has yet to be ratified by the stock
holders, meeting Of whom will soon be
called for that purpose, and without the
slightest doubt the action of the direc-
tors will be confirmed, but no six per
cent. dividend is guaranteed. AS re-
CARDS the effect the lease has upon the
stock tits bht proper to state that there
are orders here from New York to pur-
chase at under 4jc. We also note sales
this morning of 200 shares at 42c and
200 at 424c. Now some holders are ask
ing SOC, while others would sell at less
figure. 1t is rumored now that the Penn
sylVania Company are negotiating for
the lease of the Little Rock road, with q
view of extending that to Texas, and
that they will construct the Southern Pa
cifc road, making the lines east Of here,
already purchased, and those west the
great route to the Pacific ooeGl. There
is not perhaps, another corporation in
existence that would be able to carry out
this great project. vsK .l.i 1sHao2 $50
New YoRK. December s. 1O:3 a.m.-Goy-
ernments are Arm. with q steady demand
Sterling exchange Is very steady at lOs;S. Gold