The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-06-04


for Watts Il Cos Liverpool Circular Of May 49,
from which we extract the following:
The duJlness AID depression that have char
acterized our market for eight weeks stiii con
tinues. but ns REGARDS American cottoh tilefe
has been no uuotaple decline this week other
sorts have however given way l-l6tp sd v ID.
The business Of the week including 1890 bales
forwarded sums w 5S.4sg bales w: 2s9o on
speculation. 6I5O declared for export and ~, 44o
to the trade.
In futures a small business has also been
done and prices close about 1-J2d lower Tor
American than on the 18th inst. We now quote
American. basis middlng. low middllng ciau g.
from any port, deliveries May Cd. June July
l-l6d July ugust esd. and August-Septem-
Der 6 7-32d. Orleans. for future delivery, are
saabe at only about led over Upland5, In
shipments Of American there is almost no bust
ness doing but for rats there IS rome inquiry
The Posa'ot, hte- Many reasons are assigned
for the depression that has characterized our
market for the past eight weeks. but none have
come directly and so foreibly home to US rs
the bad reports from Manchester That there
has been u small demand Tor bnth goods anu
yarns Is proven not only by the Board OF Trade
returns. which%e published last week. but by
fbe smnIl deliveries of cotton from this port to
the trade. Cotton may be considered low, there
may b. q fair margin between the eurront quo
tations for the raw material and the manufac-
tured article. nevertheless Spnners VIII not as
rule buy free y when they cannot sell freely
in other words when thor stocks OF yarns ac--
cimulate they let their stocks OF cotton run
down. The question then arises, why IS Man
chester so del,rc sedY Many reasons may bc
assigned. 7 he continuous decline IN silver ana
the consequent unsettled state OF tbs exchanges
is said to nave materially Interrupted the trade
of this country with India ana Emma. ms de-
cline IN silver introduced a new element OF un-
certainty into trade; 1t is something that never
occurred in past years. ana no one seems 10
have any clear conception OF where the decllhe
is going to stop. One year ago the silver rupee
of Bombay was worth in sterling exchange
about 2ttl; now it is down to GOLD. and many
seem o think it will soon be down to lSd. There
are others who attribute the depression At Wan
question and the fear Of serious political com
plcaiions on the Continent and possibly war
on q grand scale Then there are those those who
several of the south American Governments
have for years past enjoyed hetltl0us pros
perity but now that they can no longer Hoat
vast loans in the financial centres Of Europe
that heightened period Of great prostitution
must inevitably result
On the ut er hand there are those who believe
that the causes Of depression, to which we nave
referred furnish an explanation Of the tact mat
prices-not only for cotton but Tor most pi the
lending articles of commensurate now much
lower than usual and that 1t would be unsafe 10
argue that this Same scauses have lost none pf
their force and that they Will continue to depress
prices. Silver may go lower, but ITS relative
cheapness compared with gold Will certainly
sooner or later occasion an Increased demand
for il. In tine ordinary transactions OF men. IN
all countries. they pay their debts or defray
their expenses by circulating not the most valu
able butthe least valuable currency. Inc East
ern question is n perplcxing 0ne-hnS been Tor
years-bnt ii is better To have it settled Nothing
could be worse than the present doubt ana sus-
pense: The great powers OF Europe seem ~ pe
united-to be cooperating harmoniously-
against Turkey aud il war should be the result.
whilst it might depress some II would stimulate
other departments nj trade, ana perhaps IN inc
long run result in good.
Manchester. however. we incline TO think is
not so depressed as general " supposed Trade
is dull: there is no DOUBT about this But so it
was Mt the close Of February-we doubt if il is
any worse now than then-and yet we know that
such q large business was done the first Tort,
hat thn ctr nal Of md
yarns was pretty well cleared of. and many pro
ducers put under contract for some months
ahead. There may be another such period 81
activity just ahead of us. III the stock OF goods
and yarns are so large rs some would have us
suppose then the consumption OF cotton must
have exc eded the current estimates, and as
ners is correspondence smaller That there are
n good many orders in Manchester Tor both
goods and yarns awaiting execution as soon rs
holders think prices have touched bottom, we
do not doubt Exactly what Is to bring about
this impression prices VIII go no lower
or what will restore confidence. no one can tell:
il may come any day, and it may be delayed Tor
weeks.
there will be a larger decrease in the acreage
planted this spring than is generally believed
on this side. Some few Here Talk about an in
crease in the area planted and Of u crop Of five
million bales next season. The astonishing
Weld Of the past season gives color 70 su N est
mates. In few weeks we viii have the reports
Of the several Cotton Exchanges ana Of the Az
ricultural Bureau. which may have marked
influence on our market: III. as we suspect.
there is no increase-and perhaps slight 90
crease-n the acreage, this rs compared with
last year. in the Gulf States and a decrease OF
about ten per cent in the Atlant States. the
effect will we doubt not be to Strengthen sl or
market: and the more especially VIII tllS llkely
be the case if the crop has made an unfavorable
start, owing to the cold and rainy weather as re-
From Bombay the decrease in the shipments
to Europe since LIST January last now amounts.
to 321 900 bales. and as the quantity On shlpboard
t.f. - th.,p
expect no material change In the figures before
the setting in OF the monsoon.
This evening our market Is depressedi by inc
nections in New York and known to be largely
engaged in the cotton trade should this report
prove to be true it may lead to further complica-
tons and tend to check any restoration OIL con
ndence.
The stock OF cotton held by English spinners
we now estimate Mt IA 600 bales. against 202 900
last year and 256 900 the year before at same date
At Manchester this week there has been no
relief from previous oppression Buyers s n0 nd
producers postpone making concessions from
day to day in the hope of doing better. Quota
tions therefore are not tested and remain pa nom-
I'D to AZ I'D per piece No 40 Mule Yarn 1od, 1otd
and lid for common, good ana best SECONDS !;
32s Twist 8sd to 10td per 10. ,
At Bombay for the week ending 18th inst. the
receipts have been 1000 bales. against $4,000,
and the shipments to Europe; $1,000. against r.
900 same week last year. The total receipts
from Jan l to 18th inst have been 73l 900 bales.
against 1.Ol600o and the shipment to Europe
sci 900 again t $4,000 same period last year.
Stock on shpboard 81 900. against $1,000 last
year Latest quotations are For good fair
Oomras AID. cost and freight. and for san
shirngs Ar LA at Bombay. and Ar 14a at Calcutta.
FINANCIAL.
O,r quotations corrected from the last sales
repOrted al the Stock, cotton and Merchants IF
changes and from Other authentic sources. Onr
financial cotton and commercial telegrans are the
latest recpiUed.
The demand for discount is moderate. both
in bank and on the street, but without any
quotable variation in the rates Of commercial
paper We now quote exceptional commercial
paper at 8d-per cent per annum; Al do. 10n
H. and second grade 1913.
First class mortgages continue to rule at 0G1C
per cent per annum while second grade are en-
tirely nominal.
| BANK CLEARINGS-Day' clearings. s927.-
900 81 balances. sl64.668 So.
| The Weekly Clearing House Statement shows an
increase of $50 900 in loans. compared with last
week and a decrease Of 1000 in specie. s225 0Of
! in currency, and s4O5 900 in deposits.
GOLD-NOw rules at 112ss@1127s, against 1121s
| at New York. The market exhibits less activity
| SILvER-American half dollars are quoted
| nominal at 1OO@100H currency while Mexican
dollars rule at 81 0l@1 OH currency.