Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-11-29
COMMERCIAL.
pUBLIo LEDGER OFPIoE,
..nnrn nnr.... NnVeInhar %. 1880.

Interest to the amount of $1O,195,-
1880 will be discussed by the gov
eminent on and after "Wednesday, the
first of December, the same being the
quarterly payments on $25O,OOO,OO Of
Al per cents. issued in 1870 and due
September LIST, 1891 also quarterly
interest on s738, 263, $50 4 per cents.
Meantime, the government is in the
market to purchase some Sl3,OOO,OOO
of 6s of 1880, all Of that series now
out and to fall due at the end Of next
month. In May next some SAFE, 0O0,-
OO0, 900 offs per cents fall due, and at
the close0f June next sos, 500, 900 Of 6
per cents. arc due. They will all
doubtless, be refunded in A per cents,
or bonds carrying a lower ratio of
interest. The government's credit
is the best in the world at present and
it can borrow as much money as may
be wanted, almost on its own terms.
Money is relatively cheap everywhere,
and especially so in London, where it
can be had at u per cent, or even
less. In New York and other eastern
financial markets of this country it is
also plentiful and cheap. Railways
are earning enormous profits, and the
dividend season now close at hand
will doubtless witness a liberal distri-
button of earnings 10 stockholders Of
private aud other corporations all over
the country, here as well as elsewhere.
The public debt statement for the
present month, to appear tomorrow
or next day will show a decrease of
the debt since last month of about
$1,000, 900.
In addition to the interest to be
paid out by the government after the
first of the month, the s%emi-annual
interest will also fall due next Wed
nesday on s3,95O,OOO of 7 per cent
bonds OF the Cairo, Arkansas and
Texas, and the Arkansas branch of
the Iron Mountain railway, in all,
$l38, 25O.OO; also on k3,5Q0,0OO per
cent sterling bonds Of the Memphis
and Ohio railroad amounting to Sl22,-
500; also s5,000,0OO 6 per cents. Of
the same corporation amounting to
$3.50, 900, and payable at the Barring
Bros, London; also on 81, 900 new
bonds of the Mobile and Ohio rail
way amounting to $245, 900, payable at
Mobile and New York. The above is
abodt all the interest on railway
bonds to be disbursed next week on
account OF railways running through
this immediate section, but a large
amount will be paid on other roads of
the country, and a considerable ad-
dition may be expected to the circu-
lating medium. When the new year
sets in, interest and dividend dis
bursements will be heavy.
There is no monetary stringency in
our market, nor is any probable. All
indications point to easy finances
throughout the winter and next year.
The ruling rates for discounts Is s per
cent, but only undoubted mercantile
paper or solid collaterals are regarded
with favor by the local banks.
Exchange is in free offering, and
bankers buy straight bills on New Or
leans, New York and New England
at / cent discount. while graoe-carry-
ing bills on the latter are Z cent dis
count. Drafts on New York or New
Orleans are sold at par.
Uncurreht securities, If productive,
occupy a very strong position, and
meet quick sale when put on the mar
ket. The ruling values Of those
mos in favor here appear in the sub
Joined table, though several would
doubtless command higher prices than
quotations:
Shelhv n Warrants ,.. rs IA 81