The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-26
COMMERCIAL MATTERS, Etc.

Vadas contributions to tbs Centennial, which
will consist Of "a white fox, black eagle, a
blue mule, thousand-pound lump of brim-
stone, and a baby that doesn't like candy"
1t the other States of the Union will do but
half as we'll, the exhibition will be we'll worth
going several miles to see.
According to a recent report of Superin-
tendent Walling, the New York police force is
very dilapidated organization. Out of 21OO
men, 700 are chronically on the sick list. leay
ing only l40O tit for active service in a CITY
which has a population Of about one million.
And Walling wants an increase of paw for his
men. invalids thrown in.
There has been much diversity of opinion
with regard to the liability of bank for
checks dawn upon Itself, received and entered
to the depositors credit but the New York
Journal of Commerce publishes several recent
decisions which go far to settle the presidents
IN favor of the banks. The gist of these de-
cisions is to the effect that the teller. in ac-
cepting such checks in the course of business
does not estop itself from afterwards discred.
itng them, II, upon further examination, at
the earliest leisure during the day, they be
found not entitled to final acceptance
The mere receiving Of such checks by the
teller does not bind the bank unless entered
as cash item at the close of the days bust
ness. This appears to be an instance in
which the ordinary rules of law and equity are
suspended for the convenience of banks rs
the acceptance by an individual. or any other
class of corporauons except banks, of o note
drawn against himself or ITSELF is an admis-
sion of the validity of the note.
The New York World says:
The opinion of Mr.. Knox, controller of the
currency, was asked, by letter of the 18th
inst, as to national bank borrowing money
upon pledge of United States bonds, and per-
haps we may receive an answer when the con-
troller has returned to Washington from his
visit to this State and city. The national
bank act has good deal to say about loans in
which bank is the lender; we shouli be
glad to hear something officially about a ma
tional banks position as borrower upon col
lateral security. Such loans, we presume are
entered under the head of sc Due to State
Banks and Bankers" in the formal eports to
the controller if they figure in the
weekly averages reported to the Clearing
House. where else can they be than under the
head of deposits? With borrowing upon
governments in this manner, with bull party
carrying gold in the face of a general feeling
that lower gold would be reasonable, and with
the demands of the clique operators in Ulion
Pacific Pacific Mall Lake Shore, the Chicago
and Northwestern stocks, in addition to the
less prominent wants of Wall street, sudden
stringency in money is a daily possibility;
and liquidation and lower prices, under the
present circumstances of the country, appear
to be the only way out Of the whole specula-
ton.
New England Ship-buiding Interests.
[From the Boston Globe.J
Notwithstanding the general depression in
business during the year, there has been a
fair amount of ship-building along the New
England coast since last spring. Maine, as
usual, leads in this important department of
industry, but Massachusetts is not behind
her in point of large and magnificent vessels,
some of which, besides possessing great car
rving capacity, have made some OF the quick
est trips on record. In view of the fact that
the legislation of Congress in the shipping
interests during the past two years has resulted
in no special advantage to this industry, there
has been considerable foreign demand for
American built ships, and the prices realized
have generally proved remunerative to the
owners.
On account of the dull times in Europe
during the past year, but very few vessels. COM
parativey, have been built abroad and this fact,
coupled with the low prices of labor and OF
material entering into the vessel-building
business, have enabled the American ship
builders to prosecute their business on basis
that has approached nearer to the cost Of for
eign-built vessels than has been the case in
many years. We have not yet reached sound
currency, but the gap between gold and
greenbacks has become SO narrow that this
can no longer be regarded as restraining in
fuence, New England ship builders being en-
abled to turn out vessels quite as cheaply as
those of the British Provinces, which enjoyed
such decided advantages over them durlng q
period of ten years.
The carrying trade the past year has not
n urir, fho two
preceding years, but dull times and compare
lively low freights appear not to have seri-
ously affected our ship-building industry.
Last year Names shipping built in her ship
wards reached the grand total of 1872 54S tons,
or an increase of 80, 720 tons over 1873. The
value of this tonnage was about Sa5UO,OOO.
The figures for 1875 are now being made up,
but they are not expected to approach those
of the previous year, yet the exhibit will nc
doubt prove quite satisfactory During the
past year the shipyards OF Nowburyport
Quincy, Chelsea and East Boston have also
turned out goodly number OF first class
aims. In the light of these facts, the doleful
walls that have been SO long INDUCED In by
q certain class of croakers about ''our de-
cayed ship-bulding industries, have entirely
lost their significance.
In this connection it is interesting to mott
the changes that have taken place IN marine
architecture. A quarter OF century ago tn
ships in use were what are known as full
mode,s-that is, blunt bows; built more TO
capacity than for speed. Then came thu
famous clippers, in which Boston beat tn
world. After the clipper came the medium
models, cross between the old carriers an'
the clippers, combining good sailing qualitle
with large carrying capacity These are Still
the popular models. The ship Golden Fleece
which arrived at San Francisco on Tuesda.
last is good specimen Of this model sh
made the passage in 1l9 days from New York
the same time. The Golden Fleece is
splendid ship of 1475 tons, and was built
East Boston.
American Cotton Goods in ngland.
London Telegraph
When our foreign Office goes so far as t
send down TO Manchester sample OF Amer
can calico which has found It's way 70 Havre
as q prelude to general invasion of the con
tinapt the situation from the British manu-