Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-03-20
FINANCE AND TRADE.

me exchanges LOT Inc week enulnS mAfCn
10th are much more satisfactory, both az 10
the bu.iuess of New York and as to other
cities, than those Of the preceding or any
other recent week" Such ia the gratifying
announcement with which opens the last
issue of the New York Public. Only seven
eities beside New York report smaller trans
actions than those OF the corresponding week
last year while ten cities chow larger in
crosse. In New York nearly half Of the re-
ported decrease is due TO shrinkage in stock
operations. Grain speculations have much
to do with the increase in Chicago, and oil
transactions with that at Pittsburg, but re-
turns indicate pretty general activity in
business since the adjournment of Congress
aided to reduce uncertainty. Outside Of New
York the aggregate is 40 per cent. larger than
for the corresponding week last year; the
exchanges outside of New York have been
the largest on record for that part of the
year. There is reason to hope that the revi-
val of business consequent upon the passage
of the tariff act may endure possibly until
the new crops encourage more decided i'm
provement in the fall. But there are still
two doubtful points-e1cessive speculation
with monetary stringency may make mis-
chief, or the new tariff may ause disturb
ance in some branches of industry. Owing
to buuder in the tariff bill, certain provi-
sions instead of taking effect on the fret Of
July are already operative. These provi-
sions refer to commissions and charges,
amounting to about ons-fourth of the duty
collected; these were added TO the duties but
the new tariff sbolishes them. On earthen
and stoueware, and On some kinds of
wool, the increase from 'these charges
was very grea', but in all cases they
are now swept away, ard the change is at
present operative, although the new duties,
which they were intended to effect, do not
become operative until the end Of July.
From this time, therefore, until that date
foreign goods can be imported at a much
lower rate of duty, in many cases, than alter
ward. Where the present duty was forty
p.r cent, to which the charges added twenty
per cent, the immediate reduction is from
sixty TO forty per cent, while after July let
the duty will be fifty TO Fifty five per cent.
This will cause haste to make large impor-
tations of the goods chiefly affected, and it is
likely tn at some branches Of home msDufac'
ture may fed the market we'll stocked, for
long time to come, with goods imported by
favor of the blunder of Congress. There
will not be much sympathy for the sufferers,
for, seventeen years 9go, not contented with
the protection" they were receiving, they
had this indirect addition made as a tempo
rary prov sion, but the mopopolists maneu'
vered to make it perm anent, and now they
must suff.r a just, though unintentional
retribution. Many other serious errors be-
sides This have been found 10 the new law,
and still more will crop out as the various
provisions come into operation, all the con-
sequences Of hasty legislation through the
wisdom OF Congress and the grsspiDg rapacity
of the monopolists. The New York Chron-
| feTe, IN an article on bank circulation ard
government bonds, states that "at present
prices (of the bonds) the tendency to retire
bank notes must, hereafter, become more
active, and the temptation for banks and
bankers 10 hold government securities musi
diminish" The same journal says the past
week has been conspicuous mainly for the
high rates Of interest at New York, the
| steadier tone Of The stock market, ard
the improved feeling among merchants
aud manufacturers Notwithstanding ths
many failures. Railroad earnings con
tinus Satisfactory and must, during
the summer, compare favorably will
those of lsst year. The state of foreign trade
still continues 10 encourage hopeful views al
to the future. Money has continued very
active during the week, ard borrowers hav,
been compelled to resort TO the stock ex
change for funds, which they could not OBJ
tain at the banks, the latter being SO low il
reserve as TO prevent them frcm making
loans with their usual liberality. There il
little prospect of any speedy relief 10 th'
market. Overdue bonds come in very slow
Y, although there are nearly $4,000 900 OF
which interest has ceased.