Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-05-07

PUBLIC LEDeER OFFICE, /
MRMPHIs, NAV Z. 1879. I

80 NVhAOASldl paper, Il
light demand for loanable funds, with
interest rates easy, and an excessive
supply Of money in the channels where
currency usually accumulates, are the
leading features in the financial mar
ket. The small quantity of mercan-
tile paper offering can be readily
placed among the banks or insurance
companies at 6 per cent, though s per
cent. is occasionally asked. The same
general condition prevails in all none
tary centers Of the country. Money
is abundant and cheap everywhere.
with few enterprises offering that
promises profitable returns, though a
general improvement in trade chan
nels is reported everywhere.
As the cotton season draws to a
close bills on the East offer in reduced
amounts, and are taken on less strin-
gent terms. For a few days past the
banks bought Eastern bills, having no
grace, at par and at ] discount for
sight bills IN Boston or Fall River.
Checks on New York are in active re-
quest, and sell at 4 premium. New
Orleans rates are par selling and } off
buying.
Slackness among taxpayers has
caused a dull market for county war
rants, brokers present selling rates be-
ing 50, and buying at 80. Quotations
for other securities are as follows,
with a good demand for all solid and
productive: fernando Insurance
stock, Sl23 80 per share Mississippi
and Tennessee 1st mortgage 8 per
cent. bonds, $l13 80; second do.
1872. Union and Planters Bank
stock, S1O8. Bluff City Insurance
stock offers at Y; gas stock 90 and
gas bonds IS. Tennessee Bank
money is quoted at 1905. Other
stocks are quiet with few offering. A
ready demand prevails for all that are
productive.
The Montgomery and Eufaula rail-
road was sold a few days ago for
$2,12O,OOO, the Georgia Central be-
coming its purchaser. The latter has
satisfactory traffic arrangements with
the Louisville and Nashville road,
and though the latter was in the mar
ket as a bidder for the Eufaula line,
and it missed fire, yet the prospect of
a favorable interchange of business is
attributed as among the prime causes
of the recent advance in the value of
Louisville and Nashville railroad
stock and securities. The stock rose
to 64c in New York yesterday, an ad-
vance from 36c within the past two
months. The stock of the st. Louis
and Iron Mountain road also went up
to 294c yesterday, an advance from l4c
within a brief period.
The government As closed in New
York last evening firm at 102. A
slight advance is asked here.
Nearly s4O,0OO,0OO of the S121 ,OOO,-
900 of As recently purchased by the
New York banks have, it is reported,
already been sold to permanent invest
Ors. A single life insurance company
took S2,OOO,OO0, a savings bank S2,OOO,-
900, and other corporations 81, 100000
each. The reason assigned for this
desire of monetary corporations to in
vest so Literally is that they have
Jared badly with real estate security,
town and county bonds, and other
miscellaneous investments during the
past few years, and they regard Che Is
as a safe investment, though they
promise lighter profits. Our govern
ment bonds are now dealt in on
every bourse and stock ex-
change in the world. The in,
creased activity and vigor in business
all over this country as well as Europe
has stimulated and increased their
recent sale, The As are untaxable in
any form, and the interest is
paid every quarter. Those holding
called bonds can exchange them for
As, so that they may draw interest at
the rate Of 6 per cent. for the next
few months. 1t is believed that our
national credit has SO improved that
the government could float a 81 per
cent. long date bonds at par, and that
it will.do this as o as the Is Of 1881
can be reached hence the activity
and gradual advance in the market
value of the As.
Cotton.