Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-06-20
FINANCIAL AND BUSINESS CONDI.

The New York Pubic in its last issue has
rather more encouraging account OF the
condition OF the country's exchanges; the
improvement, however, is partly due to
speculation IN stocks and grain. The ex-
changes at New York, excluding stocks, are
about 22.1 per cent. below those Of the cor
responding time last year. Outside Of New
York the situation is more favorable; at
Pittsburg, however, the strikes caused a de-
cline. AT most of the manufacturing cen
tiers the volume OF business is increasing
much less than it has been, although it still
ic larger than it was a year ago. The Total
exchanges for the second week in July were
81 ,0S6, 582 262, against 81 27S 1893, 425 at the
corresponding week 1881. The weeks ex-
changes give no token of essential change in
the condition which, far back January,
gave warning of coming depression. The
manufacturing cities continue to produce be-
yond the consuming capacities Of the country;
speculation goes beyond reasonable proper
ton; while inflated prices cause contests be-
tween labor and capital, and by increasing
imports and decreasing exports induces a
steady movement of gold to Europe. Until
these things change no healthy or sustained
improvement can be expected. The average
prices of the principal necessaries is now
11.9 per cent. higher than it was a year
ago. This fact, with a decline of SO per cent.
in the amount of payments outside of New
York, indicates a decrease of over 20 per
cent. in the volume of business, as measured
by quantities transferred. As our tariff sys-
tenn stimulates production, while it holds off
demand for foreign markets, we zee the reason
of the anomalous condition of manufac-
turing, which will, however, in the end find
a level with the rest Last week the New
York imports were smaller, but the increase
in imports since January last, in New York
alone, has been nearly $50, 500 900; while the
decrease in the merchandise exports has
been over S3O,090,000, the exports of specie
has exceeded $31, 500, 900. Last week about
81 ,O0O,O00 of the bank circulation was sur
rendered, the withdrawal of bonds having
exceeded the deposit by S1,115,900. The
rapid redemption OF four-and- al half, four,
and three-and- a-half bonds, if continued
through the summer, will prepare the way
for an uncomfortable scarcity of currency in
the fall. The weeks excess of gold exports
over the receipts of money of all kinds from
the interior has, therefore, been about Sc, $780,
coo. Reviewing railroad stocks, it is found
that heavy losses have been sustained by
people who believed all the promises made
in 1880, and expected the dividends then
paid to continue A fall of $50 to $50
share in stocks formerly considered ''abso-
lutely sure dividend-payers" reveals the ef-
feet of the construction of new lines Of road.
A comparison of prices of necessaries shows
that what in November, 1878, cost $50 Al,
aad in November, 1880, cost S95 II,
on June 10, 1882, cost $1O6 ". The
advance has been almost wholly
in articles of food. Here lies the
cause of the existing strikes. 1t is worth
noticing that the superintendent of the mint
is willing, on the provisions of an act passed
a few weeks ago, to receive certified checks,
payable in gold, for bars instead of requiring
the purchasers to pay for them with gold
coin. The more cheerful aspect OF the crop
news, and the large influx of immigrants,
with rumors that Eastern lines will advance
freight rates with the opening of July, give
better turn to the market, but unless Con-
gress passes the bill enabling the national
banks to renew their charters we may look
for money stringency as the fall approaches.