The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-10

In gOGIOn. by Keeping the plpeS Iuil OI Oil III HhS
been found that the insulation not only is pre-
vented from decreasing. but has become large
~ incre ased-in some cases the increase being
not less than 80 per cent.
A Baltimore paper states that the foreign
trade of that city for the past month was very
fair. the shipments Of nearly all the principal
articles OF export having been largely In excess
OF the corresponding month Of 1873 This 10
especially notable In the grain trade, In which
the increase has been very heavy, and which
for the first four months Of this year shows
gain In comparison with the same period Oh
1878 Of over 100000 bushels In receipts ana
over 100000 bushels In foreign shipments. lh
the shipments OF corn since the flrst oil jan
uary Baltimore is now several hundred thou
sand bushels ahead Of New York. although that
port now leads In the exports OF wheat.
Mr. Eaward. in his sixth annual review OF the
coal trade Of the United States just published,
and incidentally OF the coal trade OF the world.
gives quite number of interesting statistics
Of this branch OF industry. At the head Of the
coal producing countries stands Great Britain
the coal output OF that country Tor 1877 belnR
very nearly 13s 900 900 OF tons. IL will surprise
many to learn that the coal mined In Germany
for the same year was but trihe less than the
total product OF the United States: the output
OF the former being 40 367 tons. and OF the
latter 40 1870 5s4 tons-all the other countries OF
the globe put together producing but $1,000 900
of tons annually. But our chief interest 10 with
the coal product OF the United States. and here
we find, according to MIR. baward. that the pro-
duction of bituminous coal is on the increase
whilst that OF anthracite shows decline. The
stoppaGe Of 30 many furnaces and the closing
,F,r MIR
will account, IL part at least for the lesser con-
sumption of anthracite since 1878. whilst the
wider distribution Of the btuminous coal fields
necessarily meets more eheaply the local de-
mand, both for domestic uses and for the gem
GRAFTON of steam, .= 5-=
We have already stated that bill has been
introduced In the Legislature Of Ohio prohibit
ing life insurance companies which by the law
of the State by which they are incorporated are
forbidden to loan their money upon real mort
gage Or other security in Ohio from doing bust
ness In that State. We now learn that similar
law Is under consideration In Illinois Both OF
these measures IRE aimed especially at the New
York companies, and are In retaliation for that
feature Of the New York State law which forbids
life insurance companies chartered by the New
York Legislature from loaninR their funds on
| fifty miles around the city Of New York. The
obvious policy OF this Legislation is to make the
| vast accumulations Of the New York life insu-
rance companies inure to the benefit OF New
| York alone. These accumulations are derived
| of course, from policies taken out and premi-
ums paid In every State In the Union. The
Baltimore Sun, In an article on this subject
| says:
| The vast capital thus drawn from the country
| at large, the New York law seeks TO keep within
| Its Investment elsewhere. Several consequences
not fully foreseen and considered. perhaps, by
the Legislators who framed the law. have fol
lowed It's enactment. ln the first place. the
real estate security to narrow area within q
radius of fifty miles from New York city have
been practically restricted pretty net rly to that
city itself; The active composition thus On;
Investments has unduly stimulated speculation
| in real estate. while the companies themselves
ere now suffering In turn from the shrinkage
Ia real estate values. With fewer restrte ions
ments. and with a wider range OF secu.
rites to choose from. the companies
you'd have -, suffered less :, loss; Tn i
no element OF security ia thus circumscribine
the Investment area Of life insurance assets. for
1t truly adds. nobody will pretend that real es
tate. wisely selected IN other sections Of the
alton In value than In New York city. Another
iii effect Is the retaliatory legislation on the par
of other States which such restrictions are cal
to Is not m up Na na IN,
companies by the agents and solicitors Of com
panies of the States which are not compelled b.
law to keep and invest their assets at home. Blu
It invites such measures of retaliation as tn
pending laws in Ohio and Illinois already re
ferred to,