Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-19

1
| 1t is with great satisfaction that we begin
to find in newspapers all over the Union,
statements showing that revival of business
is commencing. No important improvement
can occur until money is taken out of the
banks; money is the necessary instrument OF
| trade, and only when that moves freely can
trade proceed actively. Many of the indica-
| tons we speak of refer to this movement of
| money, and it is evident that money is COM
ing, gradually, however, into stronger de-
mand. The New York Public informs US
that during the first week in March the pay
ments made through the clearinghouse were
larger than in any previous week this year,
and twenty-seven per cent. larger than those
of the corresponding week last year. Outside
of New York, the transactions are larger by
10 per cent. than they were last year, and
exceed by about 100000 those of
any previous week since January 1st
The sales of stock during the last week were
1,060,2 shares, against $685. 1886 shares dur
ing the corresponding week last year. In
the aggregate exchanges of New York, omit
ting what is due to stock speculation, there
is an increase of 49, per cent. Thirteen out
of the seventeen clearinghouse outside OF
New York show an increase in exchange.
Surprisingly large gains at Louisville, st.
Louis, Milwaukee, Chicago, Boston and Pitts
burg can only be explained by a very general
and large increase In the volume of business.
Even at Philadelphia and San Francisco the
increase is remarkable, when it is considered
that any expansion in values paid has &C.
Cured in spite of a great decline in average
prices. In short, the returns show that the
business represented by Clearinghouse pay
ments at eighteen cities during the first week
of March was larger by nearly one-quarter
in values in 1879 than 1878, and by more
than one-third in quantities of products ex-
changed. The same paper also says that
prospects of business are cheering. A large
actual increase of transactions is sure. The
spring trade opens with activity. Railroad
earnings increase and returns of traffic show
surprising gains. 1t will, perhaps, surprise
many to learn that we are actually sending
abroad less Of gold than we did last year,
small as the leakage was then, and are i'm
porting of that metal more than we ex-
port. The New Orleans Picaynne, of Sat
uIday, speaking of that city, said that,
as indicated by the clearinghouse figures,
the volume of business during the first half
of March shows considerable increase over
the corresponding period last year. The ex-
changes are larger by ten per cent, while
with prices so much lower than last season
on the same amount of transactions, there
should have been a decrease of about twenty
per cent. Nor is there any speculative move
ment to account for the improvement. While
there are complaints in several branches of
trade, it is evident that the situation is de-
cidedly encouraging, and the aggregate bust
ness doing is really more than many indi-
vitlual merchants are ready to believe. The
81. Louis JU'e'uuE U,f Commerce states that
recently the iron market has given signs of
better times in all branches. The demand is
frightening up, and the resumption of work
at many mills, long idle, is looked for. Sew
eral founderies in Missouri have been put ID
operation, among them the Pilot Knob fur
mace for the first time since 1873. During
the summer, says the same journal,
various railroads in the country will
replace old rails with new, in addi-
ClOn 10 over ten thousand miles
of new roads now in sight for this year; this
alone will make heavy der and ON the IRON
mills of the country. Another paper says:
" 1t is cited among the indications of busi-
ness revivals in New England, that Fall
River mills which were considered hopelessly
wrecked after Chace's and Hathaway's steal,
recently paid their creditors profit Of TWEEN
ty-six thousand dollars from ten weeks rum
ming. Also. that despite the recent embar-
of the American PRINT works, the
mills are generally doing quite well, consld-
ering the times. A half-dozen have just de-
clared dividends. and with the steady re-
vival of trade, now expected, the feeling in
the great cotton spinning center Of America
is better, and the future considered encourage
ing" The st. Louis Republican, said on
Saturday: " The clearings this week are
again very largely ahead of the correspond
ing week last year, and it is plain there is yet
no abatement in the steady increase of st. |
Louis business" Encouraging statements |
of the character here shown are now abound |
ing to degree never before known since the |
panic of 1873 brought dad trade and all |
our woe.''