The south-western. [volume] (Shreveport, La.) 1852-1870, 1870-03-09
Commercial Intelligence.
SoUTH- W EsTERN OFFICE,
Shrarapor+ March q

SouAcICld1 Intelligence.
SoUTH-W EsTERN OFFICE,
Shreveport, March 9, 1870.
retrospect of the past weeks business is far fror
satisfactory The rapid decline in gold and cotton ha
prayed trade for cotton to the sine qua non with
Out which we nothing, financially and commercial
speaking Very few holders have been willing to sci
at the deprecated prices, while buyers have beer
very far from anxious on the subject Liverpool crcu
lars of the 18th u represent the Manchester trade t.
be in healthy condition, which fact, coupled with un
favorable reports from India had tendency to keeI
up prices there in the face OF largely lncrea
receipts of American cotton those of the same
time last wear This had averaged at the date
of the circular 900 bales per week. which increased
the estimates of the American crop from to 200
600 bales that of last year. But for the above
reasons namely the unfaTorable reports of the India
crop and the healthy condition of trade at Manchester
there would undoubtedly have been breakdown in
prices c. W. Watts Co.'s circular, as we learn from
the New Orleans Times thus speaks of future pros
poets:
Even yet the immediate future course of market
seems to hinge almost entirely the receipts the
American ports If these should this and for another
week or two come, show marked signs of exhausta-
tion spnners, who are largely under contract for for
wards delivery of yarns would doubt become
what uneasy. Spectators would also doubtless be
boldeued to operate freely and the result would per-
haps be material advance in prices. On the other
falling OF In the receipts at the American ports will de-
press us, for holders, who to this time have been
ceedngly firm in resisting any decline are likely to be-
come demoralized, and thus bring about lower
prices than warranted by the actual position of the
market.
The falling off in receipts spoken of did not occur
and hence presume, the decline. We dare not ven
ture prediction as to future prices, would our
representations be of any value.
The tumble in gold is accounted for somewhat var
ca
PLANTATION of the matter. The New York World scouts
the idea of aribung the result to the policy of the
Government as absurd, and contends that it is attrbu
table simply the fact that the large cotton crop
mandng, it does, prices largely in excess of those
received before the war-making the present crop oil
1000 900 bales equal in value to 6O000 900 bales at that
time-places the supply of gold in of the de-
mand and fall in price is the necessary consequence
1t remarks Our chief for gold is in the purchase
of foreign commodities and cotton being good for
the purpose gold ITSELF abundant cotton crop dis
penses with equivalent value in gold for the purpose
offoreign commerce. We have accordingly, at present,
little use for gold except for the payment of duties at
the Custom House"
We conceive that one position taken by the World
falls to the ground the very sufficient that
the assumed premises at variance with facts. That
paper argues that the large cotton crop has operated in
money into the South great proportion of which is
kept in by the planters for current expenses
and kept privately because of the deficiency OF banks,
thus Withdrawing that amount from circulation and
practically diminishing the volume of currency The
effect it goes to say is to lessen the disparity be-
tween the value of gold and the value of greenbacks.
We think the World at fault in this important parcu-
lar-that Southern planters hold in reserve or sink,
as it were their gold and pay out their greenbacks,
which, if we be right, exactly reverses the argument
and far the practice goes, lessons the circulation
of gold and increases the volume of cur
rency.
Many commercial men here think that if our bonds |
can command par value in gold in Europe this Coy
eminent readily bring the currency up to specie
value But we would very much Ike to know how this
state of things be made permanent, when it is
self-evident proposition, that the amount of gold
qured pay the interest bonds is very largely in
excess of the gold receipts of the Government for
toms The individual whose liabilities exceeded his
sets would be considered nsolvent and although he
might bolster up his credit by temporary expedients,
the collapse, in time, must inevitably come. With
these views, must needs be skeptic to the ca
pacty of Mr. Boutwell, to bring currency up to specie
standard, or, at all events, to keep it there.
The business of yesterday was not marked by any
improvement although cotton revived little in
the afternoon. We repeat our quotations
In currency Ordinary 1891 good ordinary III
OILS, and low midding l84@l6l9c In gold:
Ordinary Observation-Disclosures. l4M9l5
Low Middling 1879 @l64
COTTON STATEMENT.
Stock on hand Sept. !, 1868. ........... bales 56
Received yesterday ..............'''' 512
Received previously. So, 66l-84, 233
84289
Shipped Yesterday ............... $50