The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-09-20
Commercial and Financial Matters.


Commercial and Financial Matters,
Its estimated that 100000 sheep. valued at
si2.6O0.0o0, persisted In Australia, last year, In
consequence OF the drought, which cut off the
Dasturage. SKIS
The stockholders of the Bank Of New York,
which was founded by Alexander Hamilton.
have been asked to consent to reduction Of
capital stock from three to two millions.
There was only small movement in seeuri-
ties yesterday State Consolg opened at 1871 and
closed firm at 73ss@731s, sgainst 732sW7s5 on
Wednesday. Premium Bonds were weak at 3t35
OBJ. against 312s@s11S.
The pork packers OF the West and East ex-
pect to produce $4,000 600 lbs of lard this year.
Twice as much is shipped abroad as is used In
this country, the exports for the past six years
Il averaging $50. 100000 lbs year.
According to the statement of the manager OF
the New York Clearing House, the capital and
surplus of the banks Of that city have declined
since 1873 less than s32 752, 800. or twice any
sum In the aggregate of the capital of the rhila-
delphia banks. This is yariously attributed TO
the severe taxation. the increasing pressure of
unfriendlY legislation by Congress, the enor-
NOUS extent of commercial insolvency, the alb
T senee of adequate employment for capital. and
/, to the general effect of hard times. @
A new ms urance law came into operation in
Il the State Of Virginia last month, which pro-
y vides THAT in any action against an iDsur-
anee company no failure to perform any condf-
ton of It's policy nor violation of any restrictive
provision thereof shall be valid defense ofsuch
action. unless IL appears that such condition or
restrictive provision is printed In type us large
or larger than that In which the nets OF the AS
sembly are printed, to wit: that commonly
known as long primer type, or is written with
pen and Ink in or on the policy"
Owing to the number of forged checks that
have been presented Of late at New York banks.
they have become alarmed, and are seeking
some way to avoid the. danger. Some of the
banks have notified their depositors not to
draw checks for over $500 except to order. The
system OF drawing checks to bearer Is dan
gercus one, and reckless business men must
lose by 1t. In Philadelphia q rule is In force
which forbids the paying of checks for over 500
drawn to bearer. It would be d good idea for
b. Louis banks to adopt this plan.
The owner Of the wines which had been &C.
lected by the jury Of the Paris Exposition for
honorable mention. desired to submit their
wares to one final and definite test It was &C.
cordingIy decided to discuss them at the dinner
and the result was that the first place of honor
was awarded TO the Chateau Lafitte Of 1911. OF
this wine the Courier says that, when M. de
Rothsehild bought 1T, it sold for 171 franes
1879 sol d bottle. Since then another sale has
token place, and the Bordeaux Lafltte Of 1911
sold OF public addition for the fabulous price Of
$40 francs 1904 bottle
Latest advices from Europe indicate that the
foreign demand for wheat will be larger than
was estimated. The French harvests have suf-
fered considerably from hot weather. and SIM
liar damages have been felt in Scotland. There
is every indication that the demand will be con-
tinuous from ali countries, and that fair price
will be maintained to the producers Of this
ports OF this country continue to be enormous.
showing that there must be large amount OF
81 Esssses
Twelve Of the largest tobaeco-erowing Stat
report the following averages of condition of
the crop in August: Kentucky 80, q falling off
during July Of 49, Virginia 80. a loss of 10: Mis-
souri, 90. q loss of 8; Tennessee So. q loss of !;
Maryland st. a loss Of Is Pennsylvania S. a loss
Of L.; North Carolina 81 loss Of 10; Ohio 96, a.
loss of 8; Indiana 75, q loss of II: Connecticut
1Q5. "a gain OF s; Illinois 49, d loss of 8; Massa-
chusetts 1906 a gain of 4. From the above 1t will
be seen that the tobacco field of the Connecticut
valley Ia the only one that shows improvement
from July. In all other parts Of the great to-
bacco field the crop hes fallen off In average
condition. As these States represent 95 per cent
OF the tobacco culture Of the country their
average condition. which Is less than 80, may be
taken as decisive as to the general yield. The
present aspects to the crop Indicate a greatly
reduced product, even upon the small acreage
OF 1875
The acreage under wheat In Great Britain
this year is officially reported as a.21s,57s acres.
and In ireland as ASH acres. On MIR. Cards
estimate of 90 bushels to the acre, this gives
9A.50o00O bushels. leaving $4,000 900 bushels for
consumption after allowing for seed. With on
annual consumption Of 196.oCo,0o0 bushels, this
will leave 100000 bushels to be shipped from
abroad. In addition, 1t is estimated that France
will require about 10 ooO,O 900 bushels besides her
own crop. For the British supply an Eastern
statistician gives the following:
Quarters.
North America can give. 100000
Y Russia. north and south ports 800 coo
australia and Chilli. Observation-Disclosures. $50 900
turkey Spain, etc. ACKNOWLEDGEMENTS. 250.0
)ther countries. ...........*.......-. 100000
Total. .ls.ooo,oOo
Mr. Charles Royal. of Paris thinks Mr.. jack
sons estimate OF the French crop is too low.
3 and that 1t will amount to about 2e6,ooo,ooo
bushels. He also gives the following summary
of the crops on the continent:
Germany. Belgium and Holland-In all these
countries there 10 general satisfaction with the
harvests. Austria and ACKNOWLEDGEMENTS
the harvest is satisfactory. but the wheat givesa
yield below the average in, quantity. The quail
ity has suffered by the rains and falling Rus.
nearly double that Of last year. which was con-
sidered very good; Judging from the samples
we have seen. without reference to the quantity.
the quality is excellent. In Bessarabia 1t Is
abundant
THE PoTATo.-The American Cultivator of
late date, has the following concerning the po-
tato:
All aoon,,n+a a1raa tbof +ha nafetn ornr for