Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-12-19
THE MONETARY AND COMMERCIAL
SITUATION.

The exchanges of last week, as given
by the Bcstoa Post, show an increase in
fifteen cut of t~wenty-six of the principal
commercial cities of the United States.
in amount, however, the decrease was
greater than the increase; the de-
crease in New York amounting to BOG
per cent. compared with 1882. Outside
of New York there was a decrease of IL
per cent. New Orleans's decrease against
che corresponding week of 1882 was 11.2;
San Francisco, SO; Providence, 14.2; In
d%iauapolis, 2l.1; Hartford, 1879; Peoria,
SO; total decrease, 25.2. Among the
cities showing an increase are; Memphis,
49, per cent. Louisville, 12.7; Milwaukee,
90; Kansas City, 14.3; Columbus, 1873.
Most of the cities showing an increase
present a low percentage of increase.
These figures are not of an encouraging
character. The continued large falling
off at New York excites attention. The
APPEAL has explained that it is largely
owing to cities in the interior doing much
of the business out of their own
that was formerly done through New
York. The New York Chronicle re-
ports that the approach of the holidays
has had the usual effect of causing dull
ness in mercantile circles, with an unset
tied feeling, and still, in nearly all eases,
Il tendency to lower prices. Manufac-
tured goods are in excess, and what is
still worse, recent speculations in agri-
cultural staples have caused undue ac7
cumulations. The Chronicle remarks
upon this: "The beginning of the new
year is, therefore, not looked forward to
with the usual confidence" Tie same
authority reports: "The rates of interest
in the New York market still indicate
~stagnation and loss of confidence"
Money on call in New York is two and
two and one-half per cent, with occa-
slonal offers as low as one and one-half
per cent. Money in the West is still
tight, but with a tendency to more case,
money circulating more freely in the
interior districts, and country banks and
merchants paying up their debts and
loans to the city merchants and banks.
As on the previous week there has been
a large movement Of silver certificates to
the South and Southwest, to be used as
currency. This is a feature well worth
the attention of Southern inancialists.
rs any occurrence chat would affect Cur
reucy uniavorably, would at once affect
these certificates and the coins they rep
resent. Why these certificates should
flow specially to the South it would be
interesting to know, that such a move
ment is going on ought to he kept in.
mind. The continued bankruptcies are
causing anxiety among the thoughtful
and obscrvant, and the Chronicle a
Failures, the usual associate of pro-
longed dizziness, continue to be an
nounced. The bears of Wall street ex-
press a kind of jubilant uueasiness lest,
with the LIST OF January, such dis
asters may become far more nu-
nervous. Still, the railway earn
ngs SHOW that a vast amount
+ merchandise is moving, whether
roftably or not. Another encouraging
1ture is the sales of government lands
l. cash, outside of railroad or Texas
SOS. From 1879 70 1881 these sales
ataged about S,5O0,OO0 acres, in 1882,
l2JO,0o0i in 1883, Il, 100000. Owing.
to liberal supply of co~tton-bills, the
inalct for foreign exchange has been
dullnd lower. The failure of the tariff
reyisn of last year to accomplish what
was aigncd, and aud the determination
shown by the contry to have a real
reform of the tariff, is likely to DELAY
Stcadlnss in prices. \Should the present
session { Congress Suppress the coinage
OF silver dollars TIN effect would be
i~ayorableif it fail TODD so a weak part
OF our financial systemwill still add its
0 prevent hat public con-
hdence tina, is an essential requisite of
successful tiadc.