Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-05-13
FINANCIAL AND COMMERCIAL.
MONEY.
PUBLIC LKDoER OyElcE, |
MEMPHIs. TENN.. May Is, 1871. I

MENPaIs. TKSS.. May Is. 1874.
The local money market has under
gone no change worthy OF special no.
tice since our last review Of financial
affairs. While banks have disbursed
literally to regular customers and 9th
ers in want Of funds, deposits have been
correspondingly liberal, and our mon
eyed institutions are still in a position
to give prompt aud efficient aid TO all
departments Of legitimate business.
Rates Of interest have undergone no
change, and loans and discounts are e.
fected at from l09l2 y cent y annum,
and on the street loose rates are from 4
(42l u cent q month. Exchange is in
better supply, and shipments Of currency
to-day are confined to points west NEW
York. Rates Of discount on Eastern
commercial bills are par buying, and
while some are unwilling purchasers Of
New Orleans at &c, there has been sales
at lc discount-s@lc discount is, how
ever, the market rate, bankers checks
selling at par, and on New York and all
Northern points at ic premium. Gold
is worth ll6l to dealers. and in New
York is HI. There is an unusual in
terest felt in Gayoso gas stock to-day,
principally because the big guns of that
corporation failed to sell out the small
fry. Early tEis morning, and we may say
late last night several applications were
made to as many different courts for an
injunction, as we said there would be,
and to-day the papers we're served upon
the officers, and the sale didn't come of,
as was advertised. 1t would be difficult
matter even under the present state OF
affairs to realize over 3Sc or 40c on either
small or large amounts, but those who
seem to know state that it will be worth
at least SOC before the present litigation
is adjusted. The rumors current some
DAYS since, and which at the time was
given publicity in this column, that the
Pacific and Atlantic Telegraph Com
pany would soon be absorbed by and
pass into the control Of the "big mon
opoly," the Western Union Telegraph
Company, were, we are glad to learn,
without foundation. One week ago to-
day an election was held in Pittsburg for
new officers of the Pacific and Atlantic
Company, and for that reason princi-
pally the former controlling powers at
tempted, by purchasing to obtain ma
iority of the stock, and that caused a
sudden advance in prices. The election
resulted in securing president and
other officials who are in favor of making
it more powerful and useful than ever.
To this end they will secure union
with Independent lines leading from diff
ferent points, and arrangements have
been made to consolidate with the At
lantic and Pacific Telegraph Company
at an early date. This will make a
strong combination, and will greatly
facilitate the collection and transmits
sion of commercial business. Moth
ing has TRANSFERRED to-day in local
investments. The list is quoted
nominally as follows: Memphis gold
skies, ex.coupon, 57@5sc; currency,
57l@5Sc; past-due.coupons of January,
'73, sO@S2Ic; July, ~, 96@-c; Mem
phis and Charleston shares, 2l@22; first
mortgage bonds, $500; second mort
gage bonds, 7S@sOc; Mississippi and
Tennessee shares, lSc; first mortgages,
sG6ssc; second, 74@-c; Mississippi
Central shares l6@lSc; first mortgages,
$500; second, S2@S4c; Tennessee
ComptrSlIer's warrants, 96@9Sc; Shelby
county, s7@s9c buying and selling; Mis-
sissippi levee bonds, LIST District, 35(94Oc.