Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-03-06

The weeks exchanges, as reported in the
last issue OF the New York Public, turned
out TO he Unexpectedly large, showing an in
crease OF 6.5 per cent over the correspond
ing time last year. Only five of the cities
outside of New York show any decrease, ard
of these Cincinnati and Cleveland have been
troubled with floods. In New York itself
there was depression, the decline against the
preceding year for the same time amounting
to 27.3 per cent. The returns for Memphis
are 81 ,O97, 400, against SOL ,776 in 1882, an
increase of 564, and 81, 252,75s the previous
week. The Public says it is not ensy to &C.
count for the considerable decline in New
York, while there was general increase
elsewhere. Figures show that it came
from no shrinkage of speculative deal
iugs in products, nor from dealinga
in stock; such loss Is not customary. The
general increase elsewhere is evidence OF
noteworthy activity. At time when fail
urea have been unusually numerous and
business sffected by legislative uncertainty,
those returns are certainly surprising. Trade
is much Influenced by legislation at present,
and if the tariff measure that has been
adopted prove satisfactory, release from
uncertainty as to the future will give much
wanted impulse to activity. Should the
measure command no confidence, and fail TO
secure the decrease of revenue required, and
money continue TO accumulate in the treas
ury, an expectation that the whole matter
will be re-opened in Congress next winter
will have depressing effect. The treasury
now continues TO take in more money than il
pays out, thus increasing it's balances
and depicting the bank reserves. The
domestic exchanges were strongly sgainst
New York at the grain moving
cities, TO which money was sent in large
amounts; this subjected the banks to
double loss-to the treasury and 10 the in. |
terror Since January 9th their reserves
have sunk from $S7 $780, 100 to S7S527, 800. |
Within the same time they have expanded
their loans Sc, 500, 600, in spite of stagnation
in some branches of trade, while the reserves |
shrunk SS,760,000, and they are approach |
ing the position they were troubled with at |
the close of February, 1881 and 1882. These !
shripksges are not natural; in 1881 injudi- |
cious legislation, and in 1882 loss from the |
previous unfavorabIe harvest, exports OF |
gold and speculative relapse in stocks pro-
duced those RESULTS. This year January
started with good surplus, but the banks
have nearly exhausted it; so far they have
escaped difficulty. The March tendency is
toward monetary pressure. This year the
adjournment of Congress may be followed by
business activity while the banks are
low in reserve. The Jesuit may be a
rapid liquidation in speculations; or a check
to business improvement from the inability
of banks to transfer funds promptly from
speculative to business uses. But there are
difficulties, says the Public, "to be appre-
hended of deeper root and wider reach than
these" If Congress refuse to do anything to
relieve the whisky gamblers, we shall see
whether the frightful consequences they pre-.
dicted will follow. The iron manufacturers
are not in desirable position, the pro-
duction has been in excess of tia demand,
and prices abroad are low. Great Britain
also increased its product but found market
for 900 tons above the production, while
this country accumulated 2I8,700 tons I'm.
sold. The high price shuts US out OF the
foreign markets. If prices are lowered
manufacturers say they shall Pc ruined;