New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-01

ports bales of cotton 24OO hhds Of tobacco,
1900 hhds and 900 bbls sugar. 900 bbls of moas.
ses 900 bills of flour, %, 500 bushels OF wheat,
4o8 900 bushels of corn 900 sacks of oats $4,000
bbls Of beef Itierces reduced To- obis a2oo Dds OF
and Ii, 800 bbs OF whisky. This shows large in
crease over last year.
The accessibility of our port at all seasons and
the facilities OF Communication afforded by the
telegraph enables ship agents to order hitherto at
any time, whatever tonnage may be required to
carry our produce abroad or cOastwlst, and If our
receipts Of cotton should he doubled and of wheat
increased tenfold, there would be an ample supply
of vessels to transport it wherever ordered. The
general course of the market is indicated by the
cotton rates by sail to Liverpool as follows: IN Sep
TENDER j a5-l6d; in October es0illod; IN Novein-
Der 9l6 3d. in December 1Nkd in January nd
in February \ q I'd: in March 1-l6d I'D in April y
076d; in May 1891 I'D in June 1850 3D. in July
SD; in August 9-l6d I'D. In agreement with the
above the Havre rates have ranged from $3.50
15c, ard tobacco from 4Cs "a rs od to Liverpool
and 3Is cd 0i0s to Bremen
Money Market.-The money market closed
last year with considerable strinsency, after al
most uninterrupted ease for the previous ten
months. The liberal crop Of or leading staple,
well fair returns from sugar, moisses anu
rice had not only revived confidence, which was
wanting in 1861, but left considerable surplus in
the country, after the payment of al outstanding
obligations. The strinsency toward the close was
ascrbed the efiux of currency to the country to
ers. and enable them to forward their crops to
market, With the incoming OF cotton this
pressure was partially relieved, but money con-
tinued scarce and dear with strong demand for
discounts all through September, October and No
vember, after which the sales OF cotton gradually
enabled factors to discharge all their OBJ
legations in bank and on the street The amount
thus put in circulation, owing through the various
channels of trade, created general ease. and from
December until July we heard no complaints OF
stringency. On the contrary, money was so apmn-
dant that the supply exceeded the demand The
banks, in fact, supplied their reguH customers
with ali that they required and were 5till left with
ample me ans to take all the good exchange offered
They thus enabled foreign buyers 10 operate freely
and thereby sustain prices At tunes When the
pressure on the banks from the Shippers OF cotton
absorbed the bulk of their resources they were com
DE- lied to throw ont good business paper when 0cca
stoned some dissatisfaction, but the disappointed APP
phc3nts should have known that the very money
paid for cotton bills passed immediately 20 the FACTOR
and by him to other parties not improbaoy 10 then
selves. thus ahordns them the relief they ,iad eA
pected from the discount OF the rejected paper
such complaints however, were not frequent. ana
from the pie proceeds of cotton the receipts ana
sales of which were nearly $4,000 bales. or 80
900 900 more than was anticipated az the close Oh
the previous year the market vas now relieved
Within the past two months the previous ease has
been succeeded by considerable tiShtness amount
NJ recently to actual pressure The anticipation OF
another bountitul crop has led factors to advance
standing the surplus from last years crop
planters have expended not only al their own
means, bur strained their credit @ It's utmost pos
sibIe tension enable them TO add tea per cent to
mands upon them for wages and sub
sistence al this moment, consequently, the
country is indebted TO the city to the extent OF
many millions, when factors have to carry from
their resources and with the assistance OF the
banks it is confidently hoped that the new crop
will relieve this pressure much sooner than last
wear but whether this anticipation be realized or
not there can e little doubt that hardly SIX weeks
will elap.e befUfe the proceeds of cotton sales Will
be found to tighten nearly every branch OF trade
Under the circumstances We have described, there
| have been but few utter failures. Factors paper
has occasionally been allowed lie over to be sub.
| sequently arranged by renewal or otherwise anu
ike 1868 the year presents ps%sas commas ~
| have been added to our banking circle. The PEG
pies Bank located at the corner OF 81 Peter street
| and Levee, with capital OF : 10000, mas taken
the pos, ton in which the Bank OF America laid the
| foundation OF its extraordinary success. The
Hbernia Bank, which is about opening ITS doors ioI
business il the elegant banking mouse htted up LOT
| it without. regard 10 expense, as theatrical man
| ayers say al No. Camp street, commences with
cash capital paid up and in process OF payment OF
| $500 coo The New Orleans National, of which
! Mr. Wheless. late of Wheless Pratt, Is President
and the Bank of Lafayette located near the Maya
zine street market. all competitors for the Sup
port OF our CONNIE rcial friends, and may pe expect
| ed TO declare satisfactory dividends.
| The gold market has shown greater fuceuillons
than last year but the greatest in the latter part
| of September signalized by the remarkable corner
at New York and the extent OF its ranii cations and
influence. The extraordinary scenes III " ali street
| on the memorable twtnty-fourt2 viii not be for
| gotten hardly even after the good time coming
| however distant, at which We snail nave resumed
specie payments. Rates had been rericuslv forced
up from 1873 i on September 20 l51-c on lie twenty
| first and l431; the twentyt'llrd. ON the en-
| suiur dav il opened at $50, and under the widest
| excitement in the gold room, traDscendlng any
! thing ever before seen heard III that Babel il
| at Has to loil This was its highest light. tn.
| bubble then collapsed and "a the incredible
period of fifteen minutes SINK to 1873. Five minute
later il to IS, at hafpast twey II hau falel
to 49, az O'Clock rose To 80 AZ EftY minutes
past two ruled at 1889 and AZ three o'clock cioset
at 1884 From this il will be that the extremes
| showed difference of 33ai c. = dollar The decn'
at the close from the highest point was 81 ant
from the opening rate l695. The tire- o COCK rat
was about the as the quotation OF the nrst
thu, month. from which time we have mentioned
the bulls had been steadily forcing the market up
| which rose q. during the first three weeks, %
on The. tyventy-third, and 61s a the OPENING
| on the twent y-fourth which made the actua
| advance at a quarter 20 twelve OIL the e4ooiu!
| rate OF the previous day 3}a.c. oar own mars
| RESPONDED TO this extraordinary moNemen
| bv an unusual excitement, but without rilnnn
into equal extremes the highest being lay and III
| lowest 1885,, while the reported sales covered on
1850 900 against 3 $50 GEO. $50 within few hours D
| New York We have been thus particular IN on
details OF this movement that Il may not oe lfol
gotten but serve as warning against the nacHlhd
tons OF these Wall street spectators or gambler
Tie following gives the average quotation at Ne'
York and in this market al the close OF every Weei
and oftener IL eases of extraordinary FuctuatlonS
| The following table gives the quotations OF got
| at New York and in this market at the CLOS:
| every week ami more frequently during the mos
| violent tuttidtIons