The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1880-09-02
MONEY sND TRADE NOTES,

TIE government reports the reduction o.
the public debt during August, at $780,
100000.
A convention will meet at New Orleans or
the 18th of October 10 consider the I'M
provement of the commerce and naviga
ton of the Mississippi river and to de-
velop the boundless resources OF the great
valley.
Regarding the supply of hogs for winter
packing, there is no DOUBT but slaughterers
will be amply provided for, though in
some sections the crop has been drawn
upon quite heavily to meet the wants OF
the packers during the summer months.
A late dispatch from Cairo says the cot
ton crop Of Egypt is about fifteen days
late, and 1t is estimated to be 22,500,000
pounds less than last year. This is equiva-
lent to SIS $50 bales of 400 pounds each,
which is an insignificant amount in the
worlds supply.
The Lon ION Standards cor respondent at
St. Petersburg telegraphs that competent au'
thorites say that the Russian harvest is the
worst since the famine Of 1873. This seems
to settle the much disputed question, but it
does not follow that Russia will have no grain
to export The latest reports from Odessa,
which is the main exporting CENTRE are to the
effect that the crops are good in that section
Of the country.
The department estimated in June the in
crease in the southern cotton acreage at per
cent. Assuming that the remainder of tie
season will be as favorable rs last year, and
taut no more cotton land has been abandoned
than last year, these returns would indicate
the final outcome TO be crop Of q, 100000
bales. 1t is scarcely probable, however that
the picking season will be prolonged and that
all The bulls will mature SO comp le,ey as they
did last year, wheu the weather was so excep-
tonaly favorable until we'll along into the
winter. The weather so far this month has
in The main been favorable; too much rain Tor
the first two weeks was reported in some sec
tons, but the past week has generally been
warm AM dry, and the prospects continue
fine. Caterpillars and the boil worm are re-
ported as doing some damage in Texas.
Picking is progressing finely in Texas.
The Public thinks thai lore great reaso
for. believing that stringency of money is not
at present to be apprehended is that no OPP
orator is likely 10 have the audacity to at
tempt such movement The boldest oper
ator or set of operators will pause when he
reflects that Secretary Shermin will not per
NIT disturbance this fall. His power to un-
lock many millions of currency, or gold, or
both, is not doubted though, perhaps, it is
not generally understood. No law requires
the secretary to hold single dollar in legal
tenders in any fund in the treasury, provided
he can place there gold instead of notes.
This he can do at any moment TO the full
amount of the legal tenders now held-about
S34 100000. Or he can pay out gold largely
beyond his present surplus earnings IN the
purchase of bonds. Or ne can deposit either
gold or legal tenders, or both, with the desig
mated national bank repositories, to almost
any amount, upon receipt OF the United
States bonds required rs security In short
all the enormous resources OF the treasury
can be employed at any time to crush any
speculative clique that tries to create none
tary disturbance. No one doubts that tdose
resources would be so employed this fall II
the danger of disturbance should at any time
become serious Until after the election in
November the wise spectators will not try
to make money scarce"
There are in the United States 698 blast
furnaces, with an annual capacity in pig-iron
of 5,S6S000 tons. There are $40 rolling
mills, with AGA pudding furnaces, and 81
additional pudding furnaces in steel works
and bloomares. The annual capacity of all
the rolling mills in finished iron is 4, 461 900
net tons, inclu ing iron and steel rails.
These figures are for the year endn Sept. l,
1878, since which time the capacity has been
considerably increased. 1t must be borne in
mind, however, that the pro t $ a'wsys
somewhat below the estimated capacity, as no
furnace or mill can be worked up to its full
capacity for any considerable length oftime.
Comparing the product of the United States
with that Of other countries, we find that our
mills produce nearly II per cent. of the pig
iron of the world and over 36 per cent, of the
steel. In 1879, Great Britain produced, of
cast and pg-iron, G, 100000 tons, the United
States 2,30l,2l5 tons, Germany l,Sl6,672
France 1,417,O73, and Belgium, Russia
Sweden, and other countries l,972,765,
making grand total for the world of IL, oO7,-
725 tons of 2,240 lbs. The United States
stands second only to Great Britain in this
important industry. In 1868 Great Britain
produced 100000 tons of steel, the United
States 900 tons, Germany SS4, l59, France
2Sl,S0l, and other countries 269, SID tons--or
an aggregate for the world of 2,770,524 tons.
The manufacture of Besemer steel rails has
developed at most extraordinary rate of
progress-from 2 $50 net tons in 1867 to $780,
1893 net tons in 1878. All through the panic
the production was steadily upward, and all
the mills now in operation are taxed to their
utmost capacity.