Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-12-01
COMMERCIAL
PUBLIC LEDGER OFFICE,
MEMPHIS, Tenn, DEC. /, 1879

G ~ WV
The New York bank staten emit, as
telegraphed yesterday, announces a
still farther increase of specie and a
decrease ofcurrency notes, the latter
having diminished to less than SIG, 0O0,-
600, while the gold and silver on hand
exceeds $50,000,000 The specie
deposits have increased in the same
ratio at all leading money centers, I'M
til bank notes are now worth a slight
premium in various markets. A far
Their decrease of the paper currency Of
the country is threatened, it being
strongly limited that the forthcoming
report of the Secretary Of the Treasu-
ry will urge upon congress the neces-
sity of retiring the national
greenbacks now in circulation
%amountlngto between 1925, 00O, 900 and
S35O,OOO,O00, or about half Of the en-
tire volume of paper currency of the
country. This would indicate that
ere long gold will again become the
leading circulating medium. At
present it is rather unpopular in bank
ing circles, owing toa little extra ex-
pense incurred in getting it transport
ed from point to point. Silver and
all classes of small change has been
scarce here for some weeks past, the
bulk of it having gone to the country
am Ong planters and cotton pickers.
The return flow may be expected after
the christmas holidays. In other
respects u money market is quiet
and easy, with but little movement
outside of cotton bills. Real
estate is not in request, and
but little is doing in the
loan market. Mercantile paper is dis
counted at s per cent, with special
loans OF choice collaterals attainable
at 6 per cent. Exchange is steady
with free offering Of cotton bills at &c
discount without grace or points east,
and &c discount with it. On New
Orleans bills are tc discount. Checks
on all banks are sold at par.
A little over $45, OOO,O 600 of standard
silver dollars has been coined under
the act of congress of February, 1878,
and of this amount $4,000, 600 are in
circulation. The remainder are in the
treasury vaults or slowed away at the
mints.
The failure of the dry goods firm of
Walker Bros. & Co. caused much sur
prise at New York, where the house
enjoyed the fullest confidence. 1t is
estimated hat at one time it was
worth 100000. A large portion of
the liabilities are due in New York,
and also considerable in Philadelphia,
where the firm has an agency and
factory.
The First National Bank, of
New York has paid the
final dividend of about J per cent.
to the members of the great syndicate
of the 10th of April, of 1921 600 Z. S.
As. The whole profit is said to be
$50 per cent, or S2,178,0OO. The
interest Of the First National was over
40 per cent.
Recently the Bank of California re-
duced its capital stock from s., 100000
to $1,000 600, and now the Nevada
Bank reduces its capital stock from
$1,000 900 to $1,000, 900. Excessive
taxation is the reason for this step, as
it will save the stockholders a very
large sum under the present system,
and a still greater amount under the
operations Of the new constitution.
The Bank of France has in its
vaults, in specie, S419, 0OO, 600, of
which $11 100000 are in gold 20 franc
pieces, S59, 100000 in 10 and 5 franc
pieces, and $3.50, OOO, 900 in silver coin.
The bank lost 81, OOO, 600 in gold in the
last week Of October.
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