Daily globe., 1880-05-09
TRADE AND SPECULATION

Wall & BigeIOw's Revtew-Morson, Doran
] & Co.'S Reports-The Globes Daily Tele-
| grams-The Stock Market Down-North-
ern Pacific Dropped Four Cents-The
| Lake Markets Dull but Not Weaker
Organization of the ST. Paul Board OF
Trade.
ST. PAUL, May 9.
The past week closed With a comparatively
dull day among the jobbing and commission
houses, though business was still good for
the season on account of the increased orders
from the west and northwest borders for sup
plies for the new settlers. and for their break
ing teams. Hay, as predicted. was advanced
half dollar ton on good demand and light
supply. Otherwise there was nothing notable
in our market yesterday.
ga report is given elsewhere OF meeting
held last evening for the organization of St.
been made, and that has for some time seemed
to be all that was needed. But every grain,
produce and provision house in the city ought
to put representative in the board.
Wall & Bigelow's st. Paul circular of last
evening reviews the lake speculative markets
for the week as follows: Wheat closed strong
after week of active markets. The highest
OulCdSO SOU Wdo p1' 4O/A may ANLS ONAS'
and SLOT July; the lowest SLIPS May,
S1.09M June, and $1.04$l July. May wheat
shows an advance from Mondays open-
ing to the close of to-day of 5NSc.;
June 14c; and July 56c. Milwaukees high
est point for the week was $l.1515 May, Sl.l2
June and $l.0S1a July; the lowest Sl.Oo98
May, $1.0S15 June and $l.06 July. May shows
an advance of 4$$4c. and July Ia from Mon
days opening TO the close of to-day. Foreign
markets were steady and firm the entire week,
closing strong. New York opened Monday at
81. 261@ for May red, sold as high as Sl.3l4
and closed to-day at S1.3l. Exports OF wheat
from New York for the week 64S,OOO bushels.
The stock of wheat in sight, IN the United
States and Canadas, is %, 1S3, GOO bushels. an
increase from April 24th to May lst OF ooo,0O0
bushels. Provisions close steady after an ex-
citing week. Receipts of hogs for the week
I29246. Pork sold as high as 5000 June, and
as low as 1915, showing an advance from Mon
DAVIS opening to the close Of to-day OF 2Oc per
bbl, closing at $500 June, and $1017M
July. Lard steady and only a trifle higher than
Mondays opening. closing at sc. IA June and
$6.1215 July. In corn there was very active
week and large transactions, the highest points
being 38c May, 36Mc June and 37c July, the
lowest 3614c May $500 June and $3.50 July;
closing to-day at $500 May. $3.50 June and
3616c July. In oats also there was very act
i've week, the highest point being Sl79c May,
S0Xc June and 2811c July; the lowest 29c May,
2S$4c June and 273Sc July-clOsing 3OAc May,
29Ic June and 272sc July"
A New York dispatch of last evening says:
''The dry goods business quiet with package
houses and the jobbing trade light. Cotton
goods quiet. Lonsdale, Blackstone Hopes
bleached cottons reduced by agents. The best
makes of brown and colored cottons un-
changed. Prints quiet. Ginghams, lawns
and dress goods in steady request and hrm
Aliens fancy prints to be reduced TO 6Mc on
Monday. Mems wear woolens quiet and
steady"
Since the reduction Of the card rate of iron
to 21@c, the Lake Superior ore men have agreed
to concession OF $303.50 per ton on ore con-
tracts made during the boom, and the Eastern
coke manufacturers have the reduced price of
coke flom $5 to g. so per ton. The sliding scale OF
puddlers fixes their wages at So instead OF
Sc. 25 per ton and heaters and rollers also go
down by the scale and laborers wages have
been reduced. If the reduced card rate stops
importations and brings about manufactur-
ing rental, the iron masters will make money
by the reduced rate, for pig iron cannot be
produced at $25 ton, which will leave fair
margin at 215c for bar.
The reduction of iron prices in Fix weeks past
is equal to $50 per ton, and the fluctuations for
the past nine months are unprecedented. The
card had long been at &c. when, in August last
it was advanced to 215c. The changes since
then have been as follows: September 20,
1879, 1-5 January 5, 1880. 8; February 2,
1880, AS April 8.l188O, 3 ; May 10, 1880, ESQ,
Once, for two weeks only (in April. 1870 the
card rate was below &c. It was then 1.75.
The nail association will meet again next
Wednesday and will probably again reduce the
card rate from to 81.
The glass manufacturers are also to meet
next Wednesday (at Philadelphia) but only, it
ia said, ''to become better acquainted and to
discuss such subjects as the labor problem and
the best method of sustaining prices.