Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-07-12
THE BUSINESS AND FINANCIAL CON-

The New York Public in it's last issue says:
"The exchanges that we give to-day bear
witness of half year of disappointment
and partial reaction" The year, business
began hopefully, and for time transactions
were larger than in any previous year; then
a decline ret in. After a partial recovery in
March and April, with much speculation,
the decline became general in May and was
still greater in June. Through all the huc-
tuaions the decrease OF the principal centers
has gone on in growing rate, while the ex-
changes at the smaller towns continued 10
exceed those of last year. During the month
oil June decreasing exchanges were reported
at ten out Of twelve of the larger cities. The
total decrease OF the month amounted 10
1913 per cent, and Tor the six months 90 per
cent. The progressive character OF the de-
preston is worthy of notice, also the fact
that exchanges were largely inflated during
part of the time at New York, and most of
the time at Chicago and some other cities,
by speculative dealings of unprecedented
magnitude. The strikes and other causes
have retarded operations, nevertheless the
total volume Of business has continued TO be
wonderfully large, even at points where it is
least inflated by speculation. 1t must be re-
membered that the frat half of last year
witnessed an expansion of business of fully
twenty per cent. beyond any previous
experience, the highest point was reached in
June. In view of the obvious causes of de-
preston, that the volume of business now
approaches so nearly the highest point of
that month of extraordinary expansion is
evidence OF general soundness and prosper
ity. When the causes of present depressions
are removed, therefore, we may reasonably
look for another period of continued activity.
We notice that several of the banks began TO
ship large sums in currency in the West last
week. The public debt statement for June
shows reduction of Sl2, $50, 696. Tine saving
IN annual interest charge caused by past reduc- |
lions and refunding, from September l, 1865, |
when the yearly interest was Sl50,977, 1887,
to July 1, 1882, when it was S57, 1850, ITO, of
itself accounts for decrease of the debt at the
rate of S93. 6l75s7 yearly. The comptroller's |
report shows that the rapid retirement OF the |
81 per cents and the approaching expiration |
of bank charters is causing surrender OF cir
eulation, which has been great during the
past half year except in the Pacific States
and Territories During the previous
half year circulation had everywhere
rapidly increased. The change in
movement is the more to be regretted as the
Southern and Western States, which had
been most deficient in local circulation, had
begun TO supply themselves rapidly, which,
had it continued, would have been perma-
nent benefit. The treasury monthly state
ment for June shows an increase of 2,547,-
773 in silver dollars in hand, which is more
than the amount coined in the same time.
During the same month silver certificates
outstanding decreased $2,720,97O, which
shows that certificates TO that amount have
been virtually redeemed in gold. The pro-
portion of gold on hand to the obligations
due on demand is 1871 per cent, against 35.7
per cent. on the lat OF June. The official
-eports now received show that during the
month OF May the excess OF imports over
Exports was $40 255, 1926. The New York
Chronicle points out that the Egyptian i'm
orogho is already producing results upon
Commerce. Higher insurance rates are de-
n snded upon steamers passing through the | 5
Susz canal, and these rates do not insure
lgainst delay, but only against damages sus-
aimed from hostilities. OF course India cot d
on feels The effect of the increase, which will
i've it tendency toward higher prices. Ii c
higher rates are demanded at the very incep- J
ion of the struggle, war risks may prove a 4
leavy burden if actual hostilities occur. L
india wheat, as well India cotton, must t
ll.o feel the weight of the increased impost. t
The Chronicle considers the two provisions =
he Senate has added TO the banks recharter- ]
ng bill-forbidding national banks TO be b
members of clearinghouse where silver GER a
ifcates are not taken at par; AMI, prohibit e
NJ banks to certify checks unless the full il
mount of funds are on hand-as such a re- p
lection upon the intelligence of the Ameri- h
an people, that it would be better the bill il
hOuld fail than pass with such objectionable "
royisions attached TO it