Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-05-20
COMMERCIAL.
PgBLIo LEDGER OFFICE, |
MEMPHIS, May 20, 1879.

The financial market is quiet, with
capital abundant and cheap, borrowers
scarce and with all solvent securities
strong with an upward tendency, even
for those paying the lowest rates of
interest. The large stock of surplus
currency now lying idle in this market
has placed interest rates as low as 4
per cent. and loanable funds are
attainable at this figure if 6rst-class
securities, such as governments, are
rendered. Commercial paper offers in
sparse amounts and may be easily
placed at 6 per cent. The mercantile
demand for money is exceedingly
limited.
Exchange is quite with a demand
for Eastern in excess of the supply.
Rates are as follows Cotton bills on
New York and New England without
grace, and $1.25 per thousand for sight
on Boston or Fall River. Checks on
New York are sold at the banks at
&c premium. New Orleans rates
steady, at par selling at lc discount
buying.
New government is closed in New
York last evening at 1925, which in
cludes interest from April LIST.
The advance is partially due to an
increased demand in Eastern markets.
On Thursday last the price was 1929
in New York, and the Tribune next
day had the following regarding the
advance to hat figure Syndicate
had sold to j. s. Morgan 4 Co., for
the European market S15, 900, 900. 1t
is learned that this transaction oc-
CURED several days ago; that j. S.
Morgan 4 Co. bid for $4,000, 900, and
that the syndicate refused to sell
them more than $4,000 900, and only
at the market price Of that day; and
that after some negotiation the sale of
$l4,OOO,OO0 was effected upon the
terms named by the syndicate. This
transaction comes at an opportune
moment, because the rates for sterling
exchange have been steadily approach
ing the specie shipping point, and even
now remain firm despite this creation
Of 100000 sterling bills.
Firmness is manifested in all classes
of productive stocks here as we'll as
in the New York market. Mississippi
and Tennessee second mortgage bonds
are quoted at 50 county warrants in
dictate stiffness and are now 81@82
buying, with &c added by sellers. In
old city securities there is no move
ment. A new lot of securities in the
form of Mississippi river barge bonds,
are quoted in the New York market
at l03. In the same market last even
ing Louisville and Nashville railroad
stock was up to SO. Last week sales
of Louisville and Nashville first
mortgage bonds was at III second
do. 1907 Nashville and Decatur frsts,
1O7@1OS; Mississippi river barge first
mortgage 6's. 1903; St. Louis and Iron
Mountain stock, 20; do. first-mortgage
bonds, 1l4@116; do. second-mOrtgage,
1904 Arkansas Branch, first rs,
90@95 Cairo and Fulton do, 97s@99;
Memphis and Charleston frst-mort-
gage, 98@99 Nashville and Chaita-
nooga frst-mOrtgage, 1929.
The consolidated securities of the
New Orleans, Jackson and Great
Northern railroad and the Mississippi
Central, now known a. the Chicago,
st. Louis and New Orleans. had the
following securities tested on the New
York stock exchange last Thursday !:
Chicago, St. Louis and New Orleans
railroads stock, S10,OO0,OO0; Q. st,
Il. and N. o. Tennessee line bonds,
81, 199, 900; c., st. l.. aud N, 0. first
consolidated mortgage bonds, 81 SOL
600, and second consolidated mortgage
bonds, 5000, 900. w
Cotton.
The market Opsaed this morning
excited and with few operations, the
rapidly advancing conditions OF The
New York market unsettling values
and rendering higher quotations out
of the question. The following were
last evenings closing
OOTr0N EXCHANGE QUOTATIONS..
STANDARD International Classification
.... .....- Nll%s