Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-24

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These prices were maintained, with some
variation, especially Upon the lower creek,
up 10 the 18th of this month; at which
time, under the influence of the war adj
vices from Europe and a " war move
ment at the creek, the market became
panicky, and prices deprecated about 70
cents per Dbl Though ralying slightly
a day or two after, the market steadily
declined to the close of the month, at
which time sales were made at 81 $50
g 40. 7.
The following table shows the amount of
pstzoleumeXported from January Ist, 1870,
30 August list, 1870, and from all other
ports from January LIST to July Sistr 1906
1870. 1853.
From New York, gallons 44,456,4a S6,Z4,50
BsItfmoTe---- I,as6.4s5 754,s5s
Total exports from o. s-7s,2.6I 5Ll@.C4s
Same time fS6S- ~59So5.o94
same time S,ofasOoo
These figures show a steady increase in
exports during the past four years. which
must be gratifying to dealers in this iH-
portant article of commerce.. II is also a
gratifcation TO know that in spite of the
sndesvOrs Of European buyers TO oncesl
the fact, the increased consumption al
most balances the increased production
of petroleum, and that il is being on
stanty introduced, with unqualified ap-
pnOvaL, into ley and large territories.
THE Fall MARKET.
The New York Bulletin says the loan
market OF that city shows a hardening
tendency, which might naturally be ex-
pscted at this season. The process of
marketing the grain crops OF the Westhas
commenced, and with the natural result
Of q withdrawal of Western balances from
this city and a demand tor the discount
ing OF grain paper. At Chicago and Gin
cinuad, exchanges rule against New
vi nj uva ara SHINING rurranpFr tn
both cities, a. well as to Cleveland. This
process usually tests severely the re-
sources of the banks of New York and of
the other Atlantic cities, and a high
rates of interest. II may be well therefore
TO ascertain the present condition of the
banks OF this city, Boston aud Philadel-
phia, as compared with a year ago, when
the Western demand WIS the source of
serious arrangements in the Eastern
money markets. The following shows
Ehe items at the two periods:
AUGUST, 1870, (~oMTTTING 1OO's.)
Loans. Specie. Cireu- Dep'ts. Legal
lafiOn. Tender.
NY Z. city -E5s,6OO s24,lO sS2sO 2l5,O0 s5l,90O
P6iiadeip'a S,556 1000 BeOo AGO. lS,IU
iss--.'sl4O 400 SO. IO s6sRO ssg5,5O 1880
AUGUST, 1869, (oMTTTING I0O's.)
Loans. Specie. Circu- Dsp'ts. Legal
don Tender.
n. Y. Cityxas.5O s24,l0 s6l 90 slss,90o $500
Boston, l0iSO 200 800 1880 l0'70
Philadelp' 5000 800 lo'Bo $500 1880
3 eitIes-sl2zaO $3.50 s7O,lOO $4,000 s7S,sOO
The combined total of the banks of the
three cities compare thus {:
August, 1870. August, 1863. Changes
Ioans-~--S84o40,6O s42S0,e0 Ines 10, 10. go
sfrrnIafion RsG0UO zOlOJ,GD Dec L50Q0o
Deposits 81. 2s5.5UJ,0JU G5,7O0,O0 Inc. ~l9,S0O,000
Legal t'ders SS0-VW 7S,sv0,OD Dec S.SO1OW
From this comparison it viii be seen
that the condition of the banksl of the
thupe leading Eastern cities is less favor
able than 9 year ago. This demand liza
bilitiss are SIS, 500 600 higher than then,
while thu mixed money reserve Is $500
900 less. and the legal tender portion Of
the reserve stamps So ,6G0,O0O lower. A
year ago, the surplus q legal reserve
was SO, $4,000; nov. Il is only $780,
OO0. Yet with phis less favorable con-
dition OF Liabilities and reserve the
loans stand SIS. 100, 900 higher. COnstd~
ering that last fall was q period of such
stringency that the West and the South
found 1t Impossible TO adequately supply
thei requirements for moving the crops,
this feasur OF the monetary situation
cannot be considered satisfactory. There
zre. however. other circumstances which
may he regarded as fairly Ofsetting heun-
favorable aspects of the banking interest.
The Secretary Of the Treasury now holds
zcurrsney balance of about go, 900, 600, or
$I5,0 % 100 more han a year ago; and
Judging nom Mr. BOutwell's late speech
al Boston, It Il his purpose to make this
large supply available for crop purposes
by gradually discussing IL in the purchase
Of bonds. Nor is it to be overlooked
that. within the last twelve months, I
there has been q very general de-
cline In prices; which very naturally
has the effect of diminishing the amount
of money required for the transaction of
business. Again, the provisions Of the
new Currency Act go into operation
forthwith, and may be expected later in
the season to afford some relief to the
money market. The bill authorizes the
issue Of S54,000,000 of additional bank
currency: ali of which is required 20 be
pat out before the transferring Of cur-
reney from the sections having a super
abundance of circulation 20 those having
8 deficiency is put in fOrce. And, al
thaOgh,- concurrentIy with the issue Of
the additional circulation, there viii be a
retiring Of 3 per cent. certificates up 20
the amount Of S45.Ogo, 900, yet there is
likely to be a very considerable relief
from the fact that ~ the new banks will
be established 70 S0Gqe extent upon money
drawn ont Of absolute hoard IN the South
and Southwest, and o. that the banks
when established will draw into their
vaults money at present 30 boarded, TO
say nothing Of the enlarged credit faeili-
ties which the newly established banks
will afford. Already, We understand,
about two hundred applications have
bssn fled with the COmptroller of the
%Cafrsncy for authorization 20 form new
backs or to issue additional circulation;
and il is 10 be presumed that theC Comp
r~trOller, oQt OF regard for the monetary
wants of the fall business, will expedite,
80 - .naaFhla tina Granting nf thaaa
Upon the whole, therefore, we conclude
that although we may have an active z
per cent. market during the fall months,
yet there is nothing in the probable nat
ural course of affairs 70 warrant the ex-
Pectation Of any stringency beyond what
may De induced by temporary artificial
KFEoT or TIKI wAR on THE COTTON
STATES.
rbe shipping assd o~omBaereial List OF
New York, of the Goth inst, sayss 1t is
already known that cotton fell heavily In
The English market on the commence
ment Of the war on The continent lesd-
ing 70 numerous failures and that apOrtion
of the decline has since been recovered.
The effect upon certain branches Of man
ufactures, vas even more disastrous.
Yarns fell heavily, owing @ the eesss-
lion OF the herman lThues LuO uuidsOIabAc
China and Indian adVlces, and the rise
in the Bank Of England rate. Bat after
''the sober second thought 1t was
seen that what might be lost in some
branches of trade, would be likely 70 be
made up by greater activity in others,
and that the mills and machinery would
be Kept in motion, with the result Ola
better feeling, particularly IS q cOnsider-
able number OF Governments contracts
were given out among the Manchester
spinnsrs. As 70 the future CT trade in
Gottons and the price. Of the raw mate