Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-09-08
COMMERCIAL.
PUBLIC LRDGER OFFICE,
INNS. TRNN.. September &. 1890

AAhhAN aAHhNNh WI ANhH L.
memphis. TENN', September 8, 1885,.
tranquility prevails in monetary
circles throughout the country. The
flow of capital from the seaboard mar
kets toward the south and west has
set IN, and a gradual reduction is no
ticed in the Atlantic cities but as
this is always expected at the present
season of the year, it occasions no re-
mark, bankers being prepared for it.
Capital is plentiful at all points, and
even in Canada financial affairs are
easy, with money abundant and no
profitable employment for a large por-
ton on hand. Our local market is no
exception to others. The demand for
loanable funds is lighter than usual at
this time of the year, and six per cent.
rules as the current rate of discount
on all frst-class commercial paper,
while it is quietly limited that even
lower figures may be secured if a ia
yorite customer with solid backing
presents an earnest claim. In some
cases 8 per cent. is asked, but it is
only obtained in a few. The indica-
tions point to financial ease here and
elsewhere throughout the fall and
winter months. The amount Of
money on deposit in the three cities
of New York, Philadelphia, and Bos-
ton. aggregates $4,000, 900, while
speeie Ia the vaults Of the New York
and Boston banks is upwards of $70,-
10000. and the legal tender currency
only $4,000, 600. The volume ofloans
and discounts in the three cities men
toned, at the latest mail dates, aggre-
gated $3.50, 900, 900.
Exchange in this market is quiet
and steady at par to ! cent discount
for the few eastern bills that offer
and $3.50 premium for checks
on New York. New Orleans
rates arepar selling and / cent
discount buying. No alteration
in exchange is anticipated until
cotton moves with greater activity
and causes an increased demand for
eastern bills.
After ranging from 1870 to 1872 fol
more than a week past, Louisville and
Nashville railway stock has advanced
70 l4O. The sales in New York fol
the week ending Friday last was 32Ot
shares. The bonds of this road were
quoted as follows at the close Of last
week. First mortgage Is, ll53 do
sterling. Is, NJ. and 0. branch, llSi
do Is. 107@l08 do othel
branches. 103@105. The quota
lions in New York four days ago fol
Memphis & Charleston railway stool
was 80 to 35c; do LIST mort, Z per cent
bond. 10O@105; do IDS, 99@l0O
Mississippi and Tennessee railroad
per cent bonds, series A. Sol
and lO5 to 10 for BIS; New Orlean
and Jackson 1st 8 per cent, ll2@
lis; do IDS, 1O8@l12 Memphi
and Little Rock railroad LIST mort
bonds "a asked st. Louis and lTol
Mountain LIST, rs, 1l5@ll6 do IDS
hG@1061 little Rock and For
smith 1st, rs, 0l9@lO2s.
The latest quotations for Mexlcal
silver dollars in the eastern market
was SSt to oJ3c eacn 40 Onl'e'
States trade, 80 to 99ic silver bars
81 1874 to l IA per OF. The latter l
London is Sgd per OF.
Old Memphis city bonds are quote
in New York at 25c, and consolidate
do at 40c.
The earnings of the leading railway
of the country continue to show
large increase. During the last wee
in August the Louisville aud Nash
willie gained S105, 600, and from JAM
ary 1st to August 2lst, $6,70O,0OO owe
the same period last year. The tot
earnings from January LIST to the thir
week in August was S5,l96,2SO. III
Iron Mountain railway increase
Sl4O.OOO last month, and 100000 fro
January LIST over last year. The CiI
c~;npati Southern gained S9O,OO0in Az
gust. From January LIST to the THU
week in August the Memphis and r
ducah railway earned Sl25,474 again
$96,76S same time last year.