Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-06-19
MEMPHIS APPEAL
TUESDAY, /: JUNE IS, 1883.
THE FINANCIAL. AND BUSIN ESS SIT

A steady improvement in the exchange
last week, is the welcome report given by
the New York Public. The improvement, in
comparison with lsst year, is really very e.
coursging. That paper adds that Southern
business is large, and tAat only a moderate
proportion Of the gain there is due to specu-
lation. Western exchanges are large enough
to indicate that there ID an immense Volu a.e
Of trade, though, as other facts show,
large part OF them are Of speculative origin.
Memphis exchanges amounted TO S712,S22,
against S65l, SCI at the corresponding time
the previous year-A gain of ga per
cent. The business OF the country is
improving; more is doing than at the closs
of the shor-crop year of 1882. There
are many indications OF improvement, but
matters are still unsatisfactory at some
points. 1t must be remembered, how
ever, that large and iDdefuabie
part Of the business is Of speculative ng-
ture. Crop reports from the West and South
have strengthened the stock market, but that
maIke, seems to be feverish. The presumP
ton is exceedingly strong that cutting Of
railroad rates has been in progress for some
time, managers deny il, but the only thing a
man has any particular reason not TO believe
about any American railroad, judging from
experience, is the Thing which its active spec
ulaiye directors most emphatically assert.
The New York Chronicle takes lees en-
coursging view Of the crop condition than
the Public, and adds that the weather in
Europe continues almost perfect for wheat,
and there are hopes of a fair crop there in.
stead Of a deficiency. With 30 little encour-
agement TO keep wheat back on this side, we
are exporting only in limited way and our
visible supply has again increased. Under
these circumstances, and with the Bank
of England rate still at four per cent,
foreign exchange cannot fail TO rule strong,
and sight bills and cables have sold at an
advanced rate in obedience to dem aud
slightly in excess Of the supply; the dem and
Is reported 10 be principally for remittanc,s
Tor securities recently arrived from Europe.
Ii would not be surprising now to see at any
time a shipment of gold made. In the pres
ent condition of our trade balance such
movement could, at any moment, be forced
by the spectators in the stock market, and
it woald ave been done before this bad they
not feared that the higher rates would lead to
large sAles OF futures Oppressive to the ex-
change market. Expected coming shipments
Of cotton and grain make any considerable
loss OF gold from this eide unlikely; nothing,
however, has saved US but our very small
imports. Our exports in May were nearly
100000 less than in April, while
our imports were 100000 less, and were
nearly 100000 less than in May Last
year; the exports Of June will probably be
less than for May. The continued sensitive
condition of the exchange market can there
fore excite no surprise. Money remains easy
notwithstanding an advance IN the stock
market. The present situation, judged by
the statements above, chow. that the imBe-
diate future promises fairly, but there are
circumstances not mentioned this week by
the New York authorities we quote which
should not be forgotten. There have been
some bankruptcies which, like openings lat
give a glance at the interior, Indicate more
than is pleasing TO know. The fact that i'm
portant changes will lake place in the tariff
July 1st, has much TO do with the decreased
imports; importing is checked by approach
ing lower rates; will there not be an unu-
sually large import after the lower rates
come into operation? and, if only decreased
imports have saved US from an outflow Of
gold now, what will be the condition then,
especially as better prospects for the harvest
in Europe point to possible check upon
exnorta2