The New Orleans daily Democrat., 1879-06-20

.roe supply on sale. Bran WAS weak at q
decline Of 2l&c. Hay, which is In ample sup
\ nIv. was dull and easy at previous prices.
Rnsiness In breadstutfs was almost at
sandstill. Very few buyers were In the mar
"a and the reported sales were confined to
I'M barrels. The feeling was weak and prices
lower at the close.
Provisions showed no material change.
Hams were active and firm, but other pro-
drcta of the hog were dull Previous rates
ere barely maintained on mess pork, but
haaon and dry salted shoulders were steady.
The national banks Of Europe hold about q
thonsand millions Of specie In their vaults, OF
uhich the Bank OF France has $435, ,0OD, 900.
There was general rain throughout Texas
IN Monday last, which came just In the nick
III time for the cotton crop, and will help the
oorn crop where 1t was not hopelessly In
iured. SO we learn from the Galveston News.
somebody In Chicago believes In sustained
# il not higher market price for corn In the
future. for one firm the other day took 100000
bushels. It is supposed that the calculation
II based on small crop Of hay and oats,
which will oblige q feeding demand for corn.
The banks OF Galveston have agreed to re-
duee their maximum rate of discount to 10
per cent from the first Of July. The News
says this action is recognized In commercial
circles as the removal Of another barrier to the
expansion Of the trade and commerce Of that
port. --------A-
There was a decline inState Cunsos yester-
day. those securitieselosing firm at 1870
az. against 4a11s04Hs on Wednesday. Pre-
,ninm Bonds ruIe9at 26@261g, against 26(n
o6L ON the prevous day. The sales at the
j Exchange amou,ted to $272,OoO Of States and
$4,000 of Premiums. In New York Louisiana
Consols openA ut 44g45, went down to Az,
hut subsequently rallied and closed at 1870
IA With saJs OF $4,000.
II The gtrte at Fall River involves the loss Of
employunt to from twelve to fifteen
thousart men and women, many Of whom
are aepndent upon their labor for living from
daytday. There are thirty print cloth mills
In Fs River, whose weekly production is
aboul5 900 pieces. The monthly pay roll Of
theshnills is over 100000. The stoppage Of
theAy OF the workers will affect all branches
II Ade IN the city.
he st. Louis Republican Of the seventeenth
itant says: "Freights by river and rail were
Bterday unchanged. On the twenty third
lstant new rates East by rail win 60 into
bperatiOn tpravidinn that. 4Ts,..sanr1i sn-e,hi~
Hearo shall not break them instanter) and In
the meantime no change can be noted. Re
{ eantly the barge line dropped rates to 10c
I forpound freights and zoe for flour, and such
was the rate yesterday, but 1t is rumored that
therates may be soon advanced"
TIE consumption of rubber by American
manufacturers continues as large as ever, i'm
yorts amounting to 120O0000 pounds per an
mum, chiefly from South America The price
ranges from twenty cents to fifty cents per
pound, the cheaper grades coming from Africa,
and the finest from the valley Of the Amazon,
where the trees producing 1t abound over q
vast region, one-half OF the entire yield going
TO the United States. The consumption In
\ the manufacture Of shoes equals the demand
for oil other purposes.
The authorities Of Elizabeth, N. j., are con-
Bulting over the difficult subject Of how to
provide for their debt, which Is $60oO,000, or
more than one half the taxable property, Sill
100000. The most acceptable proposition be-
tore them is toscale the interest down TO per
cent for the first three years, 2 per cent for
the neEt four, and s per cent from that time
until the debt shall be extinguished. 1t is as
surued that the taxable valuation will In
i crease from S11,0oo,OoO to s22,5o0,O0o In the
course Of twenty years. ind that tax rate OF
4 9S7 per cent will meet the difhculty. Ihis
proposition, however, is opposed by some on
the ground that "the citizens are more bank
rupt than the city," and could not bear taz
of nearlys per cent for twenty years TO come.
How distressed is the condition OF the city
may be gathered from the statement that not
dollar has'been paid to It's teachers. police,
flrenlen and other officials In the present
year, and the treasury is absolutely empty.
Evidence Is at hand that the French project
Tor Panama canal Is already engaging the
serious attention OF persons who have money
to invest. We learn from the Paris Bourse,
daily paper published In Paris in the Eng
allsh language, that concession shares" en-
ssoying 10 per cent in the capital OF the COM
lany To be formed have been dealt In at from
1900 to 10000 francs each. The cost Of the
canal is estimated at 700 to 800 millions OF
frsncs, The following remaks ara from the
Bolrse OF Monday, June2
U the 100 concession shares sixty were Ee-
gotated at 5000 francs and the PEI mremainiEg
j sixty at 1000 francs each; but atl tRe shares
are similar. conveying on the holders the same
privilege The value of these shares Is based
g article 10 Of the Columbian concessions. e
which stipulates that q SUM hxea at the max s
4 mum of 10 per cent In the capital OF the fu- l
TUE company may be allotted to the holders
of Me aforesaid 12a shares and to other aux
s sliiass, aSaptG
y II We take the example OF the suez canal,
we fnd that the eapitaa Of the company is
aooeo0oo francs One thousand. sand. founders as aaia,
ing 10 per cent 81 the profits. Admitting the
Panamns P al net canal anal to become as paying a bust
ness as lhe Sues canal, the founders n ,aIi shares
ary agent would be worth, at the actual
rates 13, ,o0' 900. and admitting the profits to
/ be divided L, equal parts between the found
ers and the auxiliary agents, 800 600 francs; . @
which, dividsd by 120,- would give 81, 600
francs from n licfl it may be seen that the