Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-09-01
FINANCIAL.

The financial condition Of this section
has shown steady Improvement during
the past year. In this city the volume Of
bankers clearings sum up nearly S63,6O0-
0OO, al increase over last year Of 1914 per
cent, or almost one-ffth greater. The line
Of deposits at the local banks exhibits an
increase of volume Of about 80 per cent.
and to this is partially due the Increased
volume of clearings, while a limited por-
ton OF the increase is due TO q more ex-
tensive interchange of cashiers checks
since the repeal in January last of the
National revenue tax on capital
and deposits. The most important inAu-
enee to swell the amount was an increase
IN business, due TO a general improvement
in the financial condition of the people
here and h%ereabouts; TO the immense
crops produced in the South last season.
and the fair ones about TO be harvested;
to thu employment Of liberal amounts ia
building and other improvements; and to
a feeling Of confidence in all circles re-
garding the sound cond ton of the South
ern country and its steady increase of
wealth. The disturbancein Eastern fnAn-
cial circles a few weeks ago was mainly
confined TO operators in an excessive mass
OF speculative and well watered securities,
showing wide fluctuations and creating a
furry which for I. day or two bOrdered on
a panic. At the very time the excitement
ruled, money could be borrowed at very
reasonable rates of interest In all the mar
kets Of the country, on any solid c%ollate-
rails, such as railway or other bonds, the
value Of which are not affected by sudden
depressions in speculatiove circles. The
excitement which carried down several
provision dealing m~illionaires Of the
Northwe I three months ago was due
wholly TO speculative action in their es-
pecial line Of traffic, and the rapid shrink
age Of prices after q season of large pro-
duction and slow foreign movement for
the surplus Of this country. The same
speculative and over trading influences
proved destructive to numerous million
aires among hide, leather and shoe dealers
of the Eastern States during the summer
A number of small dealers and a few
banks succumbed TO the pressure and TO
tampering with inflated securities in the
Northern States, hut finances have been
in a remarkably healthy condition
throughout the year in this and other
parts Of the South, and in this connection
II may not be out Of place TO say that the
financial downfall Of q dozen mil
lionaires because Of the enormous
increase of wealth in this country.
and the development Of various
industries, would have but little more
than a temporary effect upon monetary
affairs ut any point The great financial
panic Of 1887 was due to the wildcat banks
Of the South and their inflated issues, to-
gether with executive action re~gardinethe
United States Bank; hat of l8l7 resulted
from a general depression fol two years in
commercial traffic; that Of 1857 succeeded
the failure Of the Ohio Trust Company.
for about 100000, a circumstance that
would not now occasion gossip for more
than a day; that of 1873 was influenced
by the inability Of railway constructors
10 complete contracts, and the insignia-
cant disturbances the past year 10 furries
in railway stocks in the hide and leather
and the provision trades and 10 a shrink
age ia Values. With the exceptions noted
financial affairs have been quiet through
out the past year. Here they have been
uniformly prosperous and undisturbed.
me borrowing rates for money ruled
during the spring months al G per cent.
and during the season of greatest demand
N the summer and autumn at 3 pei ,sh
me latter figure is the rate at the press,..
time.