New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-29

change, as their necessities compelled an
immediate sale. The peddlers in city paper,
who moused about the Hall a short time
ago, and who lowered about the victim un-
til an invitation. have melted away. The
business has been transferred, as between
these holders and the gO-betweens, to the
license payers, and the brokers with an
Office. Certificates have not yet reached
ninety, though on the soft side of that fig
ure, leaving taxpayers ten cents on the
dollar to make over the Administrators
| counter.
! The interest in certain fancy stocks has
been transferred to the meeting of the Gen
eral Assembly, whose action will make or
break score Of these papers. Hence they
are scarcely spoken of. We have heard no
more Of the action to be taken by the Ship
Island Canal Company, nor can it be con-
ceived upon what point the genuine ship
canal company are to be legally assailed.
Business ON the street is scarcely worth
mentioning and the nearest approach to
any movement in stocks consists of con-
versation. The common events Of the day
meet with liberal supply of opinion. Pol
tiles also come in for g share of twaddle,
and even cold philosophy may be intro
! duced. but as for stocks nothing is said,
unless it be the narration of some broker of
his experiences in the progress Of a bargain.
Brokers nowadays are more often called
| upon as agents in borrowing transaction
where pledges are made upon which to
raise money than they are required to fill
orders for the purchase of stock. Sellers
are in the majority. They come upon the
| street under the pretense of buying, but do
! not have much to say before the cat is let
| out Of the bag. and stocks or other such
| paper is offered at a limit. This is a signal
| for the interview to terminate, as no one
wants to buy unless the shadow of the Sec
Ond purchaser is within sight
The cause Of such a condition of things is
| of course the scarcity of money. Small
| bills are quoted at one and half premium.
| Call loans are very scarce. AS regards the
actual scarcity of money. yesterday showed
| no change in the record, and the rates were
what had been the ruling rates for some
| time. The causes for this want of money
have been already detailed, and are ''com-
mon as household Words 1t is also cur
! rently reported that the present is not an
| actual but simulated stringency, owing to
| the efforts of money spectators to lock up
| small change and turn the key on currency
! in general. But such intelligence may well
be discredited if for no other reason than
| the old principle, ''mOney idle is money
| lost 1t may be profitable to warehouse
| grain or -four, which may gather profit as it
! lies STILL but all the gain in the use of money
| lies in its circulation. The plan Of ordering
currency from New York to allay the pres
ent constipation has been shut off by the
| fact that money is tight there also. The
hope of the tide turning and the current
setting this way again. draining the country
| of its cash. seems to be well founded, but
the expectation that the money will stop
when il arrives is rattle: weak, lnasmuch DIS
dealers with the West have already asked
| for extensions which may not be delayed
beyond the fifteenth of January, and the
money must 90 hence TO Cincinnati, st.
| Louis. Louisville and Western cities, to pay
up for the merchandise already overdue.
But more will come to take the place of the
missing. and then the strngency will cease
| We have no failures. There are no suSpen-
| sions among the merchants. The present Is
| simply an annoyance. not an iniiictlon bat
| the fact that it exists is sufficient to par
! alyze all operations except those III cotton
| where there is great activity. 1t may not
| be credited, but the sales made day by day
| this year. with the increased price, put
atiOat more money than for the correspond
ing period of the previous year. This may be
| proven by comparison. 1t is thus shown
shorter crop yields longer harvest, and as
| cotton lies at the basis of all the trade Ill
New Orleans, lS7l-72 is in reality better
than the last. About sixty thousand bales
| are now awaiting orders. The receipts do
not foot up as much as on previous days,
| and being light, proves the sudden swell
ing of the figures was as short as 1t was
unexpected. The march OF cotton for some
days has been steady. 1t keeps up "a uni
form step, and the column swings all
together. Though the rates did not fail Oft
yesterday, 1t was owing to hitch IN the
buying of foreign exchange, which was
quoted at Is, and growing tirmer. Every
thing in money is stitfening on all sides.
The twist in exchange is owing to the diff
Guilty of obtaining currency. Factors dis
count as high as \. cent for immediate pay
ment, which OF itself may serve as a
marker for the present state OF general
| business
There were no sales at the Board of
Brokers last evening. The offerings and
! bids were as follows:
| Asked. Bid.
! Gold. ....................... lo9l.
| New Orleans National Banking
| Association Observation-Disclosures. 80 -
| Crescent City Bank. .............. 80 90
4 A.