Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-06
BUSINESS AND THE OUTLOOK.

buOW uc Culcl Cillc5 Vi WuOlc-
sale distsbution report smaller transactions
than they did year ago, while the smaller
manufacturing towns report larger trausac-
tions. OF the loss at New York $147 POP $50
is due 10 speculation in stocks, but specula-
ton in products accounts for an estimated
increase Of s25, 800 900, so that manufaciur-
log exchanges would amount to S405, 1884,
841 this year, against $542, 1928 900 last year,
a loss OF 25.3 per cent. The aggregate ex-
changes al eight other cities Of the first clsss
were about 100000 less than last
year, in spite OF the unusual gain
of 100000 at Boston, but the ag.
gregate at seventeen manufacturing and
minor points was 100000 more than last
year. The decrease at points OF distribution
other than New York was about two per
cent; the increase at the points of manufac-
turing was about nine per cent. The total
exchanges of the week were 81, Ala, 331 ,442,
sgainst 81 .272, 92O, 264 the previous year-a
loss of pol, and of 1872 as against the Prev.
Gus week. Speculation has been rampant at
many outside points, and accounts for large
proportion oil. the exchanges at Chicago,
Piusburg and st. Louis. The general tend
ency 10 increase at the many manufacturing
points, in spite OF the fact that these cities
are also engaged in distribution, indicates a
large production. The key OF the business
in this country is that uusold good. are ac-
cumulating. The Memphis exchanges
of the week were s1,S77,15S, sgainst
SS82, 435 last year, an increase OF SOL.
The official returns oil foreign COM
mercs for December prove much more
satisfactory that had been anticipated, AID
the excess of exports over imports was over
33,000,o00 the exports amounted to sg2,-
$50, 433, an amount never exceeded except
in December, 1880. The aggregate OF OK.
ports was 1922 100000 LEES than in 1880,
and the imports were 500. 900, 900 larger than
in that year. The whisky market is over
whelmed with accumulated stock in spite of
urgent warnings; the stock, which was a.
00O. 900 gallons in 1875, was 64,00O,OO0 in
1881, and has since been largely increased.
Several years supply is on hand, and the
price must decline unless Congress will step
in and make the sinking stock more valu-
able-a pretty piece OF business for Con-
gress to undertake. The market for print
cloths ia reported 10 be in an unsatisfactory
condition, with stsgnant demand and large
accommodations OF stocks, and a limi-
tation OF mill hours is spoken Of
The depreciation of stocks at Fall
River during the past year is reported
to be over 100000, twenty per cent. under
the value one year ago. The money market
during the week was easy and undislurbed,
with large streams flowing ID, notwithstand-
ing the failures that have occurred in the
interior and the violent speculation in some
products. No money pressure is looked for
in February unless there should excess OF
speculation. The business of the country
generally is on safe basis. Indebtedness
has increased, but is not near what is usually
regarded as the danger point. There are
many good symptoms, many evidences that
the dangers, such as they are, have not gone
very deep. There is danger, nevertheless,
and it would De folly to iguore it. When
speculation gets into weak hands the Dor
rowing demand becomes large, and il prices
materially decline there is ruin. For
some time the sock market has
stood az if none OF the strong men
wanted to hold securities; the public is
distrustful and money is needed. We are re-
ceivipg no money from Europe, nor shall we
for some time 10 come; imports and exports
are more favorable TO US, but il may be go
for months without drawing much gold, for
we are in debt there. There is reason to lock
for a large selling OF government stocks
within the month, but not TO expect much
investing in other securiIies IL reductions
in the revenue should cause government
stocks 10 decline many incomes will shrink
and the powers Of borrowing and lending be
diminished. The general outlook for bust
ness is not particularly encouraging. Some
shrewd men are Withdrawing from risks;
there is no feeling Of panic, but there
is mistrust. The Wall street people
say nothing ia wanting but confidence;
but want of confidence is want of everything.
Failures are not numerous or important, but
they cause uneasiness. II they resulted
from speculation alone it would be different
There is activity in speculation and compsr-
atively stagnancy in business, which is NOT
favorable. We shall probably get through
The month without disturbance; but an acci.
dent in some quarters might make trouble
Without such occurrence we shall probably
have month OF stagnation, and some trial
on account OF it. The tariff changes make
difficulty, for Congress 10 adjourn without
action might bring serious trouble. Uncer-
ttinty would endure all summer, and
changes made next winter would bt
more sweeping than il made now
At such a time excessive speculation
can do much mischief, but there is much
that is favorable. Business if not profitable
is NOT inflated, and the profits of several good
years are behind US. People are guarding
themselves agninst possibilities and trouble
looked for seldom comes Speculative sale,
and advances must be watched, lest col
laps, OF prices bring trouble. There is moi
much to encourage any expansion Of business
just now, but there are many reasons for {
conservative course until Congress has ad.
journed. -