Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-04-02
MONEY AND TRADE.

Its Uses-GlObe Reports from all Mar
kets,
ST. PAUL, Aprl2.
There was an unusual volume of business at the
St. Paul banks yesterday with indications that
camille collections were good. Eastern exchange Il
per cent premium. Sterling, small bills $3.50. Gov
ernments are sold here at New York quotations OF
the day and bought as follows:
coupons, 1881 ................. IOo 9g1OS74
new per cents ............-....-... !Uz4@y!OS
New AZ per cents. NEUTRALITY-SUSPICIOUS.. 1US14y1Uo5a
New per cents ACKNOWLEDGEMENTS. IUo Y!Oo54
PACING 6s, 1879. Iz112VOA21S4
The rates for mortgage loan4 remain easy at 1850
10 per cent, the first figure being for city prop
erty and the last for distant farm property.
In produce there is little to report. Flour is
weaker in consequence of the continued
depressop of Chicago and Eastern wheat markets
There we're no wheat transactions here yesterday but
street buyers ntained that their figures were
changed. The values OF oats and corn remain quite
firm the demand keeping full up with the supply.
Considerable shipments continue to be made north
and northwestward. Lemons are quotably lower.
The market, by the way, is well supplied with season.
able fruit and sales to the country quite large.
Yesterdays advices from the East that the hide
market is weakening, and dealers here predict that
there will be no reaction until the long haired or
winter stock has gone into the possession of the tam
ners. The advance of wool East and the increasing
value of wool pes has advanced the value OF heavy
wool pelts here to SlD250. While on the subject it
may be of interest to city butchers who have been
selling lately at less than the GLOBE quotations, that
they should read the GLOBE markets and look out a
little for themselves.
New York dispatch of last evening says: "Dry
goods business light with commission houses. Cot
ton goods quiet and steady. Prints quiet in first
hands but prices steady. Printed cambrics creton-
mes, lawns and piques fairly active Dress goods in
moderate request Mems wear woolens moving
steadily on back orders, but business light.
Foreign goods in fair demand"
The official footings of grain in store at Chicago
cl,ov
during the week of 1928 bushels wheat, 154,0S7
bushels corn, 1855 bushels oats, S,495 bushels
rye and % 439 bu barley. The total amount in store
1885, 422 bushels against H. 791l64 bushels at
the corresponding date of last year. Besides the
grain in store last Saturday there was loaded on YES
sels ready for the opening of navigation, 2O2, 1923 bu
wheat, 2,465, 997 bu. and n ,S68 bu. oats.
The New York World of Tuesday, commenting
upon the conditions affecting the money market,
concludes that "a fever1sh market for stocks and
money is to be Anticipated for the remainder of this
week. With this week, it thinks, the corner will be
turned for the season in respect to money
At philadelphia last Monday there was decline in
Northern Pacific stocks partly in sympathy with the
general weakening OF the New YORK STOCK market
and partly from a rumor afterwards authoritativey
contradcted) that large block would be offered for
sale by the trustee in the final settlement of the Jay
Cooke estate.
The decline of Sc more on wheat in the Chicago
market yesterday upsets the calculations of those
who the day before thought the bottom was reached
at last and that upward turn would come next.
Some few st. Paul men have a strong sympathy with
the suffering bulls, judging from the long faces they
wore when remarking that the bottom seemed to
have completely dropped out from under wheat.
New York dispatches Of last evening reported 15O,-
90 bushels wheat taken during the day for export
and the total amount aoat for Great Britain 800 900
bushels.
The St. Louis and Milwaukee chambers of COM
erce have at last become alarmed at the increasing
encroachments of the railway trunk line combination
and have vigorously protested against one developing
feature of the trunk line pool system. This feature
is a proposition to establish uniform freight rates be-
tween western cities and Europe, all routes and
to take from the western importers and exporters the
privilege of choosing among railway and steamship
lines and seapors. Not many years ago this propo-
stion would have been regarded as impudent but
not dangerous. To-day it only be considered as
a moderate advance upon the prevailing system OF
combination and pooling among common carriers.
