Daily globe., 1880-04-05
FINANCIAL AND COMMERCIAL.


St. Paul Trade eSteady-Importing Eggs from
ChicagO-MOney Easy-The Nail Makers
Combination, SC.
ST. PAUL, April 4.-Money matters in ST..
Paul offered nothing new yesterday. With the
banks it is easy, and the loan agencies are
abundantly supplied. Exchange rules steady
for ordinary counter transactions, Eastern Il
premium and sterling, small bills, $4.9O. Gov
ernment bonds are sold at New York quota
tions of the day and bought at 14@% per cent.
less.
The Wholesale trade of the past week was
very large-all leading lines sharing in the rush
of orders and customers. In produce there have
been few and light fluctuations. Provisions are
quotably lower, with transactions which have
taken out of first hands about all the season 8
packing of mess pork and called for several
car loads from other cities. Eggs have been up
and down in value nearly every day, on account
of large quantities being taken for the West;
and one of the most notable features of yester-
days operations was the receipt of half car
load from Chicago, on which round profit
was made, considerably better than could have
been made on purchases in Minnesota. But by
Tuesday st. Paul will probably be supplied
with cheap eggs. Very few dressed hogs and
but little dressed beef is now coming IN and
quota are nominal.
A New York telegram of last evening says: "The
dry goods business remains quiet with commission
houses Cotton goods quiet in first hands and prints
in light demand. Lawns, piques and wide prints in
fair request. Dress goods less active. Mems wear
woolens quiet and firm. Foreign goods sluggish.
Representatives of all but one firm included
in the Western Nail association, met at Pitts
burgh few days ago and
unanimously agreed to stop all the mills for
IT,
making total shut down of four weeks, equal
to a reduction in the supply of 100000 kegs.
BY this action it is thought that stocks in the
hands of jobbers will be depleted and the
mills will have entire control of the market for
the coming season. On the 10Th inst. another
meeting of the association will be held, at
which time, if deemed necessary, another two
weeks stoppage will be ordered. The manu-
facturers, it is said expect the forthcoming
season to be the most prosperous for number
of years. But why don't they burn up or
abandon One-eighth of the mills, which would
accomplish the same result as stopping them
all for six or seven weeks in the year? Or ask
Congress to enact, for the benefit of American
industry, that every citizen shall use one
eighth more nails? Or go out and capture
some wealthy man and make him pay big
ransom? Either course would be as honest
and wise as this combination to prevent the
people from having the benefits of competition.
Isn't it about time to agitate for repeal of all
the protective duties which allow such con-
spiracles against the public?
Judge Blodgett has under advisement, on
suit brought by the government against Field,
Letter & Co., Chicago, the question whether
handkerchiefs, imported by tho piece, not
worth over 30 cents a yard, and then cut up
and hemmed, were to be taxed 35 per cent. ad
valorem. as handkerchiefs or came under the
head of "other articles manufactured from
hemp, fax" etc., and were subjected to sim
liar tax of 40 per cent.
Three thousand vessels entered the port of
Malaga, Spain, last year, most of them carrying
American provisions, which are now largely
sold in Spain, but only six of three thousand
were American vessels. The British merchants
sell our products to the Spanish and in turn
sell us Spanish products, because the protec-
tive tariff policy, applied TO shipping, prevents
American merchants from buying cheap vessels
and steamers.
In Milwaukee and Chicago the wheat decline
of last week. from Monday morning to Satur-
day night, was about 2115c. In New York the
fall was $40. The lower prices and other
causes served to make the export move
ment quite large. Pork declined dur
ing the week about 35 cents,
and lard 1Oc. Other pork products and corn
declined not go much, but throughout the
week grain, produce and provisions have had
downward tendency, quite disappointing to the
spectators who have backed with money their
belief that higher prices would soon prevail.
Protection" says the Boston Post, ''is ruin
ing the American hatters, but they have to be
protected all the same-on principle"