Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-05-06
BUYING AND SELLING.


II Was Lively Among the Wheat Specu-
latOrs Yesterday and the Shorts Were
Hardly Used---St. Paul DOinSs---Minne-
sofa Sirup---H. Kains- Jackson on the
English Wheat Market---$152,O 900, 900
OF Geld and Currency Drawn Out by the
People Since Jan. 1, 1879" Globe"
Telegraphic Reports of All Markets.
ST. PAUL, Mays
Yesterday brought no new features In the COM
nerciAl business Of st. Paul. Among jobbers aud
Wholesale dealers business continues fair to active
for the and the late reductions Of prices in
-Somes lines of trade appear to bring quick
sponseS in increased orders for consumption.
Changes Of values in grain and produce few and
unimportant. Wheat quotations are nominal, with
promsie that advance will be established to-day il
the Chicago advance OF yesterday is maintained.
Seven car loads Of oats were taken yesterday for
Northern Pacific and st. Paul Manitoba points.
Hllstu1s weaker. With good demand for
oranges and lemons, the market supply is limited
and prices firm ct quotations.
Capt. Russell Blakeley, Of this city, who has been
an interested student of the sugar problem of the
day has enabled DIR. Wilhelm and his expert assist
ant Mr.. Jolly, to take hold of the Faribaut refinery
under conditions which will allow them to thorough
~ demonstrate, the coming season. their ability to
place upon the market first class cane sugar strip,
produced from the amber cane and chemically and
commercially pure. 1t is hardly probable that the
supply Of crude sirups will this season be large
enough to supply the capacity of the Faribault
rehnery-much less to meet trade requirements
but We hope next fall and afterwards to find amber
sirups standard article in the grocery trade of
st. Paul and that this years operations will result in
the establishment OF large refinery at St Paul and
in gIeAtly incre ised cultivation of the cane.
A New York dispatch OF last evening says: SCOT
ten goods are quiet In first hands, but leading makes
steady. Prints in light demand, but prices for best
makes will not be changed THE season. Wide prints
and lawns doing fairly and prices hrm. Ginghams
in steady request. Mems wear wooleus quiet, but
many makes largely sold ahead and prices firm"
Wall BigeoW's st. Paul circular of last evening
reports 100000 bushels Of wheat taken for export at
New York yesterday and quotes private dispatches
reporting at the close of the days business east large
French buying orders and stronger markets.
Heretofore, with few exceptional seasons, Mime
sofa farmers who have been able to hold their wheat
until spring have found June to be their best month
for selling. This spr ng they are, accordingly, wait
ing for the June and now placing but little
wheat sale. They hold at this time from 10 to Is
per cent Of the surplus of last years CROP and the
fluctuations Of the Chicago market are likely to en-
courage them to expect high prices in June. But
We believe they will be disappointed aud in support
Of that belief commend to their attention the follow
ing extracts from the last seceved fortnightly re-
view by II Kains-Jackson, acknowledged to be the |
best English authority on the grain trade. He writes
as follows:
"Of late the mountain Of vislbe-supply has been |
almost regarded as commonplace hill, to which |
everyone had become accustomed. Its true proper
tons st time appreciated, and will be soon
again. The truth is the lump of 100000 qrs. OF |
wheat is prodgious-that is, foreground Of the |
American farmers supply dotting the distant home
stesds, and awaiting transit when the canal naviga-
lion opens. Now, it may be said that Europe |
has actually bought the 100000 qrs. Of |
wheat ahoat, and that the New York mer-
chants have bought, for Europe, the 100000 |
qrs. Of visible-suppy. Thus 5,0Oo,OOO qrs.
have come under contract at the winter range of |
prices but these will have to be sold at the summer
range of value. Accordingly great many persons |
will be interested in keeping up the price Of wheat
whilst the public have reasonably come to regard
quotations quite moderate. This position is all in
favor of values keeping steady, whilst the unbroken
and regular demand that exists, and must exist in |
this country up harvest, is also on the side Of firm
ness but notwithstanding these points, see no in
nuencs strong enough, but disastrous weather, that
prevent the current downward tendency of prices
now initiated being continued 1t has begun through
internal weakness, it will be continued through eX
ternal pressure, which, hitherto has not been
eised. Is 1t too much to suppose that If wheat has
fallen IS Sd per qr.$t 50 to Sl32from its own weak
ness that II will fall another 6s Sd from the strength
Of buyers7 AS regards the latter, there is really no
strength this side but what comes from stolid |
Abstenton in buying. Neither English merchant |
nor miller has any element Of strength-all his force
comes from the weaknesses Of sellers. The Ameri-
can garrison surrenders from position no longer
tenabls, but has had to submit to no assault. In
stead Of being starved into submission the converse
Is the casS-sctual plenty has dictated the terms of
eapitulaion. At the present time the deficiency OF
remembered, yet 1t is scarcely regarded |
a. narket-factor for fixing value. |
Through the length Of the land, from southern
Poole to northern Aberdeen, every miller has now |
TO buy foreign wheat. Moreover, this fact is ex-
preGsly known, yet fails to make the exchanges
brisk. The situation is unique, and present buyers
ask what Is to be done? The answer Is plain
buy what you want this week, and next week buy
what you want. Your safety is assured, for the
stock you buy will bs sold and eaten before the mar
ket can change. There occasions when Rpecula-
Hon may be wisely bold, but to risk money on wheat
In felt to be q rashnsss Of which no merchant is
guilty"
The Chicago Tribune of Tuesday says: 'The
leading scnsatcn in wheat circles just is the
pected arrival of about 400 900 bushels of wheat In
this city from Milwaukee and Racine. lot of about
$1,000 bushels has already arrived and 100 GOO BUSH
els more was being loaded yesterday. It is said that
100000 bushels viii come by rail. The operation nets
. fair profit to the parties engaged, provided the
wheat all inspectg No. here, of which there is little
doubt, The profit is believed to be about 1Kc per
bushel after paying 1c freight and 1Ac for putting
The New York Public in a recent issue demon
gtrates that in the sixteen months ending March 81
S76o67 1873 in gold and $751; SIG in greenbacks has
disappeared from the banks and not to be account
cd for save on the hypothesis that increased trade
activity aud higher prices for commodities keep
larger amount Of legal tenders in use and boarding
Of gold is so prevalent rs to have become mpor-
tant factor in all business problems depending upon
81: sbsok ' the 6oard ii of gold the
Public recommends the withdrawal of small /
bank and treasury notes, the issue Of convertible
government bonds In small amounts and the encour
SRement Of savings banks In the article it notes
that there has been this spring the usual return
Of money the banks Of the seaboard cities and in
consequence many speculative and business schemes
based upon the expected abundance of money have |
resulted in disappointments and loss.