The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-08-24

MEMPHIS APPEAL.
TUESDAY, AUGUST "a, 1885.
TIE BUSINESS SITUATION.


olearings in the banks reporting was
1873 per cent. above the corresponding
weeks exchanges year ago. Outside
Of New York the gain Was l4.Gi per
cent. Only four cities are reported rs
having q deciease-Detroit al, To-
diauapolis /, Hartford 2 4 and Peoria
81 per cont, as against n year ago
Thus we have another weeks confirm
alton of the steady improvement that
is going on in trade. The Increased
demand for money confirms the indi-
cations OF the Clearlngs, Money, say
the Chronicle, has been active and
legitimstely tending upward. Loans at
the Exchange ranged from l to 20 per
cent, averaging about "a per cent.
Scarcity snd manipulation caused
The higher rate, and tbs lower came
from offerings made after demands for
the days were supplied. The banks
loaned on call generally at 5 per cent.
for old loans, renewing at 6 per CEN.
At Boston money ruled at "A per cent,
between banks, and 8 TO 10 to brokers.
There wss movement Of money from
New York to the West and South.
The embellishments aud euicide OF
Gray caused endorsements and fail
ures that greatly disarranged financial
affairs in Boston. The New York for
eign exchange market during the
week feQ one cent upon the pound,
owing TO light demand, a pressure OF
bankers bills drawn against securities
and TO higher rates for money in New
York. Francs declined also on
account of the offerings Of
commercial bills drawn against
the large purchases OF bread
stufis. Both francs and sterling are
low enough TO enable imports OF
gold 10 be prohtably made, and on
Friday, says the Chronicle, "a ,l25,000
OF specie we're in transit from London
and Paris for New York, and proba.
bly, other amounts. The Chronicle
adds: "Shippora nj gold have oxpe-
Tienced difficulty In getting the metal.
Notwithstanding we have this season
80 recently sent to France American
bars and full weight coin, neither OF
these can now be secured in Paris and
bankers have to be content with such
foreign coin as can be procured in the
open market. II Is also reported that
the Bank OF England has resisted the
movement from London by advanc.
ing the price Of gold bars instead Of
putting up the rate of discount, and
therefore the profits on gold ship.
ments hither have been lessened.
The rate Of discount in the open mar
ket in London for sixty day TO three
months bank bills was q per cent
yesterday; the street rate at Paris was
p PER cent, and at Berlin and
Frankfort the rate was . per cent"
The anticipated increased strin-
gency in the future money market sp.
pears now less likely to occur, owing
TO imports OF gold and the liberal
trea'ury disbursements. The law su-
Noriz,ng the issue OF 81, 81 and S.
notea assisls in the same direction,
These small notes are subject to the
same limi atoms as the original silver
c rliicates. The silver dollars are a
legal tender at their nominal value
for all debts and dues public aud pri-
vate," but the certificates ere only
receivable for customs, taxes and
publ c due'" The Chronicle explains:
"The new law ConieB upon the Trees.
uy Department the power OF making
every che CT its silver dollars now
lying idle in the Treasury and
all it may bs compelled to coin
in the future available; so that
I the Secretary chooses to ex-
erc!se the authority granted the va.
carey ltf; by the retiring bank notes
can be readily filed. But what Is OF
far more Importance, IL pu's out OF the
reach Of any combination OF cireum-
star ce3 Zoe embarrassment of the
Trsa ury again for years to come. The
general c)uIse OF business continues
to improve. The dry goods trade
s.eml 10 be in very satisfactory
state, and tho iron trade also presents
meny 0ntou aging features. The de-
mand i>rtt3el rails ia OF course ex.
ceaCiogly active. The New York Her
aid ct Ges: The new bond call had a
good deal Of fleet upon the temper
OF the rect, il being argued that as
tho boads we're redtenable now at
tms with interest to date, any tight
ening OF the money market would lead
10 the redemption OF bonds. Asa
mst ,r Of fact, however, this process
takes considerable time, and moreover
il lie estimated that ST., 100000 of the
bands included in the call are held by
national banks to secure circulation"
The Indicator reports: "Money is So
boring up very rapidly now, and the
bears along with it Plenty of money
is in sight. An increase Of 100000
isexpected in the bank reserve. Some
$5,0O0,000 Of gold has been shipped
from the other side, and moro is ready
to come II We want it" Silver in Lon.
don is quoted ACID, Id less than o week