Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-02-21
COMMERCIAL
PUBLIC LRDGKR 0FFIoR,


The ferment continues in Eastern
markets among railway securities, and
those in which people hereabouts are
most interested seem to occupy a
leading position in the buoyant boom.
The Nashville and Chattanooga stock
apparently held the age yesterday,
climbing 50 per share, and closing at
1921, with sales Of 1900 shares; the
highest figure reached during the day
being 1881. Iron Mountain shares
sold tothe number of 1000, the closing
figures being 63l. Louisville and
Nashville stock closed at 1434, with
sales of 5000 shares. Recent mail ad-
vices from New York announce that
the Georgia railroad company and the
Georgia Central have consolidated
with the Louisville and Nashville,
the contract having been negotiated
three weeks ago by Vice-P President
Newcomb, and it has since been rati-
fed by the two Georgia roads. This
agreement gives the Louisville ana
Nashville company control Of every
port on the ocean or gulf between
Wilmington and New Orleans except
Brunswick. The Selma and Pensa-
cola road was bought on February 4th,
and the Mobile and Montgomery on
that day elected new officers, which
practically transferred hal line to the
Louisville company. These contracts
andpurchases have doubtless strength
ened confidence in the Louisville and
Nashville and its connections. A scrip
dividend of 6 per cent it is stated will
shortly be issued to stock holders,
and the Nashville and Chattanooga
company will shortly declare a 6
per cent cash dividend. Not over
one-third of the $9,000,OOO stock
of the Louisville and Nashville
vile is now held outside of New
York and Boston, and Louisville owns
about s1,S0O,0OO of this. Nashville
sold out some time ago, and the coun-
ties in Kentucky have all disposed of
the interests they held some time
since. Last week Drexel, Morgan &
Company, of New York, put
on the market a portion of
the first mortgage six per
cent gold bonds Of the Evansville,
Henderson and Nashville road, of
which S2,4O0,000 are to be issued, pay
able December 1st, 1919. They sold
to the amount of 81, 600, 600 at 1921.
The roads property is m~ortgaged at
the rate of Sl7,5OO per mile, and 81
miles pass through Kentucky and IS
in Tennessee. The bonds sold cover
The Kentucky division. The remain
ing 100000 on the Tennessee division
have been deposited with the New
York Central Trust Company, and
cannot be disposed Of until the claim
of prior lien made by the b~ondholders
Of Tennessee has been finally disposed
of by a court Of competent jurisdic.
ton. The earnings of the Louisville
and Nashville railway proper for the
month of January is given at $647 ,671,
and is Sl97, 1876 in excess Of last years
earnings during the same month.
This exhibits a gratifying improve
ment. The gross earnings last year
summed zap $j,955,575, and the net
$2,543,383. operating expenses being
$3,412,192. The year before the gross
earnings were $3.50, 100, the net g.,
165, PIG, and the operating expenses
SO, 1S9,SS4.
Our local money market is quiet,
mercantile discounts ruling steady at
8 per cent. Exchange continues
steady and active, rates being So sc
per thousand on Eastern cotton bills
carrying no grace, 50 70 per thousand
ON New England sight, and fc off on
New Orleans bills. Drafts on all
points are sold at par. The following
are the quotations for uncurrent
stocks and securities here.