New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-09-01

amount unsold to -, oUU.
The supplies now became more liberals
and meeting with good demand at the
ruling rates, the movement was quite
active, resulting in largely increasing the
supply of domestic and foreign exchange,
turning tie balance Of our account with
New York in Cur favor. and enabling our
banks to order cut considerable amounts OF
currency by express. II was consequently
manifest that we would soon be entitled 20
resume currency payments. liz the mean
time, partly 20 accelerate the progress %
the event. and partly 20 avoid the inconven-
fence OF che standards-certifeG checks AID
currency-a meeting Of cotton factors ana
buyers was held az the Exchange on the
evening OF October %, when committee,
previously appointed. reported that they had
had conference with the Clearing House
directors, when the latter adopted resolu-
ton TO the effect that they could see no
serious objections 10 the proposition OF the
factors to sell cotton exclusively for cur
reney after the tenth Of November ant
that they would Go all IN theic power TO
bring currency 10 the city for the purpose
o. aiding the movement, as well as WITH
tie view Of accomplishing general re-
sumption O. currency payments at an early
date. When the matter was fairly brought
before the trade It was found taat number
OF bsvers who had sold their bills payable in
anticipation O. resumption by the banks,
and then brokers were unwilling 70 be
bo2od By the proposed regulation. Under
these circumstances a compromise resolu-
ton was a0opted az the meeting OF the
trade, to the effect thar on anG after No
vemuer 10 ''rhe factors would cell cotton on
the basis OF the currency OF the United
States" leaving buyers and sellers tree To
nav or 70 accept certified checks at the
ruling discount, the price Of cotton being
lis currency value. The effect was that
few factors firmly refused 20 sell, except at
the currency price. receiving payment either
| in currency, or in checks with the proper
allowance, while others Iner the demand
| freely, payable II checks at the check
quotations. In short time: however, all
| these distractions TO the regular movement
| vanished. ana long before the formal re-
sumption by the banks, they virtually ac-
conplished that end by making them daily
| exchange at tire Clearing House n cur
rency During the period in which these
| two standards OF value were recognized, in
| order 20 et.ecu our object OF giving clear
! idea of the market, we found 1t necessary
70 give two sets OF quotations, respectlyeiF
! for certified checks and currency, which
prevented any nisappreheusions either at
| home or abroad.
November opened with the previous
| downward tendency, accelerated oy a &C.
cline both at Liverpool and New erk. amt
| a material reduction IN foreign exchange.
| while more copi0us supplies. large paiE OF
| wnich was sent forward as the basls o. aC-
d,tioral advances. made it necessary tor
| factors to meet the demand freely on the
fair parity Of their markets. Low ln;ddliny
| consequently declined 20 ljlz q lJasc, show
| ing falling OF OF ll4ca This however was
UNEXPECTEDLY followed by a sharp reaction
predicared on favorable turn a New
| York. and at the close OF the month low
middling was quoted at LOIS a l5>c show
| ing net advance OF 2l2c from tie lowest
| point. Tie movement moreover had SHOWN
an increased degree OF ACTIVITY. the month
| sales summing up III. 800 bales, against
| gross receipts CT lit,g00, while tie stock
By our running statement was IL
creased 10 II $50 bales, AID the
| estimated amount unsold to 32.e09,
| the latter indicating. when compared
| With October's return, row large proper
ton of the actual supply had been absorbed
| by the current demand.
| The gross receipts foc tie fAree months
ending in November amounted 10 -CJ.1o7
| bales. the sales 70 201, 900, and the exports
| to 1884. including 1888 IN November.
| The distribution OF the exports was as fol-
lows. viz: 53,GCs to Great Britain, 80, 466 10
France, 20, 2J7 to the north OF Europe, PHI
| to the south OF Europe, principally Spain,
and 33,5t2 coastwise, showing. compared
| with the corresponding period in 1872, a
decrease OF 26, 662 bales to Liverpool. %. 2l2
TO France, 1913 10 the north OF Europe.
1881 TO tue south OF Europe, and 222,3o3
coastwise. During this the Liverpool
market had enhibred some irregularicy. but
! closed at very little variation from the
opening rates N September. Early in that
month the prospect was that the market
would be controlled by the at.vices from
this side. The question OF prospective sup
ply was involved in a good deal OF doubt.
Our crop vas generally admitted 20 be a
fortnight later than II 1872, and there was
supposed to be a contraction OF acreage equal
| te fully Ell g,at per cent On the other hand
the condition was generally better Taking,
however, q. genera survey OF the field the
Liverpool circulars pretty generally regard
ed American cotton as holding a sound
position. This was tie situation early IN
September. Later n fne month fhe ac
counts from this side made 1he crop question
still more uncertain, and estimates garied
from $3.50, 600 as short crop 20 1920, 900 as
long. the medium between these extremes
being generally accepted by conservative
was stin mere involved 10y the New Y0Zk
panic and its influence On exchange.
December exhibited still more activity,
but accompanied By increased iEreguIaliry
in prices. low Middling giving way early IN
the month, but subsequently, recovering q
part of tie decline, and Their again takin z
an unfavorabie turn until it settled down
TO 143s a l4l4c, showing decline scona the
| opening rates OF q q, 9sc, when the marx e
again rallied and recovered u a &c, max
ing the net reduction Ger the month u o L C.
The receipts were considerably in excess OF
previous anticipatIonsi and crop estimates
we're generally raised 70 $3.50, zoe ena
4,COG,0O0 bales as extremes. The unfavoya-
bic influence of these heavy receipts and
advanced views OF the prospective supply
was to a great eXteEt neutralized by the
spirited competition among buyers, and the
| month sales proved TO be the heaviest of
the wear. summing up 49,, 500 bales. against
gross receipts Of 3-6,5te. The stock Dy our
running statement was Increased to 263, s,li
bales, and the estimated amount on sale TO
10000, showing an increase during she
month of II 400 bales.
Notwithstanding this eopious edppiy.
January opened with an upward tendency,
and. the demand being simulated by the
scope afforded to buyers, prices hardened
and continued 10 rule in favor OF factors
until about the middle of the month, when
the market took an uIfavorable turn and
| not onIy lost the previous improvements but
| closed at a net decline for the month OF
about 1sc. The entire movement was less
than in December, but the sales for theweek
ending on the ninth proved to be the heavi-
est OF the year, amounting to 81 900 bales,
the largest on any one day being 1880 on
Thursday, the ninth: With the general in:
crease in the supply. there was a CORE
spending increase Of dusty and sandy lots,
with occasional mixed bales. indicatin Q
either great negligence or Intentional fraud
This evil was less than in the previous wear,
but was, nevertheless, of sufficient magni
tude to prove extremely annoying. attended