Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1885-11-25
HMPHIS
NOVEMBER 20, 1851
BUSINESS IMPLICATIONS.

In reviewing the clearings OF the week
ending November 14th, the New York
chronicle notes in them continued i'm.
provement as compared with the year be-
fore. Not only speculative operations, but
heavier mercantile transactions show a
Large increase. The total clearings for the
week were 800 per cent, exclusive OF
New York 20.4 per cent against 49.3 per
cent. and 24.5 per cent. the week before,
figures that look as il a better state CT
things was "come to stay" The Chronicle
reports ga somewhat improving feeling
among the manufacturing districts, with
very few disturbances from strikes, ard
those of local importance. The forward
ing of the crops of the Northwest to mar
KIT has not hitherto, at most points, been
on as liberal q scale as in the previous
season, and yet the cities which would
more particularly feel the effect
OF the more restricted movement
in general, SHOW satisfactory gains
over last year. In fact, the cities
outside of New York, taken collectively,
record an excess over a year ago OF $50,
I29,097, or 20.4 per cent, and in this in
crease only Baltimore, Lowell, Cleveland,
Peoria, New Orleans and San Francisco fail
to participate" While enormous stock
speculations are going on, bankers bal
ances are easier at an average Of % PEI
cent. This is not surprising under the con
ditions, as the South and West are calling
for but little money for crop purposes for
the last three weeks, and for two weeks
the flow has been toward New York
while the banks have received the S5,9I5,-
O)o that had been advanced to the govern
ment, setting free that portion OF bank re-
serves, and there have been receipts other
ways. On Thursday, however, the demand
became more urgent, and quotations were
~ to A per cent, and on Friday from 3 to
) per cent. The change was largely due TO
Heavy stock transactions. The banks
lead freely on acceptable collaterals.
London advices report money more active
itLondon at . to q per cent, and bull
am is beginning to fOw into the Bank Of
England. No great perturbation from the
Balkan struggle is anticipated. Bar silver
is quoted at AZ 5-16 of a penny, a fall OF
5l6 since the final result of the effort to
extend the Latin Union. This makes the
present value OF the silver dollar S02177
cents. There is trouble about Belgium
keeping out of the union. A Paris tele-
gram Of Monday last, published in the
APPEAL, says: Belgian exchange being
in favor of France, the flow of silver from
Belgium to France has embarrassed the
National Bank Of Belgium and compelled
it to raise its discount rata" The Chronicle
says: THE check in the ou.flow of
money from this center to the interior
does not indicate any rapid increase in
general business. This feature is the more
noteworthy because it is occurring when
our large crop of cotton is moving freely,
and when Northwestern staples are also
coming to market in fair volume. Il
would certainly seem under such cir
cumstances a. if additional currency
would be wanted, were enter
prise at the same time develop
ing to any considerable extent" On the
other hand the clearing exchanges are
large in New York and elsewhere, the
iron market indication is favorable, and
other markets -exclusive OF speculative
operations in wheat and other staples
offer nothing discoursging. In the stock
market, says the Chronicle, caution is
thrown to the winds, and no rumor is toe
absurd for belief. - g 1t is not the
Eood properties that are chiefly in demand;
it is the f~ancies, the low-priced stocks, the
cats and dogs that everybody is after
More settled matters among the railroads
and q more encouraging situation OF the
coal trade, are also favorable indications
There have been expectations of a call o
bonds, but the Chronicle says it has COCO
reason for stating that no call is contem
plated at present, unless g stringency O
money should arise to make such q cal
advisable. The New York Indicator say.
last Saturdays bank statement "shows
further increase in reserve and surplus
There was a gain of 1857, co in specie snC
OF S252,300 in legal tenders, matiu,
an increase in reserve OF 81,
1l2,300. There YVES sn increase
OF SSi2,700 in deposits, but a dec ease
in loans Of $685. 900, SO that the surpluI
reserve was increased 1894, 125, and is nov
over 81, o ,OOO. The banks have in
creased their surplus nearly $1,000, 900 il
the past two weeks, while loans havt
been contracted nearly $1,000, goo sine
October 3lst. Deposits are about 1870,
O00 less than on that date so that thu da
crease in loans has more than kept pac
with the decrease in deposits. Compare,
with a year ago there is an increase il
loans of S5l ,00O, 900, in DEPOSITS OF SIS 900
600, in specie of $4,000, 900, a decrease i
legal tenders of sS,OOO,O 900, au increase e il
reserve Of 81, 600, and a decrease i
surplus OF SI3, O10, coo.