Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-03-20
TnE best id the city at George Miller'a
- Cut OF" saloon. 10 Madison. &c
FINANCIAL AND COMMERCIAL.
-. Pv. g LIVsas o Z, !

MErrHis. TESs.. March -. 1874. =
While spectators here pay but little
attention 10 Tennessee bonds. the Nash
vile Iapers report sales in that city day
before yesterday at Soc. and on the same
day sales were made in New York at So
that being an advance Of &c over the
selling rate previous TO the passage Of
the funding bill by the Tennessee Legis'
lature. There are perhaps but few Of
these bonds held here. and that viii ac'
count In a measure for the lact ofinteresi
shown in them. Money is in active
demand. and but few OF the banks have
funds that they care 10 loan on the best
paper. preferring 10 withhold their cur
reney for the movement Of cotton, which
from present Appearances, will be quite
lively for week or ten days at least.
For this reason prime business paper.
with gilt edge collateral was discounted,
not exactly on the street, but in quiet
bank way to-day at u = cent q month
for ninety days, aud that perhaps is
about the best rate that can be made.
Common paper, such as is generally
to be found seeking discount in
the open market 2l@S p cent. q
month interest is charged. AS re-
CARDS exchange the situation has
not changed materially since yesterday.
One or two Of the banks are getting the
lions share of cotton bills. but do not
care TO sell, except in an accommoda-
ton way, and then charge &c premium,
the same institutions taking cotton bills
previously engaged, and deducting &c
for futures, selling sight checks on East
ern points at lc premium, and on New
Orleans at par. For bills on the latter
point, with reported bank transactions at
tc discoent, and counter rates &c dis
count. Gold is wanted by dealers at
ll4I@ll4s for small and large amounts.
The New York rate is ll5s. II there is
anything doing in local investments, il
is kept strictly private, as was the case
last evening when dealer purchased
and resold small lot Of Arkansas leveo
bonds, the seller perhaps being short Of
funds, and the buyer getting them dirt
cheap, from the fact perhaps that the
Legislature of the State of Arkansas is
about to institute such inquiries in re-
gard to the issuance of those bonds, as
will, in the estimation Of bears, prove
very disastrous to their value. Memphis
and Charleston railroad stock is still
offered at 23c for lots of 400 shares
or less, and late last evening one
party had at least $4,000 worth that
he wanted purchaser for, but failed TO
find one. In the absence Of tranOac-
tons we quote securities nominally as
follows: Mississippi and Tennessee rail-
road stock, lie; do. first mortgage bonds,
sec; do. second mortgage, 73(S74c; Mis-
sissippi Central railroad stock, l5e; do.
first mortgage bonds, -@S7c; do.
second mortgage bonds, SIC; Memphis
andCharleston railroad stock, 23@-c;do.
first mortgage bonds, sGe9Sfc; do. SECOND
mortgage, 7s@8Oc; Memphis and Ohio
railroad stock, 10; do. second mortgage,
so; Memphis currency bonds, coupons of
last July and January, 59I66Oc; Mem
phis gold bonds, 6Oc; Memphis
past-duc coupons, a5@a5c for January
1873 and July 1879. Mississippi levse
bonds, First District, 400 Arkansas do.
ls@22c; Bank of Tennessee notes, old
issue, 10000; Shelby county warrants,
S7(99Oc, the latter being the selling rate
to- day.