The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-10

HlIHITHs
In publjc securities the market continues
ye,y dull Yesterday State Consols showed
slight Improvement, closing firm nj }s0ba9% Y,
against AM s1laD pn tho previous day. Pre-
rntum Bonds ruled steady al "a yN125, against
qIls6l2I7s pn Tuesday. The sales Mt the Es-
change amounted to $4,000 OF States ana
$4,000 Of Premiums. Outside 1901 900 OF Pfe-
sntims were sold.
1T. Louis flour continues 10 compete with
tho best Richmond III the Rio de Janeiro mar
Aet, the latest advlecs ID shippers here report
ing sales Mt Ies500 refs, which WIS tho top
figure for the best Richmond brands some
time ago the Republican noted the sale OF St
Louis flour In The same market nj 10000 reis,
which should hHye been 1o$5o0 res and thus
III can w diEcefnad That Western Hours orc
establishing themselves In the Isip market
l,uSaun. Ala. has compromised with her
creditors, the holders Of her bonds given in
aid of railroads. amounting TO $4,000 and
Interest. Under tho compromise. tho bond
holders surrender two-thirds Of their prln-
nlpnl and unpaid past due interest III other
words. Euanla pays In full settlement Of her
railroad bonds one-thlrd OF the principal and
interest now due. Tho old bonds bore 8 per
cent interest and had twenty years to- run.
Tho new bonds benr only q pnr cent Interest
sand run fur twenty years.
Official reports show That more than $780,
100000 are paid annually by the United
states for imported iibres-lax, hemp and
1ute this, too, notwithstanding the fact
that III no other country In The world can these
fibras be grown 10 we'll and cheapiy. IL has
been demonstrated that iute cnn Do proiltably
grown II South Carolina, Georgia, Florida,
Louisiana, Texas and wherever there Ia q hot.
damp climate. and u soil OF sandy clay or
alluvial mould II ID four times as produc-
tive ns cotton or flax, and requires not moro
Ihan one-tenth the labor TO produce II.
The commercial world. Or at east u large
part OF It, is Mt present agitated by fenrs for
Che safety Of the wheat crop In Kansas, Mis-
so,iri and Texaa. The season is TN unusually
dry ono In those States. and there Ia grave
reason tO fear large falling Off, for want 81
tho moisture necessary to nourish tho grow
ing plant It 10 claimed by many that. even
III rain should fall Immediately, the yield will
he under the average, while few doubt that
the result would be serious II rain be much
longer deferred. Tho area Of wheat culture
Hi those States Ia now 90 large that total
failure Of the crop would make d eonsdera-
bile difference In the aggregate yield Of this
country. In the Northwest seeding Ia later
than Inst year. and some sections report that
a diminished acreage may be expected rs
prices have been too low 10 tempt To super
human eSertion this Year.
There has been an Increase of national bank
circulation In the last five months of "a, 66s, :
4si. The net increase of national bank notes
during the month OF March was 81 ,OS1 .O26.
The increase In February was St,CiS, 4Ot. In
January IL was $6O7,9o5; In December, $780,
6iB; ID November. $40, ia1. The total Increase
for the last five months has been $4,C6s 4s1
The increase In the amount OF legal tender
notes deposited for the purpose of retiring
national bank CIRCULATION during tho same
period was $a t72, 300. The total decrease In
national bank circulation for the four months
previous to November i, 1879 was az, 900, 800
The total amount OF national bank notes out
standing, exclusive of gold banks, April l..
1879, was 1886, GGD.276. The amount OF ma
tional gold bank circulation was 81 ,aGG, D2o
There have boon twenty national banks or
ganzcd since November |. 1878 (which was
the date or THO tables contained In tho Con-
trollcr's report. with u capital OF 81 100000:
and. since the same date, twenty-six banks
have gone into liquidation, with capital of
s2,gs0oo0. The present paid-in capital Of the
\ national banks liz sa65 As33G2.
IA PULLING RAIL CONTKAGr.-A New York
exchange says. Some interest IL excited In
the iron trade by the fact that Mr.. Wander
;hiIt has bought in England $4,000 tons of steel
rails al % price which equals S55 per ton when
landed here, while the price for the best Amer
lean would be $i5 delivered: The rails are
to be guaranteed for fifteen years,
tNlt the trade are reluctant to regard this NJ
the reason for paying $40 ton advance upon
the home prices. and wonder what the other
motive may be.
THE NEW Four PER GENT BONDS OF
GEORGIA. Washington, Ap,1t THE follow
ing - furnished by the Controller 81 INC Our
received from the bank examiner In Georgia
d specimen of the new per cent bonds re-
Gently issued by that State. They are tn
size and color similar to greenhacks, and In
other respects they are u bond, with interest
payable six years after date, with six annual
coupons, amounting TO twenty cents each,
upon the right end Of the note. The Con-
arcller, Ia his reports for 1872 and 1879, called
the attention VI Congress to the issue OF
certificates Eof the denomination OF So by the
State of Alabama, which were receivable In
payment OF taxes and all State dues. The
question is likely TO arise whether
these bonds arc bills of credit. sThe Con-
troller. IN hsreport Of 1872. said the consti-
tuition OF the United States provides that no
State shall emit bills Of credit In famous
case (Ruscoc vs.. Bank Of kentucky the
Supreme Court held that a note Of circulation
issued by State involving the faith of the
State and designed to ciWulate as money, ON
Sbe credit of the State, n the ordinary course
on business, is bill OF credit. Other decs-
Ions Ions q the Supreme eourt hold that certi-
s. ~ Issued hy St4e In sums not exceed
ahg WV nor less thar 10 cents, receivable In
saaStmeht 81 taxes, Thy faith and credit OF the
5S,aaee being pledged II their redemption are
constitution p'n vi 'tie
man seen runnirfI dow, Tho stroot .h.,,i.
neck ''A9 'ht 1o' ''' oASuh-