Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-02
THE FINANCIAL AND COMMERCIAL
SWTU ATTAIN


The last issue of the New York Public
contains matter sufficiently serious to deserve
the thoughtful attention of all persons en-
gagged in business. That fairly prosperous
business is doing now it does not question,
bat it points out indications which show how
much the future is dependent upon contin-
gencies, how much our trade is dependent on
circumstances rather than on its own in
herent strength. These things are mentioned
quietly and calmly, but taken in connection
with previous utterances in the same quar-
ter they evidently regarded as impor-
tant. "Fhe weeks exchanges" the Public
says, care phenomenal" at large proper
tion of minor cities the week shows great
increase as compared with the same period
last year, yet the aggregate is not extraordi-
nary nor, outside of New York, is the in
crease as much as the advance in average
prices. Chicago and Milwaukee show enor-
nous transactions, but they are the
headquarters of the grain spectators.
The weeks total returns show gain
over the previous week of 37.4 per
cent, and over the corresponding week
last year of 80 per cent. The expert
ence OF years has shown that serious irregu-
larity at the most important cities indicates
disturbance which, soon afterward, extends
to the minor points. For some time past
there has been evidence of slackness at sew
eral OF the large centers of wholesale trade.
Boston has had, with few Interruptions con-
tinuous decline of over five months; at Phil
aAa fhara has bnan
at Baltimore declines have been more fire.
quent than improvements; at New York the
improvements have been due TO speculative
stocks alone. "We infer" says the Public
Notwithstanding the continued and often
large increase at many of the minor towns,
that causes are at work which may produce
considerable stsgnation in business and, if so,
exchanges. If the crops this year,
or the foreign demand for our
products, should fall below expecta-
lions, the year would probably not be
one Of general prosperity. Not few mer-
chants are complaining bitterly. They find
their sales are not as large, nor their profits,
as they expected. The shipments by rail
Iodus euOW That the NOtuhe ol bustntss Is
not as large as it has been." The treasury
during the week sgain paid out more gold
than it received from the mints, and the
effect of such payments upon the bank aver
ages should have been to increase the specie
in the banks by SS,79O,699. But the banks
reported an average of only 81, 900 400 larger
than the previous average, which would in
dictate that about 1881 ,2o9 in gold had gone
out Of the city. The legal-tender average
reported shows that the banks must have re-
ceived a large amount of legal-tenders from
the interior, while sending to other points a
smaller amount in gold. Even now, after
the banks of the interior have largely sup
piled Themselves with gold, and one would |
suppose that the channels of circula-
ton there had also become in some meas
ure filed with it, whenever money
Is drawn in considerable amounts from New |
York gold is demanded, while, whenever |
money Is returned hither in considerable |
amounts, 1t comes in currency. This CORE /