The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-08-31
MEMPHIS APPEAL.
TUESDAY, u; AUGUST 81, 1886.
THE BUSINESS SITUATION,


The total bank clearings Of last
week, "a tsbulated on our seventh
page, shows an increase Of III per
cent. as compared with last year at
the spending week. Excluding
New York, the cleaIings outside OF il
amounted for the week TO 1919 per
cent over lsst year. This later in
crease, free from Wall streets specu-
lations, indicates the business position
comparatively free OF speculative mat
ters and as an indication Of business
shows that the progress toward bet
ter things is steady and resting on
sound basis The principal incident
affecting business, during the week,
was the conspiracy against and kid
mapping OF the ruler Of Bulgaria. AT
present, however, the effect upon
business is principally upon the Anan-
cial side. Should Russian intrigue
prevent the rest ration Of the kid
mapped prince, disturbances may arise;
this would give Russia pretense TO in
teriere, an act the Sultan would object
TO. Thus quarrel may arise, which
will have strong effect upon trade in
Eur pc which has 30 long been de-
pressed. The New York money mar
ket during the week experienced huc-
tustions, partly owing 10 disturbed
political affairs in Europe, also the
small reserves at the banks bad some
thing to do with the changes. The
daily supply Of money at the Stock
Exchange was materially letsened, aud
bankers balances have run from 9 10 9
per cent, averaging % to 2 per cent.
Bank loans have not been made below
6psr cent, aud banks are Indifferent,
to lending on cal for less than that
rate, preierring to invest In good COM
mercial paper, which stands at an IN
usually high rate Of discount.
In the course Of the week $3,-
100000 have been withdrawn from
the New York banks to pay customs
dies, and the demand for the West
and South for money has continued.
The maturing bond calls, however,
will add TO the cash supply. Only a
small part Of the gold shipments has
arrived, but large portion will be in
this week, As most of il 10 in foreign
coin 1t is not Immediately available.
The Bulgarian disorders interfered
with the further shipment Of gold, as
q rise in the Bank OF England rate
from q to 81 per cent, was the conse.
quence. At tho end Of the week,
however, shipments OF gold for this
country were renewed, Francs and
marks have stood at figures which
made gold imports profitable. About
$7,500,0l0 are now In transit, the large
purchases OF breadstufis having af.
fected the continental exchanges.
There has been an opinion that money
would work closer. The New York
Chronicle, ater clearly investigating
the circumstances and the position Of
the National Treasury, sees no ade-
quate grounds for that opinion. The
reports OF railroad earnings are almost
uniformly good. The comparative
earnings Of thirty roads tabu'ated by
the Chronicle show bat three
with diminished totals. That pa
per adds: with money active
here, with all European markets
disturbed by the Bulgarian difficulty,
with the official rate in London put uT
one per cent, and with chance that
our securities might be returned from
that center and gold shipments 70
America cease, II Is not surprising that
our stock market should have been
dull during the pact week and for a
time prices little lower. The truth
ia that these conditions have brought
the speculation fer the rise TO a stand
sill, 50 that come weak holders have
sold out, while efforts to depress values
have been constant" The IndicdOI
says the present 81 per cent. rate oil
the Bank Of Englsnd is the highest
except Ave weeks A per cent. last No.
vember and December-since March
OF last year. This rate, the Indicuto
judges, will not stop the gold chip
ments, and says; "AS or even 81
per cent. rate is not inconsistent will
gold imports, and more particularly 81
at this time, when our gold supply Il
more likely to come from France ant
Germany thsn England"