Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-05-01

The exchanges the past commercial week,
though not making favorable show, ara an
Improvement on those of the week before.
The New York Public notes a loss at New
York of 1877 per cent. as against the cor
responding week last year. The payments
for speculation were over s15,0O0,00O larger
this year than last in New York; elsewhere
they were larger than last year. The show
ing of the clearings for legitimate business
ia very unsatisfactory. even more SO than for
any previous week for sometime past. "Out-
side of New York, the Public remarks, "the
reports are not as bad, but as they seem to
60 from bad to worse, there ia very little
comfort 10 them" The better feeling
that followed the close of Congress
appears to have been unwarranted,
bankruptcies and other disturbing influences
interfere with it. Last week seventeen out
of the twenty-six cities reporting their ex-
changes show decrease compared with the
same week last year. The New York CirOn-
icle reports the general aspect OF business for
the week unchanged; the prolongation of
the cold weather has interiered materially
with spring business, bringing dullness to
some lines of trade. The outlook for the
crops is not uupromisng; railroad earnings,
though not as large as they have been, con-
tinue to be above the corresponding period
last year; money is easy aud flowing toward
the New York center; there is a fair export
and a smaller import movement; foreign
exchange, in consequences of railroad
loans negotiated abroad, tends toward
lower figures, all of which encourage
hopeful feelings. 1t is not 10 be denied,
however, that operations are conducted with
extreme caution, and there is a general dis
position to await the outcome Of tho crops
before engaging in large ventures. Money
continues in good supply at the Stock Ex-
change, and indications point to ease in the
Immediate future; domestic exchanges are
generally in favor Of New York. A CORE.
spondent of the New York Post sees in the
present condition Of business and monetary
affairs closer approximation to the state of
things before the panic OF 1878, than it is
pleasant TO contemplate. He points out
that from the beginning Of March, 1873, to
May money was extremely tight, seven per
cent. snd on Wall street one-quarter to three
quarters of one per cent. day. Both 1873
and 1888 show deficiency in the bank reserves
from March 1st to April 14th, 1888 reaching
d surplus April Plat and 1873 May
81. The dear money OF the spring
of 1878 was the effect Of the
absorption of floating capital by railroad
building, and the panic followed in the fall.
During the five years ending 1872 1000
miles OF railroad we're built; during the five
years ending 1888 $500 miles were built.
besides the large investments in Mexico
Against this there is the large immigration
and the tendency of foreign capital TO seek
Investments here, then there is a check put
10 over production and, in the main, general
business is sound and prosperous. All this
was as true of 1873 as it is to day, but the
country is richer now and able to make large
investments, but still we may suspect that
the limit of safety has been reached, not
Withstanding. IL is noticed, not without
uneasiness, that enormous amounts of new
securities are continually adding to the Stock
Exchange list, and the difficulty Of finding a
market for them all conpss capitalists who
usually employ their own money to borrow,
and this unusual demand was one reason of
the late scarcity. II is hoped that during
the summer, blocks of securities now held by
the banks will be absorbed by investors, but
there is no present sigu Of such process be-
ginning. Coed crops and good demand for
them would do much to avert catastrophe,
but they are at present uncertainties. All
these considerations suggest attention, cleared
decks and shortened sail, and everything
snug in time for September contingencies.
"That we shall have dear money during the
last four months Of the year." Gays the writer
whose views we are giving, "is tolerably GER.
tain" and to keep sill these circumstances
and their possibilities in view and act &C.
cordingly, will be to bring danger, if danger
exists, down to its lowest point.