Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-12-20
THE FINANCIAL AND COMMERCIAL
SITUATION.

AS Christmas approaches the exchanges
assume a more encouraging aspect; it is sus-
pected that a larger than usual credit bust
ness wss done last fall, which causes many
payments in December, and some bankrupt
cies also. For the week ending December 9th
the figures of the New York Public show that
the payments outside of New York amounted
to $685., 669 1858; an amount, that paper says,
which has never been equaled but once in
any other than the first week in q month,
and only fen times in all. The magnitude OF
the exchanges at such periods is plainly due
to the maturing OF large obligations. The
unfayorable feature of the indications this
year is that an expansion Of credits in the
fall, being made upon declining prices, must
have been attended with some Losses and EN-
barrassments. Whether we shall import $40,
600, 900 or $5O,0O0.OO0 of gold from Europe
before March depends upou what Con-
gress will do, and how many
shares of American stocks Europe
will handle. At the banks the curtailment
of loans, the increase of deposits, and the
satisfactory surplus revenue show finances to
be fairly beyond the danger point, and the
end of the year is SO close at hand that no
period OF serious stringency is 10 be ex-
pected. A little doubt comes in, however,
as 10 the course of the money market about
the LIST of January, when preparations are
to be made for dividends and quarterly and
yearly payments: The excess of imports of
merchandise for ten months of 1882 was
S43, 800, 9S7, while the excess OF imports of
gold and silver was ST., sos, AS. The Lon
don Economist thinks it possible, though not
probable, that there may be come movement
Of gold; this may be before the year ends,
but il is hardly likely. The Public lifts
corner of The curtain that conceals railroad
earnings and losses, and remarks: Rail
road managers have destroyed public conf
dence in their honesty. They have played the
game of thimblerig so openly that the
bystanders do not care to take part"
The New York Chronicle, notwithsta nding
Improvement on the week, scarcely takes as
rose-water view of things as it did week
ago. 1t says: General trade has not
changed, failures are recorded with I'M
pleasant frequency, and the period is APP
preaching when it is customary for business
men carefully 10 examine into the results Of
the year, and these Investigations are ex-
pected TO end, in many csses, in results
somewhat disappointing. Hence a couser-
vative view of the situation inclines the
observer 10 caution" CHANGING at railroad
affairs, the Chronicle, diseusted with the
trickery that has been going on, expresses
sentiments similar to those uttered by the
Public. The Chronicle, after a review of the
circumstances, comes to the conclusion that,
"ss far as our foreign trade movement is
CONCERNED, everything points to considera-
bic iuiux Of gold the coming month" The
same authority says: "Mouey il in good sup
ply this week, mainly in conse gu ance of The
liberal disbursements OF the treasury for
called bonds. The demand from The interior
is somewhat larger but not excessive, aud
our banks are steadily accommodating reserve.
This extreme ease of The -a~-Aes csnuor be
expected TO continue to the end of the YEAR,
1t will be observed that the approach of
settling day at New Year appears to excite
no apprehension; but taking in the whole
atm osphere OF things, there appears reason
to look fer some Aatness in trade when the
holidays are over, unless Congress takes a
wise course and by relieving trade of some
of its shackles, brings back life and cheer
fnlneaa