The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-04-07
THE STATE OF TRADE.
The shrinkage In Business Railroad
Earnings Show Great Losses.

The Shrinkage In Business Railroad
Earnings Show Great Losses.
NEW YoRE, April 6.--Evidence accu.
mulates OF shrinkage In business during
the past month, and II il still uncertain
whether il is not tho beginning of feac-
tion. About half the western and south
ern enters report some improvement in
business for the past week. but as many
report dullncss, with collections somewhat
SLOW. Eastern trade is not up 10 expecta-
tons.
OF the great transporting companies by
water or rail, those TO New England report
larger traffic than that OF last year, when
the movement was increased by coming
enforcement OF the interstate act. Those to
the south report traffic not Ne large rs that
Of last year, but excellent, with hopeful
outlook. The great lines from New York
shipped westward 0s, iS4 tons in March
against 1870, IA last year and eastbound
shipments from Chicago for two weeks
have been lO4, 2l0 tons ag,inst 100, G6O last
year. The railroad eamingsbegin TO show
moro losses than gains ON the whole, the
net loss for roads reporting thus far being
about per cent. for March. The shrink.
age in exchange in March outside Of New
York was also about o per cent. None
tary anxiety IL TO great extent relieved.
April payments caused no pinch. Money
markets rather close at bu, lew points are
now here seriously embarrassed, foreign
exchange is lower, with no ign oi. demand
for money from abr ad. OF flour
aud wheat, exports for I-e weeks have
been a shade less than haiS thoso OF last
year, Of corn only % per cent and OF cot
ton 60! per cent. Pr =, after thrc,
months OF steadiness, were lifted rapidly
by a variety OF specnlations, but show
weakness again. The general level is now
less than I per cent. above that OF January
|, with improvement H. farm products
made scarce by last years drought but gem
eral decline In manufactured products.
The treasury increased is balances about
100000 in March withoot causing
pressure. For the past week Il has taken
In 81, 800, 600, while ndding S70O,000 Ia
bank deposits. Whatever u may be later,
the monetary supply is not now cause ol
difficulty.
The present shrnkage In demand for
products may not last, but u Is for the
moment the chief cause of dullncss. In
the iron business depression exists
greater than has been felt Tor years; the
suspension Of work In ton more establish.
ments In announced. Mil pig iron at
Pittsburg In little lower Wool has also
been weaker, with fair volume OF trade,
but manufacturers buy only for present
needs, and the trade in WOODEN goods IL
restricted. In cottons the upward tend.
ency has been arrested, and though tho
best makes are firm and W moderate sup.
ply, other grades are weak. Print cloths
a little lower and the jobbing trade below
expectations.
The spectators In coffee lifted the price
little, only 10 meet q snddon fall. Slug
gish demand ai current prices h not sur.
prising. Summer pork packing is esti-
mated at IL per cent. below last years,
but prices do moi stiifen. In the hard
ware trade Disappointing slackness Is re-
ported. Larger transactions were prompt
ed In hides for q week by lower prices, but
the market Is again dull. large offerings
and lower prices are reported In the tea
market, aud free supply oi butter with.
holding on best grades. Tie weakness In
sugar Is attributed 10 suppoNd ample sup
plies already supplied TO Traders.
Tho business failures number for the
United States 100, for Canada %; total
227, compared with 223 llst week and 22a
for the corresponding weck last year.