The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-08-17
rnE RusINEss suruATION.

ing, shows that New YORK ls vastly IN
creasing its transactions. Two weeks
together recently showed clearings
there TO be behind those OF the cor
responding time last year. Last week
they were 81 per cent more than the
corresponding weak a year ago. Out
side OF New York the clearines
amounted last week to ia per cent.
more than those OF the corresponding
week year ago. Evidently the "dead
SESSION" this year is well in advance Of
the same season year ago, which Is
an encouraging fact. The New York
increase is partly due, OF course,
to increased speculative activi-
ty, but the New York papers
say that much Of 1t comes
from improvement in general bust
ness. The Chronicle has a table
showing the relation the current
returns bear to those for 1884 and
earlier years. The excess OF 1885 over
1884, in the aggregate Of all the cities,
Teachee IS per cent, and over 1888
nearly AZ per cent while the loss from
1882 is 21.4 per cent, and from 1881
19per cent. Money, the same paper
reports, continued TO increase in activ-
ity during elast week. AT the Stock
Exchange bankers' balances aver
aged about 9 per cent. There was
little furry in the course OF last week.
and on Wednesday 40 per cent. was
reached but was followed by fall to
6 per cent. The last few weeks have
been noticeable for the concentration
OF surplus reserve in very few banks,
when out OF $S,647 ,250 surplus report
cd by all, three banks held sS.245, 800,
and two OF these 81 1854, 100, but there
is nothing alarming in this. The
revivlng bu ,iness ,tivity and the crop
demand Tor funds, induces the banks
to pursue very conservative course.
The mercantile demand is also becom'
ing more urgent, and the banks have
TO be as liberal as possible with regu-
lar customers II transient ones are de-
MED. The New York Indicator says;
"Ii the activity In the money market
did not exist, we should think all the
reports from the interior mere vapor-
ings But its existence demonstrates
the correctness OF financial views,
which have been based upon big
crops, good business and increased
railroad earnings." The sale OF COM
mercial paper has been practically sus-
pended very choice and short billsre-
ceivable were at 8 per cent, while @
per cent. was almost the only rate.
The Indicator reports: "Since August
lot, sterling has declined % cents, and
the reduction has been principally on
account Of the large supply Of security
bills. That Is, foreign purchasers OF
American securities are paying in
sterling exchange, aud the rate falls
because we have not go many debts to
pay abroad. II the thing keeps up
much longer we shall be getting
gold back. We shall have grain
exports to help 1t along soon"
The Chronicle thinks receipt OF gold
from Europe possible, and that things
look as II through the fall months
there might be considerable move.
ment. Our stringency in money
caused such pressure in bankers'
bills drawn against securities, that for
e'gu exchange on Thursday came
down TO the point at which gold could
be imported, but that point no longer
exists. The Bank OF England is now
low In bullion and would resist ship
ments Of gold to this country, and
France is decidedly opposed to parting
with its treasure. The Indicator claims
that the foreign demand for Americ an
securities is not only bulling the ocS
market, but ia bringing gold imports
near The first gold shipment was
made from Paris on Thursday, and
amounted to 100000, aud more gold
is to follow. Gold must come or rates
for money here 90 down. Silver bull
ion had a reaction and advanced to 42l
pence an ounce in London, making
the bullion value OF the silver
dollar 70 cents aud 81 thousandths
The Chronicle has table Of the daily
price OF silver from December lst last
to the present time, and says
strangely enough, we find that silver
has been steady aud pe,rly uninter
rupted ever since Congress met In
December, when the price was 47aC
per ounce. The previous December
(lsS4) II was about 49Ad, go II only de
Clined I'd during the whole OF the pre-
vious twelve months; whereas durlnS
the seven mo aths Congress has beer
in session it dropped full sgd; and
furthermore, II has reacted I'd since
that body Adjourned" Ths Chronicle
says the commercial situation seemI
t, be improving, with good promise
for the fall and winter trade. Wal
street is prominently the center O.
the floating capital Of the country, ant
any revival in the general business o.
the country is first felt there. Sine,
Mr.. Cleveland's administration gavt
security to capital, in June and July
Wall street has recovered activity
and the country quickly responded
Also the money markets Of the COUNT,
give decided indications Of becoming
less cautious and more enterprisinp
and money is going into more activ
employment. "The truth is, our pee
pie are fret getting to work produciu
and consuming sgain." The Indicate