Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-12-27
COMMERCIAL.
PUBLIC LEDGER oPFroE,

mAAHnA9N @AN 0LNNhAHN 81 " ,
The year draws to a close with an
unsettled feeling in financial circles.
The settlements between country mer-
chants and their customers, including
their city correspondents usual at this
period, have been much less satisfac-
tory than was anticipated, and in many
quarters it is likely to pinch the
agriculturist to carry his business
through successfully to the end of the
ensuing cropping season. The unusual
inclemency of the weather, now Of
eight weeks duration, has SO reduced
the cotton outturn and impaired the
quality of that portion not saved
before the stormy season set in, that
the financial result has fallen far
below the anticipations o bOth planter
and merchant. While no serious
monetary disturbance is expected in
this section Of the country, yet the
signs are not at all encouraging. Our
banks, meanwhile, hold firmly up in
their rates for discounts, and scrutinize
all paper offered with a cautious eye,
accepting none but strictly choice
and all taken is at the steady figure Of
8 per cent. The customary disburse-
ments in the form of dividends and
earnings o. our various local insurance
and other corporations will commence
within a few days, and a moderately
profitable yield is looked for, exceed
ing, perhaps, a hundred thousand
dollars. In addition, the government
is now disbursing some $25,0OO,0 0C
In Interest on the four per cents
and redemption and interest Of six pei
cents now due, The new yeal
payments for interest and dividends by
railways, savings banks and corpora
lions generally, also on state bonds
throughout the country will be larger
than usual, and this will perhaps dc
much toward easing the stringency il
eastern money markets, which hal
been so serious for the past two weeks
as we'll perhaps to aid in averting {
threatened crisis, which has been pre-
dicted by some. In this connection
it may be well to add that Mr.. JAY
Gould a few days since expressed tn,
belief that a great financial crash il
to come ere long and that the wildes
panic ever known is close at hand
that there are many crazy bulls il
New York and other markets who Dc
not know what a panic really is. Mr.
Gould has not invested in any stock
himself Tor some time, except IroI
Mountain, which was bought for
purpose. The New York Indicator
slluding to this, says;
"Thunderbolts do not come from
clear sky. If a financial storm is i'm
pending, it is being worked up ate
the fashion of the late artificial strin
gency in money. 1t is kind of thi
benevolent operator to warn the stree
of the as yet invisible cloud that |
very soon to break over their heads
1t is not. at All improbable that Nj
Gould may be just now engaged in en-
gineering a plan for a panic, for it j
by such means that he makes hi
money. 1t is very seriously questione
BY those who have been close obsery
ers of his past career and methods G
operating whether he has not yet
earn his first dollar in a legitimat
transaction. To take advantage Of tn
misfortunes of others and to slaughte
his friends if necessary to carry gu
his W selfish purposes are favorit
methods of this gallant and chivalrou
operator"
The exchange movement in the loca
market during the past week has bee
moderate, offerings having been i
reduced volume because of ligh
sales OF cotton. Bates are unva
Fied, bankers take eastern cotto
bills at 50 5O@3 IS per thousand dis
count, and sell drafts on New York O
New Orleans at par. They buy bill
on New Orleans at 3c off.
On Tuesday last at an auction sal
of stocks in Philadelphia 40 shares Q
the old Union bank of Tennessee sol
at 81 for the lot, AID 20 shares Of til
Planters bank Of Tennessee at S3.5
for the lot, while 8 shares Of III
Northern bank ofKentucky soldatpa