New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-09-01

gradually hardened. In November the
pressure was still greater, to tide oyer the
short interval before relief would
be obtained from the proceeds
of cotton. Factors Of questionable
solidity were willing to pay two per cent
and more for sums of considerable magni-
tude. while the same parties would not have
extended the time beyond December at
more than eight per cent per annum. In
December heavy cotton sales furnished SEN
sible relief, and in January the market be-
came quiet and easy, and continued so for
the ensuing six months. Since July the de-
mand for discounts has improved, but there
is still an abundant supply OF available
capital, both in bank and on the street, to
cover all offerings of approved paper. THESE
features of the years movement may be re-
garded as representing the normal condition
of the trade. The making of a cotton crop,
and of sugar as well, involves an immense
outlay of money, which can not be refunded
until the crop is marketed. In the mean
time, planters strain their credit III
every quarter to raise the means to
carry them through, and are urgent
applicants for the largest possible advance
per bale in their anticipated yield Com
petition among factors, on the other hand,
from the desire to increase their receipts,
leads them often to extend accommodations
to their country friends, beyond the ability
of the latter to refund, unless favored by a
bountiful yield and remunerative prices.
Unfortunately for the trade in the past
year, although the former was abundant
and our receipts have very far exceeded
public expectation, vet prices have ruled so
low. in many cases below the cost of pro-
duction, that the proceeds of sales have
failed to pay advances by ten dollars or
more per bale. In some cases this has
driven the parties to suspension, bat such
misfortunes have been much less in number
than might have been reasonably expected
from the course of the market. 1t has been
coniectured that not less than S3O, O0O,O 900
was advanced by our factors, directly or in
directly, on the growing crop, the temporary
withdrawal of which inevitably created
pressure in the market. This year the re-
lief came about the usual time, and was fol-
lowed BY a remarkable apathy, uDbr0ken
by any speculative feeling, except IN some
of the more mecurial faneies. In fact, the
abundance of money has been such, that
even during the past month, when the de
mand for discounts was increasing, one OF
the banks invited custom by reducing
its rate from eight to six per cent per an
mum. Three of the State banks have passed
into the national system - the Louisiana
State Bank, now the State National; the
Union Bank. now the Union National and
the Bank of Orleans, now the New Orleans
Banking Association. The only new bank
established is the Teutonia National. Nearly
all have done satisfactorily, but in some
cases losses on cotton bills, and the business
being distributed among SO large number
of competitors in proportion to its extent,
have diminished their dividends.
The gold market has been remarkably
steady, the extremes being ll0A and 1l6l4,
against III and lag last year, while at New
York the extremes have been ll01s and
1865, against Ills and 1914 last year.
The highest figures were touched in Septem-
Der. since which rates have ranged from
1l0i4 a 1885 here, and from llOl8 0ll3a4,
at New York.
The market for stocks has presented
about the usual fluctuations. The variations
between the opening rates are shown by
the following comparative quotations: