The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-07-02

There was only moderate movement yes
terday In State and city securities, and rates
were easy and irregular. There was tumble
In State Consols They opened at 70Hg76B
and closed easy at 7G076A, against 791af08O
on Saturday. The sales footed up S53,5OO OF
the Exchange and $2S2,000 outside.
Premium Bonds were quiet at 331S@33}s,
against 939S@9394 on Saturday. Sales, S65,OOO
outside OF the Exchange
The commercial law committee of the New
York Board Of Trade have appointed COM
1nittee to draw up new bankruptcy Dill,
which Is OF course, to be an improvement
upon the present law, which stands repealed
In September next. IL Is certainly desirable
that the country should have proper bank
rupt law. under which honest men may be
freed from hopeless embarrassment and
rogues have no escape.
The first bale of the new crop Of cotton
heretofore noticed by telegraph reached here
on Sunday from Southern Texas, via the Nor
gan steamship and railroad route. It was
promptly expressed to Messrs. Woodward Il
Stillmarl, of New York. A sample drawn in
an irregular manner, while the bale was here,
was exhibited on Change and pronounced to
be Strict Low Middling. In 1876 on the same
date two bales were received here from
Texas. In 1877 the first receipt Of cotton was
on July 10, and that was from Texas.
.~
The examination at Reading, Pa. of Cashier
II. P Boas, of the Reading Savings Bank,
that failed for $1,200,000 last November,
showed an extraordinary series Of breaches OF
trust. The cashier had engaged in the most
extensive outside speculations with the money
of the bunk. He had gone into railroad build
ing. extravagant real estate and house build
Ing enterprises, and had advanced $4,000 in
one installment TO q friend without security,
for an egg venture. All these speculations
proved Improbable, and disastrous collapse
was the result.
In New York, on Wednesday last, 100000
acres OF land In Mcdowell county, w. Va,
represented as heavily timbered white oak
and mineral lands was sold OF public auction.
The lands were sold In lots of 1000 acres or
more to suit purchasers 0ne-haR Of the
tract was knocked down to G. 2. Bonner Il
Co at half cent per acre. The balance was
sold mostly to Germans in lots of from 1000 to
10000 acres at from one-half cent TO cent
and kalf per acre. The average price real
lied for the entire tract was oDo cent per acre.
IT ID well known to most Of our readers that
a short time prior to the late war q large bed
or mine OF pure rock salt was discovered on
an island In louisiana bordering on the Gulf,
owned by well known citizen, Col. Avery.
This salt was Of the purest kind, ready for
use asssoon as taken out Large quantities
wdf sTfuarried during the war, and this salt
sunplIed b want which was then most severe
ly felt. Whether this mine is being now
worked. we cannot say. The New York papers
are rejoicing over the fact that deposit OF
nure rock salt has just been found
Ii that State, which, it is believed,
will prove to be one Of the most
valuable In the world. A laborer engaged in
sinking an oil well at place forty miles
southwest OF Rochester struck, at depth OF
1000 feet. a stratum of pure rock salt 100 feet
thiolx A chemical analysis has shown the
ualt Il, be Of the best kind, and so pure as 20
M IA. for use without being refined. IL the an
ticipations that this is the bed from which the
Onnhdapa salt marshes are saturated, and
that IL Ia of vast extent, are realized, a dis
fovery has been made Of great value. The
effects upon industry cannot fail TO be lar
reaching. The salt monopoly at Syracuse
win be broken up and all the American con.
SINNERS of salt will be benefited by cheaper
nraduction. There are but few deposits Of
n,re rock salt In the world One Is in Valen'
oia. another in Poland, and another in Arme,
MIA, near Mount Ararat, and still anotner Oh
Avery's Island, Louisiana.
The Cincinnati Price Current, OF the twenty
seventh ultimo reports the summer packing
toiate In the West at 1696,421 hogs, against
oba s1e to date last year. That paper says
There has been no abatement in the aggre'
syafa srnnly of hogs the past week, as com
nnred with the previous week, tne IoGai pack
mo during this period being l33,OO0 head
against the same number Tor the previous
week. and $4,000 for the corresponding week
last, wear. The total number packed In the
Vest "a now 900 heads, or 445,0Oo MOI
than at same date last year. Receipts at Cnl
naro the past two days were comparatively
here 45c per 100 ib since a week ago, with
firm tone to the market at the close. 1neTt
Id no pattinU around the fact that the receipts
al hogs at Chicago constitute the prime maj,
Gator Of supplies, and that the movements ol
onerators there are all-impUrtant In shaping
the course OF values of hogs ana o
nroducts. We may scold Chicago all We
please but the magnitude suo OF her 0pe
III rrasninr the situation and shaping events
REGARDLESS of the expectations or interests o
those elsewhere, who have run IN Ola r4ts
quarter of a century or more ana GohUlhu
there. cannot be belittIed or ignored. In orde
to anticipate what may be the course OF event.
at Chicago, as regards values, as ,i rule ope
rators here and possibly elsewhere, mus
forget early education aud look steadily a
the movements of operators there, Whel
Chicago stocks are low, her strong operation
are "bears," for good business reasons; whel
large, as now why should it surprise any on
that they advance the price Of hogs to pom
81 IOtal 20 per 100ib above figures current
few weeks ago, to aid in furnishing profit
able outcome forthe accumulations of produC
made within this timer
It is to be expected that receipts OF hogs ar
ri fail off henceforward, as compared wit
The mast six weeks but if anything like pres
emit prices should be maintained the July an
August receipts may be expected to mater
~-.nz.x1 Hasa pf last wear. In fact tn