Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-09-22
COMMERCIAL.
PUBLIC LEDGER OFFIcE,
fPHfs. TRIM. september o. 19g0

MEMPHIS. TRSH., September az, 1880 (
The clearing house report exhibits
a steadily increasing volume of bust
ness. This exhibit is gratifying, not
only to bankers and merchants, but
to all classes Of citizens, as it fore
shadows the lively activity and lucra-
tive traffic ahead of US and to be
transacted during the coming season.
Our trade is already heavy, and prom
Uses to be more 50. within a brief PEI
riod. The money market is quiet and
easy with rates of discount at eight
per cent, except where a borrower
can dictate terms, and many being in
a condition to do this, secure loans at
six per cent.
Exchange offers in rather limited
amounts, but the day is close when it
will be in liberal volume. The de-
mand for drafts on New York contin-
ue heavy. The banks sell at lc. pre-
MUM aud take cotton bills at par to
&c. dicount. New Orleans rates are
unchanged, at par selling and ic. off
buying.
The last weekly statement Of the
banks of New York shows that with
an aggregate capital of $50, 900, 900,
they now hold in deposits $29S, $780,
800, an increase since the last of Jan
uary Of $38, 900 900. They also have
in specie, chiefly gold, $66,34O,3 300, an
increase since January 3lst last Of
$l6,0O0,0OO. Their legal tenders are
reduced at present to $13,94S,200, a
falling off since January 3lst of 49,
100000. The banks of Boston now
hold seven millions of specie and less
than three millions Of paper currency
The latest New York quotations
Of Mexican silver dollars is 88@89c;
fve.fraucs 92@95; American trades,
99l; silver bullion 1125@113s. In
London silver bullion is 50 3-16d, and
our standard dollar is there worth a
fraction over SIC.
The earnings of the Paducah and.
Memphis railway for the first week Of
September were $3.50 against S2414
last year for the same time and the
total since January first reaches
134,l24 against 1902, 1871 same time last
year. The earnings of the Memphis
and charleston railroad for the first
wee1 in September was 500, 254 against
S7266 last year for the same week, and
the total since January LIST is S67l,l97
against $5O5,563 for the same period
last year. The Louisville and Nash.
vile for the same period earned S.,
763,71O against 1887 $50 last year,
and last year the stock of the latter
road ranged from 35 to s9l. 1t ad-
vanced to 1914 in April last and is
now worth 1852, an advance from 143
since Saturday last.
The New York Financial Chronicle
of Saturday last quotes Memphis and
Charleston railway stock at SO and
3Sc; ditto FIRST mortgage z per cent
bonds 100; ditto IDS SO and 100, Mis-
sissippi and Tennessee IS series A 127
and 1872; ditto B lO8 and LIZ; Louis
vile and Nashville Z per cent consols
ll7B and 100; ditto Eds 1O4i and 1861.
Cotton. ,
Our market opened this forenoon
with an easier feeling, figures abroad
showing Lied decline. The demand
continues good for all offerings of new
cotton, but old stock is neglected.
Our receipts to-day were 922 bales,
and for the past three days 27s1 bales;
also tor the past seven days 1919 bales,
The total receipts since September LIST
are now 1861 bales inexcess ofreceipts
at this time in 1877, Lastyear, owing
to quarantine blockades, we had re-
ceived but 95 bales at this date, and
the year before 654 bales. Sales in
this market yesterday were 100 bales,
all to spinners, the market closing
lower to sell, but with quotations I'M
changed, as follows:
COTTON EXCHANGE oU~0fArioEs,
STANDARD International OlasBifcstion.I
Ordinary .......... Az