Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-04-10
ST.. PAUL, April 10.

~o
ST.. PAUL, April 10.
Business at the banks in st. Paul remains
monotonously easy, with an altogether cheerful
outlook. and interest and exchange rates and
buying and selling margins on government
bonds unchanged. The New York money mar
ket appears to be easing after period of tight
ness which must have been exceedingly uncom-
Portable for forced borrowers. Tuesday last,
for instance, between 2:30 and p NJ. the price
of money was twisted up from per cent. legal
interest to per cent. plus bonus of one-half
per cent. in the way of commission. This was
certainly an artificial squeeze, and Wall street,
bowling under the infection, attributed the
twist to Gould and Sage. One of our New
York exchanges, upon this, remarks: "a large
proportion of the members of the Stock Tx
change have only limited capital, and are un-
able to carry stocks over night when money Is
at premium. They are thus obliged to cease
dealing or to sell short. which requires no bank
account at the time OF making the sale. Many
of the heaviest operators on the bull side have
been closing out within the past few weeks,
and some of the largest houses have Joined in
bearing the Market" Nevertheless the bulls
seem to have held control Of the stock market
and prices of stocks generally remain above
any valuation which could fairly be based on
their interest paying quality or lack of it,
The wholesale dry goods trade of st. Paul,
keeping pace with the increase of territory and
population drawing supplies from here, contln-
ues from day to day much heavier than in the
corresponding period of any previous year.
The Boston Post reports the cotton goods trade
there last Tuesday quiet, and the bulk of the
seasonable business over, so far as
agents and commission merchants
are concerned. Jobbers stocks were
being reduced slowly. Manufacturers had
filed most old orders and in the absence of any
considerable export demand 1.-THE advance in
prices here having been greater than abroad)
were slowly accumulating stocks; but the &C
emulation is light for the season. The print
cloth trade was dull and prices a shade easier,
especially for remote future delivery; but with
out accum ulation of goods. The market for
prints was quiet with the jobbing trade hardly
up to expectations. The production OF spring
STYLES was nearly closed. The Boston market
for wooden goods was quiet but very firm, with
the fall production Of the mills largely sold
ahead, while the upward range of wool prices
has checked the desire of manufacturers to
make further contracts The stocks of both
light and heavy fabrics are very small for the
season, buyers having recently made a clean
sweep of everything in the shape of woolens,
in anticipation of higher prices. All styles of
mems outer and under wear, hosiery, fannels,
blankets, shawls, skirts and carpets, are sold
very close up, and early orders can only be
duplicated at material advance in prices"
A New York telegram of last evening says: The
dry goods jobbing trade is moderately active, but
continues quiet with commission houses and import
ers Cotton goods quiet and steady. Prints are In
very light demand at first hands. Ginghams fairly
active and printed lawns, pques and wide prints do
ing fairly. Mems woolens quiet and very firm.
Foreign goods sluggish.
The wholesale grocery trade of st. Paul, which
amounted to over $5,250000 last year,
is moving this year so far at
at rate of increase which, continued, will
bring the trade of 1880 to total of over ST.
600. 600 With this volume of trade there
ought to be greater interest felt here in build
ing up the northern sugar industry by esteb-
fishing amber cane refneries. The prospec-
tive i'm portance of this industry can hardly be
overestimated, and its immediate Importance
is suggested by late circular fron the lead
ing sugar refners of New York, setting forth
the universally of authorizations. They say:
''Tbe adulteration is carried on openly and
sugars adulterated to the extent of Is or 70
per cent. meet with large and steadily in
creasing sale. The manipulation buys sugars
from the reiners, adulterates them and sells
at prices below the current rates of pure
sugars. Comparatively little refined syrup
enters directly into consumption. 1t is sold
to parties who make business of mixing 1t
with glucose, and who sell it in this form to
dealers. We call attention to these facts for
the following reasons: First, we desire to an
ticipate and prevent another public excite
ment of which the victims shall be the sugar
refners; secondly, it is easy to see that there
will be no end of the adulteration thus COM
menced if allowed to continue unchecked.
Certainly there should be prompt legislation
in every sta-e making it misdemeanor for
Goo md xpb oil rntaiI HaaInrs
to sell adulterated goods without full notice to
purchasers. 1t is worth mentioning that the
number and capacity of the manufactures of
glucose are being largely increased throughout
the country"
The hardware and iron and steel trads, while
sharing the prosperity which generally charac-
terizes the wholesale traffic of st. Paul, have
had their increase limited by the cosunming
public's partial strike against high prices. 1t
is evident that in these lines of trade re-
adjustment of values will lead the coming re-
adjustment through all lines of trade. At
Philadelphia Wednesday there was decided
downward tendency in the prices of iron.
The Glendon Company reduced its rates from
$40 to $50. Some assigned overproduction as
the reason for the fall, while others claimed
that it was due to determination on the part
of producers to check Importation of English
iron. Scrap and other classes of iron shared
in the decline. Some iron merchants, how
ever, thought the low rates would not continue.
At Pittsburgh Wednesday the dull
state of the iron trade was the one
subject of dicussion in manufacturing
circles where it was asserted that several of the
mills would shut down this week. The dull
ness was ascribed to lack of orders, which
many thought would be permanent. Some of
the workmen imagined that the manufacturers
were pretending that trade was dull just to In
duce them 1.-THE workmen) to forego The usual
extra compensation known as the hot dol
lar'') for the summer season. But dealers said
the manufacturers were not willing to pay the
present prices for pig ore, as they could not
hold their manufactured iron at the four cent
card. The adoption of new card at three or
three and one-half cents was being discussed.
An associated press dispatch of Thursday con-
firms the preceding statements of the condition
of the Pennsylvania iron markets, in announc-
ing that the Iron Association, by unanimous
vote has reduced the card rate from four cents
to three and two-tenths cents.
notwithstanding the dullness of the iron
trade, the manufacturers OF Pittsburgh, &C
cording to the Commercial Gazette, of that city,
never employed more workmen, dlsbursed
more wages, or turned out more manufactured
goods in any three months of her history than
during the quarter just closed.
The domestic exporst from the port of New
York for the week ending Tuesday were 81, 1874, :
662. The exports since January 1. this year,
were SS5 0S6 534, against SIS, 847, 1878 in 1879,
and S88, Asa, 525 in 1878. The statements of
the national bureau of statistics continue to
show large increase in the imports of the
country. without a corresponding gain in the