The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-10-08

3
Commercial and Financial Matters.
The New Orleans Cotton Exchange will be
closed tomorrow East Day., at ii o'clock.
The stock Of -four in Chicago on Tuesday was
reported at $4,000 bills, against $3.50 bbls one
month ago, and az. 100 bbls one year ago.
The stock OF pork In New York is now re-
ported at 63,646 bbls. against 5000 bbls one
month ago, and 35.5oe bbls one year ago.
The stock OF lard In New York Ia now report
cd at 1896 tierces, against $500 tierees one
month ago. and 1882 tierees one year ago.
The Stock Exchange Association moved yes
terday into their now quarters, No 80 Caron-
delat. These rooms arc great improvement
On their old establishment.
State Consols were weak yesterday at 75A@'
751a, against 752&@75s5 on Saturday Premium
Bonds were easy at 311k@31zS against 81 h@31a.
There were no sales oil the Stock Exchange.
~~~~~~---------~~~""~-~
Four STEAMBOATS, which arrived yesterday
from up the river brought 5277 bales of cotton,
'D"' -~N
Fanchon, 3d.
Forty ships laden with grain cleared at San
Francisco last month, and sixty moro with an
aggregate carrying capacity Of 2,3OO,0 600 bushels
are In port ready to receive their cargoes.
We perceive that the New York Produce Ex-
change has formally declined to send delegates
to the Interstate Convention for the promotion
of American commerce. to be held In New Or
leans In December next.
Tho Cincinnati Price Current says that while
there Is as yet no rush of trade In any branch
of business in the merchandise markets, there
Ia considerable improvement In nearly all
lines.
The Kansas wheat crop for the present year
Ia estimated ut 80 900. 900 bushels at 10000
600. Thus Kansas, from the eighth wheat
growing State In 1876. has advanced to the
second.
Washington furnishes about the onfy case
within the memory of the Oldest inhabitant of a
bank closing Its doors with ample assets to
meet all liabilities and the invested capital. The
explanation given by some of the papers Is that
u now partner In the concern discovered a
trifiing error In the books which could not at
the moment be explained. and in the converse
ton following the senior got mad and shut up
the shop for spite. The assignee discovered the
error. but the old partner and the new are still
out"
Rich mems fortunes are nearly always over
estimated during their lifetime and 1t is only
when those fortunes pass through the tests of
administration that their true value Is ascer-
tanned. During the lifetime of the late W. s.
O'Brien. one of the bank and bonanza mag
mates Of California. he was represented to be
worth somewhere from $40 100000 to $50, 000. 600;
but 1t seems that the actual value of his estate.
rs appraised to the probate court Of San Fran
cisco. is 90 sos 459-a good round fortune it must
DO admitted.
The highest speed ever attained by any boat
or ship was that obtained by the steam launches
recently built for the English Admiralty BY
MeBsrs Yarrow & Co. The boats are each IS
feet long, IL feet beam. and draw feet, They
are construc ted Of steel, and have engines ca
pablo Of indicating 400 horse power. Run with
the tide the one made % 50 knots, or 26 miles
per hour. the other. 23o2 knots. or 27.5s miles
per hour. Against the tide one made 1850
knots; the other 1909. The mean of the two
was, respectively. 2o.14 knote or 1872 miles, and
q knots, or 24.2 miles
The stock of hides In New York is reported
by the Daily Bulletin as follows: So 800 dry Bue.
nos Ayres etc.; $4,000 dry River Platte from
Europe; 15.4oo do Montevideo 900 do Rio
drande: $500 do Orinoco 1900 do California
$4,000 do Central America: 125oo do Bogota and
Savanilla; 10000 do Mexican; 5000 do Tampico !;
600 do Maracatbo: Ii 900 do and dry sailed Texas
Western and Southern. and 5000 wet sailed
River Platte from Europe and 1900 wet sailed
Vera Cruz; total 1914 800 hides. 642 bales Calcutta
cow and 744 bales do Buffalo. Same time last
year, 90, 800 and $40 bales East India
It is a fact Of interest that some of the most
pronounced opponents In Congress of the bill
granting aid to the Texas Pacific Railroad have
been brought to SOC the errors they have fallen
into sinc3 they have been at home this time.
and the measure will be stronger than ever
when Congress reassembes. Among these new
converts is Blackburn Of Kentucky, who was
emphatic in his opposition year ago. The
Paris True Kentu ckian says that In speech ut
Emfnence. KY. on the tWenty-f1rst utimo, he
declared that he would support the Texas and
Pacific Railroad bill. believing that he thus re-
fleets the will of his people.
LENGTHY LITIGATION case of Gelpecke
and others against Quentel and others bids fair
to become fitting parallel to the suit of Jarn-
dyce against Jarndyce: 1t was begun In the
Supreme Court over eighteen years ago and
Its final decision. The main point involved
turns on the construction and effect of a letter
of credit and its revocation. It seems the letter
was written In 1859 by the defendants in Bre-
the drafts Of Rodewald & Co. of New Orleans,
for $4,000. The letter also requested the plain
tiffs to notify the Louisiana firm of the open
ing of the credit. After Rodewald & Co. |
had been notified. but before any drafts
had been accented came revocation Of the let
ter Of credit. The plaintiffs, however. were ad-
vlsed that they were bound to pay the amount
Of the drafts drawn bsfore the revocation of the
letter of credit was communicated to the Louis |
lana firm. Thence arose the litigation. The |
case was first tried before Judge Brady who |
dismissed the complaint, It went to the gen
second trial was before Judge Barrett, who d. |