The New Orleans daily Democrat., 1878-10-29


bulk wheat and 670O sacks Of flour.
The Richmond tVa) Whig says: All the &C
counts from the country report the tobacco
housed, ripe and in good condition. The crop
Is small, but an unusual proportion Of 1t Is OF
very fine quality. 1t Is ripe. richand Wazy'
Judge Jackson of the United States District
Court Of West Virginia has decided that the
ferry at Harper's Ferry belongs to the man
to whom 1t was sold by the United States
In other words, that tho Federal Government |
can acquire and dispose Of n good title to that |
sort Of property Or franchise
The New York Bulletin publishes, as the |
result Of Investigations in various depart |
ments of industry, q table showing the de- |
mand for labor In that city, rs compared with
1873. and the comparative rates OF wages. |
The general result is to Indicate that wages
have declined about 81 per cent, while the
number of hands employed has increased by
about 15H per cent. It is very probable that
q like movement between employment and
pay has taken place In tho country at large.
The storm of Wednesday last along the
Atlantic coast and for some distance In the In
terior proves to have been OF almost unex-
amped fury and destructiveness. Eight ves-
sells were sunk in Philadelphia harbor and
400 buildings were more or less damaged IN
that city the loss being about % tz t66,666.
steamer Express, plying between Baltimore
and Washington was met by the storm near
The mouth Of the Potomac and literally over
UheImed and annihiated by the awful power
of the angry waves. Twenty lives were lost.
Vessels wherever overtaken by the hurricane
were completely at its mercy, and the wrecks
and casualties when all ascertained must foot
,rp O formidable total.
Some OF the Now York national banks arc
reported as below the legal reserve OF 25 per
cent. They are the Merchants, with 1888 per
cent; Mechanics, 1872; Union, 1922; Mer-
chants Exchange, 1872; Commerce, only
1920; Broadway. 22.75; Mercantile 1891 ;
Hanover, 22.0O; East35ver, 1886; and Ninth
National q 80; besides some five others,
which show between "a and rs per cent. The
deficiency in the ten banks named is S2,l25-
1876; that Is tho amount of lawful money re-
uuired to bring their reserve up to 70 per
cent Of their deposits. Oyer ono-half OF this
deficiency, Or 81 O97, 1926, Is shown by the Bank
OF Commerce. and tho cause seems likely to
be its business as u depository bank, which
makes 1t liablo to sudden demands Tor pay
mcnt of gold into the SUB treasury.
Tho Pail Mall begins to see the point 1t La
astonlshed that England, which Is more deep
ly Interested in the maintenance of the relative
value Of silver with reference to gold than
any other country except the United States,
should have resolutey set her face against
the attempt to remonetize the metal. Tho Pail
Mall asserts that 'the net loss by exchange
on India is calculated for the current year at
St5,O0o,0OO, and there is nothing whatever to
show that they have arrived at the limit o.
this serious loss But the effect of this is just
precisely what would arise from dangerous
shock to the credit of the Indian government
that Is to say, it increases the amount OF IN
terest on loans from Great Britain nearly 81
Der cent. If added under that hGad.' The Pal
Mall regards it as "very remarkable thai
those who suffer largely on their remlttances
for pensions which they may derive from OF
rents which they may receive in India paya
BILE In silver have never attempted any action
on this subject although the whole question
of currency is surrounded to ordinary people
with SO much difficulty that they accept {
shrinkage of income from such cause as {
result as inevitable as an eclipse"
A London banker in letter to the Times
attributes tho City of Glasgow Bank catas
trophe primarily to the practice of paying
interests on deposits. He says:
believe that tho tendency in bad times tt
"glut" bankers with money is direct invita-
tiOn to them to invest enOrm GUS capital II
speculative transactions. iirmly bHieyt
that the history of the City of Glasgow Bank
when revealed, will support me In this opin
ion, and it will be shown that that bank, in ltF
anxiety to employ it's deposits" Ton which il
paid Interest Immediately, they, were re
ceived1. unable from the state of the marke
to find sound investments, dared not pay {
less dividend, and so sought investment Of al
apparently remunCratiyC but utterly runOuE
character
The London Economist of the fifth instan
was not alarmed by the failure of the Glasgow
Bank, but has much interesting information
of quality not rcassuring. The reserves o
tho Bank of England had been greatl,
strengthened within two months, rising from
$4,000, 900 to E12, ,254, 600 on the twenty-eight]
of September-a proportion OF reserve to Liza
biities of nearly 40 per cent The bank state
ment Of the second instant showed reduc
tion In this reserve, and it has gone on falling
till it has now dropped to 27 per cent of th
liabilities. Tho revenue for the past 81
months has fallen short OF the estimat
g58G,OoO, notwithstanding the revenue fror
customs alone had risen E142 900. Thus a
addition of twopence to the income to
has failed to support the Extravaganza of tn
Tory government and the importations ar
still rising. Tho debt of municipal bode
had risen from 900 in 187O-n t
s1OG. .3O2, 900 in 1S76-77, which Is about up t
the American rate Of initiation. The numbe
of bankrupts in 1877 was twice as many as i
1870, and their liabilities $100,o00,0OO, or abou
half the American annual volume Of bank
ruptcy for two or three years.
SOUTHERN TRADE.-nThe abolition of qual
antine restrictions at Various Southern cite
and towns has been followed by a considera
BILE increase Of trade in several departments
but the consequences have not been as larg
mnrchants anticinated. THE reaSo