The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-09-21
Tur nUeINrss INITIATION.

The commercial portion OF the press
still sp;a axis in favorable terms Of the
posi- on and prospects OF trade. The
New York Chronicle says: SIT is yet
rather too esrly to expect auy marked
activity in general trade, but fair pre-
gress is being made, ard the cut ook
for the fall and winter months seems
very promising. The industrial out
look is daily Frightening, railroad
earnirgi continue wonderfully go ID,
the crops era turning out better thar
exps cted, aud the general situstion of
affairs is regarded more hopefully
than for long time past" The New
York Bulletin regards the evidences Of
a progressive and subst intial improve
ment as numerous and convinc cling
Clearing houss returns for August
were 20 per cent. greater than for the
previous August, the gain was prin'
cipslly in the West. Call loans
during the month went up
in New York from p to 81
per cent, AID the advance he's
Brought no injury to business. Raj
road bu'iness and earnings have
materially il creased, largely owing to
an active grain movement. Coal aud
iron are sctive, go are dry goods and
cotton yarns. Iron furnaces have
contracts ahead extending into 1887.
The Bulletin adds: "There is renewed
speculative energy in many quarters,
undoubtedly, but 1t is an energy that
is tempered by unpleasant remiris-
csnces Of past disasters, ard Is there.
fore disposed TO proceed with caut o.,
il not with circumspection." There
is dissatisfaction with prices, but rs
the demand increases prices are
gradually stiffsning. The New York
orrespondent Of another paper gays:
"Dry goods men wear cheerful faces
Just ow, for there is a veritable boom
in their district on the west side OF
town. Tbis is good news, for the dry
goods trade is usually a test OF the
state Of general trade throughout the
country. All classes Of goods are
selling; collections have much
improved, especially in the South.
ern States. The fact Ia that
the improvement in the crops and
the better outlook Of the iron and steel
industries, and the general resumption
OF production in every branch Of in
dustry, had to bring more hopeful
aud confident feeling all round, no
matter what happened to Wall street
and its stock gambling" In foreign
countries the revival is leIs marked,
and complaints are heavy. There, be-
eide depressing Influences within the
sphere Of trade itself. uncertainty
about the continuance Of peace add to
the existing gloom. The totals OF the
CLEARING house list on our commercial
page confirm the encouraging views
given above. The whole total shows
a gain on the week Of q per cent, over
the corresponding week last year
leaving out New York and It's Wall
street speculation, the gain outside OF
it was 1877 per cent. above the same
to'al year ago. The Chronicle notices
very little change in money lsst week,
bankers balances averaged s to 81
per cent, lenders offering freely
at the latter rate; the dry goods
trade is making heavy demOnds. la
London sixty days to three months
bank bills we're down to q. The
Chronicle reports: "Our foreign ex-
change market has been dull and
heavy this week, at a decline OF half a
cent per pound sterling. This reduc-
ton makes gold imports profitable
again, and some small amounts have
been ordered out from London and
the continent since Wednesday. The
features Of the market are slack de-
maud and large supply Of cotton
bills as the week closes." The same
paper points out that "ait n the 3 per
cents. are paid it is we'll known that
tbeleRre no more Dor DIS that can be
rsdee med unless they are bought al
the market price, and the people will
not relish paying ITO or higher for the
A per cents. And yet the surplus
cannot be allowed TO pile up and &C
disturb our money markets and all
busine's too. Taxes will, Of course, be
reduc dimmedia ely, for they must be
but AZ tax reduction seldom reduce.
revenue to the extent anticipated
either the power to purchase bonds In
the market will have TO be conferred
upon the Secretary or some other de-
vie emp'oyed 10 prevent excessive
accumulatioRs." The Indicator o.
Wednesday sa'ed: 1--WE received
S725,00O more gold from Europe yes
terd'y, making the total to date since
the last movement bean SO, 755, 0OO
The Rd'Iwdy Register, with sound dis
elimination, remsrks: "The ate ntior
o. capitalists might bs turned to the
uudeveloped resources Of West Vir
ginia and Tennessee with the prospect
OF larger returns than would be real
lied in the West Silver in Londor
quotes at 43b an ounce, which make,
the bullion valus OF the silver dollu,
7439 cents.
ENGLAND AND EGYPT.