Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-03-15
THE comm1RU1AL CONDITION.

The last Issue of the New York Public has
rather startling view of the present bust
ness and monetary condition, and one that,
in publication eminent, deserves the re-
Elective attention of business men, 1t does
not view last weeks exchanges as being en-
tirely encouraging, although the transactions
of New York, outside of stock operations,
lI-.-I--- Il tI-;s ~.-., tI.Osv, ~
Chicago have been surpassed by only one
week, and those of Boston by only three
weeks of the present year, while those of
Philadelphia were the largest of this year;
Cincinnati, on the contrary, shows nearly the
lowest OF the year. There is much irregu-
larity OF movement, which is rarely healthy
ind ication. The volume of business is larger
than at this time last year, but is less than at
several periods during the last twelve months,
and is neither as well distributed nor as Wig
orous, The previous weeks statement placed
the banks deficient in their reserves, at the
close of the weeks business their actual con-
dtion was still less favorable. Congress APP
pears to evade financial legislation affecting
the general welfare. The changes in the
bonded debt were insignificant. There
was decline of S9,37O,297 on the
nOutu5 exports, as dgdlnsI last year, ana,
what is worse, increase of Sl1, 49,, 22S
III the imports, making an unfavorable diff
ference of nearly 81 900 900 in u single
month in the balance OF foreign account. In
the seven months ending January 3lst, the
excess of exports is only S73 ,OOOO 900, against
SI90,OO0O00 for the previous year. The i'm
portance of the difference will be better
understood if we remember that this differ
ence alone in only seven months would in
volve larger amount of gold than has ever
occurred 10 any twelve months, if all bal
ances were settled Immediately in coin. In
February the exports of specie-from this
port alone-were over 100000. AS an
instance OF the reaction in the stock ex-
change, Louisville and Nashville railway
stock jumped up to SO at the opening on
Friday, but Immediately began to sink again,
reaching down to IS on Wednesday. Within
month the fluctuations of this stock have
amounted to s2a points, which shows there
is want of confidence in the statements put
forth by the company. People do not know
what they are buying The banks, which
held at the last report 1927, 100000 out of the
$3.50 600, 900 of the deposits returned, were
in very satisfactory condition; in the
banks of different class, of which some
fcarcely held half the reserve re-
quired there, was deficiency. There is an
Improvement in the treasury condition, the
March statement being better than that of
February, but the same process OF aecumu-
lating silver, which has caused just appre-
hension hitherto, is still apparent. The
treasury now holds $104, ,OO6 in silver,
the stock increasing $2656, 622 during the
month of February. Worse still, the silver
certificates are drifting back to the treasury.
The treasury has been forced to redeem
81, 900 OF the silver certificates in gold,
because they have been paid into the cus-
tomhousss in place OF gold. At the same
time, it has been obliged to accumulate
100000 silver dollars, Vis. 81, 600, 900 coined
during the two months and 100000 thrown