The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-03-18
COMMERCIAL MATTERS.

The North Carolina Senate has passed a
bill annullpg from GO to 70 per cent of the
old debt and internal improvement bonds
and reducing the rate of interest.
The Secretary of the Treasury has decided
to return to the old method of redeeming
muti!ated United Safes currency, under
which deduction was made proportional to
the number Of notes missing. The change
takes effect on the lst prox.
Some of the State Legislatures seem dis
posed to clinch the pledge on Congress for a
resumption Of specie payments January /,
1879. The New York Legislature has passed
a bill providing that ak taxes levied in the
State after that date shall be collected in
United States coin, or notes r-deemaO'e in
gold and that every contract made or implied
and payable after that date in dollars not If d
specified kind, shall be payable ia United
) ate coin Of the standard fixed az the time
the contract is made. 4 bill containing the
same provisions has been in reduced in the
Massachusetts, Leg stature.
In Illinois a bill has juss become a law,
providing t r the better protection of foreign
capital loaned within the State. l. permits
non residents to loan money in Illinois ut a
rate not exceeding ten per cent per aunum
1t also places them upon an equal footing
with residents IN all legal measures for the
| recovery Of the debt and interest at maturity.
| Western States. residents have had superior
legal privileges to non-residents ands this
defect the new law Is designed to remedy
| 1t Is believed the bill recently introduced
in the Legislature of Tennessee for the r4gu-
lation of railway freights Will become a law.
| IL prohibits the making of a contract to C .rrv
freight at a less rate than that published;
directs the speedy transport ,tion of all treighs
and imposes a fine of five hundred dollars for
| alpp Ip1, of {l,a !
railroad company.
Quite a number of failures occurred in New
| York, Montreal, London, and other cities
| during the latter part Of last week, among
| which we enumerate sampson, Whitehead n
| Co., importers of sadlery hardware; Arm
| strong Brothers, commission merchants;
| Green Brothers, boot and shoe manufacturers,
| III Montreal l. c. Ithnm & Co., London,
England liabilities. Sl0,0OO,00O. Csicuqo
Inter ocean, 1911.
The Whisky Tax.
Commissioner Douglass has addressed
| circular letter to supervisors AMI collectors
of internal revenue. He says: 1.-The recent
advance in the rate of taxation on distilled
spirits will be an additional incentive to
fraud, and must be met by an adequate
increase OF vigilance on the part of the Off
GERS intrusted with the collection of the reve-
nue.. The officers are called upon not to
disappoint the commissioners hopes and the
expectations of the country that the increase
of the revenues will correspond with the
increase of the tax.
On the 1st of March there were 40S dis
tilleries, with daily capacity of 295, III gal
Ions, showing an increase IN February Of 60
dlstl!lefies, with daily capacity of 35.o3S
gallons.
The Illinois Central RniIrond.
The Chicago Tribune of thu 18Th inst. has
long and interesting article setting forth the
condition Of this great railroad company
from which we gather the following informa-
ton:
The debt Of the company on the Is. Of
April next will he - 100000 in SIX per cent |
currency bonds Cue in 1896; = 800 900 six |
per cent sterling bonds due in 1880; AMI ST.
1000 five per cent bond, due in 1903. 1t |
also holds 81 So 600 o. New Orl ans. St. |
Louis and Chicago i; abroad bonds to offset |
the five per cents.
The amount Of share capital and six per
cent deb. il ssh 100000. At the close of |
1864 the sum of the share capital and debt
was S3i 9,ll0. Since then, s. fS9 $50 has
been added to the property in outiays, on the
road and plant, and the payment of the re-
demption bonds which mature April has
been provided for by the sale of 81, 800 600 of
twenty year bonds bearing the same interest
of six per cent.
LOOKING TO NEW ORLEANS.
! contract was entered into during the past
year with the Mississippi Central and New
Orleans and jackson railways, which are
operated under one man isement, and ratified
ut the shareholders meeting 1t provided for
the extension OF the former railway to Cairo
and a mutual interchange of traffic with this
road on satisfactory terms.
Tn 1eratiOO n the parfnrrpapc If fba
contract by those companies. this company
will invest annually one-eighth of its earn
ings from traffic to and from these lines in
the consolidated mortgage bonds of each rail-
way, if they can be purchased at the rate not
exceeding par, in currency, the minimum
amount Of bonds Of each road so to be pur-
chased being fixed as 100000 annuity for
ten years From the Cairo City trustees
!, 800 feet of the Ohio levee We're purchased
for the freight transfer station and car-ferry
for the Mississippi Central connection.
he total direct line in owned and leased |
roads operated by the company, is therefore
|, lO7 So miles and the total length o. all the
roads. second track and slidings, is |, 2t;3777
miles, which includes tle Dlnltith AMI Du- {
ouque companies track 1.3l mil $; second
rack Calumet to Chicago, l A. 80 miles; si-
lings in Illinois, 1l5.Si miles, and in Iowa
u Al miles. The gauge of tracks is feet
;! inches, and the weight of the rails 80 to 60
pounds per yard. l
GENERAL BUSINESS.
The general manager reports the conStruc.
ion expenses for the year at Si99 }53 %.
The total passenger business for 1871 in
uding the Iowa division, was 81 5S6 G37
)f the number of passengers transported.
0S G3G were carried between Chicago, Hyde
ark and Grand Crossing, the receipts from
Which were $40, 727 20.
The freight earnings, over the whole road,
Tere s5.oSl, So. or q decrease Of SPA. 52G % p
rom those OF last year.
EARNINGS IN ISL.
In the report Of the year ending Dec 81, {
S,i. WHICH was made public on Monday
lsto the net ceips for the operation Of the :
aiIway are 50, 77755,3G2 Is. The following
iydends were declared
dividend of Feb. 1874 -. -.. 81, Ol9, sSi 90
dividend Of Aup 1874 Ul4 SSt no