New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-09-01
NEW ORLEANS REPUBLICAN, TUESDAY SEPTEMBER l. 1874


we're We. only on the threshold OF river
transportation, and We zee on the SIMPLE,
vet ingenious continuance OF the onanoch
freight boat, bold, grand step toward the
realization of our views. Reaf1rning wat
We have already averred. that we desire
to take practical view Of these matters,
and eudeavoring sedulously to avoid All
sensationalism, so repugnant to the com
mercial reader, we feel quite confident that
we zee the way clear to Zoe e GENITAL from st.
Louis and Sc from Memphis, and our readers
can calculate for themselves how nucn
that will be per bushel for corn and per
bale for cotton.
CoTToN-The commercial year commenc-
ed with stock on hand OF III bales,
against G259 on September ], 1872 ana
q. 1873 in 1871. The entire supply Tor the
year consisted of i, 240,35i bales proper, in
Guiding corrections from sample-ballngs,
ETC., ICY ,427 bales from other delivery ports
and G2J9 bales on hand at the commence
ment The bulk OF the receipt from other
delivery ports was sent here for SAFE, and
consequently contributed to the general
movernen. as well as the receipts proper.
The actual basis for the market may cense
quently be put down at about l,4oy,ooo: or
about q, GOO bales more than tor the past
year. The new crop was coming IN Slowly.
the total being only II bales, against lb4 ! III
| 1870. - in 1871, l05 in 1870, 4}2 ia 1863 and
476 in 1868. The first arrival was bale
from Brownsville, on the Rio Grande,' via
Galveston and Brashear, received here on
| July 10, which was ten days earlier than
the previous year. The first OF our own
crop was bale from the plantation
toches. which was received here on
August !, three days earlier than first
| part of the Mississippi valley crop in the
previous year. During the ensuing month
| the receipts of new crop were so limited as
| to afford but little scope to buyers, but the
| demand was quite animated and the
| months sales OF old crop reached 1890
bales, which was large business compared
with the actual supply. Low middling,
had declined to II lsc, showing falling on
of l4c from the commencement of the
month AID Csc from the close of
| the previous year. AS usual, there
was considerable diversity OF opinion
with regard to the probable yield.
but both factors and shippers had been in
spireG with d!strust OF present appearances
hy the disappointMents of their calculations
in former years, and although there was
about the usual tendency to wager on the
result, it was with wider margin than
customary.
In the year which had just closed the
yield exceeded the early Northern est
mates from 250, 600 to .0G0 bales, and the
Southern figures nearly 100000, but on the
wear previous it fell short of tie former
about 100000 bales, ana OF the latter
about 100000. The presumption was
| that the sources of information were more
reliable. The press had used comprehen-
| sive means to ascertain the facts, and the
cotton exchanges had devoted an unusual
degree of well directed and intelligent
| labor to the same end. But with all these
| efforts they could only approximate the
| condition OF the crop at the time, and could
| have no elements from which to forecast
\ the weather and the various other contin-
| gencies to which the crop is subject during
| the fall months. Cautiously weighing the
probabilities the popular views differed from
| 3d. GOO to 100000 bales. The worms were
| believed to have done considerable injury,
| and warm dry weather was needed il Au-
gust to destroy these pests, as well as to
mature the plant. Instead of this there
had been excessive rains, and the CON-
| plants of worms were consequently more
| general. The crop, moreover, was admit
| ted to be fortnight later than usual. The
| general tenor of the accounts was
SO discouraglng that both long crop
and short crop estimates had been re.
duced. Tie Cotton Exchange report
| of August Is. which contained a
|
cotton States. under dates from the first to
the twelfth of the month, reported worms
at nearly every point, and indicated fall
ing of from the previous crop, even if there
should be immunity from early trosts. Al
though picking had commenced during the
first week of the month it was not expected
to become general until q fortnight later
All these features in the situation were cal
culated to impart more frmness to the
/ rrhya oil nfh ay cd
by the advices from Liverpool. Stocks
had been steadily running down
and it was apprehended that by the first OF
November there would be left hardly more
than fortnight's supply. The effect OF
these considerations was seen in an ad
vance during the first fortnight of Septem
Der of " a &c. which was followed by q
further improvement of lac, low middlins
ruling at lSA ls1sc and middling at lS!s
panic then unsettled the market, sus
pending the movement of foreign ex
change and thereby compelling buyer.
to temporarily withdraw. Prices, conse
quently gave way, until on the twenty Eixtt
Of the month low middling exhibited de
cline of IA 02+ac from the highest point
This excessive eductiOn-excessive wher
Il regarded in relation to the markets, at the
ultimate points of consumption, and exces
| SiNtg tNCu NEcA lUC C0UsC VI I1lO BSb IL
sion was considered. The latter. how
ever, although hot sufficient for q de
cline in a staple the price Of which il
governed by the worlds consumption, ant
by the course of foreign markets, wa
well calculated to demora!ize most branch
es of trade The kilograms received or
September 81. and those posted az &h'
Cotton Exchange, reported almost IN
precedented excitement in Wall street
The national banks continued to pay ordin
airy checks in legal tender notes, but any
was promptly avoided by payment in Ger
titled checks, which would have to pass
through the Clearing House and be settled
under its regulations !; the Stool
Exchange was closed; the Union Trus,
Company was in the hands Of
receivers. The savings banks had virtually
suspended. The Gold Exchange had CLOSED
except for the purpose of settlements, ani
foreign exchange was at a stand still. Tht
decline in cotton, however, had been really
unwarranted by the facts of the case, arc
the crop accounts becoming more discour
aging the demand revived. and factors
were enabled to recover y q &c Of the pre-
| viOus decline. Passing over the advance
during the first fortnight, and comparing the
closing with the opening rates, the quotations
on September 30 showed net falling of
OF only Is ale. The improvement, how
ever, was. somewhat Elusive, being partly
caused by the change in the measure o,
value from currency to certified checks
which was equal to y q Ac p Is on thu
price of cotton. This change took plac,
on September %, when the following reso
luton was adopted by the Clearing Hous'
banks:
"Resolred, That all deposits made here
after shall be paid in kind, and tina
against previous deposits no checks ex
ceeding $25 will be paid in currency t,
| eov ono dapcs;tor m the same dav,