The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-05-20

| United States bonds to secure national bank cir
culationa. and sls,e23 600 TO secure public de
posits United States bonds deposited 70 secure
| new crculations last week, fint 900. Withdrawn
sJ46.0O0, national bank circulation now out,
standing, tJgb pTo. BOG, including t2.G9gla0 gold
notes issued 10 banks doing business on specie
basis. national bank notes received for redernp-
ton to-day. $40 for the week
| New York. 9.s5s,ooo f.o5c,oot
| Boston Observation-Disclosures. agJ 600 st4.Wt
| PbiIadclphja MINI. 257rOo 20. COG
| Chicago - a2s 900 f77 OpC
/ Cincinnati .... pG 900 DW
Macellaneous .,...-.5.... p1e 900 7aG. 900
| Total ........... sAet7 900 A,4bi. .0NN
| Tho Mark Lane Express. of London May Is. in
its review Of the British corn rade Tor the past
week says. Vegetation has made little progress
since last weeks report IN consequences 81 inc
continual lowpess Of the temperature. Autumn
sown wheat is strong enough y withstand the
cold. but barley and oats are suffering consider
! ably Thousands Of neres IN Essex have been
sown with barley and other crops tho condition
| Of the soil rendering II Impossible to plant
| wheat The bnHkwardnesa ~ cereals however.
| Is not itself pnlse Tor alarm aud tho chances
| Of disastrous frusts are daily becoming more re-
mote. There IL little change IN the local trade.
| Some carEpos oifthe coaRt. ~ well rs some Eng
| lsh wheat have boon taken for the Continent,
| but tho export demand has been mainly confined
| to those transactions. aud France Holland and
l.egium, have been hnyng direct from H9" .9
| York Odessa and other shipping ports. The
| supplies If foreign wheat have lately been IN
! considerable, hut with Tho opening OF navigation
| mt hi, Petersburg we may HSpNrt an increase.
although il is probable that tho earlier ship
| ments thence will be mainly for Gnrmauy which
has bought considerable quantity there. Maize
! has boon freely takpn for summer shipment. tho
| very moderate prices tempting buyers
| Tho consumption Of cotton hy mills IN the
North in 1876 was o97 900 bales. against lta4 1891
in 1874 and in the South lI5.e7p in 1870 against
| h2G in 1874. The numDcr of mills IN opera
ton was 60 IN tho North aud lsi IN NE South.
massachuset', had the largest n9mter t2oei In
Tho following is tire condition NJ Western
Rolling Mis Numher Of furnaces 1850. work
ing single time 1910. Idle roo Three Of the mills
mako heavy iron rails aud all three are idle Of
fourteen other rail mills that we hHvo reports
from. eight arc idle aud six in operation. put
of twenty i've rail mills in the West ali are in
operation but three, viz. Rsis. Brown 4 8erger.
Ohio CITY and BanwOod.
We are Indebted to Maasrs u. A. Given 4 Son
for w. g. Watts & Cos Liverpool Cotton Circu-
lar Of May 8. from which We make the following
extracts:
The spot demand for cotton has continued
very limited. not sufficient 10 absorb The auan-
tity pressed for sale and hence prices have
ruled i'm favor Of buyers. Quotations have gene
rally been reduced this week led to I'd per
pound. but practically tho market is no worse
to-day than 1t was q week ago. that ie when i
was impossible 10 arll excepting in u very retail
way Mt quotations, and forced saes were IN
many cases being made at an I'd and in sarue
instances ad per pound under current quota
tions whereas now there 10 rather more steadi
naaa and quotations more nearly represent the
prices Mt which sales can DO made. nevertheless
there is still more than the usual irreguarity.
Tho. business Of the week. including 1890
bales forwarded sums up G3pN halee, viz, 2osD
on speculation. 55jo declared for export, and
bG al0 to the trade
TnG PosIrIor. Erc.-1herc arc 80 many and
such world wide causes Affecting the course of
prices for n great article Of commerce like cot
ton that II IL impossible for any one, even tho
most careful statistieian or the most expert
enced operator, to determine with anything
like certainty even tho immediate future course
of prices. Six weeks ago. say on tho @'d of
March. American cotton was practically sd 70
sd per ID dearer than at present. 1t ie safe
to say no ono then expected such decline as
This r''s bsss now @ee ae.a p W na
Of February. This much " certain, That during
the first three weeks in March tho demand.
whatever may have been i,s origin. was 10 very
up fully "a on the better and about I'd on
the lower grades. At the time this i'm
moro general depression in tho trade both
hero and Mt Manchester than there W ut
present Tho most prominent canso OF the
present depression appears 10 us 70 have grown
out Of the small spot demand. During tho paet
six weeks tho ffbme trade have taken from this
port an ,h Of y ony 1a ss S"ss per
cd. makes the total deliveries froR this port
only 4s 1893 bales pcr week. II we take into nc
count the deliveries from London and assume
the consum ption Of this country Ut GO 900 bales
per week. which is generally considered Q cob
servative estimate it appears Engiish spinners
now hold 81 900 bales less than on the Esd March.
when the decline get in. and about 5000 bales
less hhan mt the close Of February the com
menccment OF the upward turn.
But the question arises. why have the spinners
bought little and let their stocks of cotton run
down rapidly2 Nine out Of ton would answer
that II was owing to bad trade In manchester. ter
for some weeks past been dull and that safes
have hardly kept pace with production there
seems no reason to doubt. The general tenor of
the advices from India and China have for some
weeks past bsep rather disGouragng. and
tended 10 check shipments OF goods. AT Cal
cutta the money market has boen unusually
stringent the bank rste being a. 20 t2s per cont;
but a iayoraolc turn tn tho money market nag
nov taken place. and y - hoped the rate
point. Then, again there mas during the
past four or six weeks been worry serious dc-
cline in English railway stocks. and This decline.
following the enormous losses that hav" during
the past twelve months been sustained On many
descriptions OF foreign bonds ana securities,
seems to have driven many TO the conclusion
that matters are sadly out q loln'. and that We
are on the eve Of Il panic. And the f.et that such
u state of affairs should exist when the bank
rate in London is as low at ever beiore-say
per ccnt-apparently adds 70 the mystery oi inc
situation.
Taking then broad view OF the situation, cot
ton seems to be holding up ~ Well u not peter.
than money or almost any article q produce u
We except provisions tAmercan bacon, "tl.
Then the chances are that Tor some two Or three
weeks 10 come we will have small import and
whatever may be the demand that II Will be
thrown mainly on our spot market, and this is
what is specially required TO strengthen holders,
for a few days of active demand would swScp
the market of such parcels a. are being pressed
for sale; and any improvement in the tone Of
our market would doubtless stimulate business
at Manchester. Besides, the depreesion 10 the
American markets for some weeks past has been
even more severe than warranted by the reports
from here but prices on that side have now
been driven slightly below the extreme depres
sion at the close of February, and reaction
there seems very probable which would help
Liverpool and Manchester
The stock OF cotton held by English spinncrs
we now estimate at 10000 bales. against $4,000
last year and 10000 the year before u same DATE.
FINANCIAL
G4G- quotations are corrected from ne iGst sa.rS
Tep0rted al the Stock cotton ana Merctauts Er-
changes aud from 0tle5. authentic sources. Or
Hnu1cidl cotton and commercial teegfaH}S art Tie
latest receiped.
The demand for discount Is rather stronger.
both in bank and on the street, but without any
quotable variation in the rates OF commercial
nannr We now quote eXcnptiOnal COMMERCIAL