Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-05-08
THE TRADING WORLD.

Increasing Business in st. Pau-Nsw York
Stock Market Stronger-The Lake Wheat
Markets SteadIer-The Collapse of In
fisted Prices The Iron Reduction, Sc.
ST.. PAUL, May s.
The outlook at the banks ia quite cheerful,
| the business, additional to the usual monthly
settlements being much larger than during
the last half of April and promising a contin-
ued increase throughout May. The large inn
migration of this season into Minnesota and
Dakota is felt in all lines of business in st.
Paul and is causing the heavy spring trade of
jobbing and commission houses to be supple
/ mented by purchases to replenish retail stocks
and orders for supplies more numerous and
averaging larger than ever known here before.
Street buyers paid for wheat yesterday $l.O2
to $l.06, according to grade. AS fast as wheat
is shipped out from the elevators the vacated
space is wanted for oats and corn,
which are coming forward freely, but
the wheat deliveries are not large
and are mostly made up by receipts. Oats
are freely held and some dealers anticipate
higher prices. Hay will probably be advanced
fifty cents to-day, unless receipts are much
larger than expected. Since the warm weather
set in. dressed meats have come in in limited
quantities. but have not been in much request.
Prices as quoted are nominal, except for veal,
transactions in which took place yesterday at
quotations.
A New York dispatch of last evening says: "The
general condition of the dry goods market is I'M
changed. Cotton goods quiet, but the best makes
are steady in first hands. Prints remain quiet.
Albion prints are reduced by agents. Wide prints
and lawns in fair request and firm. Gingha Ds in
steady demand Mems wear woolens quiet and
steady. Foreign goods moving slowly"
New York Tribune: mo intelligent observer
of the condition of trade can regard the de-
cline in prices with regret. 1t brings loss to
some individuals, it is true, though the pro-
ducers in almost every department are realiz-
ing fair profits at the present rates. But this
reaction is absolutely necessary, if we are to
have healthy and enduring prosperity In bust
ness. The truth is that this country, under
the impulse of great prosperity caused by re-
sumption. has been trying to get rich too fast,
and to advance prices too rapidly. A slower
movement will be found more sure and last
ing"
New York Public: 'Trade has been quite
active, and yet dealers begin to suspect that it
may have been of such character as to give
little promise of continuance, for in some re-
spects it has resem bled the trade of the year
1885, when large purchases were made to re-
plenish supplies, which had been exhausted
during five years of civil strife. Manufacturers
SO much as to check consumption, and yet so
much as to encourage many strikes for higher
wages. In short, the country has been trying
to get rich too fast, and d check has come.
Whether il is to be lastingor brief depends very
much upon our promptness IN adjusting bust
ness to the natural conditions of supply and
demand"
Pittsburgh Commercial Gazette: "The ex-
cessive supply of English iron in this country
must be regarded as an accepted fact. 1t was
brought here by our own high prices. 1t can
not be got out of the country again, and the
only thing to do is to put prices down to where
flu ther importatiOns will cease, and the do
mestic demand will revive sufficiently 10 use
up the surplus stocks. If the present level of
thirty dollar pig iron and three cent bar will
not do it, let US come down to two-and-a-half
cent bar and twenty-five dollar pig. Indeed,
the indications seem to be that this step will
soon have to be taken. We believe that some
where between the present level and that of
215c for bar the importations of iron will cease
and the demand will revive"
The bar rate as was reported in a GLOBE
telegram, has been reduced to 212c since the
above was first printed.
Cincinnati Commercials ''The wood-pulp
discussion is no trifing matter. 1t will do the
country much good by informing all intelli-
gent persons that the tariff is a most iniqui-
tous system of swindles. There are at least
one hundred frauds in the tariff laws as con-
temptible as that which pretends to tax wood
pulp. Each has its representative or two in
Congress. to consume the substance of the peo-
pie. The fact was never out in such ugly
nakedness before. The tariff as it stands is
neither for revenue nor protection. 1t is to
rob labor. Let it be reformed"
The proportion of sacked -four now imported
into England continues to attract remark.
Since September /, London has had some 700,-
600 sacks, against 100000 barrels; Liverpool
million sacks, against $4,000 barrels; and the
Scotch ports show much the same disparity.