Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-05-10
TRADE AND SPECULATION

81 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. Psui 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.
report is given elsewhere of a meeting
held last evening for the organization of st.
Paul board of trade. A beginning has thus
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
Chicago sold was 81. 1891 May, $1.1235 June,
and $l.07 July; the lowest $1.121S May,
$109M June, and $1.O4s4 July. May wheat
shows an advance from Mondays open
June 14c; and July 35c. Milwaukees high
est point for the week was ST.. 1515 May, SLIP
June and $685. July; the lowest $1.0S56
May, $l.081s June and $1.06 July. May shows
an advance of 4334c, and July l14c 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
&1 Oe1/ for Nov rod sold hioh ri RI II
and closed to-day at $1.3l. Exports of wheat
from New York for the week 646, 600 bushels.
The stock of wheat in sight, in the United
States and Canadas, is S23, 600 bushels, an
increase from April Oath to May LIST of 6S8. GOO
bushels. Provisions close steady after an ex-
citing week. Receipts of hogs for the week
129,246. Pork sold as high as 5000 June, and
as low as 1915, showing an advance from Mon
days opening to the close of to-day of 2Oc per
Dbl, closing at $10.0719 June, and $1O.1715
July. Lard steady and only trihe higher than
Mondays opening. closing at $6. "a June and
$6.1213 July. In corn there very active
week and large transactions, the highest points
being 3Sc May, $500 June and BIC July, the
lowest 361lc May, $3.50 June and $3.50 July;
closing to-day at 96Mc May, $3.50 June and
361 sc July. In oats also there was very act
i've week, the highest point being 3i115c May,
307sc June and 2S1@ July; the lowest 29c May,
283Ic June and 2738c July-closipg 3014c Nay,
297Sc June and 271Sc 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 I'M
changed. Prints quiet. Ginghams, lawns
and dress goods in steady request and firm.
Aliens fancy prints to be reduced to 654c on
Monday. Mems wear woolens quiet and
steady"
Since the reduction of the card rate of iron
to PIC, the Lake Superior ore men have agreed
to concession of $3@3.50 per ton on ore con-
tracts made during the boom, and the Eastern
coke manufacturers have the reduced price of
coke flom IS to g so per ton. The sliding scale of
puddlers fixes their wages at 50 instead OF
$6. Is 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 manufacture
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 2115c for bar.
The reduction of iron prices in six 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 219c. The changes since
then have been as follows: September 30
1885, IS April S.Il8So, 5 May 10, 1880, $50
Once, for two weeks only Gin April, 1870 the
card rate was below &c. 1t was then LIS.
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 Cat Philadelphia) but only, it
is said, 'to become better acquainted and to
discuss such subjects as the labor problem and
the best method of sustaining prices.