Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-04-05
THE COMMERCIAL AND FINANCIAL
Still ATTAIN.

by the New York Public as favorable, but
with the unfortunate fact that speculation
was thriving more than manufactures.
| Southern cities were falling behind ON &C
count of floods and the light cotton move
ment. The reports corresponded closely
with those Of the previous week, both in
irregularity and speculative character.
Enormous transactions in grain at Chicago
and in stocks at New York, and the contin-
ued decline in exchanges at Baltimore, are
not evidences of commercial health. But,
considering floods, short crops and labor
strikes, the aggreg ate is more favorable than
might be expected. The railroad war is
settled, and United States bonds advanced
about a cent, making the prices higher
than at any previous time. Reviewing
the course of prices during March the
corn, oats and meats. Red winter wheat,
since March LIST, advanced about eleven cents,
corn eight cents, oats six cents; beef, bacon
and lard also advanced, making the price OF
meats ninety-fve cents higher per capita than
they we're a month before. Raw cotton ad
vanced, but the market being overlooked
with manufactured cotton goods'the latter
declined. At the end of March, notwith-
standing that grain and meats reached their
highest price during this year, articles of
other classes have been rather lower than the
average for the three months. At the same
time last year the aggregate of prices was
lowering; at present that average is 11.9
per cent. higher than a year ago. The
New York Chronicle, of Saturday, reports
improvement, with money easy, notwith-
standing the April settlements. Business is
active and promising, but there is check TO
railroad building. Foreign exchanges have
kept just below the shipping point and The
outflow of gold has been stopped, and the
war cloud which threatened Europe has dis
appeared. This year there is an absence of
the excessive demand from the West usual
about the opening of April, owing to the
small remnant of produce remaining there
to be moved, and also, for the same reason,
from the South; consequently New York
banks have been in better condition than is
usual to meet the drain from the East; the
treasury disbursements have also been lib
eraT. The returns of foreign trade for Feb
ruary revealed an excess of imports over eK-
ports of merchandise of 1851 ,629, and the
excess of exports over imports of merchan-
disc and specie amounted to only s., 500, 422.
The trade balance for eight months of the
fiscal year ending February 2Sth was reduced
to $50, 707 $50, against $138, 303, COG at the
same date in 1851. Although during tie
last three years we have retained the whole
OF our domestic product of gold, besides i'm
porting $2l3, 1000 from Europe, renewed
exports of that metal would have had
an unsettling effect upon values. A dis
turbance has been created in the money
market by the treasury unexpectedly
reviving an old order, supposed to have
been suspended, requiring banks that desired
to transfer gold by treasury certi6ca tie to
their correspondents at interior points to
deposit, not the gold, but United States
notes. This caused an advance in the rate
OF l.64 per cent. commission and interest.
1t is hoped that an order which puts the
banks, and through them the public, to in
convenience, will be reconsidered. The
Bank of England, of France, and of Ger
many, all show gains of specie during the
week. Turning now to our foreign COM
merce, we find the statement more unfavor-
able than any the bureau of statistics has
made for many a month. The customary
excess of merchandise exports has disap-
peared, and instead we have an excess of i'm
ports of 8, 3Sl ,629; the previous February
there was an excess of exports OF S19,974,-
3I4, a difference OF 81, $50, 900. This is the
result Of falling off of Sll 100000 in the
exports and an increase of 81 100000 in
the imports. The cause lies in the short
crops Never before was there such gen.
eral disaster, one involving cotton, corn,
wheat, buckwhest and rye, oats
alone escaping. The loss of corn
diminished the supply of hogs and thus cut
down our export of provisions. We cannot,
during the next few months, materially in
crease our exports, for we have not the usual
surplus TO spare. New Orleans shows the
most striking difference between the exports
of the two years; her total export in Febru-
airy last year was 81 ,l9l ,124, this year only
s. sos, OIL; her cotton exports in February,
1882, were l0l ,8S2 bales, against 1903
bales in February, 1SSl-9S, 62I bales less,
which is more than the diminution in the
cotton movement from all the ports. Besides
this, New Orleans suffered decrease in its
provisions and breadstuffs, exports aggregat-
ing only So, 1856 last February, against
ST24 sol the previous Febrnary