The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-04-21

8
Commercial and Financial Matters.
The ship Adoina, from Liverpool, arrived
yesterday with IL, $50 sacks Of salt.
Six vessels cleared yesterday for foreign
ports with cargoes OF cotton aggregating
1851 bales.
At the sale OF the boilers, machinery and
wreck Of steamboat Dawn the sum OF $1O28 Il
was realized.
The number of railroad accidents reported
Tor the year ending with February were $50
persons killed $50, injured e66.
There are at present In tie port Of New Or.
leans IL steamships, 25 ships, 40 banks,
briggs and schooners. There are 25 vessels
cup, cleared and sailed" for New Orleans from
foreign ports.
State ConsoIs opened yesterday ut 77h
against 76L on Thursday, but closed at 76H
t176ss. The sales amounted to only $4,000
Premium Bonds were dull at 4H@bAF1. Sales
$75,OO0 Fifty shares OF New Orleans City Rail-
road Company were sold at 143, and ten shares
Mechanics and Traders Insurance Company
at Tx, indicating strong feeling In that
class Of stocks.
There are in France 900 beet sugar factories
now ut work, an Increase Of ITO factories
since this time last year, and the rate OF pro
duction during October last was thrice that
OF the corresponding month OF 1876. The
total exports during September last were
II, 900 tons, against only 1920 tons in the same
month OF 1876.
The Philadelphia Press states that the de-
I termination on the part Of merchants to re-
strict credit to thirty and sixty day obliga-
uons, or to found their transactions upon q
Cash basis, greatly restricts the amount of
paper In circulation. The applications at the
banks are less than at any period for ten
years past, while the brokers complain that
but little finds Its way outside OF these Dsti-
buttons.
From the first Of September to the present
date the comparative receipts of some of the
articles Of produce from the interior have
been ss follows: Sugar, ono hhds, against
133SO2 hhds last year; molasses 308 1854 bbls-
last year 24l 1888 bbls; rice, $50 bbls and
sacks last year 264,229; potatoes. 1s4547
bbls--last year 1906: flour, $50, 304 bbls-
hast year 33,O49 corn, In bulk, 3,679, $40 bush
els-last year 1,173, 381 bushels: wheat. 653, 55t
bushels-last year 93.725; corn meal 6214s
bbls--last year 1926 bbls; cotton seed ,724,
Oh sacks. against T., O5B. ZIG sacks last year.
Well informed New York bankers predict
that the gold premium having been practi-
cally abolished between $50 900, 900 and 5000, =
100000 In that coin will be forced into active
circulation. Nothing can now be made by
boarding gold. Its purchasing power Is no
greater than that Of like nominal sum In
ereenbacks. The addition of gold and silver
legal tender coin to the countrys circulation
will be a species of imitation the people can
stand. It will be initiating with real money, SO
recognized by the world.
The Memphis Avalanche, in reviewing
Capt. Eads' lecture in that city ON his system
Of protecting the banks of the Mississippi
from overflow-the same he delivered before
our Cotton Exchange makes the following
striking comments:
If There is something eloquent in the grand
confidence OF men of genius In announcing
their opinions. Napoleon said: "The House
Cowdon declares: "Make the capacity for
outflow greater than the capacity of the
inflow, and there will be no overflow" Capt.
Eads lays down the law: "a uniformity of
width means O uniformity in depth, @ uni
formity In current and uniformity in carrying
sediment" These positive declarations re-
mind US of the instructions of father to his
son when playing chess: my son, the thing
to do Is to checkmate your adversary"
In his speech on the tariff in the United
States House of Representatives on the tenth
instant, Mr.. Wood Of New York, stated that
there are now pending in the United States
Circuit Court Of New York 5000 cases arising
out of the tariff law, and large number be-
sides in the Supreme Court. The excessive
rates which the law imposes encourage snug
CLING and fraudulent undervaluations, by
which the government is deprived of large
sums OF revenue which lower rate would
bring. "A New York custom house officer es-
Inmates that there are 600 or $4,000, 900
worth of silk alone struggled into the coun-
try every year; another estimates that the
loss by undervaluations Is $3,OOO,O0O to S.
100000 a year, and another that the entire an
nual losses by revenue frauds amount to 20
per cent of the whole sum collected, or about
$26, 600. The cost of collecting the GUS
toms duties under tho law is Ss,OOO,OOO per
annum, or about per cent.
We learn from our Chicago exchanges that
the prominent merchants of that city express
themselves very freely and forcibly in regard
TO the present bankrupt law. The sentiment
In favor Of its repeal appears to be general
among the business men of the city, and there
81 an equally unanimous desire for the enact
nent OF plain, practical law, the effect of
which will be to discourage commercial dis
honesty, and give to creditors rather than
lawyers and law officers the greater portion