The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-11-22
Commercial and Financial Matters.

Commercial and Financial Matters.
The stocks Of raw sugar in Boston. New York,
phslaae,nbia and Baltimore were as follows. at
coar,rnrative dates; November IS, 1877. 76,451
4ons. November 1s, 1876. 1896 tons; November
Is. 1875. &C, 500 tons.
The orange crop of Florida for the year 1877
il estimated at 100000 oranges. OF which In
Hseaian river produced $4,000. Sumpter county
600 600 Orange 100000, Liberty 100000, Frank
lin 9oo, 900, and Calhoun and Jackson 100000.
We are glad to learn that the negro hands on
the sugar. rice and cotton plantations through
out the State are working remarkably we'll The
entente eordiale between them has been perfectly
restored, and the agricultural machinery runs
along smoothly and without a jar.
The protection organs are proclaiming that
the financial depression in Germany Is due en-
tirely to the absence of protective tariff. This
Ia not true 1t Is due as the Louisville Courier
Journal correctly asserts to the failure Of hum
dreds of irresponsible cooperative companies.
and to the indiscrimnate speculation In which
the Germans INDUCED after the French war and
the payment of the 81. ooo,oooo 900 indemnity. I'm
Tfense sums Of money were deposited and all
kinds Of wildcat specuations were the rage
Many banks have failed. notably that of stetin
whose failure involved the royal familyin large
pecuniary losses.
In France in which temperance. or. at any
rate freedom from intoxication was once SO
noteworthy, there is most lamentable increase
In the consumption Of alcoholic beverages. IN
1919 about IS 900 eases of drunkenness were tried
in the courts but In 1876 there were no less than
81 900 The greatest number OF the Trials are IN
fewest ni IN the the South. In seventy-two depart
ments wine + the general drink. In seven cider,
and in four beer. There are many instances Oh
death from the Incorporate use Of spirits dis;
titled from corn, potatoes and beet-root. and
the white wine of La Vendee and the Charente
Inferleure seem almost equally pern1aous.
Our Banking Capital.
Yesterday in another department Of this pa
per. There was presented the particulars of an
interview held by a reporter with the president
of one Of the best known and staunchest of our
banks In this report this officer is represented
as saying that the capital now employed in the
banks is amply sufficient to meet all the re-
quirements Of trade. This assertion, we must
confess. strikes us with amazement. According
to the Clearing House statements, the hundreds
of millions of dollars worth of business which
this city commands is being carried on upon a
basis Of less than s3.ooo'ooo! In stating
this startling fact our correspondent,
1.-The Reason Why we understood
him. did not intend to reflect upon the
aDlIlUy OI our DdDk lnHncleFS. Oh Vie
contrary to show how much their talents and
tact have enabled them to accomplish upon q
small and comparatively insignificant basis. But
suppose the publication of this fact should In.
duce capitalists Of the great cities of the East
or West or, mayhap Of Europe, to come down
here and invest several millions Of dollars, al
good paying rates. in the banking business, we
opine there would be none of our business men
who would object to this sort of competition. 1t
is true that such q contingency might result In
a reduction in the rate Of interest on money
curtail the dividends OF some of our banking
institutions, but it would inevitably inure to thu
general good
Now. If our banks have suffciency o
money wherewith to do the business that Is Of
fered let us know why there was such keenly
felt and really oppressive stringency in thu
money market some weeks ago. and why the
rate of interest ran between 10 and Is per cent
per annum on the street. for mortgage paper
paper fortified with stocks and bonds as col
laterals, exceptional and other commercial pa
PERI II the banks Of New Orleans have none
enough wherewith to meet the requirements o
the trade why is it that our people have to suf
fer from periodical attacks of stringency?
The Clearing House is responsible mot on
correspondent for the publication OF the fac
that the banks of our city are carrying less thar
$1,000 900 in their vaults; and also responsible
for the publication of our nominal banking cap
ital ISL 7OO,Oo0). Every tyro in finance know
that the capital of bank is the excess of it
real assests over and above its liabilities. an
that the capital stock of a bank is not its capita
though in some instances stakeholder may b
held liable
We would not for the world. write or utter
word to impair the prestige or weaken the III
nuence of our local banking institutions; bu
we cannot conscientiously let the assertion pas
uncontradicted that we have ample bankin
capital to meet the requirements Of trade.
The Coffee War.
The war between the coffee jobbcrs of Ne
York and the Western buyers is still going OF
with no apparent signs Of an early abatemen
The following extract from the New York Con
qnercial advertiser gives very succ1nctly tn
latest relative positions of the belligerents:
The troubles in the coffee business have as
snn the New York trade The sron
determination of the Western buyers. especia
ly those Of Cincinnati. Louisville, st. Lou
New York iobbers while their circular regarc
ing the bagging and shipping remains in fore
the the usual orders sent to New York. A numbt
of the Baltimore houses have alread
Withdrawn from the compact al and dc a.
Of dealers. and some of the Western house
have transferred their orders to that city. esp
cially those of Chicago. The grocers Of Cincil
natl. Louisville and ST. Louis will soon Wis
New Orleans for the purchase Of sugars. and {
there is at present stored in that city a lars
quantity Of coffee, it Is more than likely that
the trouble is not soon settled the coffee trade
the West will be transferred to tina. city->ttf
cost of freight being about the same from Ne
Orleans to Cincinnati as from New York to tn
city while it is cheaper to St Louis. Many
the jobbers who had Joined in the signing Of Il
circular appear to-day to be somewhat incline.
to withdraw from IT, though no one wishes to
first to break the compact.
A representative of the Commercial converse
with one of the signers to-day. and he admits
it to have been unfortunate that the clrcu
was ever issued: but having been sent abrot
it was not, in his opinion, wise to .wthdra
from the position, taken. He admitted tn
there was a large decrease in the orders, b
ascribed this to the shrinkagee in trade. II