The New Orleans Democrat., 1876-05-21
~. .s17 900 si.451 900

Total. .s4.si7.0oo st.45i on
The Mark Lane cypress. Of London Mny Is. Il
its review OF the British corn irade for the pas
week. says: Vegetation has made little progress
| since last weeks report In consequence Of tn
| continual lowness of the temperature. Autumn
| sown wheat Is strong enough to Withstand tn
ably Thousands Of acres In Essex have beel
sown with barley and other crops. the condition
Of the soil rendering it impossible to plan
wheat. The backwardness of cereals however
| is not itself q cause for alarm and the chances
of disastrous frosts are daily becoming mor1 re
mote There Is little change in the local trade
Some cargOcs OH the coast as well Hs some Eng
lish wheat. have been taken for the Continent
but the export demand has been mainly confined
! to these transactions. and France. Holland ant
belgium have been buying direct from New
| York Odessa and other shipping ports The
supplies Of foreign wheat have lately been In
considerable, but with the opening Of navigation
ments thence wifi be mainly for Germany. which
las bought q considerable quantity there. Maizf
! has been freely taken for summer shipment. the
| very moderate prices tempting buyers
The consumption Of cotton by mills in the
North in 1875 o97 900 bales against .o94 3sl
in 1874 and In the South l45 ,o7s in 1875. against
| 12sb26 In 1874. The number Of mills In opera
ton was 69t in the North and lsI in the South
the North and Georgia t47) in the South.
The following is. the condition Of Western
Rolling Mills Number Of furnaces 1869. work
ing single time 1910. idle 70o Three Of the mills
make heavy iron rails and all three are idle OF
fourteen other rail mills that we have reports
from eight are idle and six in operation. Out
OF twenty five rail mills in the West all are I'm
operation but three. viz: Reis Brown & Berger
Ohio City and Benwood.
We are indebted to Messrs. D. A. Given b Son
for w. G. Watts x Co.'S Liverpool Cotton Cireu-
lar OF May E. from which we make the following
extracts:
The spot demand for cotton has continued
very limited; not sufficient to absorb the nuan-
hence I'm
ruled in favor Of buyers. Quotations have gene
rally been reduced this week lied TO I'd per
to-day than I was a week ago. that is. when 1t
was possible to sell excepting In a very retail
way Mt quotations. and forced sales were In
many cases being made at an I'd and in same
instances I'D per pound under current quota
tions. whereas now there is rather more steadi-
ness. and quotations more nearly represent the
prices at which sales can be made, nevertheless
there is stil more than the usual irregularity.
The business Of the week. including 1890
bales forwarded, sums up e3.s2 bales, viz 1850
The PosITToN. Ero-There are SO many and
such worldwide causes affecting the course Of
prices for great article Of commerce like cot
ton. that 1t is impossible for any one. even the
most careful statistican or the most expert
like certainty even the Immediate future course
of prices. Six weeks ago, say on the 23d Of
March, American cotton was practically 9.d to
%d per 1b dearer than at present. II Is safe
to say no ono then expected such decline as
this. Prices have now come down to within
about sd Of the extreme depression ut the end
of February. This much IL certain, that during
the first three weeks in March the demand
whatever may have been it's origin. was so very
active that prices for American were forced
up fully I'd on the better and about "a on
the lower grades. At the time this inn
provement set in there was we think
moro general depression in the trade both
here and mt Manchester than there is at
present The most prominent of the
present depression appears 10 us to have grown
out Of the small spot deaapd. During the past
six weeks the home trade have taken from this
port an average Of only 1896 bales per week.
and including the 3,798 bales per week forward
cd, makes the. total deliveries from this port
only AZ 1913 bales per week. If we take into ac-
count the deliveries from London and assume
the consumption of this country at GO 900 bales
per week which is generally considered con
servative estimate. it appears English spipners
now hold 81 900 bales less than on the 23d March
when the decline set in. and about 5000 bales
less Ehan at ths ne. close d February, the com
But the question arises. why have the spinners
Fought so little and lot their stocks of cotton
hat It was owing to bad trade in Manchester.
That the demand for both goods and yarns has |
or some weeks past been dull. and that saies |
,se,ns moi n o reason to doubt. The genera tenor nf
he advices from India and China have for some |
weeks past been rather diseouraging. and |
ended TO check shipments of goods. At Cal
utta the money market has been unusually
tringent. the bank rate being IL to 12ts per cent
,ut favorable turn in the money market has
low taken place. and 1t is hoped the rate
viii soon fall to alout its normal
,oint. Then. again, there has during the
,.ast four OF. six weeks been very serious. de-
GLOWING the enormous losses that have during
he past twelve months been sustained on many
descriptions OF foreign bonds and securities.
GEMS to have driven many to the conclusion
hat matters are sadly out Of joint. and that we
re on the eve of panic. And the fact that such
state Of affairs should exist when the bank
dan Ia no Ion t..fT /
er cent-apparently adds to the mystery of the
ituation.
Taking then broad view Of the situation. cot
)n seems to be holding u p as well. II not better,
IAN money or almost any article Of produce if
e except provisions fAmerican bacon. etc).
hen the chances are that for some two or three
eeks o come we will have small import. and
hatever may be the demand that it will be !
lrown mainly on our spot market and this is
hat is specially required 70 strengthen holders.
le market Of such parcels as are being pressed
n sale: and any impr9vement , =. IN the tone Of
Manchester. Besides. the depression in the
merican markets for some weeks past has been
zen more severe than warranted by the reports
here s oR be That haye
ON at the close OF February, and reaction
ere seems very probable. which would help
liverpool and Manchester.
The stock Of cotton held by English spinners :
now estimate at 900 bales. against 1880
st year and 1856 900 the year before at same date.
FINANCIAL
Our quotations are corrected from Ute last sales
ported at the Stock cotton O,d Megchd1ats' El- 3
anges and from Othe7. authentic sources O,,' }
dncidi cotton and commercial tetegranps are the !
test received.
The demand for discount is rather stronger 3
th in bank and on the street. but without any
lotable variation in the rates of commercial
lper. We now quote exceptional commercial
per at So per cent per annum; Al do. 1ON ]
and second grade l5@1S. I
First class mortgages continue to rule at 9d10 |
II cent per annum, while second grade are en- |
ely nominal. o
BANK CLEARINGS-Day's clearings. $685. Q
Al: balances. s76.366 45
The weekly Clearing House statement shows c
marked falling of in currency. a moderate de-
ne in loans and discounts, and fair increase "
specie. b
rules at 112jz01l21 against 112z s.
New York. The market exhibits more activity. 8
half dollars are still
oted at 1O01a@101lz currency, while Mexican s
liars continue to rule at 90. gold. j
VI TERLlNG-Oferings light; demand fair:
lrket lower. Commercial quoted here at
3@5473 currency, bank -@5 551. bank counter $.
-e --@551s. Commercial at New York at 45514
86l gold bank 487 kg4831s. 81
a few small sales at quota .
MS. Commercial quoted here 46lt, bank nomi-