The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-07-13
THE BUSINESS eITUATION.

The clearing house table ON the
business page OF this mornings AP-
PRAL shows, as might be expected, de-
creased totals. The week was broken
by the Fourth OF July holiday, and
the excessive hot weather naturally
obstructed business operations. The
total clearings amounted TO an in
crease OF $40 per cent. over the cores.
ponding time in 1885. Leaving out
New York with its stock specu'ations,
there was decrea.e of 80 per cent.
There is nothing di,conc2rting in these
figures; the time and condition Of
things amply explain the change,
substantial improvement is in
I'd by the revival OF the com.
80 iAl spirit, and by the confidence
is felt ID the fall trade. This con-
sncc has thesupport OF the previous
.eek's clearings, which reached a
larger aggregate than any similar
period since the first week in Febru-
airy. Naturally also the condition Of
the money market was easier; bank
ers' balances at New York loaned at
/! to 81 per cent, averaging about
2 per cent, but the banks were de-
manding 3 per cent, That three
banks held over 100000 Of the
$ll ,000, 900 surplus, accounts for the
stiff asking. Large purchases Of
American securities for European ac-
count las! week caused a decline OF a
cent a pound in foreign exchange.
A continuance OF this foreign demand
cannot be counted upon, owing 10 the
dsranRed state OF silver and the low
supply OF gold In the pank OF Eng
land. Silver, like sinners, holds to
the downward road; ii declined again
lest eek, selling at "A 7.l6 pence an
ource, masking the bullion value
OF the silver dollar 1902 cents,
according to the New York Chronicle.
The condition Of silver in India prob
ably accounts for ths fresh decline.
For more than two yeas India has
been oyerstocked with silver; the re-
suit is now feen in the exchanges
ludia council bills were reported by
cable les week at a decline OF SIC Of
a penny GA the rupee. II Is also sus.
pecttd that tbs accumu alton OF god
in Germany was partly brought about
by ssles OF German silver thElsrs in
London, Speculation In wheat has
beea renewed, owing 10 reports Of
serious damage 70 tbs crop from
drouth in the Northwest, aud on
Thureday prices advanced In Chicago
from rs t. 81 cents a bushel, but it
has declined since. The Chronicle
sys; III the London market were u
support our advance, the movement
would be upward aud continued, but
IN the pressutsa'c OF the silver mar
Ee., and Of the condition n
c'oJs ia ether producing coun.
tries, there stems little reason
asyst t. ezpact any considerable re-
eponse." Tho New York Buielin Ye
ports crop reports rather mixed. %
Western Illinois, parts Of Michigan,
Eastern lowe, Southern Minnesota
Western Wisconsin and lcclIiHes be
you'd St Paul are suffering from
drluth, aud there are places reported
as "itaaNy dying up" Northern
Minnesota, however, and Northern
Dakota have had rain, and ars dom,
vel. Olrn is generally reported I,
be in excellent condition. Taking m,
whole crop, the impression appears 4,
be tina the loss, at the outside, viii
leave the country 100000, 900 bushels
which will leave a good surplus 70
the foreign market. The Chronicle ex
poses the folly of any new attempt {,
resume whea. speculation, and says
"This effogt, II persisted in, would b.
the fourth attempt Of the kind within
as many yeas, each OF the previou
ones having served solely So sourc,
of profit to India and Of loss TO Amer
icA-making for India a market to sci
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