Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-03-29
FINANCIAL AND COMMERCIAL.
HONEY.
PUBLIC LKDGKR 0PYICE,
MEMPHIS, TENN, March 29, 1873

We have no special change to chron-
icle with regard to the financial situa-
ton. The demand for loans and dis.
counts is slightly in excess of the avail
able resources of the banks, neeessitat-
ing rigid scrutiny of the paper offered,
and necessitates q discriminating policy
on the part Of the banks that in many
eases compels good paper to 60 to the
street, but generally strictly giltedge
notes are taken at the banks AS yet
there has been no special embarrass-
ments from the stringency, and those
who carefully husband their resources
and con6ne themselves strictly to legiti-
mate business will work through with
out difficulty. The large stock of cotton
held and paid for will soon begin to move,
and with that money will be easier. Col
1ections are reported fair, and trade
transactions good. Exchange is scarce,
but will be more plenty in q few days.
Transactions between banks TO- day were
Of 81 so p $1,000 premium for Eastern,
and the counter rates are par buying
and @c premium selling, Checks are
sold at par to &c premium. Gold is
ll6s premium in New York, and steady.
Dealers here buy at ll5a. There is
something Of a stir to.daw in gas stock,
arising from the fact perhaps that the
two companies have concluded to join
interests on the lst proximo, when,
doubtless the price of gas will again be
advanced, and the dividends on the stock
again be paid. What the terms OF con-
solidation are has not as yet been made
public, but those holders of both the
Memphis and Gayoso who are posted,
quote the former at from 81 25Gl so,
agd the latter away Up ip the sixties-in
fact some you'd not sell at less than 20,
and there was considerable shining
around amung brokers to find either the
9la or pew bRt ap tS noon 20 transac'
tions had been recorded. A small
amount of Union and Planters Bank
,...ck was on the market at 95c, but was
not disposed Of. Holders of Mississippi
leyee bonds are more confident, and
wouldn't sell to-day for anything like the
rates quoted by one of our ootempo-
raries. The occasion Of their sudden
change of opinion Is due mainly to the
following telegram received last night
from Washington.
The Senate Committee on Levees Of
the Mississippi held meeting here yes
terday and took measures for obtaining
specifc information upon that subject
through correspondence and otherwise,
and will, during the recess of Congress,
make personal examination of that
river md the genera interests con
nieeted With H. TIE eo#pit.ee consists
of Senator AleOrn, chairman; Clayton,
West, Schurz aud Gordon. The com
mittee will prosecute inquiry dilige ntly, !
and OF the next session vii urge the !
general government 70 take charge Of
The legee systen, as It "a Q matter Of
great nRiional concern 0Hit
The result Of the movement Of this
board will, in the estimation Of holders,
be that the government will take con-
troll Of all the levees built in Mississippi |
and assume the bonds issued TO construct
the same; in that case the appreciation
10 value would be considerable, and even |
aoT, While the CHAIRMAN OF the commit
tee Is In the city, there has been numer
Gus inquiries among spectators as to
he lOesiiou Of large and small amounts.
but no lids as yet made. Other securi-
l;,. - nouintl