Daily globe., 1883-08-01
FINANCE & COMMERCE.

st. Paul, August 1, 1SS3.-The recent
ralas which during the last two weeks
have fallen in the Red river valley, and
along the Northern Pacific road have had
the effect of lifting weary load from the
shoulders and minds of business men
throughout the northwest, so that where
Two weeks ago nothing but gloomy, dis
couraging feelings prevailed, now bright
and cheerful hope and confidence is seen.
1t has frequently been mentioned in these
columns that our wholesale dealers were
limiting the line of credits. This they
have done all through the season. They
first commenced this policy on general
principles, the idea being that it would be
more healthy for trade generally to put
little check upon the amount of credit to
be given. As the season advanced the
wisdom of this policy became more and
more evident. When the crop prospects
first began to cause alarm a still further
limitation was placed upon the line of
credit, and this Limitation was continued
and even increased as the dry season con-
tnued and the prospects became more
untavorable. This course on the part of
our wholesale merchants had the tendency
to put matters upon firmer basis. Now
that all fears of injury from too much dry
weather !has been removed, and the rains
have rajuveainated the almost
scorched crops, business is taking
on more vigorous form, and the whole
sale dealers are expressing much more
confidence in regard to the outcome than
they have felt at any time this season.
While, therefore, buyers and sellers have
both been engaged in this pla7 of curtail-
ing purchases, especially on trust, the re-
straint is being somewhat removed. Trade
is at present much more active than it has
been at any time within the last six weeks.
In drugs the usual falling off for the month
of August, which is always dull month
in this line, has commenced. While
this is the case the tone of the market is
firm and solid, and everything looks favor
able. Cochineal, gum opium and oil sas
safras have declined, while lard oil and
window glass have advanced. The dry
goods trade is improving, and sales are
looking up, while collections are much
better. Boots and shoes and clothing are
rather quiet. Groceries are active; collec-
tions are satisfactory. A few changes are
made in quotations, but they are trifiing.
Hardware is very active indeed, and col
lections are reported satisfactory. Genuine
Russia iron has advanced to 16c per pound.
There are no changes of mo-
ment to note in quotations.
The lumber trade is active and without
change. Boots and shoes, leather, furs and
change. The general produce trade has
been only fairly active. There has been
good demand for the better grades of but
ter, and stocks are sufficient. The daily
receipts are more than enough to supply
the sales. The packers are doingImu
less than usual, while dealers have but little
confidence of any improvement of the
market. On the whole the market is dull
and unpromising. Wheat has improved
little during the week, and is a trife higher
and firmer. The general tone of the mar
ket is frmer than it was? Corn has also
improved during the week and closed
somewhat stronger. Oats have been fairly
active and there has been during the week
more inquiry and general talk about them
than has been heard for long time
While there has been but little done in
barley, there has been considerable anxiety
about it. The weather has not been alto
gether favorable for it, and there has been
some futtering about the prospects of the
crop. Ground feed, bran, corn meal, etc.,
have been quiet with but little if any
change. Eggs are stronger and a
shade higher. Chickens are in good
demand. Hand picked beans are much
sought after. Old potatoes have advanced
to 4O@45c and new have gone up to $3.50
per bbl. Dressed meats are easy. Fruits
moderately active. Berries are firm with
limited supply. Apples are frmer. Mess
pork is lower. Pears are higher. Hops
and malt have declined. The cattle supply
is fair and the market is being supplied
with grass fed, and grass and corn fed
stock. Hogs are plenty, both live and
dressed, but there is no change in quota
tions. Sheep are lower with liberal sup
plies. The money market has experienced
no change worthy of note since the last 1e-
view. The movement of currency in and
out Is free and liberal Collections are
better. Interior banks are in good condi-
tion.