The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-09-17
COMMERCIAL MATTERS, Etc.
The Rise in Gold.

Change, tuoI0fOIe, cOuGuuoO IN b OemOIaliZ0O
condition, with the nominal rates of the lead
and 4.85 for sterling, and with the quotations
for this class of bills among the brokers T. 80
and "a. Of course, as it was Saturday, there
was little necessity to do business, and none
was attempted.
Am1vement is on foot, it is said, to turn
into I'd Treasury for gold such part of the
S8,000,O00 5-20's called on the LIST instant for
the Sinking Fund as can be obtained; all
these bonds can be presented any time, and
the date of payment. These are the only
bonds called which can be presented before
maturity, and it is estimated that fully one
half of them are in this country. Should
gold be obtained from the Treasury in this
way even to the extent of $4,000 or 81,
100000, it would derange the plans of the
spectators squeezing borrowers.
If this is not done, the only remedy is in
the importation of gold, which can not be
brought over in less than ten days. How
serious matter the arrangement of the
foreign exchanges is need not be explained
to those MISUNDERSTANDING export trade. Nor
is it necessary to call their attention to the
absurdity of the claim that any political
action has deranged the foreign exchange
market. The committal of q great political
party to the heresy of imitation may properly
advance the premium on gold, as it tends to
ipjure the public credit, but gold may ad-
vance dozen points in day and the foreign
exchange work as freely and easily as on a
steady gold premium.
When, however, gold is SO scarce and dear
for use that every one who has it wishes to
lend it and get the profit rather than to spend
il, and bankers who have not got it press
their bills to get it for the same reason that
holders cling to it, then it necessarily hap
pens that rates decli, and business in TO. I.
egn exchange is blocked and that exporters
can not export because they can not sell their
bills. This is the position at present; and,
if, as said, relief comes in no other way,
we shall absolutely be driven to the
importation of gold TO move the
crops; for with the foreign outlet to our do
mestic products closed, these products in
home markets can not move. This gold
squeeze and the attendant decentralization of
the foreign exchanges, and the stoppage of
the export trade, are matters which in i'm
portance at present overshadow everything
else related to Wall street. 1t is perhaps not
to be expected that political papers should
treat of them except from political stand
point.
Thz chief reason why the price of gold
esfty advanced to 1171 was the announce
ment that the banking house of F. Schuch-
ardt & Sons had suspended. When it became
known that the house had no speculative in
terast in gold, and that they had outstanding
no unaccepted bills Of exchange on Europe,
the price Of gold fell back to 1l6a@116S.
This house was one of the most respected In
business, and to the last preserved that repu-
tation for character and mercantile honor
which up to the time OF the panic of 1873 it
was known was united with ample capital
In the last two years, however, the credit of
the house, although fair, was not SO good, be-
cause of supposed involvements in various
securities which were known to have shrunk
heavily in market price.
The present firm has been in existence
since May, 1866, when it succeeded to husi-
ness really started forty years before. AS
said, in the past two years, the business OF
the house has been restricted, and on this
account its liabilities will be found to be COM
paratively small. The proportion in which
they are distributed as between this country
and in Europe, is about three for the former
and eight for Europe. A statement will be
prepared and submitted to the creditors next
week. The house has assets, which in time,
il is reasonably calculated, will enable 1t to
nav its debts in full. 1t is to the credit Of the
house, although nothing else was expected OF
them, that they did not push their paper and
take the chances Of either repairing their
losses or making their failure bad one
The State Line Steamship Company.
New York Bulletin, 18th 'nst.]
The financial article in the London Echo |
transmitted by cable on Saturday, announcing |
that the State Line s eamship Company was |
In danger of collapse that the steamers OF
the line were to be sold at great sacrifice,
and that the value OF the stock IN trade was
to be transferred to q new company to be
formed. as the attempt to wind up the COM
ranv At this time would result in the total
loss of the capital invested, caused considera-
BILE talk in the street.
In conversation with q Bulletin reporter on
Saturday afternoon, Messrs. Austin Baldwin
& Co.. Of ~ Broadway, agents for the line,
eynressed great surprise at the cable state
mant They say that the reorganization OF
fbe company is not Q recently conceived plan,
but that such change has been contemplated
for ak months past At recent meeting OF
the stockholders, few of the smaller holders
made motion to wind up the aHirs OF tne
company, but those present having larger IN
terasts opposed such o course. 1t IS said
that the State Line has for the past eighteen
roonths. IN common with other steamship
i;nee transacted light business, and tue
aosnts state that this fact probably led to dis
uet;cfantion among certain stockholders.
Msaera- Austin. Baldwin & Co. say that as
far Is their knowledge is concerned there mas
Mean no collapse of the company. IN tne
contrary. the steamer +" State OF pennsylvania
y the State Line is now on her way from the
o - ~, side of the Atlantic to this pert and
will sail from New York on the ssd inst t .s.
,encers and freight are nov engaging Ior 'ls
,saayasr and whatever changes may be
s stssctsd in the organization of the company
IN the other side will not interfere with the
,eoular sailing of the steamers on the me- OF
he business on this side.
A velocipeds ON Water. i
Philadelphian has invented, patented and and
"A, q vslocipede to travel on the water. The
was given ssosns f's xss the
. g. .;na il had ever been put into use, is
iIss ~ nI nave been perfect success. The ma
:ss sn tslss hollow s.d ess
.eloclpede L1: trhes. These tubes are per-
aatFw alright and are the floats upon which
ne e. me center. reaching down into the
al OH nr0naii4d