Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-05-15

April, amounting to 81 ,96s, 7s5, 9O5, a de-
crease of 235 per cent. as compared with
April, 1882, and for the week $500, 829, 581, a
decline Of 7.S per cant. Memphis exchanges
for the week amounted to 81 ,126,315 against
s1,O5I,681 the corresponding week in 1882, an
increase of IL per cent" 1t is matter of
growing SURPRISE" says the Public, "that the
transactions at moet other cities appear to
be relatively larger than those Of New York,
in comparison with those OF last year.
1t is not altogether easy 10 give satisfactory
explanation of this phenomenon, because
there are 30 many causes to which it may be
attributed. But it would be idle TO deny
that it looks very much like a temporary
diversion Of trade from New York to other
quarters. Whatever the cause or
causes, the fact ia that payments in New
York are al present decreasing, while those
made outside of New York are increasing"
Some Of the Western cities, especially Gin
cinuati, Louisville, Milwaukee and Kansas
City, include both debit and credit accounts
10 their clesrings total, and in future, the
Public says, it will be necessary to divide
by two the reports from those cities.
Though the stock market was generally
strong, that was evidence that leading opera
tors we're selling out at times. At this sea-
son, when little bad weather, or single
extensive storm might change the whole
financial prospect, long headed operators
prefer to let the lambs and the public carry
stocks for them. A reason for the depres-
sion of the stock market il found in the
condition of the railroad stocks, 135 of which
are listed at the Stock Exchange, while
only "a pay regular dividends, nearly one TO
six. OF the 135 q are preferred, FIRST
preferred, and 2 second preferred, leaving
l02 common; and of the last only Is pay
regular dividends. The total listed stocks
amount to 81 1896, 1905, of which $780,
727,744 are preferred, SIC, 8O7 ,O03 first pre-
ferfed, and 81 eos. $685. common stock.
The amount of dividends paid annually
makes very email percentage OF the total
capital, and it is not to be wondered at
that people holding large blocks OF
stock find difficulty in getting rid of it. The
New York Chronicle observes that there is an
evident disposition to go into the cattle rails
ing business on Western ranches. 1t ia said
that S. 100000 will be devoted this yesr to Ii al
purpose. 1t is certain that for very many in
dustrial purposes foreign capital is finding
its way here now, and in very considerable
amounts. These statements will account for
the rapid buying up Of cattle in this part Of
the South, causing an advance of so per cent.
in prices, which is inducing many of our
Southern farmers TO resolve 10 give more at
terlion 10 the raising of cattle and the i'm
provement of breeds than they have hitherto
ever thought Of. This is another aid TO the
work Of diversifying productions in the
South, which has happily set in and will, we
begin to believe, end by conquering the deep
seated call cotton" superstition. Money on call
had been in good supply in New York during
the week, with larger movement from the in
serior. This se@sO. ;iAeIy sso ILL.,
market much lees Influenced by treasury op-
erations than it has been for many years.
There are now no unmatured calls for bonds
outstanding, and bond calls are not expected
to be resumed until the commencement of
the next fiscal year. Railway returns show
that Southern and Southwestern lines,
favored by good weather and large cotton
movement, make better showing, in the
main, than any others.