Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-12-27
COMMERCIAL.
PusI;c LEDGER 0YFIoE,
MEMPHIS, TENE., December q, 1851.

WAAfhls' Ikhh.s december ", lool.J
There was something of a panic in
the Philadelphia stock market or
Friday last, the decline in two days
ranging from 50 to Sc per share, Penn
%sylvania railway stock selling down to
59Bc, and Reading 10 314c. Two
failures of stock brokers occurred on
Friday, viz; w. P. Camblos and D.
s. Thompson. Others were expected
to go under, but happily weathered
the storm. 1t was reported to be the
heavier day among stock traders than
any since July last, and prices recorded
were the lowest of the year. The sales
of the day summed up $1,000 shares.
The stock market at New York
ruled feverish and unsettled through
out all of last week, securities Of the
Wabash and the Vanderbilt roads
closing weaker on Saturday than other
glasses. Partial reports of the past
yesr's business ofvarious leading rail-
way lines composing the Vanderbilt
srStem have been made public,
and indicate largely reduced earn.
ings. The falling off is attributed
to the ravages of the recent war with
competing lines causing considerable
loss in gross earnings, large increase
in expenditures and a corresponding
decrease in the net earnings. The in.
creased loss Of materials, fuel and
wages and low rates for which bust.
ness was done most of the year, has
made a wide difference in the net re
snlt as compared with last year. The
movement in both freight and passen.
gers by all the lines show a large in
crease over 1880, but cheap rates re-
duced the income therefrom. Those
in which the people of this section
appear to take the most interest OK
hibit a considerable difference in
value as compared with ruling prices a
week ago. l.. & N. shares closed Sat
urday at lOlf, a decline from 1861;
NJ. & Q. 7Ol, a decline from
rs during the week; Mobile & Ohio 80
against 30; Nashville & Chattanooga
S3i against 873; Chicago, St. L. IN.
.. 50 against 80. Total sales of all
classes on the New York Exchange
Saturday summed up $4,000 shares
and on Friday 647, $50, the latter being
a larger number than on any day dur
ing the recent excitement.
Government bonds rule firm aud
have varied but little during the week
the widest range in quotations being
ic, and as compared with Saturday,
the 18th inst, the only change noted
is a decline of sc on A per cents. The
following r present prices in in the
New York market: Four per cents
ll8s; 43s 1l4I; extended 5s 1929; ex-
tended Is 1905. Tennessee State bonds
closed Saturday at Y.
Christmas falling on Sunday this
year, the day was mainly passed in
devotional exercises, while the
carnival celebration occurred
yesterday, hence but little financial
business was done until this morning,
when the market opened with a quiet
and generally unchanged tone. The
demand for capital is active, and about
equal to the supply.
The heavy stock of over one hun
bred thousand bales of cotton now
carried by our merchants, necessitates
the use Of a large volume of money
for distribution among those for h
the staple is held hence, the cash re-
serve usually held by our banks is at
sent considerably diminished. The
es for discounts rule unchanged at
. to s per cent. on prime commercial
paper, while for solid collaterals like
governments, as low as 5 per cent. is
heard OF,
Exchange is steady, and offers in
fair volume, the banks buying Eastern
bills at ie. to 80. discount, aud selling
drafts on all points at par. Bills on
New Orleans are purchased at to. dis
count.
Over $40, 900, 600 it to be disbursed
by the Government after New Years,
on account Of interest on the public
debt. Of the amount, $7,387, 900 is
for the quarterly interest on account
OF the 4 per cents, and the remainder,
the semi-annual interest on accounto of
the extended IS. The volume Of the
has been reduced since July
last from 1902, 100000 to s159,OOO,OO
The 5 per cents. have been reduced
during the same time from 5O6, 0OO, 900
to $401, 900 900. Interest on the lat
ter for six months will be due in Feb
and amounts to 81 OH 500. The
reduction III the volume of IS
and 6s within the present year sums up
to s14S, OOO, 900, and the interest charge
has been reduced $l7, 1927, 900.
Cotton.
The market opened Today with a