The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-11-27
COMMERCIAL MATTERS, Etc.

COMMERCIAL MATTERS, Etc.
ASt Louis correspondent Of the Arkansas |
Free Press argues that the manufacture Of
cotton is overdone, and recommends that
more attention be given to the production OF
pig-iron, of which the raw materials is so
abundant within easy access OF Little Rock. |
The writer claims that it can be made with
convict labor at SIS, and with ordinary hired |
labor at SIT ton.
Brig. Gen. Bennett, chief of the Ordnance |
Bureau of the army, in submitting his annual
report, calls attention to the necessity Of an
increase in the appropriations for arming and
equipping the militia. The annual sum
allowed for this purpose is 100000, which
is found to be entirely: inadequate. The
aggregate strength Of the militia Of the
United States is 1916, 70l, of which 81, 724
are organized.
The report prepared by the Galveston
Chamber of Commerce sums up with startling
effect general presentation of the great de-
vastation wrought by the late cyclone in
Texas. From this statement, which was
made for transmission to London CONNER
eial association, we learn that the total loss
of life from the inundations and gales was
three hundred and twenty-one Of this the
largest number was reported from Indianola,
their lives Property to the amount of three
million dollars was destroyed. Indianola was
the chief sufferer. This unfortunate town,
which formerly had a population OF fifteen
hundred, is now reduced to about SIX hundred
inhabitants. It is proposed to rebuild the
place. as the situation is considered good
one, except in case Of storms OF unusual Sc
verify
The United States Supreme Court has just
in, ha nf ho Ear.
mers' and Mechanics National Bank, of Buff
falo, plaintiff in error, against P. G. bearing.
The issue involved was that Of usury and its
penalty in the State of New York as against
national banks In the State of New York it
had been decided by all the State courts, in
GLIDING the Court of Appeals, that the penal
ties are those prescribed by State law, and
include the forfeiture of the principal and in
terest of the note on which the illegal interest
had been charged or received. This decision
is reversed by the Supreme Court in the
case above referred to, and it is now declared
by the United States Supreme Court that
only tho interest is forfeited. As this view is
taken by the highest authority in the nation,
it will henceforth settle the question as to the
liabilities of national banks in such cases.
The opinion of the court was rendered by
Justice Swayne
Cultivation of Cuba Tobacco in Virginia.
A tract of land was recently purchased in
Virginia on which was to be tried the cultiva-
ton of Cuba or Havana tobacco. The party
making this purchase and experiment, it is
said, has succeeded in raising double crop
of q very fine quality. The product is being
made up into cigars at q factory in Caroline
county, Va, which are selling as rapidly as
they can be manufactured at $40 per 1000.
He asserts that the genuine Cuba tobacco can
be raised in Virginia, and equal in every re-
spect to the original product. Farming lands
are said to be offering at very low prices, and
it would not be surprising, ere long, to see
"real Havana" OF Virginia tobacco and make,
in the markets.
Hard Times
in New York have obliged the Brooklyn
savings banks to reduce the rate of interest
on deposits from per cent to 5 per cent At
q meeting of officers of various savings banks
held last Tuesday, they resolved not to pay
over per cent after January l.
More Counterfeits.
The noted SIS counterfeit plate which has
been used to counterfeit the $5's of the
Traders National Bank of Chicago and the
First National Bank of Aurora. ILL.,, is now
being used to counterfeit the $5's of the First
National Bank of Peru, Ill.
An Important Difference.
The Illinois Central Railroad Company has
recently adjusted dividend tax claim with
the government. The government claimed
$685. The company held that part Of the
dividend was derived from sales of lands.
This proving to be true q deduction was
made by which the company saved 1927, 1875
But in doing this the discovery is made that
the company, under the wrong construction
of an old law, had previously paid, in taxes
on dividends from land sales, $24l, 9O4. The
Illinois Central authorities have the satisfac-
ton of knowing that the suit by which they
resisted the payment of the assessment upon
the dividends declared from the sales Of land
saved the company $27, 1875, also disclosed the
fact that they had needlessly paid the govern
ment $24l, 1904. This money can not be re-
covered from the Treasury by any process of
law, as the time within which it might lawful
" be refunded expired by legal limitation on
June 6, 1873. The only remedy for the COM
pany is by special act of Congress.
Over Production.
Providence n. L. Journal
The writing paper manufacturers have
agreed, if they can gain the assent of a mi
nority of one-fourth Of their number not
represented at their recent meeting, to sus-
pend operations for five weeks, beginning on
the LIST of December. This is only another
indication of the general over-production Of
goods, which is simply the evidence of uni
yersal dullness in business circles. These
stoppsges of works, reductions of wages,
failures in business, are proof that we have
not as yet reached that point at which We may
confidently expect immediate and large i'm
provement These stops and enforced wind
ing-up of concerns are preliminary to an ap-
probation Of our commercial situation,
which must precede any genuine revival OF
trade.
The Boston and Providence Railroad de-
clared diminished dividend the other day.
It divided what it had earned. It looked the
facts squarely in the face, and acted in con-
sonance with the requirements of the situa-
ton. The public debt Gncluding munich
palities) of Massachusetts, is about one-tenth
Of the valuation Of its entire property. As
much as we talk about it, the burden Of our
debt is hardly realized, and in no particular