New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-09-01
ANNUAL REVIEW
NEW ORLEANS MARKET,
September /, 1876.
OF THE

At the comme noemeut of the past year
we had reason to anticipate renewed pros
perity. 1t was generally supposed that the
causes which had disturbed commercial
aft airs, restricting the movement and clos
ing innumerable sources OF profit to all
classes of the community, had spent their
forces. Production had been increased in
most branches Of agricultural industry,
and with probably augmented receipts of
our chief Southern staples, we might rea-
sOnably look forward to more prosperous
times.
The result shows that while our hopes Of
increased supplies have been realized, their
good effect has been to q great extent neu-
In many cases the planter has not only had
no surplus to expend upon the improve
ment of his plantation and for family ex-
pensas, but has been unable from the pro-
ceeds of his crop to extiDguish obligations
incurred for its cultivation. Thus, with
the exception Of some branches of the
wholesale business. we have witnessed a
repetition Of the shrinkage in trade which
was such q general subject OF complaint
in nearly all securities, as we'll as in real
estate.
No class in our community is independ-
emit of others. The profits of the retailer
depend upon the sOlvency of his customers,
the prosperity Of the wholesale dealer upon
a healthy demand from the merchants of
the interior, bank dividends upon the ex-
tent of tho commercial movement, and the
rental Of the landlord on the income of his
tenants. All are bound together by bonds
Of mutual interest. 1t, therefore, becomes
the duty of each to promote the common
prosperity. Had these truiems been acted
on years ago instead of meeting mere as
cent, We might long ere this have made
such railway connections with the interior
districts, and 80 cheapened transportation
on our principal waterways that We would
have retained the trade which has been
diverted from us by competing markets,
and have had no occasion to record an un-
satisfactory result of the years movement.
Regarding the past, however, mainly for
the study of the lessons it's experience
teaches, we look to the future with more
hope than distrust, with more confidence
than dependency. Abundant crops have
rewarded the labor of the planter, cheaper
subsistence has enabled him to save no in
considerable sum from even the low prices
realized for his products, the whole country
is in q more healthy and solid condition,
and the laborer can look forward with con-
fidence to receiving q fair reward for his
services. These are the elements of that
general prosperity upon which the welfare
OF our commercial city mainly rests.
When all the improvements now in pro-
gress are completed. when We have rail
roads connecting with the railway system
of Texas, both on Its northern and its
southern line, when the outlets to the Gull
are deepened sufficiently to afford safe navi
CATION to larger clsss of vessels, thereby
reducing both foreign and coastwise freights
and when these great measures have beer
supplemented by cheapened rates on the
waterways as well as the railways, combin
ing TO afford greater facilities to Western
trade we may confidently anticipate de
gree of prosperity transcending the mos,
sanguine hopes OF the public. SO far from
having any cause to despond for the future
we regard it with increased confidence
We feel, moreover, that the time is mucf
nearer than is generally expected, when
New Orleans will assert her title of the
chief commercial city of the South, rivaline
in the magnitude and profits of her trade
the proudest of her Atlantic competitors.
We are encouraged in these anticipationt
not only by the increase in our receipts fol
the past year and the prospect OF abun
dant supplies from bountiful crops in the
next but from the actual extension of trade
already established in several branches o.
the wholesale business. including dry
goods, boots and shoes, hardware and some
minor branches, and the evidence they
give that our wholesale dealers have done
y satisfactory business, although they have
reduced prices to less than the parity of com
peting markets. The inference to be drawn
from this is that when our railway c,nnec
New Orleans will be more than ever thu
best purchasing market tor the people 0
interior as we'll as the best selling marke
for their products.
In passing from these general views Il
the various departments OF our commerce
attention is first attracted by our leadin!
staple.
COTTON.-The most salient fact with re
gard to the movement of the past year i
an excess in the receipts of $4,000 bales
or nearly forty per cent over last year. Thu
total receipts for the year amount t.
,6Gi. AL bales, embracing ,i23, Ito proper
and 1el ,33l from other delivery ports. Z
large part of the latter should be place.
among the receipts proper. having beer
shipped from points in Alabama and Texa
to this market for sale, but counted in tran
sit as among the receipts proper Of Mo
bile and Galveston, and on arrival herr
credited to those two shipping ports. Add
ing the stock on hand at the commence
mont of the year gives US total supply O
Lola, All bales, against ,l74,915 bales las
year.
In 1S7475 prices exhibited a genera
downward tendency during the first five
months, when they rallied and commenced
an upward movement which continued fol
two months, after which they gave way
pretty steadily and finally closed at ne
| decline for the year of 202lsc in good or
binary. on 025sc in low middllng, ant
| 2A 1880 in middling.
In the past year they have ruled at ma
terially lower range, pretty steadily de
clining through the first six months. ant
ruling at the close of February about 81
lower for good ordinary, 2ss o2!ac for low
middling, and 2Ac for middling, whel
| they rallied and recovered 1tc. after which
they again gave way, and continued to de
cline until the latter part of July, when the,
| touched their lowest point, not only losing
| the previous improvement but showing
| further reduction of " q Ac in good ordi
nary, " a SIC in low middling, and 70 o l,
in mlddling. They then took favorabl,
| turn, and recovered 70 0lc in the medium
grades and " q Sc in middling, but within
the past fortnight have again given way
| the closing rates showing net decline to
| the year Of 224 027sc in the former and 3aI
031ec in the latter. These figures show th'
general result, but when We proceed to no
tice more particularly the cause of the
| movement we find it necessary to refer to
the controlling elements in the Liver
! pool market. At the commencement
of September the statistical position
was regarded there as encouraging
The years consumption had been in ex
cess Of production, the visible supply, com
| pared with the previous year, showed ,
falling off of 10000 bales, the invisible
supply was uncertain, but was general.
regarded as short, and the popular estimate
| IF 010 000 for fho iNcOminU crOn nrOY
| ised hardly enough for the prospective
demand. If there had oeen no other ele
ments in the question it would have beef
reasonable to look for an increase in tn
movement and stronger prices. but trad
had not recovered from the disas
trous results of the years business
the prevailing distrust prevented ney