Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-04-20
CASH AND COMMERCE.

xuCToabAuk O6I0Au AOA ~OS
Advance on Bran-Otherwise. the Local
Markets STANDARDIZATION OF Wool val
ues-The Folly OF the IronmoDgers' Boom
Another Day or the Chicago wheat
Deal-The "Globe's" Full Telegraphic Re-
ports from All Governing Markets.
ST.. PAUL, April 20.
The demand for money at the banks continues In
creasingly good and is promptly met Inc oiiiciai
rates for exchange, small bills, continue unchanged
at n per cent. premium for New York and "a 90 for
sterling Government bonds are sold by the banks
at New York quotations of the day and are bought
at A0K per cent. less according to the tendencies
of the markets.
Wholesale trades throughout, are fair for the sea-
son, with an unusually heavy demand for groceries.
In wheat there Is very little doing. ConslderaDie
quantities Of coarse grain are daily going 70 NORTH
ern and western markets and the demand from
the same source keeps values OF coarse gram ana
millstuffs quite steady and firm notwithstanding the
fluctuations of the lake markets. Bran is worth
dollar more ton than last week. Buyers OF hldes,
SKINS etc.. report Eastern markets OF and dull since
Thursday last but they will not reduce their figures
until they are forced to. Choice grades of butter
in limited supply and wanted. Eggs were yester-
day firm and some dealers tried to establish an
advance.
A New York dispatch Of last evening says: 1.-THE
dry goods business continues quiet with package
houses and the iobbing trade irregular. Cotton
goods remain quiet in first hands, but leading makes
steadily held. Prints dull and prices unchanged by
agencies. Lawns, ginghams and dress goods In fair
demand. Wooden goods quiet and hrm"
Wall Bigelow's st. Paul circular OF last evening
says: "Wheat opened at about Saturdays close,
broke sharp, becoming panicky, selling down In Ch-
cago to $i.07% May; 1.04A June; 90 July. Mil
waukee 1.O4A May; .04 June, closing weak at that
figure Private dispatches say crowd bearish; win
ter wheat markets selling freely; clique apparently
doing nothing"
Liverpool I'd lower. London neglected; arrivals
for orders large. English country markets gener-
ally cheaper; weather hot and forcing.
The values of Minnesota wool cannot be estab-
lished until the new clip begins to come forward
freely but approximate quotations may be given next
week. Meantime the turns of the Boston market
the best indication. There were few sales there
last week, the deliveries of foreign, said to arrive,
having been nearly enough to supply the current
wants of manufacturers, whose contracts for goods
were mostly covered by their contracts for material,
SO that they for the time able to keep out OF
market. But all the wooden machinery of the country
is running on full time, with heavy fall products
largely sold ahead and hence the current consump-
ton OF wool Is enormous. This must soon absorb
the supply of fine foreign wool now IN the hands OF
manufacturers and the trade. and thenceforth with
more to arrive the reliance Of consumers must be
wholly upon the homegrown article. Just now,
however, domestic heeces are neglected and foreign
holders arxious to sell as to give prices turn
in favor of buyers. The English wool markets rule
strong and there Is scarcity Of the grades adapted
to the American market. The next series of London
wool sales open to-day with offerings to the amount
of 350 600 bales and English brokers are predicting
an advance of 10 per cent. on former prices. But
this is matter of no interest to American consum
ers prices in England are already high enough to
preclude the probability of any purchase for our
markets.
The american MANUFACTURER III commenting on
the fall in the price Of iron says: While b ave
to rejoice that the break In the wild fight of
the price of iron was not longer delayed, we have
left very unpleasant reminders of its very le
Ultimate fruits Not least Is labor market the
rampage; unsettling of values Of most staple ar
ucles Of trade until commercial transactions are in
vested with gamblers risks; a serious advance In
freghts; the standard iron ores of both this and
otaer countries nearly doubled in price, while coke
has bounded from 81 to 81 and upward per ton, and
the entire export trade in many articles has been cut
of. OF course the whole fuel market has shared
largely In the advance. AS iron, fuel and bread
articles that no community affort to allow to
continue at high prices aud expect to prosper the
present situation is not encouraging only In the fact
that the tendency Is to legitimate prices If the par
ties who have been trying to bolster up the "boom
will submit to the rule of common sense. 1t is well
to remember also that with pig iron in the fortes the
trade comes with very bad grace to ask for protec
| ton. The landing of million tons of iron and
steel from foreign countries in the past few months
Is just the natural result invited by the senseless
"boom, "and shows what cur home producers could
have done with proper foresight of the needs OF
our home trade. Surely common prudence should
dictate that even with good demand, only legiu-
mate prices can secure healthy trade.
The New York Commercial Bulletin figures that
the foreign trade of the United States for the last
two years has resulted in the liquidation of few
hundred millions of our foreign Indebtedness repre-
within the last two years, have not only retained
at home our usual product of the precious metals
but have added to those accumulations net import
of about $69, 600 600 more.
The Boston banks continue little short Of green
backs, but draining gold heavily from New York
and using it.