Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-01-03
COMMERCIAL
PUBLIC LgDGKR 0FFIoE,
MEMPHIS. TRIM. January 3. 1850.

The State National Bank led off
yesterday by declaring a dividend Of A
per cent upon its capital stock, from
its earnings of the past six months.
The Planters Insurance Company
also made a 4 per cont dividend,
The Phenix and Bluff City Insurance
Companies also made dividends each 5
per cent, the same to be credited to
their unpaid stock notes. Other money
earning corporations will be heard
from in a few days, and the fund to
be thus distributed will do much to-
ward easing the financial market of
the Stringency caused by so much cap
ital being at present tied up in the one
hundred thousand bales of cotton now
in the hands Of our merchants.
The government is COW paying Il
per cent interest on its extended 6
per cents, drawing 81 per cent since
July last, the whole sun on this series
being about $2,75O,OOO and the quar-
terly interest of l per cent on tie Is
amounting to $,384,O44 additional.
OF the foregoing, $7,50O,OOO will be
paid on registered bonds, about
$5,0O0,000 OF which will be paid out at
New York, 81, 4OO, 900 at Boston, $500,
600 at Philadelphia, 1905, 900 at B alti-
more, $l50,0O0 at Washington, S75,-
900 at Cincinnati. $4,000 at Pitts
bur, $4,000 at Chicago, $47, 600 at San
Francisco, and smaller amounts at
other points, The coupon inter
est will be distributed in about the
same proportion. To addition to the
coin interest there will be paid in cur
rency, on account Of interest due on
$64,62,5l2 Of Pacific railroad bonds:
In New York, over 81, 800, 900; Bos.
ton, 100000, and Philadelphia, $780,
900, the total being s 1888, 7O5. These
Treasury payments for interest will
aggregate about sl2, OOO, 900. AT New
York the January disbursements for
interest and dividends are estimated
at nearly $48,OO 600, and at Boston
over sl3,64O,OOO. These heavy pay
ments must add materially to the sup
ply of money on the markets of the
country.
A correspondent Of the,Philadelelpia
Ledger having read in the report of
the Secretary Of the Treasury that the
silver certificates have for Il cir basis
about SO per cent only of their nomi-
nal value" asks: what does he
mean? The last purchase of silver by
the Secretary hal was reported, he
paid one dollar and one.eight PER
ounce. This for 4121 grains would
make the dollar worth Sc 6.l0 fine it
would make the worth in bullion in
the dollar sc 6-l0. But as the coinage
in the gold d,llar is only go fine, is
the bullion in the gold dollar worth
more than 80 cents? Also, why will
the trade dollar sell for 9apnts, as il
is only about 2 per ZEN better than
tho silver dollarP" And is thus
answered by that journal: 1.-THE silver
dollar contains 4l24 grains of silver,
nino-tenths fine. or 371i grains Of pure
silver. The gold price Of silver bull
lion being 81 l24 per ounce, the gold
value of the silver contained in the
silver dollar is almost exactly eighty
seven cents, In gold coin of all de-
nominations, which is also nine tenth
fine, the gold value Of the gold CON
tanned in them is the same as the
nominal value of the coin. Sovereigus
napoleons and fine bars are worth one
dollar for every 1922 grains of pure
gold they contain, the weight of the
coined gold dollar being 258 grains.
The trade dollar sells but slightly be-
low par, because there are persons dis
honest enough to offer and other per.
sons ignorant enough to take them at
par"