Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-03-25

PUBLIC LEDGER OFFICE,
MRMPHIS. Mnrch o. 1870

Inc recent failure at New Orleans
of the Bank of New Orleans turns out
to be a bad one from all accounts. The
capital stock was $4,000, and shares
were offering freely at the low rate of
81 each, without takers. The Me
chanics and Traders Bank had a CAPT
tai of 100000. This is thought to be
in equally bad condition. The banks
held largely of State and city bonds,
the same having fallen to their pos
session from persons who put them up
al callaterals for loans. Their recent
marked decline had its effect, the
banks being unable to realize upon
the secrities in their bonds. Both of
the institutions named, it is said,
should long since have gone into
liquidation as their affairs have not been
in condition to attract the confidence
of the public. The general suspen
sion of the remaining banks at New0r-
leans was merely a %precaution to pre-
vent unnecessary ruins and not an act
of insolvency. Within two days of last
week after the suspension about 81
100000 in currency was shipped from
New York to New Orleans. This in
cluded nearly all held by the banks in
that city, and it is expected that at
the Saturdays weekly statement the
reserve Of the banks would be reduced
to nearly the legal % per cent. of total
liabilities.
The total liabilities of all the New
Orleans banks on the 10Th of March
was set down at $14,3O3, 900, of which
$~l3,879,0O0 was due depositors. The
cash assets at the same time was Sill
02S,000, of which over s Z 1000, 900 was
in currency and sight exchange. In
addition the banks held $9,62O,000
in loan and discount paper. This con
dition is regarded as very favorable,
and shows that there is no cause for
a panic or an uneasy feeling.
Our local money market is in a very
easy coudition, currency being album
dant. and the mercantile demand for
money light. Discount rates are the
same as heretofore, viz; COLO per
cent, according to the character of
the paper rendered, Or eollaterals
offered.
Exchange indicates no disposition
TO vary, nor is it likely to while cotton
shipments continue so active. The
banks are buying bills on New York
and Boston, without grace, at lc, or
$3.50 per $1,000; for sight on Bos-
ton and vicinity 1915 per thousand.
Bills on New Orleans are taken at ie
dis count. Checks on New Orleans
are sold by the banks at par.
The present quotable value of lead
ing local securities are as follows ;
Memphis gas bonds, ex-April cou-
pons, 81; gas stock, 90; county war
rants, 82@8S fernando Insurance
stock, III; Union aid Planters Bank
stock, 1O5; Bluff City Insurance
stock, III Bank of Tennessee notes,
new issue, 35@4l; Mississippi and
Tennessee first mortgage eight per
cents, 116, and second ditto, 80; Pho
nix Insurance stock, so; Memphis
General Fire and Marine Insurance
stock, 65. Sales of gas stock have
been made within the past few days
at Sc, and holders are generally firm
at SOC.
The price of silver bullion fell in
London last Friday to 4S5d per ounce.
In New Orleans the mint is paying
$1.0S per ounce for bullion in lots UNI
der 10000 ounces; also 83l@8lc for
Mexican and 90@95c for trade dollars,
An arrangement has been effected
Whereby it is expected that silver for
the New Orleans mint will henceforth
be mainly supplied from the mines Of
Mexico.