Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-27
MEMPHIS APPEAL
TUESDAY, ;: FEBRUARY 81, 1883
TRADE AND FINANCE.


The exchanges of the last week ere re-
ported, in the lsst issue OF the New York
Public, as being in the aggregate less favor.
able than those of The week before, standing
SAT- ,292,279 against 1892 s47, O66. the cor
responding week last year, decrease OF 19 5
per cent. The decrease cannot be attributed
to less active speculation in products, for
Transactions in wheat, corn and petroleum
were enormous. The decline appears to be
due TO other causes than those existing in
the speculative markets. The payments at
other clearinghouse in The aggregate were
$2S2, 500 900, against s2Sl, 1881 for the
corresponding week last year, and would
in all probability have shown q de-
cided increase but for the food in the
OHIO. The weeks exchanges at Memphis
amounted to 81 ,252,75S against s75S,6i2 at
the corresponding week last year-sn ad-
vance OF Col per cent, S1,345,l48 the pre-
vious week, an advance of 50.3 per cent.
Irregularity Of movement at the lsrger
cities, and an almost universal increase at
the smaller and manufacturing towns, con-
tinue to be especially worthy OF note. The
gains at many Of the minor cities we're sur.
prisingly large, and tine returns do not ap.
pear, on the whole, by any means as gloomy
20 the countenances Of come Of the business
men who have close relations with the iron
or whisky trades, or the stock markets.
Spite of all causes Of depression, the volume
OF business is still great that we are con-
stantly tempted to look for q quick
and strong improvement. The food in The
Ohio, and heavy iron failure, have
thrown some gloom upon the week,
and the prospect that the next Congress may
make considerable reduction in tariff du-
ties cannot fail TO have some depressing effect
upon the business OF the remainder of the
year, which would have been spared had the
present Congress carried out the work of re-
form confded TO it. The banks are again
losing part OF their reserve, the Secretary of
4he Treasury still regards silver as If il we're
available cash, and 50 it accumulates while
gold steadily leaks out. These things lead
to the impression that there may be strin-
gency IN the market before the usual period
in the spring. Al the present rates are mod
crate, but the markets will need all the dis.
bursements for pensions and other purposes
that the treasury is likely to make, before
many weeks have passed, unless gold come in
from abroad. That, however, is only
possibility; securities come to this side in
considerable amounts and the speculative
operations in grain, oil and provisions check |
exports. The belief that speculation does |
no harm may be rudely shaken before long |
should any money pressure arise. The New |
York Chronicle discovers several favorable |
indications in the present condition of trade. |
1t considers the changes in commercial sf- |
fairs that have occurred during the week 10 |
have been all Of a favorable character, both |
those that are wholly domestic and those
which relate TO our trade with the outside
world, as general business is recovering tene
and its volume increasing. A large move
ment of produce has begun again,
showing strikingly different situa-
tion from year ago. Then the
roads were carrying mere remnants Of crops
that were short, now they are drawing upon
cur Blus piOpCAty obAiA apparent
and abundant. This encourages the belief
that the railroads in the agriculiur al districts
will continue to make favorable exhibits
through the summer. Another encouraging
feature has been the dull, weak, declining
market for foreign exchange. The bread
stuff figures for January show that our for
4gu trade the last month was very favora-
bic. These and the provision and cotton
figures point TO balance of trade in our
favor for January of probably more than
ST ,000,0 900, making total from November
let OF ss6,000,000. 1t is now late il the |
season TO expect a movement of gold this
way, but renewal Of wheat shipments, with |
the large shipments We still have TO go
forward of cereal and other productions, |
close money market might at any time f nd |
relief in that way. AT present there seems
to be possibility that money may soon be
less abundant than for months past, although
just now it remains in good supply. The
coincidence OF opinion here between the
Public and the Chronicle is worthy of notice,
and suggests forecast against possible con-
tippancies