New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-09-01
Stock on Arli. CGnsunp-
h.1I VA. tI,0
Total. ....a,ss....25s SO IL 81

ERE1GHTs-Tle basis of the market FOR
the past year, considered in round numbers.
Of 1913 900 bales OF cotton. 5000 hhds of
tobacco, 474000 bbls Of 1iour. 300 bbls OF
pork, 10000 casks OF bacon, Il. 800 tierces of
lard. II l00 tierces of beef, - 400 bbis OF
whisky, 5000, 900 bushels of corn. 1000 sacks
OF cotton seed. 461, 900 hides 5000 sacks
OF oats, POL 900 sacks OF Oil cake, 6,S)0000
slaves, large amount of walnut TIM
Der and other articles too numerous to
mention With regard to the course OF
the market we may take the ship
nnts OF our leading staple to Liver
pool as an index Of the whole Premis
Ing then that 7-s6i is barely a paying
rate by sail to Liverpool and lad salts
factory one. we give the course of the
market as follows: In September the mar
ket opened at ll-l6d Rad by sail, bCt
toward the close OF the month the rate b.
steam and sail was a4d; sail continued
steady throughout October at lad, but
steam ruled at q q I'D, and l5-l6d as an
extreme. in November sail ruled at li-l6 o
p and steam at Is q Id; in December the
market declined to = q asd by sail and ll-l6
O a,d by steam: in January the rates were
steady throughout the month al a4d for
both sail and steam: in February sail ruled
at s. q ll-l6d, and steam at ll-l6 44d; in
March both sail and steam commanded 9 l6
L, ~ b
steam to the same; in May sail ruled at g
07-i6d, and steam at the same' in July sail
ruied at Is a7i6d. and steam at 7-i6d, and
during the past month the market has been
bare of SAIL and steam has ruled at SD.
THE MONEY MARKEr-The commercial
rear 1873 vii, long be memorable as one
Of the most remarkable in our financial
annals, and the New York panic with Its
widely spreading influences, affecting to a
greater or less extent every market in the
country, and causing unexampled pertur-
baton in monetary affairs, teaches lesson
which should not be unheeded. Now that
the storm has passed, the events Of the
year have become a standing warning to
the banker and the merchant, and will not
have been suffered in vain if it shall repress
the rage for speculation, so characteristic OF
large portion OF the American people. We
apprehend that if effects are traced back to
their cause it will be found that much OF
the mischief inflicted upon regular trade
had its origin IN vicious system OF cur
rency and banking, and that if the business
of the country had been conducted On a
specie basis, and the paner currency been
redeemabie at will IN coin, there might
have been fewer railways, but the ordinary
channels of trade would have been suth-
Gent for all the purposes of regular business
L. was not, however, only railways
which were absorbing the active cap
| ital of the country and converting NOV
emsnt into dead weight. Millions out
side of railway enterprises. were In
vested in fixed property until the result
was seen in unusual debt, with no means O.
payment. The railways-not all CT them
| were useful Investments; the buildings, etc.
were worth all that they had cost theiI
| owners, but the result of taking up the &C
| tive capital Of the country for such enter
| prise left it in debt either at home O.
| abroad-in debt to banks, in debt to OK
| change dealers, in debt for goods unpait
for, in debt in every way in which the
wealcniest individual may embarrass him
self by spending, or which is the SAM
more than his income. How tar this 30
normal condition of financial affairs ha'
| affected our own community, Is Guestol
| not so easily answered as some may imagine
| But whatever be the causes, we ii our
selves at the end of the commercial year
| with diminished trade and shrinkage il
securities OF nearly or perhaps quite % =
cent. In our preliminary remarks we hav
| urged this az an evidence OF the necesslt.
of additional capital. II the nominal bank
| ing capital be $8,250,000 and this amour
has shc,nk into half its nominal value,
needs no argument that the deficiency mus
be made up, or the community must suite
for the loss of so much active capital.
In our last annual review we had occa
sion to notice somewhat similar results q
though of less gravity and intensity and "
noticed the following among others as th
primitive Cause Of our depleted currenc!
Various circumstances had occurred durin
the year to tighten the market and crea,
financial endorsements. Not the least {
these was scarcity of tonnage which ha
prevented shipments, and caused lara
accumulation Of unavailable stock. A
though not to tie same extent the san
cause has had a manifest influence in pr
ducing like results. Another will readi]
occur TO every one who has taken though
ful view of the situation. We refer to tt
losses sustained by sugar planters and ia
tors, from the proceeds Of their diminishe
crops being insufficient to meet the liaoI
ties incurred in the cultivation. A third
an unsatisfactory state Of trade, the return
} from which have not been commensurate
the capital Required for its prosscutio
A fourth is the insuficisncy OF tt