St. Paul daily globe., 1893-08-12
TRADE REVIEW.
Bradstreet's Statement Of tho
Business Conditions

Bradstreet's Statement Of tho
Business Conditions.
NEW YORK, Aug. 11-Bradstreet's
state of trade review will tomorrow
have this to say:
The Irrational but widespread hoard
ing OF currency has compelled jobbers
anu manufacturers in many instances
TO do business more nearly than ever on
a cash basis, which has resulted in
further restriction of trade throughout
the country. This Is accompanied by
some signs OF aggravation, as an in.
creased difficulty in diSposing of COM
merclal paper, a still greater scarcity OF
currency at larger centers, and a shut,
down movement among industrial esq
adjustments. Gross railroad earnings
Tor July amount to S41 ,00O,O a decrease
OF ABOUT per cent as compared
'S WIN July last year, although
the larger proportion of grain
IN earlier months of the wear
makes Ethe seven months total gross
earnings 2 per cent larger than in the
like portion of 1892. This may be con,
traSted with falling off in total yalne
OF imports ana exports during the fiscal
year of nearly per cent, explained bv
decreased values of exports of wheat.
corn. cotton and cattle. European SUM-
plies of wheat have begun to decrease
rapidly, about 1,200.000 bu last week,
and exports of domestic wheat continue
exceptionally heavy for this period.
5,Ol7.OOO Du Tor the week, against 5,622,-
600 bu last week, 4, 14S,0OO bu i'm the
week year ago, 5. .l47,OO0 bu two wears
ago. and little less than 2.OOO. 600 bn
each III like weeks in 1890 and 1889.
The arrival of S10.O00,OOO gold from
Europe, the expected arrival of further
amounts, the issue of fresh national
bank circulation, and the bringing forth
of boarded money by the premium for
currency have given a slightly better
tone to the financial position at New
York.
Pittsburg hopes for greater ease in its
local money market now that the clear
ing mouse Will issue certificates. At
Buffalo banks continue very cautious.
The financial disturbance at Nashville
has caused some distress. Memphis
reports banks SOUND, with no market
for loans. Business is slow at Rich
mond. Naval stores are depressed at
Charleston. and Atlanta announces no
lctlVlty III any line, with trade awaiting
he opening of the cotton season in the
nope that it will relieve the
situation. Less announcement is
received from Savannah. where
the discount rate is raised, and
little or no domestic exchange is being
purchased. Cotton crop prospects there
are fair, but the question of obtaining
funds to move it is causing discussion,
Mobile adyices are that money is more
stringent, and at New Orleans business
is slow, although relief is hoped for
when the cotton crop begins to move.
Banks there are restricting payments
10 depOSltorS. Crop prospects in Ar.
kansas ana Texas are favorable. H0ns-
ton banks prefer not to carry cotton,
and expect buyers to move 1t promptly.
Galveston JobberS report some new
customers, but trade is exceptionally
depressed.
Dispatches from the maritime prov
inces report general trade quiet, but
crop prospects good. The business out
look in the province of Ontario is fair,
as in Quebec, where large yield of
cereals is expected. Canadian banks
maintain their position of conservatism
with respect to loans in the United
States.