The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-04-12

The sales OF bulk corn yesterday Ill eiliS
market footed up 1870, 900 bushels
rrbora we're received here yesterday per
hork Duc Frateli. from Palermo, 4126 boxes
Of lemons and oranges.
ar the exports by vessels cleared yesterday
for foreign ports, we note 10000 bushels of
corn in bulk and 1902 sacks OF corn.
The demand from China and the East In
dies for silver was light last month, and the
treasure exports from San Francisco In conse-
ouence amounted only to $2,6758@.
OF the S4,134 1872 of exports from Phiadei-
mia to foreign countries during the month OF
March. s3,153574 was carried in foreign bot
toms and only $3.50, 55s in American q pro-
tective tariff having pretty nearly swept
American vessels from the Atlantic ocean.
The twenty-four principal British railway
companies show for 1877 an Increase ID ther
total net revenue of S3O55,oOo over 1870 AL
the same time the capital expenditure was
increased $4,000, 600. SO that the Investment
rank of the roads, on the WHOLE WAS not I'M
proved. -
The sales of State Consols reached on
and they closed at 7640n76H. Premium
Bonds closed dull and easy at s5@o351s, the
sales footing up s153OOO. Fifteen shares of
Gas Company stock were sold at 99ls, and
75 shares Of Germania National Bank at 500
per share Stocks generally are in moderate
request.
Documents have been sent on to our Con-
gressmen showing the importance and abso-
Lutte necessity of an appropriation by the
United States for the improvement OF Red
river From one OF these, compiled and for
war ded by Capt. Aiken, we gather some very
pregnant facts. During the last six months
$1,000 tons of freight have been carried up
through the mouth of Red river, averaging
$50 tons TO each steamboat engaged In that
trade. During that period $4,000 bales of
cotton came out Of the mouth OF "Old Red
besides large quantities of cotton seed, hides,
tallo W, sugar, moasses, cattle, etc. During
the past six months the Red river boats have
broug ht to this city from 1900 to 16, 900 head
of cattle alone. These indsputable facts con-
clusively establish the Importance of improv-
ing the navigation Of that river. 1t Is not
only great feeder of the commerce Of New
Orleans but of all the cities on the Missssip-
pi and Ohio rivers.
The refusal of the London Clearing House
banks to admit a country bank with Lon
don Office to the privileges of the clearing
house has created some discussion in London
as to the public function of the clearing
house. The London Times declares that the
perpetual wrangle as to who shall and who
shall not be clearing" bankers Is a disgrace
to the banking community of London. The
clearinghouse ought not to be a place to
which bankers are admitted by favor, as its
object Is to facilitate the transaction of bust
ness. bank barred out of the clearing
house becomes an obstruction. Therefore it
says the clearing house ought to be a central
Office where the business of all the London
banks could be expeditously cleared up The
Times advises the outside banks to organize
n clearing house of their own, and to depute
certain members to obtain payment of the
drafts ON the present clearing-h house banks in
a way that would soon bring them to terms
The New York Bulletin says that the re-
port Of failures in that city during March
shows decided increase both in the number
of mercantile misfortunes and also in the ag-
gregate amount of liabilities as compared
with the preceding month In oil, there were
eighty-fve failures reported during March
against sixty in February, being an in
crease of eighteen for the month. The total
amount of liabilities on account OF the March
liabilities, including that of the SiX-penny
Savings Bank, foot up to about $1,000, 900 in
round numbers, with assets valued at about
S3OOO.0o0. The total liabilities In February
were about 81, 100000, making the Increase in
last months Indebtedness to be about
$3,000O00.
Regarding the financial situation In the
East the following from the Philadelphia
Record is pertinent.
The army OF croakers has hatched out
new cause of complaint by stating that the
decline In 1mportations during the past three
months is bad sign because it is a sure in
dication of the falling off of trade. Positive
results show that every department of trade
is In better and more thriving condition
excepting only the importing merchants
The decrease in the volume of their business
is due to a two-fold cause-frst, on account
of the enormous reduction in the values of
all kinds of merchandise, which has aggre-
the foreign goods absorbed by this country;
the other and yet more pertinent reason
is due to the improvements made in the
manufacture of many articles that have here
tofore been brought from abroad. Cutlery,
silks, wooden fabrics, which were formerly
made SO roughly in the United States that
they could only find consumers among the
backwoodsmen are now finished as exqus-
itely as those of any foreign manufacture; In
consequence of which they are used to such
an extent that importations are necessarily
largely curtailed More than this, they now
compete in markets which were thought to
belong entirely to the products Of European
looms and factories. This shows as a result
not "a falling off of trade, but a genuine crea-
ton of value. which tends to make the coun-
try rich and helps it to absorb the large
amount OF government bonds about which
there has been such vast quantity of clack.
From an article in the London Miller of
March Is, giving a view of the European
breadstufrs situation and outlook, we take the