Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-04-23
COMMERCIAL
PvBLIc LEDGER 0FFICE,

AebLlO bEDGEk OffICEt
MEMPHIS, April %, 1879.
The recent surprising sale of $780,
100000 worth of government 4 per
cent. bonds is pronounced the heavi-
est single transaction on record in any
market Of the worlds history, and it
is illustrative of the extreme ease that
now prevails in the money market of
this country, and at the same time is
evidence of the steady rise in the
nations. credit. By July next the
yearly interest on the national debt
will be reduced to $85, 3O5, 1856. In
the year 1868 the annual interest on
the national debt was $128. 459. 598
and in 1865 it was $3.50, 977, 697. 81. The
interest bearing debt of the nation is
now $780, ZOO, 900, of which $685.
10000 are in As. $3.50, 00O, 900 in Abs,
S533, 100000 in 5s, and $348, 600, 900 in
Is. A large part of the two last are
in process of conversion into As, and
1t is estimated that the saving ofian-
nual interest to the nation since fund
ing began in September last amounts
to $l5 900. The calculation is
made that if the recent purchasers of
the As sell out at par they will clear
a profit Of $924,OO0,0 600 and that every
&c advance will add $1,000 0O to their
profit. The price paid for the heavy
lot is about $99.374 for each 500
bond, or 724 cents on the 800 more
than the Bank of Commerce, New
York, paid for a $50, OOO, 900 subscrip-
ton on the 4th of March last, which
closed out the sos of 1867 and 1868.
This calculation is based on the 4 of |
per cent commission offered by the
Sc cretary, and counting three months
interest which is allowed by law.
Tire secretary Of the treasury on
Monday last issued a circular to facil-
itate bankers in handling the new As,
and offers to accept in payment of the
same any called bonds, allowing the
full interest on them in advance.
Louisville and Nashville railroad
stock has been running wild in New
York for ONE time past. Last nights
kilograms report sales yesterday as
high as SIC and as low as SIC,
the close being 53Jc. On Satur-
day last it went up to 59c3, hay
ing risen from 36c within the past two
months. st. Louis and Iron Noun
tain stock went up from 15c to 1890
last Saturday, and Nashville and De-
catur LIST mortgage bonds sold at 1O5.
The total sales of stocks in the stock
exchange for the week was 1,032,650
shares, against S88,2j4 shares the
week before, and 947, S14 the week
before that. All Of the low priced
stocks were active and rampant, and
all classes showed improvement in
value.
Our local banks and several insur-
ance companies are now lending
money to all applicants who can offer
prime paper or good collaterals as
security, at 6 per cent. and the high
est rate asked at present is S per cent.
Money is in liberal supply and round
sums are lying idle.
Exchange offers in light amounts,
the demand for New York checks
being largely in excess. Rates since
Monday last have been par for cotton
bills on New York and New England,
without grace and ] off for sight OF
Boston and Fall River. Checks on
New York are premium. On New
Orleans rates are steady at par selling
and ! discount buying.
Local securities, if commanding
public confidence, find ready buyers
when put on Che market at full figures,
the tendency in the main being up
ward. The current rates at present
are as follows: County warrants dull
at SOC; Memphis gas bonds strong at
95c, and stock held at the same;
Masonic Temple 6 per cent. bonds
offer at par; Mississippi and Ten
nesseo railway first mortgage 49,
Union and Planters stock LOG,
with NO offerings fernando lnsur-
auce stoeS. last sold st III, and
Bank Of Commerce at sj@8G
State National Bank stock is quoted
at Sc; Bluff City Insurance, 7l4 {;
Memphis City Fire aud Marine In
surance, G5, and Phoenix do at 30.
Cotton.
The market opened this morning