The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-11-07

the majority 81 the parcels arc either under th
control OF spectators who intend 70 carry g. Q
dealers ~ a PSs ee. wh y aaaa s q
4 work Into regular consumption. Even .th
10 California and Texas fall clips now coming fnr
2 arrive and from both first aud second hand
i, ARE offered indilrerently This week business
4 proves comparatively fnil, though some n NH 4,
u dealers nrs reporting reduced movement III
z domestic woods. growing ont 81 the higher lin
4 lii placed upon stock At the close the feoluf
fSrapT yey oreaR W spe ~
Z movement haa boon light, but carpet stock ha'
sold with much freedom and nt full rates.
REpEEMrNa Ills PLEDGE.-Most OF our read
ers. no doubt remember the suspension. Ii
1873. of the great house Of Jay Cooke. then the
most widely known banking house of the coun-
try. This failure was the commencement Of q
series Of financial disnstera which made 1879
one Of the darkest la tho annals Of our COM
merclal history. Jay Cooke. the head Of the
house. and then yet III the prime Of life was
ieered at when he declared that every creditor
would DO paid Lii full If ordinary prudence was
| exercised in the management Of the estate; but
| he braved the more than nnbeltevers and
| worked apparently In utter hopelessness. to
| pay the liabilities OF his house dollar for dollar.
After years Of labor and trouble. Jay Cooke
was discharged In bankruptcy and his property
was divided among hls creditors Since then,
he has started life anew and has prospered !:
aud m interesting md instructive article.
| which Ia published la the Philadelphia Times,
| gives Yhe complete vlndication OF Mr.. Cookies
assurance made to his creditors six years ago
The securities divided among the creditors Of
Jay Cooke y Go. are now commanding on the
market more than 10 per cent above the amount
Of the claims. and the singular spectacle ID pro-
sented OF what was regarded as a most dsas-
trous failure paying creditors In full.
The PRICE or WHEAT.--The New York Finan-
elal Chronicle Of Saturday last remarks that
the speculation for an advance In prices OF
wheat which made such rapid progress during
September and the fret half OF October, has
already produced effects of the most I'M ortant
character. not only In causing decided reduc-
ton In the volume Of exports but In promoting
moderate increase of deliveries from the
hands Of farmers. and. as a natural Gomez
auence. lending to a great accumulation OF
stocks. The exports Of wheat tand -four re-
dueed to wheat, from the principal Atlantic and
gulf ports Of the United States and from Mon
treal, for the two weeks ending.on the twenty
ninth OF October were s.722.o 900 bushels, This
fs large aggregate, truly. but the important
fact Ia that II falls 3774 900 bushels below the
aggregate OF the two weeks ending September
"a. when the total was IA. coo bushels. This |
decrease, the Chronicle says. ts made the more |
emphatic by the fact that III the fortnight last |
reported. considerable supplies OF spring
wheat were available for export. which was not
tho fact Ia the case OF tho fortnight ending
September "a. The increase In the deliveries
from the hands Of farmers has not been quite
80 marked. put It is still important. The
Chronicle concludes It's article Iii the following
words: The decline In tho prices for wheat
that has taken place the last week ID the result
81 tho assertion Of legitimate influences. 1t
brings back the regular trade to d sounder
basis. It will probably promote healthier
movement. The reduced prices are stil dear.
~ compared with those ut which the season
opened. But the demand has become more ex-
ended since then from the continued unfavora-
ole weather in Great Britain. On the whole.
therefore,. the present position or the market ID
highly satisfactory"
LOSSES by F1RE.-The last received number OF
he New York Insurance Chronicle publishes
comparative statement of losses by fro In the
United States and Canada during the nine
months ending September 30. 1879 7s m, '7e. u.s.
n which we find some Interesting and instruct
w facts. notwithstanding that the losses dur
NJ the past three months were comparatively
mall, the aggregate losses Ia the nine months
this year exceed By many millions
1850 OF the corresponding periods
1878. 70 and TO- II the largo loss OF !
anada In June. 1877, were excluded the ag-
regate loss during the first nine months of
lat year would be less by nearly ten millions
ian the loss In the corresponding period OF &
is year. It is seen by referring to the
hronice's tables that the losses III the United !
ates during the nine months ending Septem- 4
" last aggregate over $6l 100000 while the
sses In the corresponding period of any ofthe
ur previous years did not reach $53 900 900, It
also shown that the number Of fires has large 9
Increased. The aggregate loss in the United
atea during the past nine months amounts to u
!. 900. or this enormous sum the &
surance companies paid s34.eo3. 800. The
rgest loss sustained by the companies
r the corresponding months OF any OF the 7
reyious four years did not exceed s27 .374, 700 x
bis fact goes to prove that the losses OF the 9
this year will exceed those Of the Y
lst four years by over $1,000, 900. unless fewer d
ID less destructive fires occur during the bal
ce OF the year than have occurred In previous OF
ars-a contingency which can hardly be- ex- v
cted TO arise. In view OF the fact that rates T,
We been lower this year than In any OF the II
st four years, the record Of losses clearly z
owes that the companies In the United States 4
Q doing n losing business. In other words. o.
ey are burning the candle az both ends With Y
increased Outgo ana reduced income Il NJ
lst be manifest to the most casual observer. b
vs. the Chronicle. that the companies either
ide enormous profits In the past or they are
ing q wofully Improbable business ct the a.
ssent. Ga
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MONETARY. =.- Ia