The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-04-14
COMMERCIAL MATTERS.

| of the Parish Prison.
COMMERCIAL MATTERS.
The foreign exports from Philadelphia dur.
ing March amounted to s2,423O24, an in
crease Of about S133, GOO over the correspond
ing month last year. These exports were
nearly equally divided between American and
foreign vessels, the latter having slight pre-
ponderance, and about one-half of them were
sent to England ,266, 7SS. The other
large shipments we're 29l,OOO to CUBA, SZ2z,-
600 to Belgium, s2l5 600 to Ireland, Sll1,OOO
to Germany, and SlO5, 900 to the British West
Indies. The leading articles exported were
stuffs. S234,O of petroleum, S2l5.OOO OF
cotton. $780, 900 of cooperage, and 100000
of leather.
| Money Markets..
In Louisville money is in good req.est, the
demand being sufficient to prevent accumula-
ton in banks, and in the open market there
is larger demand for good paper than can be
readily supplied.
The Philadelphia money market is I'M
changed, and the Ledger says that the future
Of money and of business is more or less OBJ
scured The signs of revival thus far have
proved de usive, and lenders will perhaps
hereafter prefer to wait tor the reality rather
than to encourage themselves with indica-
tons. Money is abundant, and the supply Of
good paper is entirely insufficient to furnish
employment for it all.
There is no special change in Cincinnati,
the excessive supply of currency being some
what reduced by local checking. The dis
count rate is steady at eight per cent, with
exceptional transactions at seven per cent.
Outside Of bank, prime business paper is in
better supply and readily placed at eight per
cent.
In Boston the April dividends have in
creased the local supply Of loanable funds.
but there seems to be rather more business
paper making than there has been of late,
in the rates for loans and discounts is proba-
BILE before warm weather. Good double
names pass all the way from five and quar-
ter to seven per cent per annum discount.
Call loans five per cent between the banks
three.
Referring to the New York market the
Journal Of Commerce says: Very little paper
is being made now, owing partly to the quite
general return to the system Of long credits
which prevailed before the war. Now the
commission merchant sells to the jobber,
dating the bill from four to six months in
advance, and at the expiration of this time
" hen this limit has expired he is usually in
q position to cash the bill at the usual dis
count, or if not, he gives his notes, which are
used by the commission merchant without
coming upon the street. The paper given by
the parties to whom the jobber sells is not
sufi ciently well known, as q rule, to find q
market, and is discounted in the banks or
elsewhere, as may be most advantageous. In
many instances recently purchases have been
made for cash, and thus the market is kept
bare Of paper.
British Capital and Credulity.
The British Parliamentary Committee on
behalf Of British holders Of foreign bonds,
which recently adjourned, has succeeded in
creating sensation by showing that there is
an alarming amount of innocence among
British capitalists, and that even the imagin-
airy transactions Of Montague Tigg are moth
ing compared to the magnificent swindling in
many of the foreign loans put upon the Lon
don market. The famous Honduras loan is
the one which naturally stands most promi-
nent in the public mind and engaged great
deal of the committees attention.
The particulars OF this loan were mentioned
by us some time ago, but its character is fully
shown by the fact that the Honduras bonds, I"
which few years ago sold at IS in the Lon
don market and sold last at six cents on the
ed altogether. The committee propose to in
vestigate large number of the other loans of
doubtful character now on the London mar
ket But IN view of the vast amount of capi-
tai invested in foreign loans in the London
market, it is perhaps not SO surprising after
all that q large amount of swindling invest
ments should find sale. In three years last
past there were issued and marketed, chiefly
in England, State, municipal and corporate
securities to the enormous amount Of
Sc, OOO, OOO, 900 almost The Moniteur Des In.
terests Materials OF Brussels gives the figures
of each class of loans. The aggregate for
the three years, 1872, 70 and "a, is 81, 21O,-
39l, 23S, icing, in our currency, very nearly
equal to the sum just stated, Sc, O0O OOO, 600.
The amount Of securities put out and mar
keted in 1872, one of the great borrowing
years, was 45O5. Az 1873, or about 50, SOC, OOO,-
900. equal to the entire outstanding debt of
the United States. OF this amount, f2l9, O0O,-
600 sterling was put upon the market in Ma
tional. State and municipal loans, and 1885,
600, 900 sterling in the loans of private COM
panies.
In the next year, 1878. there was a smaller
amount borrowed, but still an enormous az
gregate, namely, e436,324, s53, or over
50, l80, OOO, 600.
Last year. 1874, there was great decrease
- sAC OOIEOWtus LILO HkkEcS0t0 OcAu&
only Gigs, 624, 2O2, or $40, 200, 900.
Nevertheless, for America, and mainly for
the United States, there were borrowed last
year, exceeding 500. OO0, 600, represented by
bonds of railway and other private companies
and nearly s6O,OOO,OOO more by bonds Of
States and municipalities. but this shows
great falling of from 1873, when America
figured for near $3.50, OOO, GOO of the State and
municipal loans raised in the world.
The current year will show decrease, even
as compared with last year, of the amount
borrowed, as we'll by nations, states and mu-
inequalities as by private companies. Never
theless, it must remembered that the bulk of
annual interest and dividends seeks invest
ments in new loans Not to mention older secu-
rites the loans of the last three years bring in
annually, il the annual return be assumed at
per cent, some $500. 900, 600, the reinvest-
ment of which alone would supply new loans
to nearly half the aggregate Of all those placed
during the year 1874.
While this country has been the most con-
cnicnona borrower there are other peonle