Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-01-09
COMMERCIAL
Pubic LEDGER OFFICE, /
MEMPHIS, TENN, January Q, 1852,

~ A1o~HS
The leading feature of the past week
In the financial market is an easier
tone, caused bya liberal distribution
OF dividends and interest, and scant
offerings of Eastern exchange, caused
by limited sales of cotton. The entire
volume Of the past weeks offerings
barely sums up $25O,0OO, and while
bankers express an anxious desire for
exchange, yet they deem it unwise to
reduce rates thus early in the season.
There is no question, however, but
that c%ottonis getting very scarce and is
nearly all in the market. As soon as
this fact is realized by f~uanciers, it
will doubtless exercise due influence
on both the exchange aud the money
market, and a reduction of
buying rates for Eastern bills
may reasonably be expected to occur
considerably earlier than it did last
year. In proof of the fact that the
cotton carrying trade Of the river val
ley is drawing to a close, it may be
mentioned that the huge steamer
Frank, leaving here last Saturday
night, will go into New Orleans this
voyage with less than 5000 bales,
and her captain states that the planta.
tons are all bare of cotton. The only
points from which shipments are
%henceforth expected are a few hun
bred bales each week from Helena,
mouth of White river and Arkansaw
City. The lower river valley from
Vicksburg south is equally bare, and
a rapid falling off Of receipts may be
expected after this week. The re.
ceipts at the ports last week were
26,688 bales in excess of receipts the
same week last year, and has
brought the total since September
LIST to within 294,469 bales of last
year at the same time, when two weeks
ago the total was more than $500 0
ahead of last year at the same date.
That the receipts have kept up so we'll
IS a surprise to every cotton dealer
but 1T is now an assured fact that a
rapid decrease will set in. The dull
ness and depressed state of values in
the staple throughout the past week
was mainly due to the unexpectedly
heavy receipts, and the improved feel
ing at the close is influenced from q
realization of the fact that but little
more remains to come forward.
Meantime no variation is to be re-
ported in ruling rates of commercial
discounts, which are 6 to 8 per cent,
while loans may be negotiated on solid
collaterals like governments as low as
B per cent. Bankers are taking cot.
ton bills on the East at 50 so Der
thousand discount when no grace is
required and SO 70 when that favor is
asked. Drafts on all domestic points
are sold by the banks at par and bills
en- New Orleans are bought at ic
off.
On tomorrow the German Nation
al Bank and the First National do OF
this city will hold a stockholders
meeting to choose directors. At
ter tomorrow holders of Masonic
Temple 6 per cents will re-
ceive the interest due at the First
National. The German National has
declared a dividend of 10 per cent;
the Manhattan, 5 per cent; Union
and Planters bank, 4 per cent; the
Bank of Commerce, 4 per cent; the
State National, 4 per cent; the Gas
Company, 8 per cent, all within the
past few days, while the Bluff City
and Phoenix Insurance Companies
have declared dividends, to be cred
tied on unpaid stock notes SOf the
shareholders. These dividends are all
out Of the past six months earnings.
The interest in course of disbursement
by the government amounts to a total
Of sl2,l6O,OO it being the quarterly
interest on the 4 per cents, the con-
tinued 6s, the Pacific railway 6s, and
District of Columbia loans.
The New York stock market closed
irregular Saturday. l.. & N. railway
shares closed at 975, with sales Of
1900 shares, an advance of l from
the day before; NJ. & G. at 70, an ad-
vance of /; NJ. & o., "a; Chicago, St.
Louis & N. o., So; Nash. & CHAT, 844.
Tennessee State Is, T3a733. Govern
ment bonds firm at 1l79 for 4 per
cents, 114b for 4ls, 1921 for extended
5s, and 1907 for 6s.