Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1885-09-01

TUESDAY : SEPTEMBER /, 1885
THE RUsInEss SITUATION.

week ending August 22d, as given in the
New York Chronicle of the 18th, are
again of an encouraging character. There
is a great improvement In the New York
returns, and a tendency the same way in
those of most of the other business
c%enters, bringing the aggregate ex-
changes of the whole country up to a
total exceeded but once since January
last. The total exchanges show an in
crease of 1870 per cent. over those OF
1884, and a decrease of 10.9 per cent. as
compared with those Of 1888, and POI
per cent. as against 1882. These com
parsons show that there is still much to
be desired. Excluding New York, the
exchanges show a gain Of So per cent.
over 1884, 81 per cent. over 1888, and 1.3
per cent. over 1882. Speculation was
active in New York during the week re-
ported upon. Taking the cities in which
Memphis is most interested, we find an
of 23.5 per cent, in Chicago 81, in Gin |
cinnati OIL, in st. Louis 40, Louisville |
"a 0, Memphis 29.4 per cent, Memphis
showing a larger gain over the same time
last year than any other city. New Or
leans exhibits a loss of 81 per cent, and |
Kansas City of 0.6 per cent, the first I
week this year 1t has been behind the re
turns of the previous year. Seven prin-
cipal cities report for the week ending
August 18th a decline from those |
of the preceding week, their total
being only o. per cent. over those of the
same cities the year before. The condi-
ton of the New York money market
showed no marked Improvement over
that of the week before. The banks
each week are increasing their loans, the
Southern cities and Chicago increasing
their calls for money. London has had
some advance in discount rates, sixty to
ninety-day bills IL to II per cent, but
our own foreign exchange market has
been lower, and dull and weak at the
decline. More bills are offering thaD
there is a demand for; drafts have been
principally against Gotten, with an ex
pectation of increase, and the low prices
of breadstuffs will have the same tenden-
cy. Altogether therefore" the ChroRi-
Gle remarks, "a further decline in rates
seems inevitable, and if something un-
forseen does not occur a close approSi-
nation to the gold importing point must
soon be reached. Still, as that point
will influence money in London, and as
our silver policy is a discrimination
against gold, it is by NO means certain
that we shall receive large amounts OF
that metal during the fall months The
fears felt for the wheat crop from the
late cold appear not to be justified, and
fears for cotton on account of drouth,
the Chronicle regards as coming too late
in the season to be of very much impor-
lance, unless greatly prolonged. Spec
ulators are holding wheat above
European views, but it IS folly to believe
we can, at will, engineer a corner in grain
spite of the stocks in sight. This makes
the Chronicle point out that this is the
third occasion within four years that we
have kept our crop when we might have
got a good price for it, only to sell it for
a lower figure later on Southern buyers
are taking dry goods literally; other lines
of business report Improvement, and it is
to be hoped the better state Of things
will not lead to overlooking the markets.
The New York Tribune has an article,
Business Improvement Tested which
is a prudent caution against INDUCING IN
%groundless expectations about all the
trouble being over and the lowest point
passed. The truth does not seem to be
with either class of prophets. There has
been some improvement, but not enough
IS yet, to warrant great confidence OF
unlimited expansion in business" TIL,
bank exchanges during the past -four
weeks, outside of New York, have
amounted to SS76,492, $40, against $685..
3 1875 last year, a gain of less than l
per cent, although, at the same time last
year, political excitement was depressing
operations. As prices are lower thar q
year ago, a larger amount of produce has
been exchanged, but on a lower scale o
profit. There is some Improvement, bur
not sufficient to indicate a general or
permanent change in tone or tendency.
The persistency of low prices shows that
the demand is relatively small, and say
the Tribune, production has in many
branches been curtailed, and the only
signs of recovery in trade are directly
traceable to stoppage of production for
the declared purpose of affecting prices. -
This is a bold statement, but it is well
worth rejecting upon, especially a,
prominent trade organs are certainly
making rosewater comments that the real
facts of the case will not justify. The
thinking business man cannot but see
that the time for care and continual eau
ton has not yet passed. There is a feel
ing of uncertainty as to whether the
next Congress will pay the attention to
financial aud commercial affairs tn.
pressing needs of the time require, that
represses enterprise and prolongs depres
sion.