The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-27

publie securities. State Consols closed firm
NJ 4ai4a4gt,, against 4ei1sm4aIs on Tuesday.
Premium Bonds closed easy Mt 24l.C1242.,
against 24sS@24ss4 on the previous day. The
sales at the Stock Exchange amounted to
only s2s,0OG Of States.
A bin has passed the New York General
Assembly making the Office Of county clerk
IN New York Halaried, and forblddlng him To
receive any fees for hla own benefit. The sal
airy Ia fixed by the bill at $1,000, whereas the
Office has heretofore yielded the Incumbent,
It is supposed, at least $4,000 per year. A
similar bin In regard TO the register has been
introduced.
The Illinois Legislature proposes to shut
out ell life Insurance companies from that
state which are forbidden by their charters
from making Investments outside the State
which Incorporated them. This Is move In
the right direction. New York, Massachus-
etts and some other States have endeavored
TO hold capital in this way, and legislation Of
the kind proposed In Illinois will warn them
that two can play at that game
The New York wall street. correspondent
of the baltimore Sun telegraphs to that paper
of the twenty instant: "The offers 10
sell Louslanas are not 80 plenty to-day, and
II looks now as " the bonds go freely poured
ION the market OF late came from parties In
sore need. IA is evidenced by the events OF the
past few days II these needs are supplied,
and the convention enacts no rash measures
the bonds should al least be steady If not adj
vance fraction, though II will probably be a
long time before they again enjoy The conf
denee OF Investors"
A blu Ia now before the Illinois Legislature
and will probably become law. for the pro-
lection Of bank depCaitors. II provides
among other things that bank officer receiv-
Ing deposit and knowing the bank to be In
solvent or ON the verge Of suspension at the
tine shall be guilty Of fraud, and fined double
the amount Of the deposit or imprisoned In
the penitentiary It also proposes to forbid
the loaning Of deposit or trust funds by
savings bank 10 lite officers without the con-
sent of depoeitors and In n general way aims
at making 1t crime. punishable the same as
any other form Of theft, for bank officers to
take what does not belong to them. There IL
no doubt of the necessity Of some such re-
strictions as these In Illinois, AZ well as In
every other State where they do not at pres
ent exist.
According to the Gourlef j ournal. the light
receipts Of leaf tobacco at Louisville are
tending TO impress upon the trade the theory
that the crop of 1878 was overestimated
though it s also rem embered that the
weather conditions have been unusually TIM
favorable TO the preparation and delivery Of
Ar fI.ufr fixYa aff Ia tYn1
binary disparity OF new crop deliveries. the
Courier journal publishes an exhibit OF the
orirnal sales of new tobacco I'm that market
during the current season. amounting to $3.50
hogsheads. 1t appears from this that the to-
tai sales of new crop tobacco at Louisville
are less than one-thrd IA large as In the cor
responding period of 1873, 35 per cent less
than In 1877. and more than 80 per cent less
than In 1875. Statistics recently published
also show that the receipts ut Louisville
maintain full average prepondorance over
those at other markets.
The winter wheat surplus Of the States of
New York and Pennsylvania has been mostly
marketed The remaining winter wheat sur
plus of Michigan. February |, 1879. was stated
by tho Detroit Post and Tribune TO be about
5000, 900 bushels, since which, TO March il.
/ 32s.s77 bushels have been received at Detroit
and Toledo, leaving n surplus still of about
100000 bushels. The stock at Detroit and
Toledo February l. 1870, aggregated $50 22
bushels, against ,459,491 bushels March 10.
1870. The remaining surplus over domestic
wants Of winter wheat In the States OF Ohio.
Indiana and Illinois Is believed to be small.
The reports Of the condition Of the winter
wheat crop UP to this date have been gener-
ally OF a favorable character. During the
first two weeks In March considerable spring
wheat sowing was done In Iowa, Southern
Minnesota and In various localities in Wis
consin, under favorable auspices.
The clause In the bin amending the internal
revenue laws as It passed Congress Is not
generally understood, as the provisions first
agreed upon and published were changed In
the conference committee In the last mo-
ments OF the regular session, 50 that as the
bill passed 1t Is not commonly appreciated.
The st. Louis Republican publishes the law,
as 1t was approved by the President. as fob
lows:
SEC. %. Th.-t whenever and after any bank
has ceased 10 do business by reason of insol-
vency or bankruptcy no tax shall be- assessed
or collected, or paid into the treasury Of the
United States, on account of such bank which
shall diminish the assets thereof necessary
Tor the iull payment OF all It's depostors; and
such tax shall be abated from such national
banks as are found by the Controller OF the
currency 10 be insolvent; and the Commits
s,oner OF Internal Revenue, when the facts
snail 50 appear to him, Is authorized to remit
20 much OF said tax against insovent State
anu savings banks rs shall be found to affect
sng Slaims OF their depositors.
nal nae N making further collections OF inter-
han hperehue taxes on bank deposits no savings
State . snS as such by the laws of It's
account na u, having no capital stock, shall, on
hsrot1T,ol mercantile or business deposits
ma Ham n received. upon which no interest
deposits b e Ssg ey the parties making such
savings banks having no eaniai s atiowea n 70
aoins Nc 40 9tier business than receivjna, a IA.
poslts 70 ~ loaned or invested Far thss s M
dement, OF the parties ma kin4~ Aot tAlS Soie