Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-06-29
THE COMMERCIAL AND EINA NCIAL
CUNDTTION.

The latest financial advices are less dis
couraging than the report for last week, OF
which the New York Chronicle said: "The
general aspect of affairs wears a somewhat
less hopeful. look this week." The Public saw
ne improvement except little swelling OF
the exchange from speculation; Boston ex-
changes decreased I'll per cent; Philadel-
phia l5.5 per c'nt.; st. Louis had loss in
stead of gain; at San Francisco the loss
was increased; The minor cities mostly re-
ported comparatively large transactions,
which is not a healthy symptom when con-
nected with a marked decline in exchanges
at nearly all the larger centers Of commerce
The volume of business is not only smaller
by about eleven per Coat. than it was year
ago in amounts paid, but twas nearly TWEEN
ty-fve per cent. smaller in the Quantities OF
produce transferred, and the decresAe is
greatest at the points where settlements axe
made for the largest range of territory. A
deficiency OF money to purchase with, and
an awaiting to see how the crops will turn
out, has decreased business. Returns
indicate that the exports for May
were $49,OO0,OO0, against So, $4,000 the
previous year at the same time; the imports
for New York alone were $45, III ,597, against
S34, 800, sol in 1881, an increase of SlO,S75,-
046, indicating total increased import for
May of over sly 100000. This is not cheer
ing, as the rate of increase does not abate.
The Public significantly observes on this fact:
"As the season advances it becomes clear
that something else besides good crops will
condition" During 1881 the government
coined sixty-fve per cent. of all the silver
produced in the country, making necessary
the export of about all the gold that was
produced in that year that was not consumed
in the arts and manufactures. Gold still
persists in going abroad Notwithstanding all
the demonstrations made showing that il
should do the contrary. A peculiar fact is
that eleven per cent. of the bonds of the 10Th
call have been lying without any interest
since March 18th; six and one-half per cent.
of the bonds called for April have been lying
seventy days without interest; fifteen per cent.
of the bonds called for May have been lying
without interest over one month; and nearly
thirty-fye per cent. of the bonds called for
June were not presented for payment
within ten days after the interest ceased.
Hnc-- OIHODicte says the quietude of
trade is partly due TO a renewal of anxiety
from various causes; from the sympathy in
which the unfavorable condition of foreign
rade imparts to European disturbances,
such as the Egyptian complications, unset
led values in London, encouragement also
rom the attitude of Congress toward the
bank echartering bill-things that to some
'xtent neutralize the good influence OF more
favorable crop news. Financial matters are
reated too much as if they were solely ques-
ions regarding banking interests To
hackle the banks with restrictive legislation |
s to restrict the capital at the COMMAND of |
business. 1t is proposed to compel banks |
md their depositors to take silver certificates |
whenever ofered-twelve per cent. less than |
he commercial dollar. When the banks |
eorganize there may be little immediate |
financial disarrangement, except a tempo |
AIRY contraction of the currency, bnt this in |
he end may have a serious effect upon the !
BUSINESS of the whole country. Any proba-
ility of war respecting Egypt causes a de-
line in the bonds of that country and in the |
hares of the Suez canal, and the prices of
american stocks are proportionately af-
scted. Money on call continues easy.
Could we only have sensible legislation in
Congress- on questions now so pressing, the
lture outlook would certainly be very prom
ing" is the conclusion the Chronicle draws.