The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-03-05
COMMERCIAL MATTERS.

bullion for 1874 on the Pacific slope" a,
ST. 400, 900, of which S26, $50, 900 is gold, and
the rest silver. California produced about
SIT, 600, 600 Of gold, and Montana 81 800, 900
Nevada over So, 900, 900 of silver, and Utah
about S. O0O,O0 This is the ,rgest produc-
ton ever reached in this country, exceeding
that OF the previous year by 81 500, 900.
The Chicago Tribune, in long editorial on
hard times i'll Illinois, traces them to tue Vi
clous system Of legal prohibition and restrle-
TORS which prevent money ON coming into
the State. II is complained that the tax law
Of Illinois in Effect prohibits the aggregation
Of small capitalists for any industrial produc-
ton, and actually threatens the contiscation
of any capital that may be sent into Illinois to
be thus invested. Moreover, the double tax
atom Of t. e borrower Of capital on mortgage,
it is urged. accounts for the rate Of interest
on such securiiy being as high as ten or
twelse per cent.
Grading sugars.
A Board, consisting II two Of the most ex-
perienced special agents Of the Treasury De-
partment, that have, under the direction Of
the Secretary OF the Treasury been in session
for several days at Baltimore returned to
Washington on Friday last to make their re-
port. The object of the meeting was to in
vestgate the system Of grading sugars, to cor
rect the inetficiencles and irregularities in
this delicate duty, and to collect the data for
tie b ISIS Of uniform system Of grading sugars
At tie four great sugar ports of Baltimore
New York, Boston and New Orleans, at pres
eht, sugars are graded by the Dutch standard
and the samples consist Of twenty grades of
sun-dr ed Java sugars in bottles These are
| sent to the ports above named and renewed
every two years.
The duties are fixed by the customs officers
according 10 these grades, as follows: All
undtr7 7, l. cents a pound; from to 10, / :
cents; from 10 70 -, cents; and SO on up TO
cents pound duty on the highest grade.
| The new revenue bill adds % per cent
| 1t has been the custom to take samples from
a number Of hogsheads, and to compare them
With the Dutch standards. The latter have a
| grayish color, while the Havana sugar has o
yellOwish tinga, and it is only by exercising
the most delicate appreciation of color and
| shade that the expert can determine the duty
which should be assessed
1t has been discovered that the average du-
ties on sugars we been assessed one grade
too low, or an ayearge OF three-eights of
cent less than the proper duty on the actual
grade OF sugar which occasi ,ns /. loss of
duties amounting to about $4,000, 900 year
10 the government. There also have been
numerous complaints Of irregularities i'll
assessme nts at the different sugar ports. New
\ ork merchants assert that the duties one
half cent lower at Baltimore, and the dealers
III the latter city complain that they are one
half cent lower still at New Orleans.
1t is proposed to issue instructions when
all the data are obtained, to govern the Gus
toms officers of the United States so as TO
insure uniformity Of duties On sugars of the
same grade, and it is possible that special
officers, possessing peculiar fitness. will be
det4iled to determine the grades OF sugar
baltimore american, March l.
The Money Market.
IN. Y. Bulietin, 1st instl
It is not difficult to discover symptoms Of
gradual tendency in the money market TO-
wards greater activity and higher rates. At
this season of the year, the loan market is
usually IN condition Of extreme ease.
The forwarding Of products is interrupted
by the suspension OF interior navigation, and
the sale Of large quantities of merchandise to
all sections makes New York creditor in the
exchanges with all the commercial cities. For
the first three months Of the year, therefore,
the banks are ordinarily full Of money, as the
phrase goes, and plethoric in their reserves
The present condition OF the banks is no ex-
cepion to this rule. But not With standing the |
present comparative amplitude Of the reserves
and the extremely low rates of interest, there |
are movements at work which suggest prob |
ability that this state of things may sooner |
come to an end than some appear to antc- |
pate. 5....
1t seems to be overlooked that the loans
and discounts of the Clearance House banks |
have steadily risen to nearly three hundred |
millions. This is an amount that has been |
rarely exceeded in the most active periods, |
and shows that, after all the talk about the
difficulty OF employing funds, there has been
more demand for loans than is generally sup
posed. Aud this fact further conveys an
Inference that there is more activity in trade
than the croakers are willing TO admit.
Another fact in the banking situation which
deserves more attention than it has attracted
is that the reserves are declining d; some
what rapid rate
There has rot been that increase in the
reserves since the opening Of the year that
occurs during these two months
but on the contrary AN almost steady reduc-
ton. Jet We must expect, from this time
forward for some weeks, an increase in the
volume of paper seeking discount. In this
condition Of things, and with the loans al
ready standing st figure which the banks
have usually shown an indi,position to ma
eriaIly exceed, it is apparent that moderate
increase in the demand for advances would
be apt to tell very directly upon tie rate Of
interest.
A year ago the banks held $50, 100000 Of
ega. tenders and S26 300, 900, making total
IF SS6 400, eco OF funds that count as reserve;
low they hold S52, 900 900 of legal tenders
md So, 800, 900, or together 367, 500, COO; be
ug decrease of $751; 500, 0G0 as compared
With year ago. The surplus of reserve
oeS ond legal requirements was year ago
Ell, SO 600, computed according to the old
Methods; on the Doth ult, the surplus esti-
mated under the new law, was 81, 800 GOO, or {
eckoncd according to the old method would
e only $3.50 600
A month hence the banks will have to $
meet the demand for currency that always !
rises from the April settlements; when, al '
hough involving only q temporary withdraw !
! OF money, always produces Sigh. furry :
month later, AMI navigation will be opened G
With the usual forwarding of large amounts L
It Western produce and condition Of int {
Tor exchanges adverse to New York. / G
GEMS reasonable to expect that these move
1pntl- cOncurrinp with the increasing local