The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-07-20
THE BUSINESS SITUATION.

The Fourth oil July spast anc now
hot weather influences are supreme.
People are leaving the cities for coun-
try retreats and the quiet season is
shedding its lethargic influences upon
trade and finance. The bank clear
ings, however, still show advances
over those Of the corresponding time
last year, especially outside of New
York. The total clearings of the
banks reported on our commercial
page show an increrss OF 81 per cent,
while those outside Nsw York had a
total increase on the week Of 1873 per
cent. This shows that speculation has
felt more OF the dullness than
has been experienced in general
trade. OF the whole long list Of banks,
Chicago, indianapolis and Louis
vile are the only places that report a
decrease. Looking to places of inter-
est to Memphis, we find that Chicago
had decrease OF 4per cent, Indianap-
oils 2.6 per cent. and Louisvi le 2.3 per
cent. st. L1sns increased l04 per
cent, Cincinnati 2l.9, Kansas City
1873, New Orleans Is, Memphis l4.3.
The New York Herald OF Saturday re-
ports money on call TO borrowers on
stock collaterals to per cent. The
same paper reports business fair, but
by no means active. Wheat was
fuctuatiDg, hops excited with no ex-
traordinary advance, and wool active.
The Indicator says: "Foreign exchange
moved downward yesterday, and
touched 4 S7@4 sSl. This does not
encourage the hope Of gold exports for
the present. Some OF the best Sc
curities to buy for an advance are Of
Southern properties. The Tennessee
coal, iron and railroad securities are
8 case In point. The report OF big
purchase OF coal lands in East Tonnes
see was published yesterday. The
South is beginning to BOOM" The
, dirty and ragged appearance Of the 81
and 81 legal tender notes is COM
planned of; IL Is owing to the govern
ment having stopped issuing them,
and the banks are therefore in no
hurry TO send them in, as no
new ones would take their place.
There are parties in Congress, however,
who are trying TO make the scarcity
an occasion for putting out small
notes, backed by silver dollars, as their
security. Now silver dollars are worth
76i cents; what will their paper repre-
sentatives amount TO when they have
been plentifully forced upon the peo-
pie who, refusing to take the dollars
themselves, will hardly fall in love
with their representatives II used to
be pictured In orations how the pee.
pie we're affectionately painting and
longing for the silver dollars OF our
fathers" yet they let them lie in tons
unused in the government vaults
Owing 10 improved machinery the
gold supply Of our mines is expected
to show material increase very soon.
II we can only keep the gold when We
get ii the increase will be an advant-
age, but party in Congress that I'M
derstands how much capitalists can
make when money is at discount
against gold want to have all there is
loose in the Treasury spent. They see
that for brokers and spectators
there Is millions in bringing the
country down to silver basis. The
Chattanooga Trddesmdn reports the
outlook for iron dull and gloomy, the
little boom has doomed itself out in a
few months, proving to be only a
spurt; still the consumption OF iron is
increasing and the year promises to be
a phenomenal one in railroad build.
ing. The Trddesmdn adds Natural.
ly one would say that increased de-
mlnd for consumption would produce
and maintain rise in prices, but the
fats are the reverse OF that; prices
have gone down and continue low and
unsatisfactory in all parts Of the coun.
try. Wecobiess our inability to account
for 80 paradoxiCal condition OF trade.
Wheat crops are reported as llS, 000
COO bushels more than last year; oalt
god; corn immense, and hay, root,
aad fruits are satisfactory; potatoes in
mSny places, and about Memphis
have suffered from drought succeeded
by o mate rains.