Democratic Sentinel, Volume 1, Number 35, Rensselaer, Jasper County, 12 October 1877 — FRENCH FINANCE. TRADE AND INDUSTRY. [ARTICLE]

FRENCH FINANCE.

TRADE AND INDUSTRY.

Lumberman in Clinton, lowa, are shipping lumber to Texas. Australia has been shipping to England smoked and dried legs of mutton. Tww currant crop of Europe has been reduced 20,000 tons by the recent heavy rains. The United States annually ships over 100,000 boxes of clothes-pins to England. A colony of 100 or more persons is announced as about to start from Pittsburgh for settlement in Arkansas. The sixty-one banks of Boston, with a capital of $54,200,000, paid dividends Oct. 1, to the amount of $1,524,500. It is estimated that turbine water wheels have, since their invention, saved the country over $300,000,000 in the one single item of fuel. Pittsburgh has 73 glass factories, 33 iron rolling mills, 8 steel rolling mills, 7 white lead factories and 29 refineries, and the coal mines tributary to this market number 158. Prominent lumbermen, who are generally very accurate in their estimates, state that no more than 150,000,000 feet os logs will be cut on the Upper Mississippi and its tributaries next winter. Only thirty miles more of iron to be laid to complete the Minneapolis and St. Louis railway to Albert Le.a, and thiiß nncn n direct and cyntinuons rail communication between Minneapolis and St. Louis. After all wc heard of the partial failure of the wheat crop in California, it seems that the yield is about as great as ever. Iu several places a great deal more. Prices, too, arc “hardening,” and farmers are jubilant. The wheat product of the leading countries of Europe. Russia produces 1,606,000,000 bushels, Germany 742,500,000, France 687,500,000, Austria 550,000,000 bushels. The United States produces 1,881,760,925 bushels.

Charles Francis Adams, Jr. , is made responsible for the statement that S4O, 000,000 would cover the expense of constructing the New York Central road, which represents a paper value of $104,000,000, and he calls the $64,000,000 “water.” From the oil region comes the unwelcome news that competition in petroleum has again been throttled, and that the unctuous monopolists will soon lock their yoke firmly upon millions of necks not yet free from the galls of the last extortion. Our foreign as well as our domestic trade and commerce is now on the increase. Our exports thus far during the present year exceed by $51,000,000 those for the corresponding time last year, and the imports thus far this year exceed those of the same time last year by $24J000,000. These are very encouraging figures. From the annual report of the National Cotton Exchange it appears that the total crop for the year 1876-77 was 4,474,069 bales, at about 468| pounds to the bale. While 3,232,253 bales were exported in 1875-76, only 3,028,136 went abroad in 1876-77. The home consumption of cotton has been very steadily on the increase since 1869 70.

The London Times prints a long communication from a correspondent, evidently well posted, encouraging English investors to put their money into the securities of American railroads. He believes that this country •will be the leader in the new era of prosperity, and f.hut. z>rtf»anruip'n£bt iiidirtirmja nurchases of the now depressed stocks orbonds will yield handsome profits. These were forty-seven failures reported in New York in September, to gether with a large number of assignments and adjudications in bankruptcy. The aggregate liabilities were $3,700, - 000. The number of failures is the largest of any month this year, and an increase of 20 per cent, over August The gross liabilities were 67 per cent, greater than in August. The amount of coin held by the* principal banks in Europe, according to the latest returns, is as follows, as compared with what they had on hand a year before. The statements are for August of each year. Calling the pound $5, and the dollar 5 francs, we have the following change within the year : Bank of Franco $442,483,000 $42^200,000 Bank of England 125,146,600 Bank of Germanyl33,B4s,ooo 131,205 000 Bank of Austria 68,310,000 68 300 000 Bank of Netherlands.... 62,335,000 65 130$00 Bank of Belgium 12480,000 ‘26,416,000 ■••3851,599,000 $888,877,000 Ihis shows a loss during the year by the chief European banks of about $86,778.000, France only having gained any considerable sum. It should be added however, that a part of the store of coin or bullion in these banks is silver,. though the amount is not known. Somebody writes to a Chicago newspaper to complain because the President of one of the plundered savings banks closed it a* soon as he did, and says: & They say he could have held out from six to seven minutes longer, as the bank hac $62, to say nothing of the odd 27 cents, which might have prolonged its existence a quarter of a minute longer after the $62 had been exhausted. ’