The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-06-14
Commercial and Financial Matters.


The steamship City Of Berlin, which left
New York last Saturday, carried out 450 sew
, ing machines for Germany.
The receipts of cotton so far this season at
st. Louis foot up 241, TIC bales, against ,101
last year, showing an increase of A,615 bales.
The steamship L. B. Souder and the
schooner Theresa G.. Guitrez arrived yester-
day from Havana, bringing respectively $40
hhds and 230 hhds of sugar.
Vaults for storing the government silver are
to be built In Philadelphia and San Francisco.
They will be like the New York vault, already
described in these columns. The three vaults
will hold $1OO,0OO,OOO.
The abundance of money offered In New
York city on good security may be inferred
from the fact that 100000 are advertised In
one journal. The terms are per cent on
first mortgages city property, and 1t is
stated that $10,O00000 could probably thus be
obtained without delay.
In securities yesterday there was quite a
large movement, and both State and city
advanced. Consols opened at 7211S, and closed
at 721S0T234, against 721461721a on the pre-
vious day, the sales footing up $308,000
Premium Bonds were In good demand, and
opened at 327s and touched SO, but closed at
32tS03214, against 315s@32H on Wednesday,
with sales amounting to $2sO,OO0. OF Stocks
there were sales Of twenty shares.
The New York Tribune, referring to the
unusually large number Of. passengers going
IN, inc uhi nd
sells, says: "Plenty OF bankrupt merchants
went off last week to Paris In halo of delight,
waited by good wishes from envious friends
and the odors of countless floral offerings, who
II they had remained at home would have
disappeared miserably in the region of cheap
clearinghouse or In some obscure Western
town"
The Philadelphia Ledger thinks 1t is great
ly TO be regretted that the periodical reports
of mercantile failures" made up by the
agencies devoted to commercial matters,
could not distinguish between the cases OF in
solveney brought about by unavoidable mis-
fortunes In business and those in which bank
ruptcy Is an inevitable result some time or
other, because of the speculations, or the
recklessness, or the out-and-out rascality Of
the bankrupts.
The returns of earnings Tor May from
twenty Western railroads show q marked and
uniform increase, which, as usual. is most
conspicuous In the grain-carrying roads, such
as Chicago, Milwaukee and st. Paul, Illinois
Central and Chicago and Alton. The earn
ings amounted to $6,655,957 against $6,O52 352
In May, 1877, an increase of $6O3,655. The
earnings Of the same roads from January to
June show an increase of So, 8O5, 9t0 as COM
pared with last year.
The propriety of taxing church property Is
again under discussion In New York. having
sprung up In consequence of some of those
innocent entertainments called strawberry
festivals There is, it appears, law in the
State that when any building is used for any
purpose whatever for which an admission fee
is charged, 1t shall ipso facto become liable to
the tax-gatherer. 1t seems impossible, how
ever that the Legislature should have con-
templated making euCn IesJIvaIs, usually
planned by ladies as much for social amuse-
ment as fer raising money, a cause for sad
ding the churches with taxes.
The Bank Of England rate of discount re-
mains at ~ per cent, it being still A61I
London Times of the eighth instant says the
Bank Of England has resolved henceforth to
discontinue the use of the word minimum"
In announcing discount rates. The banks
announcements, therefore, will be understood
to mean about the medium value of good
bills, but the bank is free, like other banks, to
charge above or below the announced rate,
according to circumstances. The ultimate
result will be that the open market rate, not
the banks, will become the standard for
money contracts.
Il rom an abstract in the London Times OF
the recently rendered report of the British
Inspector of Mines, we gather few singular
and important facts. It appears that there
were 494,391 persons employed during the
year above and below ground In the coal, fire.
clay, ironstone and shale mines of Great
Britain and Ireland. or these 395,a25 were
employed underground. What subterran-
can population that Isl A large portion OF
these people remain underground for six days
at 9 time The mining produce for the year
amounted to 134, 1898 tons of coal, 1,919,51
tons of fire-clay, 12014,356 tons Of ironstone,
and sSS,2s5 tons of shale. The fatal accidents
in the mines during the year amounted
to s64, and the deaths oecasioned
thereby reached 12Os showing an in
crease when compared with the summary of
1876, of twenty-five in the number of fatal ac-
eldents, and 275 In the number Of lives lost.
No. 4, the last OF the summaries classed under
this act, shows the proportion which the &C
cidents and deaths bear to the number of per-
sons employed and the quantity of mineral
raised. 1t appears that on the average dur
ing the year under review there was one fatal
accident among every 572 persons employed
In and about the mines, and one death by ac-
cident among every 400 persons employed;
and that for each fatal accident 172,276 tons
OF mineral were got, and 1873, 217 tons for each
death by accident.
The Boston Advertiser thus describes the
condition of finances in that city:
The supply of loanable funds is excessive.