Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-01-09
FINANCIAL AND COMMERCIAL.
PUBLIC LEDGER OFyIcE.

The financial situation during the past week
has been comparatively easy. Exchange has
been offered in limited quantities only. and is
coming in slowly. owing to the difficulties N
shipping cotton. but there has been no change
in the rates Of discount on commercial bills.
Northern and Eastern sight-paper is taken at
u to 5Sc discount, and New Orleans and
Southern exchange at &c. In currency the
market has been gradually easing since the
LIST instant. and to, day the different banking
institutions report a supply sufficient for all
immediate demands. Checking has been ac-
tive during the week. and fair amount Is be-
ing done to-day. The demand for accommo-
dations is fairly active. but by no means
pressing. Customers are supplied by the
banks at to IL per cent. :. The street rates are
nominally to ~ per cent. per month. with
but little paper offering. Local securities are
quiet and generally unchanged; Memphis
skies are bought at SO and sold at SIC county
scrip is taken at 6S and sold at zoe. Bank Of
Tennessee money is bought t72 to 73c. and
sold at 75c. Gold Is purchased at 1927.
The opening rate at New York was 1lO5s, and
closing rate at noon llGA. Governments
opened strong. with a medium demand. Sterl-
ing was steady at 1927.
sil COTTON. .i In
Tuesday. January 3.-The market opened
firm with an active inquiry. but under de-
pressing advces from the East. closed dull
with slight concessions in some cases to effect
ssles. By an actual count of stock it was
ascertained to-day that there was an excess Of
6,OS7 over the running estimate. making the
total stock on hand $685.. This excess is
easily accounted for, however, by the amount
Of cotton at presses awaiting shipment North
and South. by river and rail. or the stock
counted. II ,493 bales were at the presses. Re
ceipts were 3.029; exports. 2,52S; sales. $500
bales. The New York market opened quiet at
151zc,for middling. but closed dull and nomi-
nal. The Liverpool market opened fairly
active, but closed dull. Estimated sales were
10000 bales; middling upland, sgd; Orleans.
dasd.
Wednesday, January Notwithstanding
the increased stock as shown by actual count
and unfavorable advices from the East, there
was good inquiry, and the market ruled
stronger for grades averaging low middling
and above, though dull for lower grades; as a
consequence of which sales did not exceed
1900 bales. Factors did not press sales, and
buyers were cautious. Middlngs were 1412c
and low middling 1870. Receipts were 2.49S;
exports. 1855. The New York market opened
dull at l51sc, and closed quiet. The Liver
pool market was dull, with sales of 1900.
Uplands were 1-l6d; Orleans, 5-l6@S9sd.
Thursday, January 5.-The market opened
quiet, and low grades were not in demand,
but for even-running lists from low middling
upward there was q brisk inquiry, and offers
Of 14l4e on good style of middling were re-
fused, and low middling of good style sold as
high as 14c. though bought in average tables
as low as 131ac. Sales were 2,250 bales; re-
ceipts. 1885; exports, 1856. The New York
market opened dull, and closed Irregular
with middling at l5c. The Liverpool market
was lower, uplands being S9s1sd; Orleans,
sgd. Sales were 10000 bales.
Friday, January 6.-The market was::a shade
easier on low styles. but was firm for bright
and even-running lists, which were scarce
There was good inquiry during the day, but
buyers were unable to fill their orders. owing
to the firmness of holders. There was some
demand for the lower grades. but nothing in
comparison to that for fine oottons; l41s to
1i14c was the ruling price paid for middling,
and 1890 for low middling. Sales were 1900
bales; receipts, 2S72; exports, 26SS. The New
York market opened quiet at l5c for middling,
and closed dull and heavy. No adviees were
received from Liverpool.
Saturday, January THE demand was but
moderately active. buyers being generally en-
gagged in shipping that already purchased.
Transactions during the day were about 400
bales; receipts, 2i93; exports. 25l0. The New
York market opened dull and closed quiet,
with middlings 15c. Liverpool advices OF
Friday reported that market lower. Sales
we're 10, 900 bales; uplands. I'D to I'D; Or
leans, 8 to SD.
Monday. January 8. -Eastern advices were
more favorable this morning, and upon their
strength, and an advance of &c in New York,
there was a brisk inquiry during the morning.
and fair business was done in all grades.
Sellers were firm, and advanced their prices
fully &c on the better grades and about Nc on
all grades below low middling Some purcha-
SEES were made, however, in the carly part Of
the day at the closing rates of Saturday.
Among them were 225 by one buyer. of good
ordinary to low middling at lS3sc; SO bales
strict good ordinary at l312c; 100 low middling
at 1870. Subsequent purchases were at a ba-
sis of l4c for low middling and 1890 for strict
good ordinary, at which prices salos of 300
bales were made. There was brisk inquiry
for middling, but scarcely any to be found
l4ssc was paid for few bales, and 1890 was
realized on a small lot. We quote:
Ordinary. O.