The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-02-18
! C0lnERCIAL MATTERS, Etc.

! C01MERCIAL MATTERS, Etc.
The Hssssltsy Of the Treasury decided that
bay rum Is dutiable at fifty cents per ounce
1nsteod % 117 80 per pound.
Instead q fooiing avay their time on the
they we're smart, would turn their attention
70 the Bank of France, where there is $685..
OOO,000in gold. All they would have to do
would be TO get it out Of the vaults.
1t iSestamated that not more than rs, O0O
cattle VIII be driven east from Texas in 1876,
against 160,O0O in 1875, and 24O,O in 1874
The estimate ID made by Q seller Of Texas
o. te.ss 81
All ths coal companies throughout the an
thracite coal region of Pennsylvania have
stopped work for five weeks, thus throwing
about nifty thousand people out Of employ
menk The unusually mild winter has left Z
large ecoumulation OF coal in the hands Of the
companies, and they think it unnecessary and
tmpolitic to increase the surplus As this
course was anticipated by the miners, it is
thought that there will not be any disturb
ance on account of it.
The Shoe and Leather Reporter brings i'm
portant news to those who have many shoes
70 buy: "The tendency toward cheap shoes,
which he's been observed for the past eighteen
months. seems now to be general Manufac-
turers ~ turning ont large quantities, which
20 closely resemble the same grades Of pre-
vious years IS to defy the scrutiny Of any but
experts to detect their inferiority. Using
quite - good leather ss ever, they save in the
quality Of the trimmings. In some respects
tnis cannot fail to ipjure trade and to benefit
the small shoemakers. The excellence Of
factory work has very largely driven the shoe
me- kerD out Of their shops; but deterioration
in tho quality of factory work will set many .
hemmer TO ringing on the lap.stone." We
hear Of shoes sold by the case, only . few
dsy: go. tor forty cents pair, which before
the holidays sold tor eighty and eighty-fve.
Necessity for money was the cause.
MessSA Gordon & Colquitt, the former
United States Senator from Georgia, and an
officer of the Southern Life Insurance Com
psny, publish Q card with reference to the
failure Of that concern, from which We ex.
tzact the following:
We regret to announce to you that on the
I'd inst tho Southern Life Insurance Com
pany Aled its petition in the United States
Courts at Memphis, Tenn. to be declared
bankrupt The necessary effect Of this is to
suspend our business, at least for the present.
This event was by us totally unlocked for,
and has come upon US to our great astonish-
ment. The officers of the company in
form us that the complication is
caused by an unexpected decision of
the Tennessee courts, holding them
liable for large debt due by thu Carolina
Life Insurance Company, which the Southern
Life had bought out, and that they have
taken this step to save and secure their own
policy-holders. They represent to US that
they are. Independently Of this claim, abund-
antly solvent, and that if they can have
short breathing time. they can even meet this
claim and be perfectly solvent. And that the
going into BANKRUPTCY is to prevent the pre-
ference and ABSORPTION of its assets by judg-
ments and sales under these Carolina claims
We pledge to you that We will exert all our
energies to protect your rights. Having
complete record of the status Of your policy
We will promptly notify you Of any action
that may be essential to your protection.
The silver Glut IN California.
That the bonanzas have overstocked the
market with silver is certain. The San Fran
cisco Bulletin says of the discount OF silver:
" In response to an offer to sell bars from
Virginia day or two ago, one of our bankers
is reported to have replied that he did not
want them at any price. At the rate the mar
ket 10 tending the discount on silver coin is
likely to be larger than on legal-tenders. In
that event this coin will drive paper to the
q
way never dreamed of.
The Alta California says of the same sub
ject:
'The heavy and constantly increasing rates
OF discount upon silver coin in this commu-
nifty Il opening up o question which will
puzzle the brains Of our most astute inanciers
to solve. China, which has acted as q reser-
voir for this kind of coin metal, and often
times produced scarcity which compelled
the payment Of premium for it here, sppar-
emily has its Golfers full, and the great extent
to which our shipments have fallen off irdi-
Gates that she has surfeit of our trade dollars,
which were at first SO enticing to our Celestial
customers. In China the two large cities of
Hong Kong and Foo chow have adopted them |
in preference to the Mexican dollar, whose |
coinage is 90 irregular as to compel here be- |
fore shipment the employment Of experts to |
segregate those which do not come up to the |
Chinese standard Of clearness and weight |
But 6hanghae still prefers the rough, |
ugly Mexican dollar. and the largest |
portion of these shipments 60 to
that port. Could We but remove the
prejudices the people of this place have in |
favor of the Mexican coin, another large ave-
nue. could be opened up for the reception Of |
our trade dollar. The feeling of the Shang- |
haze people may be overcome in the course of |
time, but 1t is heavy uphill work to remove
any GLASS Of the Chinese from the regular |
groove il which they have been moving for |
years; and, moreover. it is wonderful fact |
that the cupidity OF these people has not led |
them to adopt it. if only on account of its
superiority in weight and uniformity in man
ufacture and appearance. But even if the |
Chinese demsnd did not fall of, and re-
manned mp to its regular standard, the heavy
production of our mines would have sooner |
or later caused glut in the market and the
Same disturbed state of affairs which now
exist"
The merchants Of San Francisco held
meeting on Friday, February T. in the San
Francisco Chamber of Commerce, to devise
some means whereby they might be relieved