Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-01-21
COMMERCIAL.
PUBLIC LEDGER 0PFIcR, /
MEMPHIS, Tenn, Jan. q, 1880. !

The local money market is easy,
with mercantile paper in demand at 8
per cent, and a tendency toward lower
rates. Very little paper offers in the
open market; all of an untainted ma
ture car be readily placed among
banks or insurance companies. Loans
upon mortgages. and frst-class %collate-
rails, such as government or other
prompt interest paying bonds, are
effected as low as 6 per cent. Missis-
sippi levee coupons, of district No. 1,
sell at Is and 18c. All classes of
bonds and stocks with any future
promise whatever, are strong or
higher. Even Memphis city bonds
have advanced, until zoe is bid, with
no selling rates announced. Quota
lions for compromise bonds are 80 and
38c; a sale of Memphis fire insurance
stock transpired a couple of days since
at S72, an advance of 81 per share
since Christmas. Shares of the State
National Bank offer at 83c and gas
stock can be had at 75c; M. &C. r. r.
shares are selling at SIS, with a good
demand, whether speculative or to
satisfy the demand of some railway
kings schemes is as yet not apparent.
The tax-paying scrips continue strong;
Shelby county warrants are 50 to 95c;
Crittenden county scrip Coo, and
Mississippi county, Ark, scrip SOC.
Exchange is unsettled, the rates hav-
ing been altered on Monday last. The
new figures are, however, much more
acceptable to cotton shippers, a saving
of $1.25 per thousand being consider
able item in the course of their trade.
Buying rates for Eastern cotton bills
are lc discount for New York sight
and New England demand; &c dis
count for New England sight, and &c
discount for New Orleans sight; drafts
on all points sell at par.
There was a stir in New York yes
terday in the stock Of the Chicago, St.
Louis and New Orleans road, which
means the old Mississippi Central.
1t rose from $3.50 to 44!c, closing at
434c. Perhaps a combination is
forming to control this line and merge
it into some grand trunk system.
The upward movement in Louisville
and Nashville railway stock has been
a notable feature indeed In the history
of Auctuation. At this date last year
shares of this corporation went begging
for buyers at S35. Late in the spring
a slight advance was observed, and
this continued gradually until it
reached 500 on Friday last. The
opening figures at the New York stock
exchange on Saturday were 1913, the
price steadily advancing to Sill at the
close, with sales that day of 6,963
shares, and $1l4l ex-dividend offered
after board hours; they climbing to
1921 on Monday. The market of yes
terday seemed wild, dropping as low as
$106, but rallying to $1O93 at the close,
with sales of $500 shares. The de-
preston was due to a report hat the
recent buyers had only secured a ma
iority of the stock of the st. Louis and
Chattanooga road, whereas twONthirds
will be necessary to control its man
agement. The operations during Sat
III day, when prices were so high, we're
managed by a few heavy holders of the
stock, who found it easy to mark up
values ewing to the reported absorp-
ton of all connecting lines Of the road
at cheap prices by the Louisville and
Nashville company, and the existence
of a considerable short interest, which
was wofully scared. The news to-day
is that Cole still Yields power, and by
extending the railway from Evan ville
south, will continue to do SO.