The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-06
COMMERCIAL MATTERS, Etc.

CO1lERClAL QATIERS, Etc.
An electro-mlgnet. weighing 1900 pound,
and having q sustaining power of 60 tons
has just been shipped by Connecticut firm
to West Point
The reports from the entire hop district o.
New York State continue highly favorable
Rents in Savannah are said to be from
twenty to thirty per cent lower than they
were last year.
The London Times of Saturday says, in its
financial article, it believes arrangements are
in contemplation which will result in the
payment OF Duncan, Sherman & Co.'s circu-
lar notes in the hands of travellers.
A new source Of danger in railroad travel
mas been discovered in the spreading OF the
rails under the influence of the sun. An in
stance was given of this kind in Nevada, the
other day, where the heat SO expanded several
of the rails as to force them from their posi-
ton, and even to draw the spikes from the
ties. It was necessary to shorten the rails In
order to replace them.
A new industry is the shipment of live
frogs from this country to England for breed
ing purposes.
Guano was first brought to this country by
Commodore Stewart in 1925, and at that
tune attracted but little attention. In 1910 it
was again introduced, and its use spread rap
idly, both here and in Europe, and ever since
the demand for it has gone on increasing,
until whole islands have disappeared under
the pick and shovel, and numerous fleets
laden with the precious material are naviga-
ting the seas in every direction, to distribute
it to all parts of the civilized world.
In Boston, says the Post of Wednesday,
undoubted borrowers are unable to discover
any hardening tendency in the rates for
money. Banks and individual lenders still
Gnd hot n 1of,It 10 oh Ill !,
choice business paper they would like at 5
per cent per annum discount They do not
like to go below 5, but if they find what is
perfectly satisfactory as to strength, they do
show willingness to accommodate in regard
to time. There is some per cent paper
taken that has more than four months to run.
Borrowing between the banks is now at
pretty low ebb-2 per cent is the figure.
There is but little wanted in this line.
Immense Business in Coal.
In three days, ending July 26th, II, 0OO 900
bushels of coal, in round numbers, went out
of the Monongahela to Cincinnati, Louisville,
New Orleans, and other down-river markets.
Thisis said to be much the largest expectation
of coal from the Monongahela that has ever
occurred on one rise. Eleven million bush
els, at ten cents bushel represents 81, 100,-
600, which will be distributed among tow
boat owners, boatmen, golfers, mine owners
and others, and by them circulated through
out the entire community.
The London Times ascribes the late English
failures and the losses of the London banks to
the practice of discounting accommodation
paper-a practice which the abundance of
cheap money offering on loan had made very
extensive. Bank credit or currency loaned
on a transfer of real property, having an i'm.
mediate solvent basis, does not tend to slim
ulate speculation and overtrading but loaned
on accommodation paper it directly tends to
initiate the money of trade, without bringing
to its support any additional strength in the
way of merchantable property
A loan on accommodation paper is loan of
credit on credit, instead of on property, which
is the only basis of credit There ara houses
in London which make it their business to
indorse and kite vast amount of worth
less paper on liberal commission, and the
Times suggests that this practice of discount
ing mere accommodation paper should be
strenuously suppressed by law, arguing that
the consideration might be required to be
stipulated in the body of the note, making
the penalties for false representations thereon
the same as now apply to obtaining money
under false pretenses.
The Rio Coffee Trade. ]
We have received Messrs. Joseph NJ. Wright |
d Co. g comparative table of the clearances of
coffee from the port of Rio de Janeiro during |
the crop years ending the 30th of June, |
of 1874-75 and 1874. From this we take |
the folio wing, showing the amount Of clear