The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-07-04

close and remain 50 until Monday morning
next.
The rate Of interest In New Jersey Is fixed
ut per cent by a law going into effect this
day, July L. This law will not, of course,
change the rate of interest on mortgages and
other contracts already made and not eE-
pired. All renewals will be at per cent
For the first time this year, on business
day, the Cotton Exchange blackboard report
ed no sales of the tieeoy staple. After the
closing hour, however, we heard Of sale Of
five bales. Surely our cotton men must be
engaged In making preparations for the holt
day.
State and city securities ruled steady yes
terday, though there were but very few
transactions. State Consols opened at 1879,
and closed at 763sG7624, against 761a@76a4 on
Tuesday. The sales amounted to $4,000 In
the Exchange and $4,000 outside. Premium
Bonds were strong at 33%033a4, the sales
being $4,000 outside the Exchange
According to the Kansas City Commercial,
the total arrivals Of Texas cattle at Fort
Worth and Fort Griffin, Tex, since the open
ing of the season, are $685. head, of which
number 81, gOS will remain in Northern Texas.
leaving 227, 73S bound for Kansas and other
States and Territories North. OF the $685.
cattle, S3450 arrived at Fort Worth, $3.50 of
which remained In Northern Texas, and 1872
1876 arrived at Fort Griffin, OF which 27,958
stopped IN Northern Texas.
We have been shown by Secretary Hester
q memorial TO the Postmaster General,
signed by President Nugent, of the Cotton
Exchange, and President Bussey, Of the
Chamber of Commerce, stating that since the
thirtieth ultimo there has been no commune
cation by mail with Galveston; that the con-
tractor is making preparations to put on the
route between Morgan City, Galveston and
Indanola two steam yachts, which the petit
TONERS declare are inadequate to perform the
required mail service between those points.
They therefore call the attention of the Post
master General to these facts, and pray him
to give the subject the attention its great inn
portance demands. We understand this petit
tiOn will be presented to our merchants for
their signatures.
The Vanderbilt property is growing as the
Rothschild estate has grown. The Roths-
ehilds are greatest among bankers, and Van
derbilt is already the greatest railroad owner
and manager Ia the world. He Is now the
absolute dictator of the following railways:
Capital stock.
New York Central. ............... $50, 300
New York and Harlem ............ 9,050,000
Lake Shore and Mich. Southern b.. 49,46G,5O0
Canada Southern .................. is, 100000
Michigan Central ................. 1S,S38,2W
Rochester and State Line ....... 25O0,000
rr,+,I oop;to1 GtgA 9sq 0n4
BY the ownership and control of these roads
Vanderbilt has now obtained the supremacy
In the traffic between New York and Chicago
The future growth of both these cities, and
of many cities and towns lying between them
will be powerfully affected by the policy he
pursues.
Even before the war the State of Georgia
was noted for her cotton factories. Since
that period, owing to causes which need not
be mentioned, these factories have greatly
increased In number and Importance. Ac-
eording to official reports, all OF these, with
out an exception, as far as we have heard,
have proved highly remunerative. AS
specimen we give an abstract Of the annual
statement Of the factory located at Augusta,
made on last Saturday. The President made
year, which the Augusta Chronicle summa-
rizes as follows: During the year ITO looms
turned out ATT, 1897 yards of cloth. The mill
consumed II ,s19 bales Of cotton, at an aver
age cost of 1902 cents per pound. The sales
OF goods amounted to $Ss5,O33 Al. The num-
Der of operatives employed was GAO, whose
wages amounted to $162,000. The mill paid
four dividends of Q per cent each, paid off
$1,000 of it's bonded debt, and carried $25, 40
to its surplus, increasing that amount from
S2S0,55o to $256,O2O."
The Louisville Courier-J ournal, in an ar
ticle on the report of the clearing house ex-
changes during the past month, says: 'In
the first half of the calendar year the clear
ings have fallen short of the corresponding
period of last year by S10 1876, 1913, or nearly
10 per cent. The deficit in june 1878, as COM
pared with June, 1877, is about 16 per cent.
There is general decrease in the bank trans
actions of the entire country, as indicated by
clearinghouse returns, but the decrease in
Louisville is above the average. To what is
this to be ascribed2 We must look for an an
swer to local causes, and it is important that
the true one be found. The principal, and
perhaps the sole, cause is probably the inter-
nal revenue legislation Of the last Congress-
the main result of which was to make the
whisky trade borrower of the Treasury in
stead of local bankers. The threatened legis-
lation on the tobacco tax has also bearing
of some consequence on trade and money. Or
course the currency and bankruptcy legisla-
ton exercised general rather than a local
influence, and cannot be cited to account for
local deficiencies"
large portion of the ice consumed in this
city comes from Maine. In a recent letter
to the New York World, from Augusta in that
State we find much interesting information
regarding the production of this article We
have only room for the following extract:
Seven or eight years ago there were only a
few companies engaged in the ice business.
The great cities had not learned to appreciate