The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-10-16

Tn Sunday the steamship Jens mtney
fxt1k 39 bbls Of sugar for New York, the trsjt
abinment from New Orleans this season
Those complaining Newfoundland fisher
men are sending up their annual w0il about
the total failure OF the cod fishery.
The Stewart palace in Washington, which
formerly rented for $4,000 per annnm, COM
mands only $4,000 this season.
A Prohibitionist estimates that about $780,
100000 more is expended yearly in this coun-
try for rum than the total gross earnings of
all our railroads amount to.
The seizure of cotton bales is becoming quite
lively. But little attention Is paid to sales.
The creditor seem determined to vindicate his
rights, ut oil hazards, In point OF law.-4IVi-
emma parish Of Lincoln) La, Sentinel, 18th
Inst
English financiers considerably. The bank
has put UP its discount rates to high figures
without materially stopping the drain. Fifty
thousand American eagles are said to have
taken flight (by steamer) for their native
shore" on the 18th inst
The permanent exhibition" at Phiadel-
phia illegitimate child Of the exposition, is
permanently bankrupt to the tune Of 1894, :
900, and wants to compromise with Its cred
itors ct fifty cents on the dollar. No wonder
the Philadelphians made such q hard fight
Tor the 81 100000 which 1t was proposed to
cheat the government out of.
At least 10000 persons are engaged In CATCH
ing and preparing oysters for market in the
city OF Baltimore alone. More than seven
hundred sehooners and pungees are employed
In the trade. All OF these employ from eight
to twelve persons aboard, and contribute to
the support OF small army OF commission
brokers, through whom all the sales are
effected. There are about twenty-five pack
ing houses In the raw trade running from
fifty to four hundred and fifty hands each.
The gold and legal tender reserves of the
New York banks are frightfully low. This
fact cannot be disguised, and some Of the
leading Eastern journals are compelled to
point to 1t, .warningly. The reserves are
much lower than they were in 1879. Nearly
every dollar Of the loss can be traced directly
TO the United States, Treasury. into which It
has been absorbed by Secretary Sherman.
This condition Of affairs Is daily growing
worse, and unless some plan of relief shall be
devised, serious business disasters toward the
close OF the year seem to be inevitable.
We are glad to learn that we will probably
have three lines of communication between
New Orleans and Northeastern Texas, viz:
The Morgan line, by rail and water, via Nor
gan City, the Texas Pacific Railroad running
to Marshall and Shreveport, and thence by
Red river; and the railroad from Marshall, by
way OF i Little Rock, to Memphis. II the Chi,
should build a steam ferry to run across the
mississippi, and agree to pro rate with the
last-named road, 1t. would greatly facilitate
the transportation of corn, oats and hay, of
which Northeastern Texas has superfluity.
Though the wheat crop was large, 1t Is said
that 1t does not exceed che demand.
The price of coal at the present moment
has special interest for the general public,
as the season approaches when domestic
stocks must be laid in. 1t Is seen, by state
sylyania Coal Company has celebrated the
ending OF the long. strike among it's miners
by Issuing circular Of prices about forty
five cents o ton lower than previous rates,
duetion to, purchasers before the 18th Of De-
cenber. This action, with that of the Wilkes
barre Company recently, brings prices down
to point OF which the ordinary consumer
cannot complain, and much lower than he
has been offered on the owe of winter in many
years. While this is true, 1t Is equally true
that the prevailing prices cannot possibly en-
able the coal-mine owners to secure any profit
from their property, and very important
business is plunged more deeply than before
into confusion which seems nearly hopeless.
The Future Of silver.
The latest news from Peru, which is of the
18th ult., and which gives us intelligence Of
the progress of the great work begun under
the direction OF Mr., Henry Meiggs for open
ing and communicating with the ancient sill
ver mines Of the Cerro de Pasco, has direct
bearing upon the agitation which has SO vio-
lently inflamed the imaginations of the incon-
siderate in some parts of our own country.
A telegram tells us that the Cerro Pasco
mines were attracting general attention. The
works were being pressed forward with oil
possible dispatch. A distinguished engineer
has given his opinion that above the present
water level Of the mines there are 250,000,O 900
tons of metal that will yield six marks, or $50,
to the cajon of three tons-that Is to say, $40
per ton. He says the Cerro de Pasco will pro-
duce more silver than all the mines in the
world.
Reports of English opinion regarding the
It's city article, thinks the United States likely
to suffer from too high prices, witch Is u not
unreasonable view. The Mark Lane Erpress
d good authority, finds the cause of recent
market in the larger American shipments
coupled with improved prospects for the
English crop, but thinks that high rates on
this side will check the movement sufficiently
as probable an Improvement in trade when
the French crisis Is over and the Russian
supplies are cut off for the winter.
1t Is not unreasonable to expect, however,
that the decrease in Russian ship
ments will be in great part offset by improved
French and English crops, and by recourse OF
consumers to potatoes, which harvest better
than was expected, and to maize, which Is q
heavy crop. As to the passage Of the French
crisis, 1t Is too soon to count on that, and all
the indications are that, whatever may be
the result of the elections in that country,
the trouble In the future Is to be more serious
and more depressing to trade than that al
ready experienced. There appears to be
nothing in the situation, as a whole, to war
rant holding grain for higher prices than
those prevailing at present.
Commerce in the Black Mills.
The McKillop and Sprague company, of
New York. are furnished by their Chicago
correspondent with the following information
from the Black Hills: '"The country known
to contain valuable deposits is comparatively
small Operations thus far have been con-
fined to district, the radius of which does
not exceed five miles from Deadwood. Many
quartz mills are already in successful opera
ton, and others in process of erection. The
ore easily yields q fair return. The mines
are rich and fast being developed. The coun-
try Is destined to have a rapid and substan-
tial growth. Evidences Of wealth are already