Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-04-07
COMMERCIAL.
PgBLIo LEDGER OFFICE,
MENpUTa- Anril Y 1870

NV VrNlQEg e.
MEMPHIS. April 7. 1879.
Nobody has reason to grumble at
high prices for any article of prime
necessity at present, but if there is
n thing cheaper than another it is
money. Two of our banks have alone
over 100000 on hand at present.
All corporations, including insurance
companies, have a large surplus. for
which there is no present employment,
nor, indeed, any prospect of it being
wanted during the coming summer.
The question of announcing through,
the newspapers hat banks will lend
all the money wanted if solvent secu-
rity can be given at 6 per cent, has
been discussed among the bank direc.
tors. AT present, however, bank and
insurance companies quotes per cent,
though prime %indorsers can readily
get favors for their friends at G per
cent. On the streets rates range at
from 6 to 10 per cent. Any person
who desires credit and who is able to
offer respectable security can obtain
loans in this market, and the same
may be said of other cities in the West.
Money is abundant, solvent borrowers
scarce and rates low. This is the ac-
tual situation, and in direct conflict
with stories that have recently APP
peared in Northern journals charging
that the country is going to ruin and
credit is unknown. Thefacts are that
all, except the shiftless and worthless,
have too much credit.
Exchange here is without variation.
Cotton bills offer freely and are taken
at of for sight on New York and
demand on New England. Demand
bills on points beyond New York
discount. On New Orleans buying
rates are discount and selling at par.
Checks on New York are also sold at
par.
The suspension law permitting State
and county tax accounts to run with
out penalty until next September, has
placed county warrants in a dull state.
They are accepted by the tax collector
at par, but no movement at present
causes them to be quoted in the open
market at more than Soc. There has
been an upward turn in several local
securities. Memphis gas bonds are
firm at 949c, and gas stock last sold at
SEC, and is held firm at 90c, if, indeed,
it can be had at that. Union and
Planters Bank shares sold at l06
State National Bank at SO, and Bank
of Commerce do, at 94!@85, Other
stocks are now quoted as follows
fernando Insurance stock, III; Union
and Planters Bank stock, 105; Bluff
City Insurance stock, III Bank of
Tennessee notes, new issue, 35@4l
Phoenix Insurance stock, 80; Mem
this City Fire and Marine Insur-
ance stock, G5.
The total national debt, less cash on
hand on the first of the present month,
was S2,027, 100, 265, an increase during
the month of 1892, 724, and a decrease
since last June of $685., SIG. There
was issued during last month by the
treasurer at Washington, 42,68O,0OO
new 4 per cents, and $5O,690, 500 6 per
cents were retired. The total amount
1 per cents now outstanding is
$4i9, 400 900, on which the semi-annual
interest, amounting to $1,000, 900, has
been in course of payment since the
LIST instant. The As are widely scat
tered among $4,000 holders, and the
interest checks are mailed to them.
Over 100000 of the new interest
bearing $40 treasury notes, upon each
of which 40 cents interest secrues
annually, have been issued, and it Is
expected a heavy volume will shortly /!
be placed in the hands of the people.
AS an investment these bonds or notes
likely to be more popular than
savings banks.
Freight is now carried from Chicago
to New York by rail at 15c per cwt,
and on through bills from Chicago to
Liverpool at 40c per cwt. This is the
lowest rate yet heard of on freights
between this country and Europe.
Cotton.
~ I