The New Orleans daily Democrat., 1878-11-02

Ehinly no larger tnan USUAL
De Lesseps having made a success of the
Suez canal, proposes to construct, for q con-
sideration, the Darien canal. He brought the
matter before the international Congress of
Commercial Geography at Paris, In Septem-
ber. AS the Suez canal cost only $90,OOO,0OO.
he was Of the opinion that the Darien canal
might be completed for $500 100000 and after
ward be made to pay. The routes of Lieut..
Wyse, All officer Of the French navy, which
involve tunnels Of five or ten miles long, were
proposed. This pleased the congress- and 1t
was resolved that enough survey had been
made, and that an international committee
should meet as soon as possible to organize q
company that would raise funds and carry
the work through.
A London letter to New York paper cor
rects the statement extensively circulated on
this sideof the Atlantic that Lord Beacons-
field had cont ibuted $4,000 to the relief of suf
ferers by the Princess Alice disaster. The
amount was the more modest sum Of $780,
and the correspondent reviewing the financial
condition of the hedistinguished earl, shows that
he is not prepared to make five-ti,ousand-dol-
Ing. in fact poor himself. Although Disraelis
second wife was wealthy, his interest in her
fortune expired with her His chief emolu-
ment now is his salary as first lord of the
treasury, $25, 600, which Is said to be scarcely
adequate to sustain the dignity Of the posi-
ton When in retirement. Lord Beaconsfeld
Is compelled to draw his pension of $4,000 as
ex administer, being absolutely In need OF 1t.
The Massachusetts Supreme Court has by
n recent decision established the principle that
where the holder Of certificate of stock ap-
pears on its face to be not the absolute owner
OF the stock, but to hold it by such title that
he may not have authority to transfer. the
corporation Is liable for neglect to make such
inquiry into his authority to make the trans
fer. The case which brought out this decis-
ion was one where the trustee Of an estate
transferred some stock in the Salisbury mills
He held his appointment under written in
strument, which empowered him to invest
and reinvest the funds held in trust, with the
provision that II the beneficiary of the trust
was In the United States at the time of any
transfer Of stock she must give her consent
The corporation honored the trustees oruerto
transfer without examining the condition of
his deed Of trust and as the beneficiary of the
trust was in the country at the time and was
not consulted, the corporation was sued for
the value of the stock. and has to pay it.
National bank exemption on government
bonds is not regarded in Washington as final
ly settled by Attorney General Devens latest
decision. Leading Treasury officials are said
to be of the opinion that the last construction
given by Attorney General Devens is sus-
ceptible of further modification, and that the
market quotation of the bonds on tha day of
the assessment is the most that the construc-
tion Of the law can be made to bear as to their
taxable value. Pending this discussion the |
Treasurer decides that the only way for the
banks to secure the sums paid into the treas
rry through his assessment is by bringing |
suit against the government in the Court of
Claims. Many of the banks, it is well known
have reduced their circulation, and in SO do
Ing have withdrawn the bonds held against it, |
According to the last opinion Of the Attorney |
General the premium originally invested is |
still exempt from taxation, having been paid
out of their banking capital For the same
reason the premium on bonds which were
originally bought by the stockholders in
rreenbacks and turned in as capital at the |
market rate is likewise exempt from taxation.
The gigantic robbery of the Manhattan
Savings Institution in New York city con-
;inues to be the sensation in that and other
,ities of the North and East The robbers
we're as shrewd In covering their tracks as
they were ingenious in planning the robbery.
The latest reports state that of forty or fifty
ooxes stored away about twenty had been
opened and their contents rihed. It is poss-
Ole the amounts taken may be more than
s3, 900, 900, since the contents of ten boxes con-
aiming gold coin and government bonds, with
which the sides of the vault were lined,
nave disappeared. The most singu-
ar circumstance In connection with
his robbery is that the ianitor, or watchman,
vas intrusted with the Combination" by
which the vault of the bank could be opened
That officer. or servitor, was the man that
jhe robbers attacked, handcufcd and forced,
1t the peril Of his life, to give up the COM
,ination by which they were enabled to
gain access to the stores of wealth, In
money! jewels and stock, which were
,olice detectives of New York are represent
I'd as being at their wits ends for even astart-
ng place from which to track the men who
lid this tremendous job of robbery, and it is
probable that this great robbery will be
,hrouded in impenetrable mystery.
The st. Louis Republican thus speaks out
or that city as cotton market:
1t is true that st. Louis has protited in her
otton trade by the misfortune Of the South
u the prevalence of its fearful epidemic of
yellow Jack: - yet In this no blame can at
acb. for no efforts were made by our cotton
actors to draw cotton here. It sought this
market because our city was as, free from rom the
ume its supremacy in the staple, and Mem
.his will recover more or less of its quota.
3ut the fact nevertheless stands prominently {
hat there has been large accession OF re-
eipts here, and it was but reasonable that st.
Iouis journals should note it. Commerce has
10 element of magnanimity in it, but Is char
selfish, and an individual or a
never hesltates to profit by the
IF NJ prt x-l,i Ia hir &c q |