Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-10-04
COMMERCIAL.
PUBLIC Ledger oFrrcr,

At the recent meeting Of holders Of
old Memphis city bonds, and the COM
misicuers of the city at Baltimore,
the discussion took a more liberal
turn, and tie views expressed by both
sides appeared more reasonable as
we'll as feasible than occurred after
wards in the conference at New York.
The idea appeared to meet general
approval that the old debt ought to be
funded at about 30 cents on the dollar.
The entire debtwa s estimated at about
$4,000, 900, and reduced to say one
third, would make it about 81, 100000.
At the present assessed value Of the
city property, a tax OFFS cents on the
dollar on ,48O, of which some-
thing like S2,5O0,0OO is delinquent to
the city and state for back taxes,
enough could be realized to pay 6 per
cent interest on the debt if scaled on
ths one third basis. The present city
tax is 81 80 for city purposes and
IS cents more for state and county,
which, added to the proposed 70 cents
for interest on the old debt, would
make 3 per cent. and about all
the property.owners Of the city ought
to be burdened with. The idea
generally expressed was to scale the
debt down so that 100000 or $780,
900, to be raised by a seventy five per
cent tax, would pay 6 per cent inter
est. As the bonds have not been
worth more than IS cents for a mum
Der Of years past, and did not cost the
present holders more, ii as much,
while they are now worth but % cents
on the market, a settlement at 30 cents
seems to be reasonable aud just to all
parties, and is not a heavier burden
than the property-owners could bear.
At the New York conference the only
city commissioners present were DR..
D. 7. Porter and Mr.. T. B. Turlev,
while the bondholders were repre-
scented by Messrs. R. B, Snowden,
John Overtou, John NJ. Lea,
F. s. Davis and f. S. Cos
slit. The proceedings Of the latter
meeting were secret, and all infoFma-
ton was withheld except that it was
harmonious and satisfactory. Letters
since received from Mr.. Cossitt and
published here indicate that a basis Of
about so cents was the mutual views
of the New York meeting, The debt
of the city, as reported by Receiver
Latham in July, 1879, was $4,55i,O0O,
and taking the compromise bonds,
amounting to $l,O54,OOO at par, would
swell it to $4,000 0 Interest and
other claims since would push the
column up to sc, 800, 900.
The only feature of interest in the
money market during the past week
is the fact that gold coin is
likely to become the leading
circulating medium hereabouts before
the Christmas holidays. In the settle
ment of small bills on the first, a con-
siderable quantity Of gold was used,
more in fact than has been seen at any
previous time for IS years past. The
last weekly statement Of the New York
and Boston banks gives ont that S73,-
600. 900 in gold coin is in their vaults,
while in paper currency there is but
SIG, 1865, 200. As Don as the money
movement south ana west to pay foi
cotton and grain sets in, a part Of this
coin will be sure to come to US. Mean
time the local money market is easy ni
per cent. for commercial discounts
which are in light offering for the sea.
son. The New York money market is
also easy, with discount rates at 2 anc
3 per cent. In London bank rates O
discount are q per cent, against 5 pei
cent. two years ago, At Berlin the
Imperial bank has advanced its ratt
to 81 per cent. The drain of gold fol
shipment to this country has mad,
money scarce and dear in Germany.
Exchange is steady, with increased
offerings OF cotton bills, which tn,
banks buy at 81 so to 50 70 Der thou
sand, without and with grace, on New
York and New England. Drafts OF
both New York and New Orleans ar,
sold at par.