Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-01-29
COMMERCIAL.
PUBLIC LEDGER 0PFIcR,
MEMPHIS, Tenn. Jan. 90. 1891

1880 - Aa0Na y
An interesting statement regarding
the circulation of money in this coun-
try, and its slowness to return to its
natural depot of accumulation, New
York, appears in the issue Of the FL
nancial Chronicle of the oath inst.
1t says: "The drain of money to the
interior during the last half of 1879.
has up to this time had no return
movement except in a very limited
way. At such a time of business ac-
tivity, the medium of exchange must
always to IN increasing extent 90 out
of sight. 1t is passing from hand to
hand, from bank to bank, from one
depository to another. The operation
is not very dissimilar to a crop at the
height Of its movement-no visible
supply table can then take in all the
unmarketable receipts. So to-day
much Of the lawful money that has
gone out of sight, is simply out of
sight because it has double or triple
work to do. Every district of the
country is using supplies in this way.
Throughout the South there are few
banks, and in the remote West, where
lands have been opened for wheat Gull
ture by the transfers of population
since the panic, no banks exist as yet.
Gold, silver and currency goes into
those sections, and a part will be re-
tanned until it comes out to pay for
summer supplies. All over the plant
ing districts very many producers are
probably retaining at their homes a
share of the profits of their late album
daut crops, for future use" Figures
showing the money movement in New
York during the past year, and the
amount that has been absorbed by the
interior country, are given, which are
surprising to those not familiar with
the matter, and it appears that more
than $160,O0 900 has gone into circu.
lation from the national treasury, and
the New York banks, since January LIST.
1879. At that date there was in the
u. s.. treasury $$22ii33, 449922, 5S6, exelusi re
of silver, and the New York banks
held S62,8lS,800, in all, 1885, 51, 1856.
During the year $8O,OOO,O 900 gold was
imported from Europe, $33,OOO,0O0
produced, and there was 800, 600, 900 of
bank expansion, making the total sup
ply S4O9,2 51 1856. On the LIST inst, the
treasury held s1S3, 693, 521. aud the
New York banks SCI COS, 900, a total
of $244,699, 12l, showing that the
amount distributed in the country at
large from New York, has been
$l64,552,2 65.
The exciting furry in stocks and
railway bonds continues in New York.
Yesterday $4,000 shares of the Louis
vile and Nashville stock cranged
hands at from $121 to 1925 per share,
the price closing at 1923. Of Nash
vile and Chattanooga stock 1000 shares
we're sold at from sSl to $685., prices
closing at the inside figure. Last
year the stock huctuated from $35 to
$83, and on the 10th inst, during the
big boom it went to So. 1t is reported
that parties are buying up the Little
Rock railway securities in a quiet
way, and the recent advance in their
value would warrant the belief that
there is something in it. There has
been a strengthening influence at WORK
in New York regarding our city secur-
rites. Compromise bonds are now
quoted at Soc; last sales were 35c.
Old bonds are now quoted at 20. In
this market gas stock is quoted at 20;
Mississippi first district Levee coupons
l6al8, and Shelby county scrip 88a95,
The local money market is easy,
with bauk discount rates unchanged
at 8 per cent, and open market rates
G to 10 per cent. Exchange active,
with increased offerings, rates being
steady at to Z discount Cor Eastern
and / discount for bills on New d.
leans. Checks on all points are at par.