The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-08-15

The movement yesterday in securities was
limited and the rates for the same were easy
State Consols opened at 711 and closed easy
BIT 7t0711s, against 7124@7lN on Tuesday
Premium Bonds opened at 305g and closed
quiet at 3o5S0Q3OTS, against 30260n30M on the
previous day. The reported sales were Sl2O,ooo
III State Consols and $4,000 OF Premium
Bonds. .-
Tho English government seems to have
fallen into a curious blunder in it's contagious
diseases tanimals) bill. This bill allows much
more favorable conditions to the importers OF
American cattle than to the importers OF cat
stie Srom France, Austria and Belgium on &C
cotIlt of the Atlantic voyage. Mr.. Mundella
points out that this is in exact opposition to
commercial treaties already in force.
THE Wall street New York; correspondent
g8f Che Baltimore Sun writes to that paper OF
the eleventh instant: "Another result of
sE1e sickness at New Orleans has lbeen
~ stiffen gulf cottons, and to add
to-day still further to the strength of the
market for sterling exchange. The bankers
who receive the most bills from the South
have none, and until exports Of cotton are
resumed they are not likely to have any.
This scarcity, therefore, has caused further
advance In the quotations to-day to 48A and
4.8s, which will be blessing to John Bull II
nobody else, as 1t will probably keep the bank
rate from advancing"
The Bank Of New York. of New York city,
on It's capital OF $3o0o,O0O, has paid per cent
al TOW Ia
year was $153O00, Of which the general gov
eminent received $S6,668 and the State, coun-
tn and city, $6G,403. The present low rate OF
interest on loans, prime paper being worth
only to per cent, has caused the bank di-
rectors, as we have already stated, to deem i6
iudicious to reduce the banks capital to
S20000OO, or the number of shares from $4,000
100000. The Bank OF New York is, with one
exception, the Bank Of North America, in
Philadelphia, the oldest in the United States.
1T started June Q, 1884, four years before
George Washington was made President OF
the United States, and among it's first direct
&ors were Alexander Hamilton, Nicholas Law,
John Vanderbilt, VIM Seton and others OF ce-
Iehrity. Talleyrand and Aaron Burr used to
keep accounts there.
Not less than twenty-eight railroads have
been sold under foreclosure since the first OF
january, the most of which are in the West
and Southwest. The aggregate length OF
these lines is 2184 miles, having bonds and
debts amounting to $114, 674 900, and capital
stock of S115 1885, ZOO. Fourteen other roads
have passed into the hands Of receivers. The
sooner all insolvent corporations are sold out
l. fhn
the public. Much Of the suffering from hard
times has been occasioned by trying TO Keep
these huge "lame ducks" afloat and to pay
interest on railroad bonds that were sold at
rslinous discount, and half the money realized
from which was stolen or squandered. There
are lines Of railway whose nominal cost, as
represented by bonds and stocks, is four times
their actual cost in labor and material. When
such concerns are reduced to their proper
basis by foreclosure and sale, the public good
lis promoted
The New York Board Of Trade recently is
sued report showing the population accord
ing to the census of 1870. the amount Of the
tax duplicate, rate OF levy, bonded and float
ing debts, and sinking funds of the twenty
eight leading cities Of the United States.
From the abstract Of this, made by the Chi
eago Tribune, we find some interesting facts.
The highest rate of tax levy of 1877 is that of
Troy n Y, and the lowest that Of Detroit
Mich--the rate Of Troy being sid per cent
and that of Detroit:1 rs. This immense dis
parity is caused by the Detroit assessors
valung property for taxation at its full cash
= Wall1ez while in Troy it is put at one-third of
full value. Taking population as the basis,
the municipal taxation of Troy Is SIT IS per
man, woman and child, and THAT of
Detroit $14 S. Thus, while the nomi-
mai rate of taxation Of Troy is four
times as heavy as that of Detroit the
tax per head is only one-sixth larger. On the
basis of valuation taking the figures for the ten
largest cities, Boston leads with the smallest
rate of tax levy. The per cents of levy for
Ghe several cities are as follows: Boston, 131
San Francisco, l :83; Baltimore, 921l; Phil
adelphia, 215; New York, 1885, St. Louis, $50
Cincinnati, 291: New Orleans 2.95; Brooklyn,
2.16. and Chicago, 1911. On the basis Of popu-
aatien, taking the census Of 1870 as the stand
ard, the tax levies per capita in the same ten
cities rank as follows, the lowest rate being
placed first: st. Louis, SIG IS; New Orleans,
SIT IL: Baltimore, SIS 10; Philadelphia, SIS u
Chicago, $40 50; Brooklyn $40 81; Cincinnati,
1913 IL; New York, $50 &c. Boston. S35 81
San Francisco, S37 49, In this table St. Louis
is made to rank as the lowest taxed city per
capita; but that is in consequence
of the fraudulent census of 1870
by which the population of st. Louis
was magnified $4,000 above the actual number
of inhabitants in the place at the time. 1t will
Il sae observed that Boston, with the lowest rate
V 8ser cent of taX-levy, makes next to the largest
aevy per capita; and that San Francico, with
the heaviest assessment per head, stands sec.
n 4oYld In the list for low-rate per cent. New
York occupies the third place per capita, and
Cincinnati nearly 81 per head more than Chi.