New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-09-01
The closing quotations compared with the

April opened with continued bouyancy.
prices being sustained by fair demand
and light supply, but the former soon slack
ened, and the sales in the second week
showed a decrease of over fifty per cent
compared with the corresponding week of
March. Prices, however, ruled in favor of
factors, until about the middle of the
month, when they suffered slight reaction,
after which they presented a general up
ward tendency, and closed at net i'm
provement of 5sc on good ordinary, Y on
low middling, and about 1sc on middling
The movement showed a large falling off,
the sales embracing l3l 800 bales, against
240, 900 In March, the receipts l02, 053 bales,
against 214,27S, and the exports H0,96l,
against 2J9, 93f. The course of the Liver
pool market at the same time was not
calculated to have a very marked influence.
Early in the month our receipts were ex-
pected to show rapid dimiDution, and eau
tious men adhered to 100000 bales as an
outside estimate for our crop, but later &C
counts reporting that the former kept up
remarkably, and that there appeared to be
no prospect of an early decrease, the figures
for the latter were pretty generally raised
to 4,250.000 bales. This was calculated to
materially depress prices, but nOtwithstand-
ing the unfavorable influence of unusually
heavy arrivals-303 900 bales during the first
fOrtnight-the closing rates showed net de-
cline, during the month, of barely Ad.which
scarcely checked the upward movement
here. Hence, while on March 81 low mid
ding stood at 1874 a 1890, against 713d fer
middling upland at Liverpool, on April 80
the quotation was 1872 a l4c, against 714d.
The drift of public opinion on that side was,
nevertheless, to a greater decline. 1t was
expected that, at its maximum. the stock in
Liverpool would exceed 100000 bales,
which it never reached, and that middling
upland would sink TO I'd, to which it did not
fall; the market, recovering in May, subse-
quently presenting marked advance.
Messrs. Smith, Edward & Co., foreshad-
owed this when in their circular of May |,
speaking of the next crop, they said: There
is no instance of three extraordinarily good
seasons following each other, and as we
have now had two such seasons the proba-
bility is highly against third. We believe
that the last crop was augmented half
million of bales above an average simply on
account of the remarkable fineness Of tue
season, and, if bad weather occurs in the
autumn, public opinion In America viii set
tie upon far smaller figure Tor tie next crop.
We think the chance of a material advance
in our market hinges entirely upon the
weather question in America. Public opin-
ion seems to have settled very generally
upon I'd for middling uplands as a safe
price, even during the period of the maxi
mum stock, and we incline to think the
tendency will be to advance from that point
later IN the year" Knowing the habitual
of Mr.. Smith, it was not
difficult to surmise that the advance which
occurred doomed up before
him in more decided lines than were literally
by the text of his circular.
The closing quotations compared with the
previous month as follows: