New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-12

The sales Of cotton, 20 long swollen, have
somewhat subsided, thengh the market hal
lost none Of its animation. Were we to
Judge BY the cotton business. but little ex.
cuse would be found for the impression Of
the decadence Of New Orleans. The de.
mand digs up the higher grades wherever
found, and uncovers them wherever &C.
GREETED, compelling IN offer. The lower
grades are hence in . weaker, though by no
means in feeble condition. The inquiry
resulted in summing up an amount of bales
cold equal to those disposed of on Friday
at about the same prices.
A class Of money negotiations, which
must be made on Saturdays in order to pay
off laborers and workmen, produces the i'm
preston about the end of every week, Is
on yesterday, that the money pressure has
revived.
A builder, taking his bills and collaterals,
pays on Friday four per cent q month for
money this is not exceptional), yet it would
be unfair to assume it may not be had for
less. No one knows better than the lender
that cash is . necessity, and hence must be
forthcoming. Employers of hands become
borrowers of money from brokers and
financial tradesmen on the weeks end, and
for this reason the impression was general
that the pressure for money was coming
back, and that borrowers would submit to
further turn of the screw on Monday. This
rush may be anticipated. In the summer
months it is particularly heavy. Though it
has relaxed somewhat since the hammer
and saw are partially stilled, yet other
artisans require to be paid, and bring about
at the end Of every week the seifsame tight
ness. Money for commercial uses may be had
at one to one and aquarter per cent. When
it is considered that a month ago the best of
paper would only serve as a basis for Q loan
at three per cent . month, it will be readily
recognized what . decline has taken place.
just as one may Judge of the former height
Of the ebb tide by looking at the water
mark Of the flow. Dealers now keep ut q
respectful distance from city certificates of
appropriation, under the belief that they
have advanced as high as they will 60.
This is fallacious. Parties were not want
ing whose open prediction was to the effect
that these papers would never step over 20.
How the prophets fell short in calculation,
and created q vacuum which their nature
abhorred in their bank accounts, every one
knows. There is more money in the fancies
than either city or State securities, accord
ing to the majority Of street frequenters
and corner makers. State warrants have
slightly declined, q large amount having
been sold at 50.
Levee stock rules from s. IS to a., and
the resorts made to buy, eminently show
the cat in this meal tub. Operators are
evidently in possession Of information, upon
which calculations are made, though there
are a thousand views as to what this in
formation may be. Ammonia has stopped
its visits to the street; it is quoted from Is
to IL, the margin being on the side of the
highest figures. Pneumatic has plunged
down another dead fall, and is not quoted
at all. Mexican Gulf Canal stock stands at
the same rate. aud the stockholders are in
the ranks Of the unterrifed.