The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-10-05
APPEAL.
TICKET.
rHE BUSINESS SITUATION.


THE BUsINE ss SITUATION.
The clearing house returns on u
commercial page show that during the
last week there was an increase over
she corresponding week last year OF
24.9 per cent. on the full total. Ex-
cluGing New York the increase is IA
per cent. Out of over thirty cities re-
porting, only five showed a decrease
as against last year. This barometer
Of the state of trade therefore, still
gives most satisfactory Indication.
Demand, and preparation for October
settlements, gave a hardening ten
dency to money in New York last
week. Bankers balances averaged 9
per cent. until Thursday, when The
average rose 10 "a per cent, a rate not
likely 10 be maintained. There
is an active outflow of money
to the interior which reaches the full
capacity Of supply. Little is dolrg
in called loans or commercial paper;
the banks have other uses for their
money, 50 the Chronicle reports. Not
withstanding the bond Gale, treasury
disbursements have contributed little
toward aiding the banks, but October
will bring relief, and, judging by the
prsfent urgent inquiry for money, all
the funds obtained will be absorbed.
In London there has been an advance
in bills, owing partly to demand for
speculative purposes and partly 10
loss Of gold by the Bank Of England
and it's failure 10 draw supplies from
the continent. No shipments are
likely TO continue through October,
and as the banks stock of bullion Is
down to shout G2l, 600, 900 the market
is sensitive aud an used rate 10
looked for. The Bulgarian difficulty was
exercising little influence in the mar
ket, rs it was thought Anstria's attitude
would lower the tone OF Russia. The
multiplication of national banks ia no.
ticeable; the new mes lie mostly in
small communities where there Was
need OF them. Since June Sd the in
crease is forty, within eleven months
the increase is 1876, aud the total mum.
Der now 10 2S49. The increase is the
more surprising as the bonds upon
which banking currency is obtained
are not to be had. The cause Of the
increase is that in 1882 the law de-
creased the amount Of bonds neces-
sary TO be held by banking
under $3.50, 900. Since that change
$40 banks have been added, net, in.
GLIDING others gone into liquidation,
a total addition Of 75l, yet during the
four years their average capital has
amounted to only $105, 725, The re-
turns and estimates of the railway
companies for the last quarter iu ly
meet expectations. There 10 improve.
ment owe the previous quar-
ter and over the came
quarter last year, Silver was
lower, quoting 443 pence an ounce
in London, making the b1llion value
Of the silver dollar $75 40. The Wall
street authority-the Indicator had
the following last Tuesday: Last
July, when Tennessee Coal and Iron
was selliug at 43, we predicted that it
would touch 20. The time is not up
yet, aud The stock has nearly touched
the figure predicted. 1t will be there
in time. And now we predict 90 for
that stock iu the next ninety days. 1t
is going there, The dividend which ia
TO be paid is not the only good point
on this stock, although that is good
enough for the price we mention. A
elimination betYeen the Alabama
railroad ard the 1nman party will be
effected, which will he a big thing for
Ten essee Coal and Iron. We hope
in a'day or two TO be able to give the
Inside history of the deal, but we can
advise the purchase of the stock with
ton6denc :" Ga Wednesday the came
paper said; "The Tennessee Goa
and Iron stock keeps on climb
ing for higher prices day by
asy. Bound to get close to pal
shortly, The company has arranged
70 ,copsolidats with the Pratt Goa
mines. recently purchased by the In
man patty, The Pratt coal mines con
bist If some 1000 acres of coal anC
iron lands near the city Of BirminG
ham. This company manufacture
steel from their own iron." On Thurs
day i added: The East Tennessee
securities are still a good pu,chfse
Thy will go higher, and may juml
any moment"