St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-11
THE BUSINESS SITUATION.

"A
DUN's weekly review of trade, an
epitOme of which was published i'll yes
terday mornings GLOBE, reports gem
eral business as good in all sections of
the country. This is also confirmed by
the published statement of bank clear
ances, in which many places show very
large gains, and especially places like
Minneapolis ana Kansas City, where
breadstutfs are extensively handled. st.
Paul itself, however, shows an increase
of nearly $1,000,000 over the correspond
lug figures Of year ago. remarkable
fact considering that in the jobbing line
this is the season of output of commodl-
ties rather than income of money.
Money has been easy, both locally and
in general. The New York banks re-
port an increase in deposits and de-
crease in loans, and they now hold &c.,
64O.725 in excess of the 25 per cent re-
serve required by law. Neither in st.
Paul nor i'll the country do good parties
find it difficult to discount ordinary
commercial paper. But the market for
longtime notes, secured by real estate,
continues dull, and rates of interest are
high, and heavy commissions are ex-
acted.
In the jobbing trade the demand for
goods from the country is large, and re-
tail business in such places is reported
as very satisfactory. Collections there,
in as far as any accounts fall due at this
time, are readily made. In the large
cities the jobbers do not yet find the
same prOpOrtiOnate increase as in the
rural districts, and it is not so easy to
secure money from retailers in payment
fol-. goods sold. The trend of capital has,
up to this point, been from the crowded
centerS out among the farmers, who
have absorbed it in return for their.
crops. They still hold it in large guam
Titles, and it will be some months before
it makes its way back into the cities,
enliVening the channels through which
it passes. All this applies more directly
TO the small dealers than to the large
ones. In st. Paul retail circles the most
important event of the week will be the
opening of the new dry goods house on
the corner Of Sixth and WabaSha streets.
This establishment exceeds in magni-
tude any heretofore in the Northwest,
and equals the most extensive enter
prises of a similar character in Chicago
or New York. A venture of this size is
an evidence of good times and of conf
dence III the stability and prosperity Of
this city.
In breadstuffS there has been a de-
cline in the speculative spirit. But
wheat has advanced two cents, and
sales aggregating 29,000,0O0 bushels are
reported. There is no contradiction Of
the tidings of crop failures from abroad,
and the shipments Of grain to Europe
during the past fifteen weeks as given
by Bradstreet's make more than two
fold the volume of the same period
year ago. In return for this England
sends us gold, which is calculated to re-
place the stores of that metal drawn
away during the spring. The total said
to have arrived is in the neighborhood
of $4,000, 900. This is less than third
OF the contribution we made to straighten
out the complications induced by the
BARINGs' threatened failure, but the
transportation of our crops has as yet
only begun. We have thus far shipped
about 65,000,O00 bushels, but it is ealeu-
lated that before the season is over we
shall reach twice ami perhaps three
times this figure. If it is so we are
likely to recover back all the bullion
which we have lost.
From the national treasury comes the
only wall of hard times The tremen-
dous bulk of expenditures provided for
by the billion-dollar congress has been
accompanied by falling off in income
in consequence of the changes i'll the
tariff law made by Mr.. MCKINLEY.
Secretary FOSTER himself has admitted
the gravity of the situation, but eX-
presses confidence in his ability to meet
the governments obligations by judi
cious postponement of those which are
least pressing. 1t is an interesting com
mentary on the wisdom of recent legis-
lation that the United States itself
should be hard up while all its people
are enjoying prosperity.