Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-02-05

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Menrais. TEsE fsbEaary S. 1873.
The money market OF this city, like
those of all commercial cities both in
this country and Europe, rules easy,
with capital in ample supply. Pros
poets point toward large volumes Of
money lying idle and earning nothing
during the spring and summe months.
At present disoountrates are irregular
at from 6 to 8 per cent, the last named
figure being charged for all thirty or
sixty day paper offered I othe insurance
companies. and to many banks. Some
Of the latter take gilt edged paper as
low as 6 per cent. Inquiries sent to
neighboring cities asking employment
for a few hundred thousands Of our
surplus has disclosed the fact that
good borrowers are scarce, and no.
desirable commercial paper is Offering
which is not wanted BY local money
lenders.
Exchange has not varied during the
week. Our bankers are buying East
ern cotton bills at ! to lc discount,
and they sell checks on New York at
ic premium. On New Orleans rates
sre steady at to off buying and par
selling.
All classes of prompt interest and
dividend paying securities are firm and
in demand. Government 4 per cents
closed 10 New York Saturday a ll9i,
and ac above a week ago; As 1871,
and 10 up; IS 104s, and to down; ex.
tended IS 1884, and &c lower. the
quarterly interest on the latter and on
the bonds of the District Of Columbia
was paid during the week. The
amount Of the latter outstanding
is over $l4,OOO, 900, and of the
extended Is over $8l, 10000 Of the
last named $l5,OOO,OOO have been
called in for tinal redemption, during
the week. Interest is to cease Nay
LIST. Tennessee State Is closed 10
New York Saturday ct 44C, and &c
above a week ago; NJ. & G. r. r. 4ll
against 46i; L. l. Nash. 55S against
$50; Nash. & Chatt. COZ against 6l;
Mobile x Ohio 10 against II; Ches.
& D. at 22t against 22l; CHG, St..
Louis & N. .. 49, against 70; and
Mo. Pacific at lOlt against 1921.
A brisk activity continues at New
York in the railway aid bonds Of our
Arkansas neighbOrs, ali caused by the
recent decision Of the U. s. Circuit
Court, that this class of bonds are a
first lien on the properties Of tho sew
eral roads upon which they were laid.
The recent decision was against the
1t. Smith road only, but all Of the
aid bonds were issued under the
same statute, and the several roads
occupy relatively the same postum as
to responsibility. 1t is said the roads
are all able to provide for these obliga.
tions, except the Central from Helena
to Clarendon), and that the majority
Of amounts outstanding have been in
the hands of a syndicate for some
time past, striving TO enforce their
payment. The issue to the Central,
dated 1870, with 80 years to run,
amounts to 81, $50 900; to the Miss ,
.Ouach. aud Red r., 100000; to L.
r., Pine B. and N. o., 81, 200, 900; to
Little r. & Fl, Smith, 81 ,OuO,OOO, aud
to the Memphis & Little R., dated
1869, and due in 1899, 81, 100000. They
are all 7 per cents. Quotations in
New York range from Al to 46 for Fl.
Smiths, $751; 10 10 Tor Pine Biuff,, 56i
to 81 for Red river, 49, to 10 for Cen
trails and so for Memphis and Little
Rock.
UnCurrent local securities rule as