Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-10-05
COMMERCIAL.
PUBLIC LEpaER OFFlcE,
MEMPHIs. TENN. 0elober 5. 1880.

MEMPHs. TENN, October s. 1880, I
The interest on the public debt, due
on the first instant, amounts to ST.
1888, Alb so and this amount has been
in course of disbursement for some
days past. The railways are paying
out about an equal amount, all of.
which is being added to the circulat-
ing medium of the country. The gov
eminent has purchased not far from
300, 900, 900 ofits own bonds during
the past year, the same being retired
to the sinking fund and the payments
made for bonds thus retired, goes into
general circulation. All of this
money together with much OF the gold
imported from abroad, has been in
vested in railway and other product
i've securities and has done much to
strengthen the high value they now
command in the market. The four
per cent bonds of the government
have experienced a slight decline
within the past few days, but they
still occupy a strong position and are
quoted at 1911. having been as high
as 110l. The financial markets of the
country continue easy aud money is
abundant aud cheap at all points. Al
Cincinnati, for example, it can be had
at 4 per cent on call and at 5 per cent
on four and six months time. In
New York it is 2 to 3 per cent on call
loans and Al to 5 per cent for mercan-
tile paper. In New Orleans CONNER
cial paper ranges from s to 10 per
cent, while loans on choice collaterals
and best mortgages are s per cent.
This is a higher rate than obtains in
any Of the leading northern or western
markets. Here there is only a limited
borrowing demand, and commercial
discounts are quoted steady at s per
cent.
Exchange is steady in this market,
With increased offerings of eastern
cotton bills and a liberal commercial
demand for New York drafts. The
latter are to be had of the banks at
par on both New York and New Or.
leans, while eastern bills are taken at
t to 90 discount without and with
grace and bills on New Orleans are lc
discount.
The Freedmen's bank commission
ers at Washington city report hal
about 100000 of the recent 10 per
cent dividend remains uncalled for
and creditors can receive their quota
by forwarding their pass-books either
through the mail or by express.
The value of silver in London i,
quoted at Sid, making the American
standard dollar worth in that market
SITE. In New Orleans silver ullior
is ia 2-l0c per ounce and American
trade dollars 94@95c; Mexican dollar,
are $50. Ii Sln Francisco the latter
are 9O@9Olc. The amount of STANDARD
silver dollars sent out from the minis
last week, as per report from Wash.
ington city, aggregates S793, 995 against
$33S,SS8 the week before.
The total arrivals of gold in thii
country from Europe during the tw,
months ending October I'd, aggregate
$7, O69,4OO, this includes American
and foreign coin and gold bars.
The gross earnings Of the Irol
Mountain railroad for the third wei
iu last month was SlSl,9OO, an %increas
over the same time last year of $l7,
796; and the total earnings since Jul
LIST has been S4,l24,040, an ~iucreas
over same time last year of S994,12
But three national banks have faile,
thus far this year, and Of these tn
creditors have already got dividends a
follows: First national bank of New
ark, New Jersey, seventy per cent
First national bank of BrattleborC
Vermont, seventy.6ve per cent, an
First national bank Of Meadyille, Pa
fifty per cent.
General Trade.