Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-07
THE COMMERCIAL AND FINANCIAL
SITUATVON.

The exchanges of the last week in April
are not indicative of increasing business.
The increase of prices shows that for every
500 paid in April, 1881, SIP 80 would be
paid in April, 1882, had the quantity OF
business remained the same. The Irregular
tiles noticed in the returns of several weeks
appear to increase. During the week under
consideration FIVE of the largest and two
minor money centers report smaller transac-
lions than in 1881, although prices are
higher. The decline in New York is unu-
sual and cannot be attributed to any differ
ence in stock speculation. Putting aside
stocks the remaining exchanges were not
more than S55O,000,000 to $560,000,000,
against $4,000, 600 in 1881. On the month
exchanges show a decrease of SO per cent.
Boston has been falling steadily behind for
months and the decline equals nearly twenty
FIVE per cent. in quantities of produce trans
ferred. At Baltimore the decline for the
month has been nearly as great. Where there
are gains of importance, as at Chicago and
Milwaukee, they are due to speculation.
All these facts, says the New York Pubic,
point to real decrease in the volume of
business. mainly attributable to last seasons
drouth and the consequent decline in the
purchasing power of the farmers. At Pitts
bup. Cleveland, and most of the minor manu-
featuring towns, the exchanges continue
large, owing TO advance in prices. Manu-
| featured products are accommodating in the
expectation that good crops this year will
bring expanded trade, but present consump-
ton is decidedly more restricted than it was
a year ago. Good crops and an extended
| foreign demand for them are becoming every
| day more necessary to restore domestic trade
to a prosperous condition. Turning, now,
| to the financial situation, we see that the
plague of silver still pursues us. The gold
! in the treasury has diminished S11 ,3SS, 254
while silver held has increased $42, At, 347
and this is not the worst of the change
The amount of silver dollars lying idle in
the treasury for the first time goes beyond
$50 900 900; it is now SSl, 595 ,O56-
an increase of S3,416,473 during the
month. All the new dollars coined
during the month were added to
the stock on hand, and about S1,OOO,OOt
which had ceased to circulate besides. Also
$500 900 of the silver certificates were thrown
on the treasury in excess of the amour
issued. SO that an increase of nearly $1,000,
600 of silver is on hand, not representable b,
certificates in use. Slowly the coils fold, thu
victim will feel the grasp at last. Thi
accounts for like decrease IN the gol'
reserve, the rest having been paid for IL
bonds. The money situation is peculiar
The banks have got back some OF the none,
which has been sent to the interior; the sin
pular feature in the business is that so it'll
gold returns. 1t is difficult to regard tn
continued drain of geld from New York i
any other light than as an evidence either Q
boarding or of distrust regarding the finau
cial future. Such is the light in which tn
Public regards this feature OF the monetsr
situation. 1t is the general belief among th
New York bankers that large exports OF gol
will soon be required. The circumstance
, appear to indicate that movement oil secn
4 rites to this side is in progress.