Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-05-13

1
[ Higher.
| ST. PAUL, May 13.-Yesterday was dull day
| in st. Paul trade, except with the grocery
houses, which are pushed to fill mail orders
Street buyers paid $l.O7 for No. l wheat and
| 81. 15 for No. 2. Bran and shorts fell oil IN
selling value each 81 per ton.
The board of trade will probably complete
| its organization this week and soon be open foI
business in daily sessions. 1t Is intended py
those who have subscribed for membership TO
make live institution and, though expecting
that. like all new things, it will have to win its
wav thew hope the time will soon arrive
when the larger part of the sales In our city OF
grain, produce and provisions from hrst hands
will be made in the board. 1t this should be
brought about a membership will be worth
mncb more than $50 at which it is now assessed.
New York dispatch of last evening says
'sThere is rather more inquiry for some kinds
fgoods by package buyers, but business con-
times light, Cotton goods quiet, except
brown cottons, some large lots of whlch were
taken by exporters. Masonville rolled Jaoo-
nets were reduced to &c. Prints In Hgn' oe,
mand. Lawns, ginghams, wide prints ana
dress goods in fair request ana h'n' "ooien
goods quiet and steady.
Although the stock market was stronger Tor
the whole list yesterday, there has not yet oeen
such a reaction as to indicate that the jate nlgu
prices will soon be recovered. Inc snrlnKage
of stock values within two months has been so
great that it is strange there nave peen no
great failures of operators. Inc Iac1 pernaps'
is explainable by the offerings OF STOCKS oeIng
mainly on the part of actual holders. The
foIIow;np are the lowest prices of stocks best
known here on March 10th snd May lOth:
Obicaoo & Northwestern, 921@, S7}S; Chicago,
Milwaukee & st. Paul, oOY, ISB;
and Northern Pacific, 1921, 2O14. These
are not exceptional declines and the
fact that the transactions az the
lowest figures of May have been enormous
gives only an idea of the great shrinkage winch
has taken place In the wealth. OIL railmay sus'o,
holders. Perhaps, after the bear movement Is
over and the bulls take possession or the mar
ket, the street and the country may be able to
puess why Vanderbilt and other wealthy rail-
road managers sold so many OF their shares
during the winter. 1t is already advanced as
atheory that they operated on the knowledge
that stocks were then selling at mucn more
than their investment values, that peCter
time to sell could not come, and that, even II
thew did not like Vanderbilt, intend to anchor
in government bonds, they could make large
profits by selling then and buying back " men
the inevitable decline came.
Concerning the wool trade at New York the
Commercial Bulletin of Saturday last said;
'sThere does not appear to be much change
in the general condition of the market as de-
welcomed on the business of the week. Ex-
pressions of weakness and distrust continue TO
be heard in some quarters, but they are on the
whole the exception, and as rule, the trade
take a fairly hopeful view of the situation.
With the incoming Of the new clips, 1t Is hard
" to be expected that manufacturers Will Work
against their own interests by bidding freely
or ON quantities beyond quite well-establisded
consumptive necessities; but even bringing
matters right down to this basis, there appears
to be considerable amount of wool wanted
and most Of the stock changing hands IS at
a cost differing little from that for some TIME
current Holders in the meantime are not yet
satisfied that there is any necessity Tor peconl-
ing detected over dull business, which was IN
reality expected. and the absurd statements
about the free offerings and anxiety to realize
on stocks in hand have no foundation except
upon the movements of one or two operators,
and these are ueutralized by actual sales az
figures differing little from the small snaoing
made when the check to the boom brought tue
natural reactions from extreme views. Al
primary points the undue imitation OF ideas into
which sellers allowed themselves to be led are
undergoing modification, and there Is pros
pect that business will now prove more liberal
The latest accounts from Europe were quite
firm and the proposed shipments hence have
commenced, including one lot OF Cape, ana IL
is said parcel of Australian