New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-05
on CARONDELET STREET.

Ihe anomalous condition of the cotton
market Saturday toreshadowed rise in
prices similar to the late spasnodic increase
which prevailed about tive days. Prices
! hardened whenever canyassed. and il is
even coniectured viii be by Tuesday &c
beyond the ruling rates of Saturday
! The movement. however. has been held in
check by the late stlingency in money.
which continues to draw its lines with IN
ahated strength. and forces the undis-
| futed capitalists to Weld to the pressure
lhl> money pressure III reference to cotton
| has been the topic among brokers for some
time past. 1t has pnt weight on stocks
and forced them down. II has repress.d
the spirit of speculation. /. has gradually
| developed an enermons power. under the
spell OF which all kinds Of obligations that
constitute convertible colaterals have
di1.ted il not to the pawnbroker, to his pro.
-hypothecation \ paralysis, com
mcncing i'll moody whispers of approach
ing disaster. seems 10 have infected the
energies of all the corporations upon
whose activity and energy upon whose Vi
tally and industry. holders before the sea
son opened. Justly built the value of their
stocks. Stocks that wtre fifteen dollars are
now hard to unload at a dollar ard a half:
ard this, too. is actually the case when
there Is no more cause for depreciation now
than when at SO high a rate. The grasp OF
moreyed men upon what they lend grows
tighter every day Nothing but bank stocks
or State bonds are accepted as collateral
everything else is pushed to the wall, when
the inevitable end of this practice is depre-
cation. About every class Of securities now
hangs doubt which grows instead of di-
mnishes-a doubt not the result of posi-
tive depreciation, but one born of the wav
in which money hangs fire. and will not
come out. There is 10 market for stocks
1t can not be dignited with that name.
Simply congregation of brokers and
brokers' men, who haggle about the
corners on the price Of commissions
or dispute behind the doors of their Offices
about the value of quarter of a cent. and
al this with scarcely a sale can, under the
present circumstances, scarcely be named a
market. 10 gain such an appellation the
disposition to buy must be coexistent with
the inclination to sell, but for the last few
days we find neither the one nor the other.
Men Of money answer truly that they have
better use for their money than investing
II IL obligations where, from the doubtful |
actions of the management-that do one |
thing on Monday and undo it on Tuesday.
and who do nothing the remainder of the
week-no one knows what a day NAV bring
forth. When the present money pressure
ends as end 1t must, probably trfle more
spirit will be infused into the BODY of stock
dealers, for as the movement of the market
always comes from the disposition of tout
;idcrs to invest in stock they believe Sc
,ure. where there is TO such disposition.
wing to the heaviness of money. there
nust be universal dullness. Such is the
characteristic OF the trade at present. and
Uch contains all the news on this subject,
The following offers and bids took place
Il the Board OF Brokers last evening: