The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-11
IA. nprcial and Financial Matters.

9WWiu1 -=
.....a ftcpsrls yesterday closed tlrm at 49}3ss
w. WI against A.. 0t4gts on Wednesday, Pre-
@ssm t,otds closed steady Mt 25E ad02s, against
mlup. ~, preyim,s day. The sales at the Ex-
~ amounted to $4,000 Of States and
~ 1gp VI Premiums.
rae bark Florida cleared yesterday Tor
!. ..ae,a,n with 1gia bags of rye and ~ 1880
lesasale of rye In bulk The steamship Ralti-
- for Tiverpet,i carries out t0,n59 bushels
! = aatu IN bulk. and tho steamship Hmbel-
! IN TN Liverpool, with 1871 bushels of the
xus
1 another city In New Jersey Is In financial
dIaeulties which appear to be inextrleable.
ssrsey City Is In arrears for salaries and wages
wjts employees. with no money In the
,masttry, and with the bulk ut its tax re-
uMrcps for the year already collected and
.bsprbed The authorities are unable to Dor
NV ffom hunks, and at present the city Is
aependept upon the grace Of an Insurance
rupany for an extension OH an overdue
Inn Of 100000. There ID also threatened
sut FOL $2ln,uDn which the city collected for
/ tbs county, w Its agent, and failed To turn
nef. Elizabeth City has again defaulted on
! IA interest, and movement has been set on
not to obtain a compromise with creditors.
-----------
The United Stataa Supreme Court yester-
| #y rendered decision, N what arc known o.
] M Chicago ''first batch whisky cases, re-
@xfEipp the decision Of the Circuit Court and
Emnanding the s.ases for prosecution. The
mint nj Issue was whether the district attor~
~ had the power to bind the government by
/ i agreement that civil Immunity should be
rantad Tho defendants oh condition that they
smId plead guilty and furnish evidence to
Nnvict their associates In the Internal reve-
/ ma frauds. Suits against the dlstillets In the
Instruct Court were ordered dismissed on the
saind of the agreement mentioned, end on
sppesl To the Circuit Court nv the government
fudge Dtummond virtually affirmed the de-
dsIon. The Supreme Court now reverses the
/ Judgment Of the lower courts, holding that q
district attorney has no authority to make an
agreement covering immunity from civil
| nrueecrition. The amount Of unpaid double
isres. forfeitureH, penalties etc. Involved IN
the decision IL III round numbers 10000
though II Ia hardly to be expected that the
rogernment will realize anything like the
iaee Of the judgments that shall hereafter be
obtained. .-=
| There has been heavy demand for Georgia
Railroad par cent bonds, with large sales Al
/ Iol to 1915 and few offerings. holders asking
l iuq to 1D2ls. Georgia Railroad stock has been
Arm. and advanced to sG, with sales at this
price. Central Railroad stock has declined
rom 77ls to II. with sales at H. City Of Au-
rtista bonds are firm with a strong demand
ib4 10 toe for long dates, asked Large sales
tf Charlotte. Columbia and Augusta iirAt and
second mortgage bonds. Augusta Constitti-
uonalist
t,DTToN. fact, az shown by the last
two or three weekly reports, that the adj
vance IN the price of cotton has not stilnu-
lated receipts 30 an amount equal to those OF
The corresponding weeks of last year. may
safely be taken A. an Indication that the total
crop will but little exceed that OF 1s774s. The
Bxpese IN favor OF this year Is now only 259 0ud
bales and the prospect II good for steady
decrease In receipts from this time until the
end OF the season--prObably becoming very
marked In August. rs 1t Will be remembered
that the crop was unusually early In coming
In last year.
This falling or In the receipts, under the
stimulus of advancing prices. will go far to
upset the theory OF those who have been
oontending that tho planters were holding
back their cotton because of the low price OF
The staple 1t ought to convince the most In
@ai,llous "beat" that he has largely over
estimated the amount Of cotton IN the eoun-
tfy4priras being now about one cent per
! round higher. both In Liverpool and New
York, than they were during The first week
dApril, 1878.
We published few days ago an extract
itpm the circular of Smith. Edwards n Co.
d Liverpool, In which they compute the
worlds visible supply Notwithstanding tht
Increased receipts from this country at 49,
900 bales below that Of last year. and say thai
though probably spinners throughout The
world hold T surplus OF from 10000 to 400 .ool
bales. and there may be a little more shipped
from India during the remainder OF the sea
epn In any event. there must be a materia
Mduetion of consumption of the raw staple
II the present supply is TO be made to last
throughout the autumn.
The question Oh extent Of consumption II
therefore, the most material one to deter
mne--indeed. we may safely say the only
one yet to be determined. Unusual depres
elon, combined with labor troubles, is reported
N the manufacturing districts OF Great
Britain, but the very latest reports are more
encouraging than those of q few weeks pre-
xous-indicating less suspension Of work
than was apprehended. and some conditions
more favorable to the trade. We should not
Reviewer, overlook the fact that Great Britain
u not such an absolute king OF cotton
manufacture rs 1t was q few years ago
n this country as well as In Russia, and we
have within the last few days been advised
tlat tine German manufacturers are making
eome description Of cotton goods 90 cheap
mat the English cannot Mt present compete
with them In that particular line. There il
every reason To believe. too, that other coun-
ues which consume large amounts of cotton
goods are steadily advancing In the MANS