Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-11
TRADE Asp FINANCE.

The review OF the weeks clearances in
this weeks Issue of the New York Public be-
gins with the ominous announcement that
the exchang es OF the week are not calculated
to revive con6deRce. Boston Improves as
compared with last year, but Philadelphia,
Baltimore, Louisville, New York and Gin
cinnati, and an unusual number OF minor
cities, go to the losing side. The decrease at
Milwaukee and at several Of the minor
towns is quite large, and no indications shoH
themselves of any steady improvement even
where the returns are most favorable. Mem
phis exchanges amounted 10 81, 2s0, 9O4,
against SS62,SS4 in 1882, an Increase OF
49.6 per cent; and for the month 10 Sc, 49,
SSS, sgainst 1854 ,267 IN increase of 67.7
per cent. Most of the smaller cities, how
ever, make favorable reports tor the month,
the quiet in business having been greater of
late than earlier in the year. A review of
the returns shows that the volume OF business
is not small. Trade cannot be stagnant
when the exchanges outside OF New
York exceed ssoO,OOO,OOo in sim
gle week. Still the volume Of
BUSINESS is considerably smaller than has
been expectsd-much smaller than it would
have been had ordinary confidence prevailed;
together with this the speculative transac-
lions outside of the Stock Exchange are clear
ly much larger than they were last year at
this time; it follows that the more legitimate
transactions must be smaller. The gains at
st. Louis and Chicago, and still more at
Pittsburg, are due to transactions that add
not dollar to the public wealth, but that
disturb and derange the legitimate markets
by which means business is embarrassed. It
is bad thing when daily operations are gov
srned. not by supply and demand, but BY the
temporary ability or design Of any one clique
to entrap, crush, or corner another by driving
prices up or down. 1t is not we'll that the
mere prepondersnce of one set OF gamblers
over another, for the moment, should deter
mine whether England shall take wheat from
this country or another having surplus. 1t
can not be good thing 10 have market so
that no one can Judge from its
course whether it is iudicious to buy
or wise to cell. Things occurring
that would not excite especial attention at
another time, but do so now, such as the
fight of the State treasurer of Alabama,
the collapse of the great Union Iron ami
Steel Company of Chicago, followed by the
failure Of Mehr & Mohr, of Cincinnati, the
burning Of the Standard Oil Companys
works at Cleveland, aud the closing Of Good
wears Rubber Works. When one treads
upon the heels of another in this way, when
thousands Of men are thrown out Of work,
and when iron, rubber, oil and whisky cease
10 command confidence, it is useless 70 deny
that danger exists. Some business concerns,
urged BY pas, high profits, have extended
operations until the supply of goods is be-
yond the demand, and the collapse OF one
promotes doubts as TO the standing OF others
who have extended in the same way. These
occurrences show that tbsre he been real
embarrassment in many branches Of inens-
try. Uncertainty about the tsrin hss ifs
effect, but the present state OF things Is the
result Of causes that were in action before
iAs tsE!a agitation began: