The New Orleans Democrat., 1876-05-27

fff 3H OFFICE N. q. DnMoCRAT.l
~ Saturday Evening. NAV N. 1875
We oondense from ovv eyahangss NE Jollo,ein0
interesting financial and commercial
.-teI t.I Itepns:t 9lst.

reg Saturday Evening. NAV a. 1879.
W. condense iron. owr erehanpss NE fo'o'eino
interesting financial and commercial
.akI " Itesms: at
The Bnnktng and Currency Commhiee Of The
House has devoted several seesions to the con.
% e S 81 81
vanin, The bill IT, OF importance to Ma
uonal banks IN the frat place II proposes ,s,.
the section relnting TO the redemption 81 M
tienal bank notes. Several other bills Tor the rs-
peal Of this section are aIao pending before the
committees In tho next place the Townsend bill
provides that every nmonul banking associa-
| lion IN the cities OF Albany, Baltimore, Boston.
Viz yile Milwaunee iii' Nsw Orleans New York. fhiia-
delphia. Pittsburg. ", Louis, San Francisco and
! Washington. shall at NIL times have on
si"toa sao IN % nmonnt o~ "annl to at I lcast ton
per cont eent'm Of tho aggregate amount Of lis
circulation. and every other association silnll ut
MI times have an amount equal To- at least I'VE
per cent contain Of tho aggregate amount Of It's
circulation on hand and p balances and due TO
tion Of its circulating notes from my such asso- %
citation, approved by tho Comptr Her Of the Cnr,,
rsnry orsanzNd naier G {s ntiGna, PINK aet 4
provided that whe" ,n, ne ,, lawful money 9y
"bov s 'a the ASSOC "ssono
shall not ncrease lts liabilities by making any
| new loans or discounts. Otherwise than by dis
~
| abIn nj sight nor make any diyidunds of profit
until tho required proportion botween the nggre-
! gate amount Of its outstanding notes and its
lawful money has been restorod. ana unleea
this restoration be- made within thirty days after
| notification by the Comptroller 81 ths Currency.
| that officer may with tho concurrence Of tho
SECRETARY oi Tho Treasury. appoint u receivor TO
| wind UP tho huainess Of tho nasociation. The
bin also provides that clearinghouse certificates
| representing specie or lawful money specially
| dcpoeited for tho purpose. of any clearinghouse
| association. shall be deemed to be- lawful money
| to such clearinghouse. holding and owsing sucb
| .summe, Iacking-Chicago reports 200 NEG hogs
| packed since March to tho slose q Inst week.
! This number docs not vnry materially from cor
responding period last ysar, cs1ar Iapids.
preparation for u more active business later In
| the senson. Cleveland packers arc understood
to be- operating at about Inst wears ext MT. In
w""h and + has Vm res"hsd % i7oooo 1000 since % Maref f'
| correa ponding time last year the house wns
closed. Cincinnati packing. to date, about 10000
against 10000 last year Not much doing at other
| points according to information now at hand
| Late European U'padsfuGs ddrices rtport-Ihc
! trade in London has been mar kod with consiid-
cradle flrmnoss. and witt, u steady demand for
the Continent Wheat has improved ~ per
quarter. The continuance of tbe export In nry.
and tho steadincss with which enrgOes of the
const are tnkcn for tho Continent show that
the request is based upon ngenuine foundation.
| and the leading fentures of tho trade have boon
considerably strengthened thereby. In addition
to tho inquiry for wheat on the spot and cargoes
Of the coast the demand for the Continent has
| extended to cargoes on passage from Australia
Late CoGee adpices from Rio say: The demand
| since our last report has been small for all
quarters: exporters, as u rule. seem disposed to
await further Developments. at least they do not
show any dosire ~ resume shipments at prices
now asked by dealers, who have thus far offered
Inducements Of about 800 rss from our last
quoted rates. bringing prime good Grsts down
10 sH7oo per aroba. At these figures there Is
small margin for profits as compared with the
.,rt, In mi n m nj pfu htIt hc
largo stock that arc carried In the United
States and Europe are looked upon as recon-
mending caution, and unless another material
decline takes place here. wo do not look for
| shi ipments on n large scale for some days.
We arc indebted TO Mr.. ID. A. Given Il Son for
Waits & Co.'S Liverpool circular Of May ~. from
which we extract the following:
We have to report another week of extreme
dullness, and u downward tendency Of prices.
This makes the seventh consecutive week that
the demand has been insufficient TO absorb tho
supply ot cotton pressed for sao. The decline
IN American has this week amounted to !, ga on
grades the latter. owing 70 the very iarxe supply
on sale. closing quite irregular. IN Bralils.
also amounted 10 I-ied TO al Y ID.
THE PosrTfoN. ETC. The limited demand. tn
pressure to soil and the downward tendency 81
prices have now continued for seven weeks. un-
til now prices have touched within I-l6d II ID Of
the extreme depression on "a March last; in TACT
there have been only some three four short
and exceptionally depressed periods since the
French Revolution of 1913 when prices have
been IA low as ut present. The two chi"f canses
that have brought about such low prices have
undoubtedly been the enormous cropgrown In
America tho past season. and the contraction
and depression that haye for tho past two yeHrs
or more characterized neary every department
Of business both in Europe and America. OF
course these same general eauses may renal II
about ue We WORSE % state OF g ars T than now exs
Who, however. matters get SO bad the chances
are that they will mend
As regards Cotton. II looks to us ms IL the pros
poet was rather hopeful one. Tho American
crop Of the past season 1880 was simply IN
extraordinary one we doubt whether there ever
was before such yield per acre certainly. II we
accept any Of the received authorities on the
subject OF acreage. there has been no such yield
In America this as last spring--on this point all
ts yet coniecture--but we cannot reasonably ex-
pect such another yield per acre.
But notwithstanding the extraordinary yield
in America and Egypt the past season-sopo
100000 bales more than the season before-the
visible. supply Of cotton Is noW very litIe more
into account tho generally received estimates II
the stocks held by Eng ish and Continental spin
ners. what is known TO be aloat FROM Brazil and
AT the conclusion that the actual supply Of cotton
in the world is but little. if any, larger than it
most extreme estimate we have seen OF stocks
held by Continental spinners. the excess
amounts to only about 100000 bales Where.
then, has the excess Of 100000 grown in America
ana Egypt gone to2 1t has been nearly offset by
decreased shipments from Eastern and Western
india. from Brazil and other minor sources Of
supply. and BY increased consumption In
Europe and America.
There is one thing that has this and for seve-
raj weeks past particularly depressed our mar
ket. namely the weakness shown by all the
American markets For instance. New York has
this week declined rather more than Liverpool.
and. notwithstanding tho low prices current
here. the margin on shipments hence from the
principal American ports Is rather better than
at almost any time since September last. This
bot In xgn N
the want Of confidence shown on that sde is
supposed to be due in some measure to the
views entertained about the prospects Of the crop
now being planted: and secondly that 1t is like
ly to lead to very heavy shipments here for tho
remainder Of the season.
The stock Of cotton now held by English spin
ners we estimate nj 153000 bales, against 226,000
last year n ID 163 900 the year before.
FINANCIAL.
O,tr quotations corrected from The last safes
reDOrted al the Stock. EOH0n and Me,'citd,ds Er-
changes and from other authentic sources. orr
financial cotton and commercial tetegrdnts tie
tdtcst recered
The demand for discount Is less liberal. both |
in bank and on the street but without any
uuotabla variation in the rates OF commercial