The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-05-23

5ulSn0neSIy or menlOcflty on tne part OF the
managers, but the larger number, In the
opinion of the Baltimore Underwater, have
gone down under the pressure of shrinkage
In values and general business depression.
With return Of good times, moneyed cor
porations will share the prosperity and re-
gain lost confidence
stringent law was passed by the Legis-
lature OF California, at its last session, to
protect the public and stockholders OF mining
companies against false reports by the Off
GERS Of mining companies. A penalty of inn
prisonment in the State penitentiary for two
years and fine Of $500 is imposed on any
officer. or any one pretending to be an officer,
who gives publicly or privately any false
Information with regard to the mine that
tends to depreciate or exaggerate its value
The application Of the law is limited to cor
porations whose stocks are regularly sold in
the stock market Of the State
In England, a secured creditor whose Sc
curity has deprecated in value, may, under
the bankruptcy law, estimate the present
value Of the security. Ii this value is less
than the amount of the debt received he can
retain the security at the value estimated
and have the balance treated as an unsecured
claim. Upon this claim he would be entitled
TO the same dividend paid on all the unse-
cured debts. No such provision exists in Our
law. The secured creditor In this country
must elect either to look to the security for
the payment Of his debt or surrender the So
curity. and come in with the unsecured creti-
tor In a pro rata disposition of the debtors as
T,,t
vote or voice in the proceedings in bankruptcy.
The New York Journal Of Commerce thinks
our increasing export trade Is a silver lining
to the dark cloud. There are bright strea ks
discernible all along the Southern sky-the
portents Of better times for American COM
merce and trade. The outlook In the direction
of Chill Is regarded rs really promising
Though still tagging far behind England and
France and even Germany, this country is
gaining on them in competition for the Chill
Ian market. Our exports are more than
double our imports. In the line of cotton
goods we are doing respectfully, sending more
of them to Chill than to Brazil and the Argen-
tine Republic together. Refined sugar, petro-
teum, lumber, lard, manufactures Of iron.
loom up in the list and our exports number
Aundred kinds of goods all told.
The Utica Republican makes some sensible
remarks about the queer things connected
with our postoflice regulations: "Take tho
postal card for instance, as pointed out by
our contemporaries. If man has steady
hand and writes close, he may put several
hundred words ON a card and send it for a
cent. If he paetes the least strip of printed
t. ~
he may print on ii the same matter and put
ting it in fine type, get several thousand
words on the card, and 1t will go for one
cent; and he may paste the card all over with
printed matter. then put 1t in an open envc-
lope and 1t will go for one cent. The card
and envelope will go for less money than the
card alone. When will these absurdties and
Inconsistencies he abolished and everything
go by weight at Il uniform price?"
The St Louis Republican has this to say
about the boosted success of Secretary Shor-
man in his late tinanciering:
The syndicate have called for the balance
Sl5O0OOOO, OF the ~ per cent loan and the
whole S50000.000 is now therefore disposed of
The negotiation IS considered a surprising
success. and the Cabinet have congratulated
Secretary Sherman ON the skill and ability
III. Il
ought to Join in these congratulations of their
friend. He has served them well. Indeed
there is more success on the side of the syn
dictate than ON the side of the Secretary They
have sold the bonds for 1851 1877 more than
they gave for them. making this large
profit in few weeks. There Is
no reason why the Secretary should
not have saved this profit to the government
by selling the bonds directly to those to
whom the syndicate sold them, SINCE at the
very time the syndicate sci liuu fhp "
per cent bonds the people were actively buy
Ing per cents-showing popular demand
Tor government securities which the Secre-
tary deliberately refused to take ADVANTAGE
OF. He has informed the Cabinet that the syn
dictate now desire TO buy the per cent bonds. !
proposing to take $4,000 900 with the privi-
lege OF Slo0,000,000. 1T seems then, that the
very, bankers who bought the AZ per cents
other words, Secretary Sherman has negoti-
ated sale of $4,000, 900 bonds at per cent
higher rate OF interest than there was any
need for-and this is what is called successful |
tinanciering.
The Chicago Commercial Bulletin of the
nineteenth instant reviews the movement in
pork packing circles during the week ending
on the previous day as follows:
The receipts of hogs during the past week
We're 106,53i, against 1925 during the week
previous and 5O3l7 for the corresponding |
week last year. The quality of the hogs re-
ceived was fair, though not considered quite |
equal TO that OF the arrivals one year ago. !
i he receipts We're larger than generally anti |
cipated, but the shipping demand was suf1- |
Gent to absorb good share of the arrivals. |
and packers barely obtained their proportion |
IN ratio with the increase in the supply. |
Prices on good light bacon lots were moder-
ateiy, well maintained, owing to the liberal |
purchases by two or three parties for export. |
Other qualities ruled rather tame. and |