New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-10-26
ON CARONDELET STREET.

The stock market was dull as moonshine
| on : prairie-an illimitable scope, but no
change. The business in Levee stock was
confined entirely to ruuinat;on. No pur-
chases were made except to Ell orders or
cover shorts, ard there were fewer Of the
latter class Wien the tumble came than
one has found in the history Of most Of
these operations Sales were made at
g IS, So 81 " ard g 50, and the stock lies
;nert-foats in the street At the mercy Of
its rumors, and yielding to every indication
either for or against it. It may be said q
disposition prevailed neither to sell nor buyt
Shares sold on Monday come back shorn Of
quarter or halt to the came parties on
Wednesday, and indeed it seems as if tho
same number Of shares Travelled around
among the same parties like football in
the game Of that name. There was nothing
doing in any other stocks, ti;msy or solid.
The prophets say geld is on declining
plane and will not stop going down short
of ten" Tba peculiar sort Of financial
pumping called offers show which side the
cat jumps. For instance one was very anx-
ious to sell as much as $4,000 in gold at
ll2 sixty days hence, provided such an offer
could be got Then, again, financial men
show by sales made that gold is now on a
final descent 1t has also been put forward
that gold has a habit Of descending by
inches aud going up by yards at time, that
it is about the right moment for jump of
this kind now ard that it may reach rs in
a few days, though it is daily growing
smaller and smaller than ll2. But no sales
were mentioned that showed firm belief
in any thing Of the kind, all transactions
pointing to still further decline. The sew
eral branches Of business are but so many
links in a connected chain. Hence the
gravitation of gold can be relied on as af
the letters that have SO long controlled
operations in money. As a consequence
foreign exchange is also on the down grade,
and rules in New York from SIS to 9as, hav-
ing descended u in twenty.four hours. Be
sizes, the news from England shows let
ting up of the unco,npromising attitude
lately taken BY the Bank of England on the
question Of money supply. Finance seems
to have joined in a "hands all round" for 60
ing down. TIE sluice gates are open and the
tide is coming in.
- Cotton follows suit, no longer standing
out for big prices. The price shows almost
daily declpe. Unfavorable news for fac
tors lately receiyed-every day received
only tended to bring it down. Old cot
ton meH will, it seems. never learn the
lesson that cotton no longer is the exclusive |
production of the cotton States, but that
India, Egypt, and other small countries are
great producers, and, IN short, family Of |
nations dispute With the cotton States the
privilege Of selling it to the highest bidder.
No longer realizing this state of things, it |
is not surprising many Of the old traders
have lost, and their acumen, much to their |
own surprise, avails them not. The news
from across the water acts as q lever to
lower prices. Capital is not so abundant
as to authorize movement here to lock up
cotton, the nearest approach to this plan
being storage that lasts for few days,
and ore that is not made unless tie factor
is satisfied that large order is in requiring
to be filed. A short time ago, when the
business season opened, the sales were few,
owing to the prevalent uncertainty. Now,
however, the crop problem has been solved,
and although number Of the cotton class
may be still found at the blackboard fgur-
ing with all their might to work out con.
clusion, the leaders have already settled it,
and received theirsgeward. Prices generally
are taking q run down, and barriers to free
have been beaten down.