Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-01-13

the reports OF clearinghouse that have rec
Ords, Tor seven years, the following results
are obtained Of percentages Of gain and loss:
1873 to 1876, loss Ill per cent; 1876 to
1877, gain AZ per cent: 1877 to 1873, loss
g. per cent; 1873 to 1879, gain ISL per
cent; 1879 TO 1850, gain 293 per
cent; 1850 10 ISL. gain 253 per
cent. These figures, however, are
distorted by the inclusion Of New York
stock speculation, but very close approx
nation to actual business is gained by
taking and comparing the returns Of other
cities, and they give the following per cent
age: 1876, loss IS; 1877, loss 80; 1873, Icss
Gil 1879, gain 1863; 1880, gain 21.9; 1881,
gain 22.7. The reports Of business done in
different YEAR,, taking 1873 as 100, was as
follows: 1875, ISL; 1876, I1O.6; 1877,
1865; 1873, 100; 1879, 1863; 1880, 1925;
1851, 1873. A decline OF Isl from ISL,
or 1873 per cent, from 1875, was afterward
followed by "a advance of 1913 per cent.
The question arises whether these changes
were mainly due 10 changes in the price of
commodities. Investigation renders it GER
tam that the decline from 1873 to 1873 was
Lezs than the fall of prices, and that the in
crease since 1873 has been greater than the
rise in prices. That is, the volume of bust
ness, measured by the quantities of products
exchanged, has been generally increased
throughout the period under consideration, as
well when business was bad, resulting in gen.
eral losses, when it was good and yielded
L.. 8
that 500 in 1875 would buy about as much
as SS1 6S in 1878. The decrease in business
volume was from 500 to SS4 90 outside OF
New York and considerably less in it, with
or without deduction for stock speculation.
The advance in prices to November, 1881,
was such that 500 in 1875 and SSl IS in
1878 would have bought as much as SI03 20
in 1881. But the ratio of increase in the
volume of business was such that for every
500 paid in 1875 in New York S195 80, and
outside of it Sl47 80, was paid, after deduct
ing double the market value of the stocks
sold. Whatever method of comparison is
used the increase in the volume Of business
since 1873 will be found greater than the
advance in prices. The tonnage returns of
the railroads corrobo-ate this; the ton
mileage of eleven principal roads increased
36.2 per cent. from 1873 to 1878, and 1872 3
per cent from 1875 to 1880; from the 1881
returns il is probable that the gain on all the
roads will be over 200 per cent. for six years
The exchanges, however, increase less rapidly
than railroad traffic; those of New York,
when reduced by double the amount OF stocks
sold, appear to correspond closely with the
Legitimate commerce Of the country, more so
than do the interior exchanges. The increase
of exchanges at New York was but little
affected last year by specul alton in stocks,
since the increase in sales but little more
than kept pace with the gain in other trans
actions. The gain, after deducting the sales
OF stock, is 261 per cent, while the gain in
aggregate exchanges is 27.9, and in the ex-
changes outside Of New York 220 per cent.
The Public in another article, satirically re-
marks that 1881 was bad year for railroads
1t was so bad that three of them earned, dur
ing its existence, one-third more than the
piolc rerenue Of The United States government
had ever been, in any year, before the war.
The annual report of the New York Cen
trail gives the years earnings at $50, 34s,-
397; the Pennsylvania, 43,940 PSI; the
Erie, $20,7l5,605. During the winter
it was well known that the railroads
were suffering ruin from the snow and the
long continued inclemency of the weather.
During the summer it was equally certain
that ruin was the obvious result of drouths;
while, since June, the excessive competition
IF the road added third ruin to the other
-wo. Every three months these roads, |
ruined and undone, earned more than they |
lad ever done any preceding three months |
corresponding. Under these circumstances the
public in general no doubt will sympathize
With the SORROWS of the railroads, which Ape ar
doomed TO suffer equally be the weather Cry
n vet, hot or cold. Under the pressure Of |
hese difficulties, and the burden OF three
'uins in one year, who can grumble at rail
Dad extortien, rail at pools or condemn dis