The New Orleans daily Democrat., 1878-11-26
THE NEW ORLEANS DEMOCRAT TUESDAY, NOVEMBER 26 1878
Commercial and Financial Matters.

Commercial and Financial Matters.
The Utica IN. ~ Steam Cotton Mills Com
pany is shipping largo orders OF goods to
South America.
Two vessels cleared yesterday FOR European
ports--one for Queenstown and the other 1or
Liverpool-with cargoes aggregatlng 84oG
sacks Of oil cake.
| According to tho Baltimore Sun, the olco-
| IN argarne industry does not thrive in this
| country Out Of sixteen establishments for
It's manufacture thirteen have gone to tho
wall.
| writer in the Scientific American says
| that after the electric light shall como into
| general use, the gas companies may prota-
| bly, use their works In making non-1lluEni"
| nuting gas for cooking and hchting. That IL,
! IL Edison can be pursuaded to stop.
| d. Vail, president Of tho broken Merchants
and Mechanics Bank, Troy, was also presi~
dent Of O woolon manufacturing company, to
| bolster up which he used the banks money.
reducing the assets from 100000 to Sl0o0O0.
| Since the discovery OF this fact Mr.. Vail has
| been polite enough to "fecl i'll and depressed"
| There was considerable movement in State
Consols yesterday, and they closed firm at 78
07814, against 77@774 on Saturday last.
Premium Bonds were weak at 28IaG28a4,
against 281S01287x on Saturday. The sales at
the Stock Exchange were 100000 Of State
Consols and $4,000 Of Premium Bonds
al al, t,f hiatt tLn t.
mates Of the Secretary Of the Treasury for
| the expenses Of the government for the next
fiscal year are $1i5, ,939, ,43S for regular annual
appropriations and $l2o ,1o7,812 for misceIIa-
ncous and contingent purposes. This is q
| material reduction from last years estimates.
| The New York Bulletin argues that "the
banks have an ndisputable right to determine
in what kind Of money they will pay and re-
ceive payment"
1t denies emphaticaly that Congress has
any right to declare what shall be q legal
tender money for the banks Of New York, and
counsels the banks to disregard the laws
thcrcupon, and to rely upon the law OF New
York, which declares that specie payments
shall be resumed 'in COIN in that State on
January 1. 1879. The Bulletin reasons from
| the fact that silver dollars We're not q lawful
coin when that act was passed, that they are
not to be considered lawful coin now.
| In the estimate Of these New Workers the
national government Is evidently Il much
smaller affair than we had fondly imagined.
Among other expensive luxuries enjoyed by
the taxpayers of New York city is II 50, 600, 900
police force. The payment Of this sum an
nualy ought to secure what New York has
long claimcd-"the finest police force in the
world But the grave robberieS, bank
burglaries, murderous assaults, and other
crimes OF violence which have occurred re-
Gently and have gone unpublished have
brought this phrase into contempt.
The Cincinnati Price Current of the twenty
first instant says: 'The total packing the
past week at the six large cities fonts up
3GO, 600 hogs, against 900 for corresponding
time last year, and to date 100000, against
100000 last year, an increase OF 380,OOA, At
corresponding dates In previous years the
totals at these places compare as follows:
1876, 455,OO0; 1876 435,OOO 1874, 100000; 1873,
$4,000. For five years previous to the pres
ent season the average packing to this date
; was 5000"
The comptroller of Philadelphia has just
submitted his annual report and estimates for
the ensuing year. 1t cannot be q pleasant
document for the citizens OF that city to son-
template. On the thirty-first Of December,
1879, the obligations of the city for current
expenses now due or to mature will amount
to S27 O42 1862 G6. OF this sum S11 ,G15, 100 cep-
resents outstanding warrants and oher
overdue obligations floating debt, in dher
words-amo counting to 43 per cent Of the entire
amount for which taxes are 20 be levied. The
tax rate for 1879 will be ST IS on the 500 not
including 25 cents on the 500 for public bliId-
ings, which constitutes a separate levy. This
rate Of tax does not suffice to cover the
amount of outstanding warrants by good
deal, and some persons familiar with the
citys finances insist that the levy should be
81 IS on the 500 in addition to the public
buildings tax. As real estate is said to be
assessed at least to its full value in Phladel-
phia, the onerous character Of, these rates
will be readily appreciated.
It is reported from Washington that the
Secretary of the Treasury, in his forthcom-
ing December report, will recommend that
changes be made in the existing tariff to the
following extent:
First, q complete abolition of the present
method of testing sugar, and the setting up
instead Of only two grades, to be determined
by combined color and pOlari5coEe
, test. With only two grades, however, wiCb
| apart from one another, and therefore com
; pletely differentiated in themselves, the ne
cessity for polariscope test is scarcely az
parent.
Second to allow no tares for damaged
, goods.
Third, to tax dress silk according to weight
In order to force French manufacturers tc
send more silk and less gum in their exports
Of this article to us.
Fourth, to dispense with Tadtvalorem dutie
on gloves, and to fix specific duties CORE
spending to the MATERIAL size, number Of bu
tons and so forth. This last proposed amen-