The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-09-26

lively other mar kets, and Dceasioned On infa-
ton 81 values with persistency almost M, VI
DreCerented, certainly within late years. De
| fore tho strong advancing tendency was
manifested there were those who doubted
high prices enough to go short on the hiafkes
and these parties have OF late been mace sul-
ferers, not only In this market, b'it others,
by their characterization, ana ia sNy " ~ ~
stances failures have been forced III ohieaso
and two il, st. Louis within 3 few days.
/ One Of these occurred Saturday last-that
Of r. W. GnsaD 1t Co, for several years ~
active broker firm In grain on CnanRe' hn lt.
uenera)Iy believed to be q fortunate one. But
# seems they were on the wrong side this
time, for the continuous ana salient advance
of tho market WAS too much for them 70
stand 10 under, and 81 Saturday they threw
up hands and ceasea opefaLons. tney Wfle
Yesterday proposing y compromise settle
JneDt of claims against them, and expected TO
i feet them Mt 80 cents to 60 cents on the dol
lar. but there occurred another failure yes
f4rrnv which weakened their ability. and on
what terms their settlements Of liabilities
can be made remains to be seen hereafter.
The failure yesterday was that OF Del Bon
do Il Co, the firm COMPRISING Fl. Del Bondio
Geo Roffner and A. 7. Estel, who have en-
/ gagged In buRiness here in tho past year The
firm os Dol BoDdio 1t Go. has been long es-
tablisfssd I'm New Orleans, and exists there
yct, although the founder Is deceased, and
| the st. Louis firm is branch OF 1t, managed
| ~ the son III the founder or the New Orleans
\
here They have taken an active part in the
| grain business on Change, and consequently
| hhve been prominent therein, but from cir
clnstanees they could not control have gone
| the way Of all when such circumstances have
| been adverse, as In their instance OF late. All
| interview with them disclosed little beyond
the fset that they were unable to meet
| their obligations at present, and that
could do ~ in any given time. They
state, as tho principal cause OF their
failure, that they had made contracts for the
export Of wheat to Europe, and had bought
| unable to procure transportation to New Or
| leans by river rs contem plated. and thus
| were left with their contracts tn an uDavaila-
BILE position, and were forced. or thought
| themselves to be so, to offer them on the mar
| ket at the best available prices, hoping to
cover Themselves against any loss. They
state they were short On about 100, 600 bushels
| Of No. 2 wheat, but long on No 2 mixed corn
and No. red winter wheat, and expect 10 at
| least neutraz. their loss on the No. by ia
vorsble results from their other position.
They had made arrangements with some in
dependent barge lines for transportation u
| their grain to New Orleans, but their arrival
here was too late. and they attempted to re-
lieve themselves from their dilemma by sell
Ing short on the market. Del BondiO states
that they expect to make satisfactory settle
lnents Of their obligations, and perhaps they
cap.
The London Times cherishes the hope TINT
England will export enough railway iron to
this country to make unnecessary any large
shipments OF gold. 1t says:
The signs OF n slow recovery In the trade OF
the country are almost daily increasing, and,
although no particular show Of general i'm
provernent Ia expected during the next two
or three months, advices from the great pro-
viDcial centres Of industry agree In anttcipat-
ing a decidedly better trade next year at the
latest. Some few months back we called at
tenttOn to the change which was coming over
the iron trade. The Improvement has beon
very sow-so slow as almost to discourage
the belief In there being any real signs of
revival In this important branch Of our in
dustry- IL is, however, acknowledged now
% all hands that tho turn In the tide has
really come at last. Prices are advancing,
and are already nearly fifteen shillings per
ton for some kinds OF iron above the lowest
point touched During tho last few. days
there has even been some excitement In the
market. The United States mills are full 81
orders and requirements can now, conse-
quently, be only satisfied by resortiDg to this
| and other European countries. This burst Of
demand In the United > ates - principally
for railway iron Id connection With the exten-
sion OF the means OF G )mmunicatiOn with the
Western States. The magnificent harvest
which that country enjoys affords the means OF
laying down the required lines and 1t is conf
IDENTIFY anticipated that the development OF
the trade recently will enable us to a large
extent to satisfy the clairn OF the United
States upon US for grain by shipments OF iron.
THE PITTsBuRG Iron MARKET.-[Iron Age,
September q The market for pix iron con
Times az strong and as active as ever, and
during the past week a further advance OF
50 to 50 per ton has been established. Not
withdrawing the approximations la regard to
OvcrproductiOn and foreign importation, the
price continues to 20 steadily upward, with o
demand In excess OF the supply, and some OF
tile most saDguine predict now that prices
will go to Supposedly $35.before the up
ward movement Is arrested. 1t has been fully
established that there IL an actual scarcity Of
pig iron, not only here and at those points
tributary to this market, but throughout the
West; and with large and increasing con-
sumption and very light stocks in the hands
of sellers, It y not strange that the tendency
II upward. Wniei it is admitted that the pro-
dHction mus been considerably Increased, and
also that additional idle furnaces will be
prehension here on the part OF well Informed
operators OF any immediate over-snpply;
some Idle furnaces cannot be started up for
want OF ore, and others cannot be got in readi-
ness to start up for some time to come.
The New York Bulletin says: "Gaims OF
the United States for the position Of cashier
Of the world:
Between 1913 and and 1879 our gold and
silver mines produced $50 per capita OF our
50,000,000 people, an amount equal to one-third
the worlds supply. We are now producing
~ much bullion vs. the rest Of the world COM
binrd, or enough to transact daily $40 Of bust
ness per capita Of the GLOBE and we have the
largest and richest precious metal territory
known, and the most extensive and perfect
system of precious metal mining.
we are d creditor nation, with uneGuaied
natural resources and producing surplus Of
almost every necessity and luxury OF COM
merce at a profit over all competition.
Eve are cosmopolitan and the friend Of all
peoples. We have no dynasties to uphold no
threatening neighhors, and can devote every
resource to commercial ACKNOWLEDGMENT, on
the basis Of the most good to the largest nam
ber.@'
Tho discovery that section 1851 of the Revised
Statutes prevents the exchange of gid coin far
United States notes vt sub-treasury Offices
other than "a lat of New York az compalIed the