St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-12
Wonderful Burst Of Speed in
the Logging and Lumber
Business.
Bankers See Nothing Alarm
ing in the Present None
tary Situation.
Merchants Are Experiencing
the Customary MidWinter
Dizziness.

developments. The shifting of gigantic
logging operations from Wisconsin to
the Northern Minnesota pine districts,
the ssured great value or the new dis
coveries of ores OH the Mesaba iron
ranges, the improved grades and better
prices of live stock, the many settlers
that have arrived from the East and
South, the extension northward of those
limits called the northern limits of the
corn belt, the new developments in the
mining Of various precious metals and
the added acreage in agriculture-these
all contribute toward the further rapid
advancement and ACKNOWLEDGMENT of
this healthful and prosperous section.
No wonder railroad men are tempted
to build new lines; no wonder that
manufacturers are investing in plants
located in the principal cities of Min
| nesota-plants of such great value that
they have attracted attention and COM
ment Throughout the industrial world.
The production of lumber in the Mis-
siSSippi valley last year, on the author
ity of the Minneapolis LumDerman, was
1850, 314, 565 feet, and in addition there
were manufactured in the same district
1.74S. 500, 525 shingles and 993, 100, 707
lath. The increase, as compared with
1881, was: Lumber, sos. 793.310 feet;
shingles, IA, SAL. OPS; lath, 157, ,3O7.
The very favorable weather for logging
operations this winter, together with
the firm lumber markets at prices con-
siderably higher than those of last year,
insure the great increase in the logging
operations which has been expected III
Northern Minnesota.
The Heavy Transactions
s. rf ;ot, Iad
the transfer of 500 100000 feet of stand
ing timber at a value of fully $4,000, 600.
are OF such a nature as to rapidly extend
the logging operations in the northern
part of the state.
One of the interesting items that at
tract the attention of lumbermen shows
that Chicago in 1892 received $3.50, $685.
900 feet of lumber and sold 1891, 637,319
feet. Verify, the worlds fair is of value.
Referring to decrease in the manu-
facture of shingles i'll the Mississippi
valley during 1892 as compared with
1890, the Lumberman says: 1.-The in
vaSion of west coast cedar shingles, for
| which there has been large demand,
may be in part responsible for this con-
dition, but it is evident also, since there
are fewer shingles on hand than year
| ago. that the white pine single men
have had good trade as WE'LL"
This invasion from the far West is
not Of small moment. The Puget
Sound Lumberman gives careful tab
| dlation of figures and summarizes the
| output of that state in 1892 as follows:
| Lumber, 1,164. 425, $50 feet; shingles,
1883, S6S, $50; lath, 436,716,0OO. The
| article says:
The lumber output of 1892 shows de-
| crease of 214,000.000 as compared with
8 l., l,n IoiI
| the decreased local demand and the
of mills. The duilness in the foreign
| demand of 1891 also caused the closing
! of several large cargo mills.
The output Of shingles shows an in
crease OF 957,000.00Oin round numbers
| over 1891. The cause of this wonder
| full increase can be laid to the .unpar-
| alelled Eastern demand.
| There was an addition of 127 new
single mills in Washington during
| 1892, which had much to do with doub-
! ling the output.
The standing timber of the state of
| WASHINGTON is estimated at 40, 333, 1885,,
| 900 feet, valued at 1868, SCI, 1929.
Banks Are Busy.
Of late bankers and merchants have
| found much to take their attention on
monetary matters. While money is
close, the situation is not causing anX-
iety here. The consensus of opinion is
summed UP in the following:
Joseph Jockey, president National
| German-American bank:
THE demand for money is equal to
| the supply, and yet there is no excessive
demand. In view of the general situa-
| ton - referring to the gold ship
ments and Eastern finances-l have
no doubt as to the Dropriety of repeal
| ing the Sherman act concerning silver.
| providing that congress will put some
thing in place of it which will maintain
the legal tender qualities of the
present amount of coin in circulation. [
don't really apprehend any danger from
the present little furry in Wall street.
/ think the government will develop
sufficient intelligence to properly take
care of the whole question:"
| Theodore DraZ, assistant cashier of
| the German-American, said: 81 see
nothing critical in the situation. There
has been some rant about gold ship
| ments, but it must have surprised some
people in continental Europe to see
what the United States could do in fur
nishing them with gold"
Exchange is quoted at about par be-
| tween banks. Money is being loaned
mostly at full rates, and banking funds
are fully employed.
NEiGWinter DuIlness.
A. NJ. Peabody. Peabody g. Kolff,
| financial agents:
The local financial situation is char
| acteriZed by the usual midWinter dull
ness. The tendency i'll money is to-
| wards easier rates for the legitimate
| oio1
counts to customers vary with the offer
ings from 6 to per cent. Outside offer
ings are accepted at rates fraction
better. Local sterling exchange rates,
in sympathy with the Eastern rates,
which have advanced to the gold ship
ping point, are firm at 1886 to S4.S6 for
prime commercial documentary bills,
and 81. so to 81. S915 for demand bankers.
Domestic exchange has weakened until
rates for New York are par, Chicago 25!
cents discount. Local bank and indus.
trial stocks are in good demand at
| slightly increased quotations. There is
| holders of the favorite bank stocks.
There are few offerings Of choice in
| dustrials.
In general events, the disposition to
predict financial panic by reason of the
great loss of gold to the government
through the extraordinary foreign de-
mand is the wagging of the tongue Of
the alarmist. Panics have never been
known to occur when most expected.
Financial circles have for months esti-
mated the possibility of heavy depletion
of government gold reserves. and have
put themselves in position to supply all
the gold the government may require.
For the last twelve months the banks
all over the country have been boarding
gold. They realize that they must, and
j hence are willing to aid the govern
ment. st. Paul banks alone could re-
lease 81, 100000 in gold and still retain
the ordinary gold reserves"
Among Merchants.
A. III. Lindeke, Lindeke, Warner &
Schumacher, wholesale dry goods:
Our sales are very good, away ahead