The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-29
COMMERCIAL MATTERS


me steamer by. Tete, arrived Wednesdav
evening from Thibodaux. bronoht e;oht S.asy
new rough rice from the plantat ion IS NJ
ysuoert, at Belle Point, parish of ST. John ths
DaPust' and consigned to Jaubert 4 % u
rice this season. A'0eip' Oh new
Siassincation of the deposits of the sav.
lngs banks of Connecticut for the f;scoi ,ao.
lo1o' which amounted to $40, OOO. 600. shows
tnas OF the 2O5, $40 depositors, II, 40 of tham
neid over S32. O0O. 600. In other words. sb .u
one-IWeHtn OF the depcsitors held over three.
sevenths of the total sum, 'A'0e'
The Post Office DEPARTMENT has cav.
Department of Justice the names ~ . ~ .ne
nine mail contractors who are to be nross cnt.d
Tor failure to perform service after fhs;r Ia.
were accepted. The contracts were raia, ts
the government, and the Difference hot,ro -
the amount paid and the bids, for the Tint,
nine routes, was s4l7 087, which is the amnu2,
OF damages claimed against the delinonen,
bidders. "'''nq0en'
The Decline in Gold.
Inc following interesting remarks concern.
1ng the policy of the Secretary of the Trea..
ury and the gold market are from tba NJ
YORK journal Of Commerce of the 23d inst.
Inc steady decline in gold in this market
ana the guinness IN exchange which has been
can perhaps be accounted for by the onsro'
lions OF the Treasury. 1t has been pnzzle
to many who have watched the course ns the
COLO premium. and endeavored to ascertain
the causes for it, how it was possible for a con
tInual drain Of specie to be made. az has been
the case for months past, from sources not
abundantly supplied, SO far as could be ascer.
tanned, and yet avoid natural corner or anv
excessive str,ngency of gold. One explana-
ton Is that the Secretary Of the Treasury has
1t is asserted, been secretly bearing the
MARKET me fact that he has sold five Der
cents of 1881 in large quantities has been
stated, and is not denied. How he has d;s.
posed Of them, and where, has not been Of
ficiaily proclaimed.
III now said, on good authority, that the
sales have been made through the Syndicate.
who have placed the bonds in London and on
the Continent. and have deposited the pro-
ceeds OF the sales to the credit Of the Secre-
tary, who, it is said, has drawn bills secretly
and sold them in this market for gold, which
he has in turn caused to be sold, and invested
the proceeds in silver bullion at the mines
owned by certain parties in California. Ten
days ago 1t was reported that he had sold
$15,O0O0OO Of these bonds in this way. Yes
terday dispatch from Washington asserted
that ne had accumulated 500, 900, OOO-slO,-
OOO,Ot silver coin and $40, 900, 600 bullion
at the Treasury.
It is now said that he will sell SIC, 900 900
more OF the bonds, making $25, 00O, 900 in
all, before he ceases his operations, and that
then the minis will be fully supplied with as
much as can be coined this summer. A
story was current on the street to-day that
the Secretary intended 10 sell $50 600, 600 Of
the five per cents and accumulate the gold in
the Treasury for the purpose of resumption
on the 1st of January, 1879 This may be
true. Indeed, no assertion of this character
can be denied as long as the Secretary ad-
heres to the policy of secretly doing that
which has recently been the custom Of the
Department to do openly.
Another reason assigned why cash coin is
apparently plentiful, notwithstanding the
large speculative sales recently, is that many
of the merchants have bought gold at the de-
cline, instead of borrowing on time, and have
placed the gold in the banks, whence it occa-
sionally finds its way on the market, presum-
eddy by direction OF the act of the owner, and
Is there loaned. This operation Of itself de.
ranges the plans of the bull spectators, for
at this season of the year they usually count
upon q large mercantile short interest. To-
day. for illustration, gold was in demand at
the opening at 1-64 of per cent Early in
the afternoon the rate was 3@34 per cent for
carrying, showing an abundance of cash gold
on the market.
Liverpool Cotton Report.
From Messrs. W. c. Watts L. Co.'S weekly
Liverpool cotton report, dated July 8, we
make the following extracts:
The Position, etc-The stock here has been
increased this week 1000 bales, and now
amounts to 1,047,C80 bales, which is the
largest attained since 18Th July, 1861. This
enormous stock has of course dissipated all
apprehensions of any scarcity Of cotton at
any time this year. and following as it has an
American crop which now promises to turn
out less than 8, $50, 600 bales, has given rise,
in many quarters, to the i'm preston that the
consumption of the world has been less
than heretofore generally supposed, or
that production of goods has exceeded
the actual wear and tear, and consequently
that there has been an accumulation in the
markets of the world which can only be recti
fed by dimished production and scale OF
prices that will likewise check the production
Of cotton. Those who take this view dwell
particularly upon the fact that notwithstand-
ing prices were some IL to 10 per cent lower
during the planting season this spring than
in the snrine of last year, yet the acreage in
cotton in America was increased to per
cent. which is regarded by them as conclusive
evidence that prices are not yet low enough
to check the growth of cotton.
On the other hand, there are many who
take very different and more hopeful view
of the position and prospects OF the marKeI
They reason somewhat in this wise "Irue,
the stock here is enormous, but this has been
brought about by a combination OF excep-
tionai circumstances namely, the depression
of trade in America, the recent apprehensions
of war on the Continent and the enormous
failures in London and Manchester during
the past six weeks which have, by unsettli ing
confidence and checking the demand for
oonds cansed spinners to purchase much
g gUuas, spsringly than they otherwise would.
Q The stock in America, including the eleven
interior towns. is now about So. 600 bales less
than at this date last year, and as our latest re-
norts represent an increas ed home demand at
r1rces relatively higher than those current in
this market the shipments to this port f Of the
aJ;nnlv small. 8 The stock of cotton in
warehouse in Bombay is reported to be about
60 600 bales less than last year, and there Is
supposed to be less in the interior and tn. the