New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-09-01
ORLEANS REPUBLICAN,. FRIDAY, SEPTEMBER /, 1876.

production, and closed the year nominal
at l3c.
INDIA BALE CLorH.-The demand has
practically ceased for this article. No more
will be imported.
BAL1NG Tw1NE.-This article has met
steady demand, with few fluctuations in
prices. 1t now rules at l30l4c AZ IN
quality.
IRON COTTON TIES Three leading pat
ents, the Arrow, the Boards Lock, and
Branch, Crook g. Co.'S, have been merged
into the American Cotton Tie Company,
limited, which comm ands most of the trade.
Its prices are now So &c p bundle, with
discounts ON round amounts, which is
about H cent v pound greater than last
year.
THE MONEY MARKET Contrary to pub
lilo expectation, the past year has differed
bat little in it's general features from it's
predecessor, and we have again to notice al
abundance Of idle capital awaiting re-
vival OF trade, the regular movement OF
which would require it's entire volume,
but accompanied by a continued distrust or
perhaps excessive caution. which has made
it unfavOrable for new enterprise, per
manent investments, OF IN fact any put
loans on the m0et unexceptionable seeuIl-
ties. Large sums of money have been lying
idle in our banks, to which they have been
useless, from the scaut offerings Of approved
business paper. 1t is rarely, indeed, that
with such an aggregate OF deposits our
banking institutions have derived so little
benefit from their use. In more than one
case, with the view of reconversion into cash
funds whenever the demand for discounts
should revive, and bank stocks as we'll as
other local securities strengthen under
a more active commercial movement, New
Orleans capitalists have bought United
States ive-twenties in New York at
rates at which these bonds paid them less
than five per cent per annum OF their invest
ment. Last year the stagnat:On from which
bankers or dealers in money suffered as
well as merchants or dealers in commodi-
ties, was mainly attributed to the general
shrinkage Of trade. The Interior effect of
the panic of 1873 was seen in an enforced
economy among consumers. and cOnse-
quent curtailment of the demand, first man
i1ested in the business OF the retailer, but
subsequently felt by the wholesale dealer,
the manufacturer and the importer. TWAS
anticipated, however, that the year then
commencing would present healthy reac-
ton, that the supplies of the consumers
having been exhausted they would be COM
PEELED to resome their purchases. and t6at
the movement thus renewed would ulti.
mately extend to every branch of trade.
These hopes have been thus far disap-
pointed, but it is manifest that the thu Dry
is sound and that it is only question OF
time when the expected result will be real
lied. Until this happens we can not rea-
sonably look for much more activity in our
money market. We have every reason,
however, to expect that it will not be much
longer deferred. and not improbably be
witnessed in the new commercial year on
which We are now entering.
In the meantime capitalists, who have
hon mott lu ~ frQda
should reflect that the best means to pro-
mote it and hasten the commercial activity
they look for, is to furnish liberal aid to
such railroad enterprises as are ESSENTIAL to
the recovery of the business diverted from
US by the facilities furnished by Northern
lines to districts which are naturally tribu-
tary to our market The necessity of OBJ
waiting these antegonistic influences is be-
coming every day more apparent, and as q
healthy money market must rest on COM
mercial activity, none are more deeply in
terested in the means adopted for our COM
mon welfare than our financial classes.
AS might be inferred from the plethora
of money noted above, the demand for dis
counts at the banks has been unequal to
the supply, and the movement outside of
moderate extent at comparatively low
rates, and with less than the usual fuctua-
tons. Most of the offerings of short paper
in the banks, but not without exceptions.
In September the commercial paper offered
outside ruled at 8 Y cent per annum to | y
Y cent per month, and in October, under
the pressure to move the crops. fair bust
ness was done at | " and , = cent per
month. In November the ruling rates were
lGli9 q cent. and in December and Janu-
airy + cent per annum TO \ per month,
since which, with rare exceptions, the mar
ket has ruled at s a 10 and II p cent per
annum. Mortgage paper has ruled at q
10 = cent per annum, with decided pref
erence for properties in the business part
of the city, and very little done in country
property.
We are indebted to Mr.. l. N. Maynard,
manager of the New Orleans Clearing
House Association, for the following state
ment of the clearings and balances for the
year ending June 1, 1856, compared with
the year previous:
tlf8TnGS, 1000 SfEo 20 i''
Clearlngs, lSi4-o OBSERVATION-DISCLOSURES 4ub,0L9iSL
increase. ...,..................-- SlS4S',oiS
Balances, OBSERVATION-DISCLOSURES. $47, 931 1913
Balances l6.i-5. ...................... 1925 ,423