Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-07-03
COMMERCIAL.
PUBLIC LEDGER 0FFIOR |
MEMPHIS. TENN. July 3, 1882. {

morrow must be provided Tor to-day,
as ell six of our local banks will be
closed tomorrow. The New York
Cotton Exchange is closed to-day and
will not open until Thursday next.
Our own will close to morrow, also
that at New Orleans.
The dividend season opens out with
a 4 per cent declaration by the State
National on its capital Of $3.50, 900, and
the same by the First National on its
capital Of $4,000. The other four
banks are expected to follow and the
gas and several insurance companies
likewise. Perhaps the Cotton Storage
Co. and the Pioneer Cotton Mills will
do as much. The government is dis
bursting 1888, 4S3 due as quarterly
interest on its 4 per cents; the Miss &
Tenn. railway is paying $40,120 as
interest on its IS, series B, and the
holders of Masonic Temple bonds are
notified that semi-annual interest will
be ready for disbursement at the First
National Bank on the 10th inst.
The government will call in $751;
100000 Of its outstanding 6s during
this week. This will leave $43, 957 10
outstanding, all of which will doubt.
less be redeemed before the end of
the present year. The public debt
statement shows that the reduction
during June was S12,560,69 and the
total decrease for the past IL months
$751; ,68,35 The total debt less cash
in the treasury is now 81 ,688, 914, AGO
while cash on hand amounts to $243,.
289,5l9. The total interest bearinl
debt Of the nation is 81 ,463, $40, 400
and that bearing no interest $438, 241, ;.
788. The total disbursement by the
government On interest account at this
period is about $l2,OOO,OOO, as the
semi-annual interest on the BIS,
amounting to about 50, $50, 900, was also
due on the first of this month, an Z
also the interest on $64, 623,5l2 Pacific
railroad bonds, the total being 1888
7O5. At New York the July dis
bursements for interest and dividends
are estimated at nearly S48,OOO,0OO
at Philadelphia $lO,OOO,OOO; at Boston
S13640,000 and in Western cities
enough to increase the total to up
wards OF $lOO,0OO,0O0. These heavy
payments must add materially to the
money supply on the market.
The money market here is quoted
quiet at s per cent for commercial
discounts. Exchange is par to Bc dis
count buying and ic premium selling
on the last, and to off buying and pa
selling on New Orleans.
: The weekly statement Of the bank
of New York, telegraphed Saturday
reports the cash reserve s., 43l ops il
excess of legal requirements, a de
crease of $3,95O,225. The value o.
loans increased during the week
$4,167 500. Deposits increased 1897,
800 during the week, and cash OF
hand decreased S3,73O,7OO.
Governor Hawkins and Treasurer
Polk left Nashville yesterday for New
York to begin the operation of fund.
ing the State debt under the 60.6 act
OF the last Legislature. They will
doubtless continue the work until
checked by the next General Assem-
! bly,.
The market for government bonds
ia New York, Saturday, closed as
follows: Fours, 1l9; 41s, ia; IS, 1907;
Is, 1908. Tennessee 6s are So; Nj. &
: @. R r., 45; L. & Nash. do, 67B; Me
bile & o. do, II; Ohes. & o., 22l; Mo
+. Pac., 94b; CHG, St. L. & N. o., 76.