Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-04-28
COMMERCIAL
PUBLIC LEDGER OFFICE,
MEMPHIS, April %, 1879.

1here naS Deen q run on 4 per cents
for some time past, and there seems
no signs of letting up. Everybody
with a hundred dollars or so to spare,
country and city people alike, want to
invest their money in a government
bond, and they have advanced here to
1O2. The public realizes that the
government is solvent, and willing to
meet its obligations promptly, hence a
feeling that the governments are solid
investments, and having confidence in
the stability of the nation, they want
its bonds. Persons holding called 6
per cents having no use for their
money, and regarding the majority of
other securities with disfavor, invest
it in the new 4 per cents. If the
whole of the outstanding 5 and 6 per
cents were within reach, or subject to
conversion, it is believed they could
be refunded into As before the close
of another year. AS no more can be
called before March, 1881, the govern
ment a only get them by going into
market and buying them up at their
present premium. This it is not like
ly to do.
Capitul is abundant throughout the
country, but holders show no lack Of
caution before making investments,
hence their willingness to take govern
ment As, as they feel a low rate of in
terest is preferable to the risk Of los
ing the principal in part or altogether.
The total sales of As by the govern
ment since New Years day reaches
$500, 00O,0 900. The rate of interest
here among banks and insurance com
panies has been fixed at 6 per cent,
and any first-class business paper can
be readily discounted at this figure.
A large surplus of idle money is re-
ported on hand at all financial insti
tutions as well as in private vaults.
The Freedman's bank has paid its
creditors in all 30 cents on the dollar
so far, Its liabilities when it failed
as near as could be a%scertained, were
3 1899, $50. This was mainly due to
depositors, made up chiefly Of colored
people in the South. The assets Of
the bank as made up by its officers
and turned over to the commissioner
appointed to settle its affairs, waf
2,693,09 On the 18th of last Febru.
aty the cash on hand was $249, 062
uncSlled for dividends, $91, 17S; cash
available for future dividends, $751;
1888. The amount Of the first divi-
dend for 1875 was 20 per cent. and
summed up $593,OO8. The second
dividend, March 20, 1878, of 10 per
cent, was $296,504. The bank had
61,172 depOsitOrs. 1t is estimated
that 20 per cent. more will be real
lied OH the remaining assets and fol
real estate and other bank property
so that creditors will get altogether
about so cents on the dollar of theil
principal. At present, however, the
commissioners cannot tell when the
next dividend can be made. OF tho
first 20 per cent. dividend OF
$593,239 there remains u~ncallec
for SAG, 1912 due and payable tc
33,561 depositors. Of the second div.
idend of $296,619; there remains un'
called for $47 sos due, and payable Il
39,s82 depositors. 1t has been recon
mended to congress that provisions be
made by law for distributing among
other creditors the uncalled for bal
ance of these dividends after a reason.
able time.
Exchange rates have been stead.
in this market during the past week
Cotton bills offer in light amounts,a nt
the demand for New York checks il
far in advance of the supply. The
banks take all non grace-bearing cot.
ton bills at par, and sight on New
England at discount. Selling rates
are premium. On New Orleans pa
selling and I off buying.