Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-06-05
THE FINANCIAL AND BUSINESS
SITUATION.

The progress Of business affairs is scutiniz-
ingly watched, and the state of the crops is
studied almost with anxiety. The New York
Public reports the exchanges Of the last week
in May as being quite favorable, for gains
appear in comparison with last year both in
New York and in the aggregate condition
outside of that city, but still in several OF the
cities there has been decline in the volume
of trade. The total weeks exchanges at
Memphis amounted to S919,4O1, against
$5I5,218 at the corresponding time last year,
an increase Of 1874 per cent. "With good
yield of grain and cotton this fall" says the
Public, "We shall have large increase in
volume of traffic, and perhaps larger in
crease than the country can proftably face"
The intermediary period is likely to be one
of much uncertainty and doubt, for transae-
tions that would have been considered large
few years ago, now fails to be satisfying
trade for amsiotity Of the merchants and man
ufacurers. Speculation is likely to continue
active with danger that ii may become too
active. The New York Croricle regards the
crop prospect as being as favorable az dur
ing any similar season, except that there is
some backwardness. The business situation
it regards as showing some Improvement
The anticipated strike at Pittsburg did not
occur; the prices of iron have declined. vet
we find the manufacturers signing last years
scale of prices without condition. 1t locks
as if the losses in the iron trade were con-
fined to localities unsuited to the industry
places where iron cannot be aade econom-
ic,IIv Int has to be suppoyted by artificial
aid. There are indications OF better teel-
ing in trade circles at the West, and, In a
less degree, sfthe South. There has been
fair disteibutlon of merchandise this spring.
Up9er the circumstances, railroads keep up
their earnings well Our import trade is on
. conservative basis, that serves to Tighten
fears about difficulties next fall from
silver accumHlations If we can keep
the imports down, With good crops there
can be little doubt--especially if we have an
import Of gold-the silver catastrophe may
be deferred until opportunity allows Con-
gres5 to prevent it. The really disquieting
feature of the moment is the strong tone of
foreign exchange, which is due to the search
iy of bills. As long as money rules extreme
ly easy here, and high in London, there can
not bat be peculiar sensitiveRess in financial
circles. The fears OF trouble in the London
market felt last week have generally sub
sided, as settlement day passed withou un-
usual difficulty. If, therefore, London and
continental markets remain in a normal con-
dition, no gold movement of moment can be
expected. An obstacle exists just now to the
free movement of breadstuffs by the existing
speculation, which is based upon an assured
scarcity of grain for delivery within the next
two months, by which prices are kept at a
hight that prevents exports. Money con-
tinues in abundant supply, and the demand
ID limited by the diminished interest; COM
mereial paper is in active demand. On the
whole, it is seen that the reports oil
the last week look more favorable,
but there is the same anxiety about
crops and the same leaning upon
our import Of gold in the latter months, and
= feeling almost of CONSERVATION az to what
mischief the accumulation of silver may
produce in the fall. That silver il the weak
link in the chain of our financial system
Should any monetary crisis arise making il
necessary to use silver in the payment oil
debts, premiums would at ence be offered for