Savannah morning news. [volume] (Savannah) 1868-1887, 1882-03-30
The Financial and Commercial
Situation.
NeiO York Evening Post.

Nel0 York EUeniHg Post.
Had it not been for the increased ease
in money in Europe this week, resulting
from a continued recovery of confidence
from the French panic, we should have
been obliged to ship at least 81 ,OOO, 900
| (Dossibly mOre) gold. But the further
gain by the Bank of England of $789, 900
| specie this week, and the further reduc-
ton of the discount rate to 3 per cent
| against per cent last week, together
with corresponding gains of specie by the
| Bank of France, and the reduction of dis
counts to 81 per cent, has made money
so plenty IN Europe that it had gone
largely into American securities. of
which some large blocks, notably West
ern Union, Will go out by tO-day's
steamer instead of the specie. Some
heavy amounts of other American securi-
ties which had arrived here In the early
part of the week to be sold were also re-
| bought. By these means the export of
specie has been deferred. But the grow
ing scarcity of commercial bills and the
entire condition of the export trade are
such that unless there be a further i'm
portatiOn of foreign capital next week,
the export of specie is likely to be re-
newed.
The interior movement of breadstuffs
and provisions from producers hands to
the seven or eight great interior markets
had increased in the week ending March
IS from - to 10 per cent. over the pre-
ceding week. and has continued to in
crease this week. The entire movement,
however, is only about One-third the pro-
portions of that at the corresponding
time last year. The visible supply of
| grain also, at all the points of accumu-
lation in the United States, has shown a
steady decrease week by week for the
| last month For the week ending March
| Is the stock of wheat was 13, 415,-
924 bushels; March II. 1855, ,3S4
/ bushels; March 4. 16, 11S 519 bushels;
| and so on. The decrease in the visible
| stock of corn corresponds to that of
wheat and is cOrrespOndingly less than
at the same time last year. The export
movement also showed a great decrease
/ in the weeks ending March 22d and 18th,
as compared with the week preceding.
The decrease of exports from the four
| great Atlantic ports, was in flour, 49,
| 724 barrels, or SO per cent. less than the
preceding week; in wheat, it was 3S1,
| 555 bushels, or AZ per cent. less than the
previous week. and in corn, 90, ,535
bushels, or II per cent. less. All these
| features show an unfavOTable progress
for the week as regards breadstutfs.
The cotton exports for the week to
March 24 were 81 ,020 bales, against So
796 bales the previous week, and against
| 110 907 bales the corresponding week
last year. The total exports since Sep.
tember 1, 1881, have been 2,61S,545
bales, against 3, ,335, 700 bales for the cor
responding period of last year, showing
q decrease of exports of III 264 bales, or
equivalent to about $50, 900 600. The
total stock at the ports and the interior
towns is shown by the Chronicle figures
to be ], 143, 346 bales last night, against
1 .14O. $40 ut the same time last year.
BradStrest also prints to day elaborate
statistics to show that there remains on
plantations vet throughout the entire
South only 2 40 per cent. of the crop
of 1881 2, and consequently that the
shortage viii turn out to be greater than
has yet been estimated.
Probably the best indicators of the
state of mercantile and industrial activity
are the railway earnings and the price of
pig IRON. OF these, the railway earnings
/ LOT F6DIudTy bnOWSu ldI sc luCiSaS0 pei
mile on the increased mileage over Feb
Tuary, 1881. The price of pig iron also
keeps I'D in consequence Of the expand
ing demand for all sorts of manufactured
articles The fact that it does so, not
withstanding the check to railroad build
/ ing this year, is an encouraging feature.
To sum up the whole matter: The ex-
port trade-except in petrOleum-is in
an unfayOrable condition, that may any
week now compel the export of specie;
but the possibilities are that, as the i'm
portant shortage in all the American
crops of last year becomes more fully
understood, European prices for Ameri-
can breadstuffs and American lOng-staple
cotton-which is necessary to mix with
the Indian-may improve, so as to more
nearly neutralize the financial deficiency
in the crops than appears now.