The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-02-11
COllERCIAL MATTERS. Etc.

60 mn .snos ~. 0oSSs wien competed, aDOu
drawing room come to $780,
Inc Bank Of California has issued cal
UPON stockholders for $1,000, 600 by assess
IenI payable Immediately; delinquent, Mon
gay, February Is. This Is an assessment O
~ per cent, making total of 80 per cen
!eUed upon the stock since the bank resumed
business. An attempt was made by som,
New York stockholders to prevent the sale o.
Stock wnich was delinquent under the former
assessment; but the United States Cour
affirmed the lawfulness of the sale, ana tn.
STOCK was accordingly sold at auction, the
buyers undertaking to pay the assessment.
ln San Francisco the discount on silver il
now from three to five per cent, and cause,
much Inconvenience. A general conviction
prevails that the discount will increase unless
some outlet can be found for silver.
We have recently seen," says the New
YORK Economist, ian exhibit Of the method
some Of the best houses in Boston pursue in
the distribution of merchandise. We will no,
mention names, but for illustration can state
that one house employed q salesman last yea,
at the cost OF $1,000 salary, who spent most Of
the time on the road and mad expenses paid,
VINO sold during the year $3.50, 600, of which
amount $3.50, 900 was sold at the original cost,
and the remainder at their usual profit, which
must be very large if anything was made on
the gross Sales
Another house employed a salesman at
S45vO, who, spending most of the time on the
ROAD. with EXPENSES paid, sold during the
year Of 1875 merchandise to the extent of
53U,UOO. and paying gross profit of betw cen
-$l5OUO and $4,000. II houses that are con-
tsldered good beyond doubt pursue such pol
ICY as this, what must the risk and profit be
OF those who sell goods on credit, suppOsing
In the lbs ance5 given that the terms of sale
are pronsp Ssh. l. is nothing more than q
banking business on the credit Of the house,
or creditors capital, and though it may be
~credltabie to houses doing such a trade, it is
very evident that such distributors are doing
no good for the producers of the goods they
distribute or the market they represent, while
they do Promote and encourage an unhealthy
competition that sooner or later must and
will end in such failures as the Boston mar
ket has exhibited in the last ninety days.
Tho LiverI COL Cotton Report.
From Messrs. Watts & Co. s Liverpool cir
-cular, under date Of January 81, we take the
following:
The Position, etc.-We last week remarked
that cur market was demoralized, and this
has been, even to greater eX sent, the case
this week. In fact, We are almost in the
midst of panic. Middling Uplands landing
have been sold this week. deliverable from
warehouse, at 6sd, and for cash down has
been sold on the spot at 7-16d. panic
means unreason, aud hence so long as our
market remains in it's present mood and tenn
per there is no telling what day or an hour
may bring forth. But what is the matter
Why is it prices have declined SO? It would
perhaps be difficult if not impossible to
answer these questions correctly, for there
are SO many and such varied elements that
enter into the problem. The general answer
would undoubtedly be that the present de-
preston was due to the recent enormous re.
ceipts at the American ports; and we have
space only TO o make few comments on this
point.
The receipts at the American ports for the
past three weeks have been about Is per cent
larger than the corresponding period last
gear, and estimates of the probable yield have
in consequence been largely increased, and as
near as We can determine now average about
a, 10000 bales. The percentage of the re-
ceipts at the ports since the LIST September
last, as compared with same period last sea-
son, points TO rather more than 4 400, 900
bales, but We are not inclined to attach much
importance to such calculations. Receipts
are often very deceptive. For instance, dur
ing the three weeks ending 14th January last
year, the roads in the Southern States were
almost 10 an impossible condition, owing to
heavy rains and excessively cold weather, and
that this was the case is shown by the fact that
the receipts at twenty interior towns,
which amounted during the first two
weeks in January to only $4,000 bales
per week, increased the next week, ending
January 81, to AZ, 600, and the following week
to 81, 600; and this, too, Notwithstanding the
fact that the crop turned out some 400, 600
bales less than the popular estimates in Janu-
airy. The roads, so far IS we can learn, have
not been nearly so bad for the past three or
-four week, as they were at the same time last
year. There has been no season since the
close Of the American war when we have
heard SO little about planters holding back
their crops-when all our advices have SO uni
formly, from the very commencement Of the
season, represented that the crop was being
rapidly marketed. Besides, in addition. to
increased railroad facilities year by year. we
doubt if there has been q season within the |
past five or tensyears when the navigable con- |
dition OF the southern rivers has been SO con- |
tinuously good as this season to date
But, after all suppose we are wrong and |
the crop will be 4, 400, 600 bales, what then |
In our annual report, under date of Sd inst, |
we expressed the opinion that an American |
scrop Of 1890, 600 bales would be required to |
keep the actual supply at the close of Sep
tember next-that is, the reserved stocks of |
The world-ftom running below the figures at |
you'd be less than one weeks consumption
Or Europe. But this is not all American cot
pn is relatively cheaper than any other de-
pription, in evidence Of which So OF per cent
the deliveries from this port to the trade
ince the beginning of this month have been
merican, against so O5 per cent same three
keeks last year.
This large demand for American means an
absence OF demand and almost nominal quo
Nations for other sorts, which, it is not I'm
probable will materially check shipments
rom India, Brazil, and all minor sources of
supply. Ia this connection it should be OBJ
served that the receipts at Bombay for the
past three weeks have amounted to only 43, 900
bales, against sc, 600 same time hast year; and
hat the imports from Brazil into this port SO
az this year have amounted to only Is, 226
bales, against 40, AIS same time last year. 1t
8 therefore by no means certain that, on the
lasis of present prices, Europe is going to
et as much cotton as she requires.
There is another feature of our market de-.
L