Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-01-15
COMMERCIAL.
PUBLIC LEDGER OFFICE,
MEMPHIS, TENN, Jan. Is, 1850. J

The money market is reported quite
dull, a steady accumulation of idle
funds indicating greater ease in the
near future. A feature of note is the
gradual increase Of silver coin and
small notes, of which there was a
scarcity in the city during the past
five or six weeks, The present inter
est rates in the open market are 6 to
10 per cent, with very few safe invest
meents offering. All good commercial
paper finds ready takers, among banks
and insurance companies, at s per
cent. Productive, or solvent stocks,
are in good inquiry. A sale of seventy
five shares of Memphis Fire and Gen
eral Insurance stock occurred a couple
of days since at zoe, which is its full
paid up value, or Whereabouts, and a
higher price than any hitherto made.
A sale Of twenty shares Bank of Com
merce stock isannounced to be made
this afternoon. More strength has been
impaired to gas stocks and bonds with
in the past few days, but no transac-
tions are reported. In county war
rants there is a steady taxpayers de-
mand at So to SOC.
Exchange is quiet and without va
ration. Cotton bills offer in liberal
amounts and are taken at $3.75
per thousand on New York and New
England, if bearing NO grace, and So
per thousand where grace is asked.
New Orleans bills are taken at 4c off.
Drafts on all points are sold at par.
The Planters Insurance Company
directory yesterday declared a5percent
dividend, and the Phoenix per cent,
both to be credited on the unpaid stock
notes of the stockholders, The COM
panies have enjoyed a lucrative
seasons business, and an immunity
from heavylosses has been a r prominent
feature with all Of our local insurance
companies.
A marked increase has been noted
in the amount of money transmitted
on postofhce orders from this country
and Europe. During the last quarter
of last year the amount sent in aver
age sums of $25, and never over $50,
to Great Britain and Ireland alone
were $449, 1926 against 1885 $3.50, and
nearly one-half of this was sent in
December. The same increase is
noted in drafts on Germany. The re-
mittances are chiefly made by the
poorer classes, and is another indica-
ton of the prevailing prosperity in this
country in contrast with the suffering
in Europe. r
The railway extending from Vicks-
burg westward to Monroe, on the Qua
chita river, has passed into strong
hands, and there are promises that the
road will be completed through to
Shreveport in a year.. There it is to
connect with the Texas Pacific, now
running beyond Fort Worth. Con-
tracts have been signed, it is stated, to
finish the latter road to FL Paso.
Estimates made by financial Stats
ticians are to the effect that there il
now $125, 0O0,0 900 more coin in the
United States than there was a year
ago. Upwards of$8O, OOO,O 900 has been
imported from Europe, and the re-
mainder was the product of the coun.
try.
Latest London quotations for silver
are 50 ZIG per ounce. The value Of
our silver dollar in that market, ac-
cordlng to this Inquire, 10 o|4c, Ih(
Bank of England's rate of discount
remains at 3 per cent, while open
market rates are only 2 per cent.
Start a hundred dollar note out
from any point in this country, west
south, or elsewhere, and it is dead
certain to find its way to New York. il
due course of time. The natural flow
of money is in the direction Of that
great financial center. 1t is sent out
from there in the fall and always flows
back in the winter and spring. 1t is q
notable feature this season, however
that currency is much later returnin!
from the west and south than ia for.
mel seasons.