The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-03

In thirteen Western States On the first Of
January 1878, the total number was 81 100000.
or which 2225. 500 belonged to tho West
The mandatory of steel rails for railroads
iii this country Ii increasing ono heavy O.
Establishment being obliged to double its force
OF workmen. Other mills are reported ~
having more orders than they can I'LL u is
estimated that the total capacity OF the pres
ont manufactures will be inadequate 70 meet
the demand for steel rails for 1879
The movement In public securities con
tinues to TO exceedingly small. Yesterday
State consols closed firm al 4o1gdo49'a, against
a9sS015o on the previous day. Premium Bonds
ruled stcady at 24t406249s. against 4se0o24ls
on Tuesday. The sales at the Exchange
amounted to only $4,000 81 Consols. and $1,000
or Premiums, with no outside sales reported
There was q sale of $1,000 State warrants of
1879 Mt 81.
Less than $1,000. 900 of the now silver dol
lars have gone into circulation since the
coinage began last year, and the Treasury
Department now holds reserve OF more than
BI5.OOo.000 Of them while 1t IL presumed the
mints continue to turn out the $2Oo00O0
month required by law. The knowledge OF
this large accumulation, N is said, inspires
the Secretary with an ardent desire to do
something by which more of these clumsy and
undesircd coins may be forced Into the pockets
of the people. There are intimations that this
something will DC done or attempted during
this month, but what 1t ID remains for the
present q secret
The Indiana Legislature has passed an act
that seriously disturbs tho foreign corpora
tions doing business In the State. 1t pro-
vides that any foreign corporation that shall
transfer to tho United States court any suit
commenced by or against II In State court,
on contract made In the State, shall there
by forfeit all right TO transact business In the
State, or hold real estate or liens thereon.
The object Of the law IL to limit outside cor
porations to the courts of the State In all suits
founded on contracts made under State laws,
and prevent the harassing and expensive
practice OF forcing citizens engaged In litiga-
ton with such corporations TO appear, with
their witnesses, before the United States
Court Mt indianapolis. We agree with the ST.
Louis Republican, that an outside corpora
tion doing business through an agency in In
DIANA or any other State, ought to rely upon
the courts of that State for justice In all
suits with It's citizens founded on contracts
made under It's laws, and II 1t Is not willing
to submit to this requirement 1t ought to
cease doing business in The State
The Chicago Times, Of the thirty-tirst uti-
mo, says:
While it is doubtless true that the average
legitimate mercantile business OF the country
has been much more active and satisfactory |
OF late than 1t was last year, it must be ad- |
mitted that speculation In railroad and other |
stocks has recently fallen of quite matcr-
ally. A few weeks ago there was an unusual
degree Of animation In government bonds
railroad stocks and telegraph shares etc, but
since the trouble among the banks mt Now
Orleans began the NewYork Stock Exchange
board has been much quietor than ordinarily,
owing mainly, 1t appears. to an increasing
scarcity of money ut the New York banks
Sales of governments at New York, as we'll
az In this city and elsewhere, have fallen off
enormously, and prices for government bonds
and railroad stocks have been weak and de-
clining a good deal of the time. Some
OF the banks ut New York have become
heavily loaded with per cent government
bonds. which they cannot sell save at u sacri-
fice and rs was stated during last week by a
New York correspondent of this paper many
large holders OF the per cents who bought
the bonds to employ their funds for little
while are chagrined 70 find when they wish to
3, stuck on their bonds. This stringcncy of the
money market has, of course. checked the
aspirations Of keene and the other Wall street
bulls, who are understood to he eager TO id
a,lgurate anotherupward movement in stocks
including, it is said, Erie and Wabash. Money
in New York has ruled AS high AZ per cent.
and interest rates have been very stiff, though
outside banks have been forwarding currency
to that city to II considerable extent. During
the latter part OF the week stocks were more
active at higher prices, and governments
were also higher. About S4,000000 of April
interest will come out OF the treasury, be
ginning tomorrow, and this will undoubtedly
help to make money plenter in Wall street.
The Louisville Courer-Journal thus com
ynents on the recent action OF Secretary Sher-
man.
The Secretary OF the Treasury has ordered
that payments by banks on SUBSCRIPTIONS for
4 per cents shall be required only when neceS-
Sary to make payments for called bonds. He
also orders that no such draft be made until
the proceeds of per cent sales In the treas
ury shall have been exhausted ana permits
banks to make payments by checks through
the New York Clearing House when desired.
he Object OF these regulations Is to prevent
disturbance OF the money market. 1t IS GER
talnly very important that the money market
should not be disturbed. and it is eminently
proper to prevent it, If practicable, by legiti-
mate means. But in this instance, the Sec
rotary of tile Treasury has rcsorted to Illegal
measures 10 pipIett tte money market from
che consequences OF the imprudence of the
great banks which are chiefly interested in
maintaining monetary stability.
These banks have been rashly subscribing
1or eonsols on 9 nominal deposit in amounts {
greatly Id excess Vi their means. One bank
alone Went in for 5000, and the extent
Of such subscriptions may be illustrated by
[he TACT that the treasury calls for per cents
pased thereon, Which mature in April alone.
amount 10 l5S,0oo,00o. This money will be ]
aae III April, and the treasury must look to
~ banks for the bulk III the means to pay it, {
Now, considerable percentage of the sub
SSe e.lp was from miscellaneous subscri-
oers banks and individuals who have paid
Up. This fund il to be exhausted hafnra p anW
demands shall be made upon the so.eaIIad
eh e paSe ea lhn fund d. Of belongs
cited. viii Is loaned pat Through The order
free OF interest. W 1ne pahhs :
o IRON the maturity Of their immense sub-
angs ~ .ne banks will draw interest on tha