Manifesty the proposition, if carried into effect,
would reduce direct trade between the West and Eu
rope to small dimensions and seriously affect the
development of western commerce. On this account
other Western chambers of commerce may be
pected to second the protests from st. Louis and
Milwaukee. But something more effectua
and far-reaching than the protests of
commercial bodies is needed to correct
the great abuses growing up in the management of
transportation lines If the national or State stat
utes should embody IN language appncaDle 10
modern methods and systems Of traRspc ration the
old conmon-law prohibitions of consptraces and
combinations against public interests the so-caled
railway kings would soon be Invested of all attri
butes of sovereignty and be placed in their rghtfu
position as servants to the public. Sooner or later
the business men of the country, with whom we do
not class the gamblers in values, politely called spec
ulators will have to appeal to the law making powers
for such restraint of the carriers of freight.
The area of the Black Hills mineral region is
about six thousand square miles. 1t lies between
the forks of the Cheyenne river, and is about one
hundred miles long, from southwest to northeast,
with average of about sixty miles.
The Pitts6urgb Gazette notifies American man
ufacturers of iron and steel that the imports have
attained an importance they cannot afford to ignore.
The notification may be construed as a suggestion
that they had better consider the e1pediency
of reducing their prices just enough to. shut out
foreign iron and steel and is based upon an increase
o. imports for the first two months of this year as
compared with the imports of the first two months
of 1879, as follows Pig iron, 1879, $3.50 tons 1880,
log 221 tons. Old ron 1879, 292 tons 1880, 54,501
tons. Steel unwrought 1879, 975 tens; 1880, $500
TONS Tin plates, 1872 1872 tons; 1880, 1870 TONS
Iron and steel rails 1872 812 tons $780, 80 69 TONS
Furthermore the receipts of English pig iron in the
united States during January and February of this
yesr nearly four times much as for the who
of the two years 1877 and 1878.
The hard coal companies have now fixed their
price at "a per ton and have suspended work at the
mines for the first three days of April Since jan
they have reduced the production of coal, as COM
pared with the corresponding time of last year, 312
500 tons. With the aid of the protective tariff on
coal their system operates to make the grand coal
fields of the East of least possible benefit to the
country.
The Canadian authorities propose to further reduce
welland canal tolls this year, to encourage larger
shipments to Europe via the st. Lawrence from the
1t is said that not per cent. Of the Lake Superior
copper territory is developed and that it could be
made to supply the whole worlds need of the metal.
The steel rail manufacturers weakening
prices TO meet the competition of importers, and
prices of iron rails also said to be unsettled,
that it is probable that considerable concessions
from quoted prices SSeS250 at the mills for steel
and $65 for irony could be had desirable orders.
prolonged drouth in Cuba has reduced the yield
of sugar about Is per cent? besides resulting in
destructive fires in many cane plantations. The
glucose manufacturers of the United States may
gard this as good news and might the amber cane
growers of Minnesota, if their business estab-
lished on commercial basis. The manufacture of
glucose by the way, is large business in this
try. There three great establishments,-b
smaller In several other cites-oDe in New York,
one in Buffalo, and another in Chicago, in each of
which over 81 100000 is invested. One of these
large establishments uses 5000, 900 bushels
year. The manufacturers of it assert that glucose
perfectly harmless and claim that learned chemists
have so reported. But we have yet to see the name
of a chemist of reputation attached to a
certificate to that effect: while good medical men
and chemists inclined to attribute to the of
glucose the most serious Of kidney disorders. The
mercantile glucose, sugar. is simply
starch treated with q poisonous acid. It's use is
enormous. Confeconers use it because it is cheap,
and because it remains soft longer than sugar.
Sugar refners it for authorizations, mixing
with low grade sugars. Glucose sirups staple
of trade The ielles sold by grocers are generally
made from heavy glucose. The peculiarly unpleasant
taste of canned peaches, which is reducing
sumption of that former frontier deicacy, comes
from the use of glucose which loses its sweetness