Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-08-11
TeADE A,D FINANCE.

The Boston report of the state of the ex-
exchanges shows falling off in number OF
leading cities, but the statement on the
whole is favorable The total clearings oil
the week were 81 POS, 409, $50 against ST ,223,-
$40 800 the week before, and an increase Of
8 per cent. over the same time the previous
year. Outside of New York the clearings
show decrease of AZ per cent, in New
York gain of 9.S per cent. The last issue
OF the New York Public reported less en-
coursging state of the exchanges than on The
was favorable. The Public infers that it is
evident that business is in transition state,
and it looks for great changes for better or
worse within few days. Decrease of grain
exports, and difficulties in the way of moving
freight from New York affected matters, but
the amount of transactions due TO legitimate
trading is large. The proceedings OF Con-
gress do not aid prosperity in business. The
Public says that it is generally expected that
money will be plenty in August. Ample
supplies from the interior, or even from
Europe are looked for if there should
appear to be danger of stringency in
New York. This view is founded upon
decreased speculation, payment during the
month from the treasury of SlS,500,O00, and
probable increase of expenditures arising
from congressional provisions. There is
much Indebtedness to Europe, and we are
still importing goods SO extensively that
there Gan be no expectation OF balance 10
apply to the Liquidation oil tnIs Indebtednt 50.
If Europe should want money. as the Egyp-
tian affair renders likely, exports OF gold
may go on. Ii lower prices should induce
farmers TO hold back their wheat, extrava-
CANT speculation may set in again, the more
so as the market appears to be heavily over
sold. Gotten and corn operators are not
likely to be defeated by any actual move
ments of new products until later than Sep
TENDER 18th, and six weeks is long enough for
severe pressure. The payments the treas
ury is now making may serve the market
for week, then no other cali natures until
September 9Th, and for six weeks the treas
ury will be constantly drawing from the
market. The ordinary demands for money
to move grain can scarcely be met easily
during .the next ak weeks in addition TO
extraordinary demands from the treasury,
and demands for shipment to Europe, by
banks that now hold visible surplus of
only S5,Ss1, 900. Money has been going
heavily to the interior, go that disburse-
ments by the treasury will, in large meas
ure, be absorbed by losses the banks have
already sustained. A collapse in stock
speculation or extensive liquidslIcns in cot
ton would change the situation, but unless
some such important change occur period
of unusual pressure NAV begin any time,
and we shall be fortunate if many days
elapse first. The present turn of prices has
been toward declines. 1t was an unpleasant
reminder OF the unfavorable state OF foreign
trade when 81 ,456, 900 in gold was shipped
to Europe on Wednesday. The prevalent
opinion had been that we had seen the lsst
of these shipments for this year. But sn
uuliquidated balance on merchandise ac-
count has been created each month for some
time past, and gold will go unless securities
are taken for export, so long as such bal
ance remains, whenever Europe has need of
the specie.