Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-12-07
COMMERCIAL.
PUBLIC LEDGER OFFICE,
hKRHIs. TRNN., December 7. 1881

The tone Of the money market is
steady, and the volume Of business
compares favorably with last year,
the reduction being barely apparent.
F~inanciers and merchants, however,
cannot get it out Of mind hal the
present season is destined to be a very
short one, and that ere long a marked
falling off will be realized. There is
no question but that the short crop Of
cotton will be marketed very early,
and that its decrease will soon be felt.
The early picking Of the crop and the
fair and exceedingly favorable fall
enabled planters to save every lock in
good condition, and they are enjoying
better prices, the several grades ranging
from to lc per ID above values a year
ago, In addition to this, a higher
classification, owing to the cleaner and
better condition of the crop saved, is
another feature of Importance, and
makes a difference in favor of the
planter of perhaps another cent per
pound, and many claim that the crop
though much lighter in volume, will
Yield as much or more money than
did that Of the last year. The early
completion of this seasons cotton
gathering threw many planting
hands out of employment
Along railways and rivers large
areas of fresh land has been cleared
up preparatory to spring planting, An
increased acreage may therefore bC
expected, especially in the valleys tC
which the immigration of field hands
has been heavy this fall and winter
the worn hills of the East Atlantic
region being the loser. The lines O.
railway and rivers are mentioned be
cause the work of clearing up is thC
more noticeable along their courses
and larger quantities Of cord wood hal
been cut and sold, both to railways
and steamers, than for some years
past. Steamboats, especially have
found wood cheaper Than coal, anC
have consumed it literally in prefer
ence. Coal dealers therefore complain
Of dullness in their traffic and
lighter business than usual. The
foregoing remarks are q little out o
the usual order in this column, buI
pertain to commercial and inancia
affairs Of this section, and are there
fore not out of place, and it may b
added that business men appear mucl
more cautious this season than the.
we're last year. Interior and cOuntr.
merchants are certainly 50. A yea
ago speculation was wild; countr.
tradesmen were paying more cash 70
cotton than could be obtained at thi
aud other leading markets. Man,
went under, and if not now out 0
business entirely, have learned a dea.
lesson and are acting within thei
means. Hence while the volume 0
business is not quite as large as it wa
last year, it is healthy and fewer fail
ures are reported.
Government bonds closed in New
York last evening as follows: Fou
per cents, 118; As, ll4ti 5s, 1923; Is
1904. Louisville & Nashville stool
closed at 1881, with sales of 200
shares. NJ. & G. stock is quoted at Il
Mobile g. Ohio is &c. Nashville
Chattanooga, 84l; and Chicago, s.
Louis & New Orleans, 80. Tennessee
State 6s are 70ba701.
The local money market is steady
with Gas per cent as the ruling rat
for commercial discounts. Exchang
is UNMARRIED, bankers buying cotto.
bills on the East at ! to &c discount
! and on New Orleans at lc off. Draft
! on all points are sold at par Sub
! s~tantial securities are in demand a
firm prices, the following being tn
quoted local value Of the yariOu
? classes dealt in here;