The New Orleans Democrat., 1876-05-28
FINANCIAL AND COMMERCIAL
OFFICE NO. DEMOCRAT.
Saturday Evening. NAV 81. 1875. !


Interesting financial and commercial
| The Ranking and Currency Committee Of The
| House has devoted several sessions to the con
sideraton Of bill introduced by a member Of
that committee .Mr. Townsend, Of Pennsyl-
tional banks. ia the, first place II proposes
the repeal Of section q OF the net Of June 20, 1874
the section relating to te fedemYt'Gn & On ,s 81 ma r
peal Of this section are also pending before the
committee; in the next place the Townsend 3ill
ton IN the cities OF Albany, Baltimore, Boston
Cincinnati Chicago. Cleveland, Detroit, Louis
dephia, Piitsbnrg. ST. Louis. San Francisco and
Washington, shal at all times have M on
hand, in lawful money ct the oas, United ted
per cent centum of the aggregate amount of its
circulation and every other association shall at
all iimps have an amount equal to at least ilve
per cent centum vt the aggregate amount OF lts
circulation on hand and IN balances and due TO
any such association available for the redemp-
ton of its circulating notes from anv such asso
caion approved by the Conptrt Her Of the Cur
rrncy organized under the national bank act OF
its Supplements and doing business ~ either 81
the cities above mentioned And It Is further
reserve on hand sh!pll faIl below the
shall not inerease its liabilities by making any
new loans or discounts, Otherwise than by dis
counting or purchasing bills Of exchanges nay
able AT sight nor make any dividends of profit
| until the required proportion hetwoen the aggre-
gate amount of its outstanding notes and its
lawful money has been restored and unless
this restoration hn made within thirty days after
notification by the Comptroller Of the Currency.
that officer may. with the concurrence oi the
Secretary Of the Treasury, appoint q receiver to
wind M The business Of the association, The
bill also provides that clearinghouse eettlficafs
representing specie or lawful money, specially
depueited for the purpose, OF any clearinghouse
nssueiation shall be deemed 10 he lawful money
in the possession Of any association belonging
to such clearinghouse, holding aud pWalhg such
summer Prebjpe-C Chicago reports ,s5G hogs
packed since March to the eose ot iiist week.
This number does not vary materially from cor
rpspondng period last year. Cellar Haplhs,
2s2s2 to last Friday. against 1888 last year
nreparaton Hr more act,ye business aaf ~,
to he operating at about last years ext NJ. In
danapos is now packing ooon to 10000 hogs n
week and has reached rocco since March I
corresponding time last year the house was
closed. Cincinnati packing. to date about 5000
against 10000 last year NO, tnueh aong =. % 1,het
Late European Breodsfufs ndrtces ffport-1he
trade in London has been marked with consid-
a,s' era in Wbea W. T has Gy improVed ' is per
quarter The continuance of the export IN uty
and the steadisess with which cargofs on ,he
J coast are taken for the Continent show that
the request is based upon genuine foundation
and The leading features Of the trade have been
considerably streng,hened thereny ~ IN amn,ion
Of the coast, the demand for the Continent has
extended to cargoes on passage from Aus'ralia
,
Jcfe IoFpp ndrjees from Rio say The demand
snce our last report has been snlall for al
quarters: exporters, as rule. seem disposed e
await further developments. at least they do moi
show any desire to resume shipments at prices
now asked hy dealers, who have thus far Offered
, Inducements of about 300 reis from our, las
; quoted rates. bringing prime good firsts dowr
, to sl7oo per aroba At these figures there Is :
small margin for profits as compared with the
prices ruling in consuming markets, but tht
large stock that are carried in the Unitef
Stntes and Europe are looked upon ms recon
mending caution, and unless another materia
decline takes place here, We do not look fol
J shipments on largo scale for some days.
We are indebted to Mr. y. A, Given 4 Son fol
Watts & Co q Liverpool circular Of MAY II, iron
; which we extract the following:
We have to report another week of extreme
dulness, and downward tendency OF prices .,fe
, the demand has been insufficient to absorb tbs
! supply OF cotton pressed for sale. The decline
: in American has this week amounted to ,led or
| middng aud an I'D on the higher and lowe
grades the latter. owing to The very large suppl
on sale closing quit m irregnar IN aana braI,s ha.
ssa sna sfy'nsaT 70 ID s'nca '9n9 na
THE PosIrios ETC.-The limited demand, tn
pressure to sell. and the downward tendency o
, prices have now continued for seven weeks un
III now prices have touched within led & ib o
the extreme depression ON 2d March last: in fac
there have been only some three or Tour shor
, and exceptionally depressed periods since The
French Revolution Of 1s4s when prices have
been as low as Mt present, The two chi.f causes
= that hDyp brought HbDft SiiPn low p1InS nave
undoubtedly been the enormous crop grown II
America the past seaSon. and the contraction
aud depression that have for tho past two years
or more characterized nearly every department
, of business both in Europe and America -
course these same general causes may RENAL
in force for months to come, and possibly brlns
about worse state Of affairs than now exist
Whe >, howtver. matters got SO bad the chances
are that they will mend,
As regards Cotton, IL looks 10 us as II the pros
poet was rather u hopeful one. The Amer eal
crop of the past season ns7b 81 was simply ~
d extraordinary one: we doubt whether th9re eve
: was before such yield per acre certainly, II W
: accept any of the received authorities on TIN
subject of acreage. there has been no such yiel'
since the war There may be as much plaptel
! in America this as last spring this point al
is yet coniecture-but we cannot reasonably eN
: poet such another yield per acre.
+, But Notwithstanding the extraordinary ylel'
{ in America and Egypt the past season-som
400 900 bales more than the season before-th
visible supply of cotton is now very little NOR
/; than 1t was one year ago. II we further TAX
] into account the generally received estimates -
: the stocks held by Eng ish aud Continental spin
ners what is known to b9 ailont from Brazil an
mt the conclusion that the actual supply OF eottol
I in tho world is but little if any. larger than
I was at this date last year and even allowing IN
most extreme estimate we have seen Of stock
9 held by Continental spinnors, tho eXces
amounts to only about 100000 bales. Where
s then has the excess of 100000 grown in Americ
( and Egypt gone tof II has been nearly offset b
= decreased shipments from Eastern aud Westor
. India from Brazil and other minor sources Q
: Europe and America.
There is ono thing that has this and for sove
raj weeks past particularly depressed our mar
kot namely the weakness shown by, all IN
! American markets. For instance, New York ha
this week declined rather more than Liverpool
, and notwithstanding the low prices .curren
: : here. the margin on shipments hence from m
u principal American ports ls rather netler tina
, at almost any time since September last. I'M
affects our market in two ways in the first plat,
: tho want OF confidence shown on that side ]
supposed to be due in some measure TO III
views entertained about the prospects Of the GRO
a now being planted and secondly. that II IS ike
r y to lead TO very heavy shipments here forth
: remainder of the season.
= The stock of cotton now held by English spin
i ncrs we estimate at $4,000 balcs. against 216Ot
9 last year n d l65 900 the year before.
2 FINANCIAL.
D,y quotations are co,v-ecteib0p Htc last sale
, jepoJfpd ot me stock. cotton and Mochdnts ~
u ciinugps and f'Oa Othe' authentic sources. IN
ttn,icini. cotton ond coanerctdt tefegra1ns are IA
latest TeCpited " , j.,
The demand for discount is less liberal, bot
in bank and on the street but without an
uuotable variation in the rates Of commerce.
No