Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-05-22
MEMPHIS APPEAL
The FINANCIAL AND COMMERCIAL.


The weeks clearing, the New York Public,
at New York, Philadelphia and Boston,
results favOrsbly. Memphis reported $780,
1856 for the week, against S65S,694 the same
time in 1882, gain OF 100 per cent. The
Public sees in the shrinkage at Boston and
Philadelphia suggestion that We may have
entered upon another period of shrinkage in
the distribution of products, and consequent
decline in the exchanges at the chief centers
Of wholesale trade, 10 which case increase at
other distributing centers will cease. The
double burden of reduced quantities Of grain
TO move and the Intervention Of canal rates,
are troubling some Of the railroads, and
charges Of cutting rates are made and de.
MED. Railroad building for the TOUR months
Of the present year has been less than
one-hali Of what was done at the came time
last year, which ia favorable circumstance.
Over 100000 Of railroad securities we're
added TO the Stock Exchange last week, and
within the month nearly S52,000,000 Of bonds
and over s5O,000,000 Of stocks, in addition to
from the free 10 the regular list. at may be-"
says the Public, significantly, Shat the Stock
Exchange Is used as the last resort for dis
tributiDg securities, the very helplessness Of
the situation being 3 siimulant in come
cases.' The New York Chronicle considers
the changes that occurred during the week
favorable commercially, but financially there
are features Inducing caution IL they do not
positively check any improving tendency
The II yer quasi On f. rapid sssumiuy n
pha-c Via. .usUJ-a .s iUI confederation p cd
threatens 10 grow more aEd more difficult Of
ByiuliOD,'' a seat. sos thai from the oonssrvs-
tive Chronlc!e deserves consideration. i.
sees that ali over the world there is tend
ency TO degrade silver and to make gold
the only metal Of commerce. The supply
of gold has diminished while the call for it
has increasedi this is draining gold from
Great Britain while there is no cessation to
the call upon her, and we ace the unusual
spectacle Of 5 four cent. money market, and
still large amounts of bullion lost weekly.
The condition of the Bank Of England re.
serves are closely watched, bill brokers are
notified not to except accommodation which
leads to a return Of large amounts of Ameri-
can securities. There is no c5isis in Europe
to cause the drain, but Holland has been
steadily absorbing gold, it is ssid, for the
purpose Of increasing its gold circulation.
The situation Of things is by no means ress-
suriDg. II our foreign trade should be
such as to bring England largely into our
debt the bank might be compelled to resist
the outflow of gold by further advancing
the discount rate, and thus, perhaps, force
additional amounts of securities apon Us.
While the Bank OF Epgland hs. been losing
gold the Bank OF France has been gaining
it. Under this condition Of things our for
eign exchange market il firm at q higher
rate. Our export movement compares ia
vorably with q year ago, bat, nevertheless,
the total amount is small. While the bread
stuff movement in April this year was ST.
100000 above that of 1852, it was fully So
100000 below that for the corresponding
month Of 1881. This-in connection with
smaller exports of provisions, and a con-
traction in cotton shipmentE-indicates that
Notwithstanding a reduction OF imports,
the merchandise balance in our favor
in April must have been smaller than
in March, making a basement tor
higher rates of exchange and the less favor
able condition of our foreign trade. Money
on call continues in good supply, with lib
eral movement from the interior and a mod
crate demand. Time money is more sought
for, and bankers and commission houses are
now disposed 10 make provision against an
active market later in the season. The de-
cline in values has been general over the
whole range Of our markets, com mercisl aud
financial, and there is scarcely an industry
left that does not complain Of the email
margin of profits. In railroad operations
enAnamY IL becoming eessnllslly necessary;
it is imperative; leaks must be stopped and
waste obviated.