The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-07-03
DOMESTIC EXCHANGE

i \
/ New York and eastern demand, par buy
ing, 81 per $1,000 premium selling. New
Orleans, 81 discount buying 81 prcmidm
/ selling. Cincinnati, ST. Louis aud Louis
Vile, demand par buying, $3.50 per 1900
premium selling,
Quotation committees for July Groceries
and Proyisions---w. H. Horton, chairman
w. w. James, Hugh Fettit Produce---L.
Hawthorn, chairman; Louis Erb. Grain---E,
G. Buchanan, chairman; V. l.. Rogers.
Flour--John Reed, chairman; s. II. Phillips,
Cotton Seed Produots-F w Brode, chair
man; J. n, Falls, George Miltenberger
The July circular OF the Manhattan bank
gives the following interesting financial
record OF the situation In Memphis
"Dulhcss has ruled In our market during
the month, and there are few changes in
quotations. The semi-annual distributions
OF interest and dividends ON the part Of our
various dividend paying properties will
probably create good demand for prime In
.yestment bonds during the earlier part Of
the current month.
Through the kindness Of Secretary Pull
len We have an exact statement Of the pres
ent indebtedness Of the Taxing District We
have heretofore figured the amonnt OF out.
standing bonds at s33oo,0O0. The official
figures reduce the amount TO -, 10000 viz:
$l,5ii, 200 foursixes Si7,ooO stamped Flip.
pins, and 1862, 600 skies. The interest charge
on this debt for 1883 (now paid) was si4s,.
CAS-; for 1850 II will he Sl7i, $50, and there
aftcr Il will be, annually, sl0i, ii2 The old
debt of the city is virtually all retired, there
being less than $1,000 old Indebtedness out.
standing. Tho district has ample revenues
70 enable II 10 pay promptly It's interest on
bonds as Il natures. Indeed, we shall feel
surprised II the district within the next
twelve months, will not be enabled TO pur-
chase and retire some Of It's bonds.
'Thc State officials, as predicted in our last
circular, succeeded In oilccting loans In New
York sufficient TO enable them to pay the
July interest on the State debt They will
have 10 resort 10 the same oxpedont next
December, after which Il Is expected that the
incrcasc In revenue will enable the State 10
discharge the Indebtedness 20 incurred, and
dispense with the necessity OF borrowing
more funds for this purpose
"Moncy Is now strong, and the demand for
the next ninety days, from legitimate causes,
will likely be heavy. Inquiry az the differ.
cnt commercial banks develop the fact that
deposits are not quite rs large NJ they were a
year ago. Al the same time profits look
well. The causes producing a decrease OF
deposits are not difficult Of discovery. Dur
ing the past twelve months two important
railroads and two dummy lines have been
built and equipped, mainly by Memphis
capital. A large part Of the money required
for these has found IT, way out Of this city
Add 10 this the activity In building and the
Inauguration and extension Of other new en-.
tcrpriscs nj home, such ~ the Artcsian
water company, the new cotton compress.
brick companies, land companies, and nu
merous Others Of lesser magnitude,
and We have complete key both 10
The demand for the money and the
somewhat decreased bank deposits for the
tendency Of all these r. temporarily, 20 OK.
port funds; and, permanently, TO convert
floating into fixed capital, and 70 expand
loans. Such a state Of Affairs is natural to n
center that IL developing - successfully ~
4. This. In fact. Il but aeccntuaios the important
role which Memphis is playing In the field
Of southern development just look at the
clearing house rcpor,sl II must be borne In
mind that Clearinghouse transactions do not
pretend 10 give the absolute amour, Of bust.
ness done by given city, fofn,crc Is a lan,c
amount Of business dqpc which never goes
through the clearing house. hut as an
Instrument for relative comparisons they
ere Invaluable and furnish safe ihcr.
mometcr for measuring the rise or fall Of
commercial aud financial conditions. Re.
membcring this, we now find that the clear.
ing-housc transactions for juno, 1855, were
scSsd0S5 I've omit conis), an increase 81
tcdoi0 Tor itif per cent? over the same
month last year. For the sin months end.
ing June %, isss, the transactions amounted
~ 80, sti, eao. an increase % t3iaG,Os5 Tor
nearly per cent? over the corresponding
time last year. Furthermore, the clearing.
Cor these six months actually exceed by q.
<So,65t the clearing for the entire year iSs0.
they exceed by to,ii0Ops the clcarings Tor
the entire year ISL by ts,62S, las the clear.
ings for the entire year lsS2, AMI do not fall
much below the cleahngs for the entire ycars
Of iss3 and lssl
Tho deductions obtained and the lesson
tobe learned from the foregoing both unite
In inculcAting those strong doctrines Of
prudence aud conservatism Of which va
have at times spoken. There are enough
1--WE will not say too many legitimate enter
priscs ON the field now 10 employ the capita
OF this community; therefore, until therc !,
az lnnnx u a large amount Of foreign cApl
BAL. LET W. encourage no undue expansion
indulge In no drams Of fabulous advance,
IN values We require no booming here
Our situation aud prospects are firm enough
Of themselves aud require no such factltiou
aids Energy, vigilance and patience are al
That is needed by this prospcrng city 4
place her In the foremost ranks Of success.
which must be her Inevitable destiny"
The local cotton market closed with sale
100 bales, all 10 spinnor At New orlcan
spots closed quiet and futures steady al Al
advance Of from TO 0 points. Liverpool
was steady, demand fair futures up point
closing steady. spots al New York close
steady, with futures steady AZ an advance q
bto points. The sales last week not pr,
viously reported we're i.73o bales 10 spinner
Hubbard, Price A Co. circular sayu III,
market opened little slack but ON the a,
velopmcnt Of demand TO cover sales ,
winter months Oh the part Of local opera
or. strengthened up and finally closed 10
points above Saturday noon. A large 10
esniago 81 the trading kP been Of local cha
acisr and unlmporiaht In itself, but serve
70 indicate an underurci.t Of conhden,
with tendency 20 quickly respond