New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-21
on CARONDELET STREET.

The late change in the construction OF
the Levee Company, in which the old frame
was taken out and new one put in, is still
the topic on the street. The impression
that some Of the new directors would no,
| accept is erroneous. inasmuch as all but two
Of the new board were present at thei,
election, and the absent two were vOuched
for. The present stock can not be assessed
dollar, and the belief that such will be
the case is not we'll founded. There ap
pears to lie nothing at all doing in Levee
the sales cOnsummated on Tuesday being
about the only transactions reported, and
the rates were s. 1885 02225.
Cotton buyers withdrew yesterday, and
left the field to the factors, whose terms
evince no surrender. As a consequence the
sales have diminished at least one-half
The reliance, as a general thing, placed
upon the majority of cotton planters, that
the crop, for which advances have been
made, will be shipped to the merchant
whenever baled, is weakening, and the
whole system that once prevailed OF ad.
vancing money when the seed is sown has
fallen through. At present nearly every
merchant has a man in the country who,
seeing the cotton when it is pressed, will
Immediately offer an advance Of a certain
number of cents per pound, and if he pays
down will take it. The destruction of the
old system is the result Of the changes that
have come over cotton culture since the
close of the war The effect OF the new or
der Of things is to produce temporary
drain of cash into the country to supply
these cotton travellers. Such, too, is the
cause of the late scarcity in currency. A
cotton merchant will not only pledge his
paper, bonds, warrants, but will put a
mortgage on his residence and incumber
his whole estate to keep the pockets of these
travellers well filled, SO that they can pay
the money and go on with the cotton. Nor
will the scantiness of money abate until the
major part of the cotton crop comes in.
City certificates of appropriation. in view
of the fact tina: they We're received in pay
ment Of city licenses over the counter O: the
Administrator Of Finance, improved fl ON
30 TO 81 y, and sales show the tendency is
still upward. 1t would be profitable spec
ulation, according to broker. ito buy up
all these licenses" and then pay them with
certificates at par. We have not heard of
such plan in operation.
State warrants have, within three days.
improved from IS to 5S cents TOR large and
60 to 65 cents for small, and lots were sold
yesterday at these rates. which sales are
sufficient to pronounce the ruling rates. We
are aware Of no cause for this improvement.
except the general one that they are in bet
ter demand, but the origin of the latter is
unknown.
Rates for gold are still higher than in
New York, and the latest feature in the
market consists in the invitation from
North Louisiana and Texas, to which gold
literally. The fact that Texas
is a cash country, where hard money is used
and that such material is needed
to pay crop expenses, may account for the
recent upward movement.
There were no sales at the Board of
Brokers last evening. The offerings and
bids were as follows: