Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-06-10
COMMERCIAL.

The MilIers on the Dangerous Powers OF
the Combined Railway Companies-An-
other Great Failure in the Iron Trade
The New York Wool interchangeable
Reports OF Stock and Produce Markets
Yesterday.
ST. PAUL, June 10.
There was no notable feature in yesterday IS
trade in st. Paul, other than what we have had
to repeat for ten days past Produce values
are generally unchanged, and business at the
commission houses is mainly confined to coarse
grains butter and eggs. The fruit dealers
yesterday added black raspberries to their
lists.
New York dispatch of last evening says:
Business is irregular with commission houses
and light with importers. Brown sheetings
more active, Atlantic sheetingsa reduced by
agents. Bleached cottons quiet. Prints dull,
but lawns and ginghams in good request.
Mems wear woolens quiet and fairly steady"
The Millers' International convention, the
other day, discussed railroad determinations
and adopted resolutions recommending that
"The principles of equality and publicity in
the management of railroad corporations
should be embodied in the statute laws of the
United States, and of Individual States, and
that national board of railroad commission
ers should be created by Congress- and auxil-
iary boards by the various States, to study and
supervise the workings of these great high
ways and recommend such legislation as may
be necessary to protect the public interest. l"
One of the Indiana delegates declared that the
great trunk railways have the power to destroy
the milling business. Other delegates thought
the railway combination to be too strong to be
resisted save by some equally compact union
of all producing and commercial classes, such as
can only be expected when all the people are
reused by some improbable movement OF the
railway managers, endangering all interests at
once.
The seaboard price of pig iron is now within
dollar or two of the lowest figures ever known
and to about the same extent below the cost of
domestic production.
The New York Sun, of the 9Th, announces the
suspension of Charles W. Scofeld, a heavy
operator in iron, at LIS Broadway, New York,
caused by the heavy decline in iron. Mr.. SEQ
field has been a prominent capitalist, and is
president of three or four rail-
way, manufacturing and steamboat
companies. He made $500,000 by the
rise in iron last fall, and increased his opera
tions so that when the decline in iron came he
was caught with load which finally broke him
down. His liabilities are about so, 900. and
his nominal assets are estimated all the way
from 81, 600, 900 to $3, 100000.
The Commercial Bulletin of Saturday, says of
the New York wool market: every one is
willing to admit that the tone is heavy, but the
difficulty is to ascertain just where values stand.
In few cases we still find an inclination to as
sumo a sort of resisting position and limit the
line of valuation higher than there is any pos
sibiity of realizing just now. but this is rather
the exception, and the majority of holders
would no doubt ooncede materially from former
pretensions could they feel assured of placing
stocks. The trouble u.s. however, to ascertain
at inst what rate buyers would take hold. as
from all sources the demand continues at an
almost complete standstill, with no incentive
to an immediate revival. Manufacturers are
without encouragement, and have withdrawn
all demand beyond small lots required for spe-
cial and immediate use, and no one would be
willing to invest in wool under existing condi-
lions of the market, About the only cheerful
feature mentioned is slight improvement in
the tone of the wooden goods trade"