The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-09-01
ANNUAL REVIEW
new ORLEANS MARKET.
OFFICE NEW R1,EANs DEMOCRAT. |

| III. u
September l. 1877. {
| In our last annual review we stated that con-
| trary to public expectation the year 1s75-7G had
differed In its general features but little from
the year previous. Its chief characteristics being
the large amount OF idle capital awaiting re-
viyai OF trade, the regular movement OF which
II was ANTICIPATED would require all the facilities
that lts entire volume could furnish. The post.
year presents somewhat similar features
| Trade. although rather more aetiye. has NOT
| materially exceeded Its previous limits. There
| mas consequently been only moderate
supply Of regular business paper. and
apart from the amount reauired for
| the movement of the crops the banks have
| found their business less profitable than might
| have been fairly expected from the extent OF
| their resources. In fact. the returns of the
Cleari lug House Association have at times
shown some shrinkage la the movement. lin
der these circumstances. while the banks have
readily accepted oil short business pager, little
of that description has been offered outside. tfsa
actual supply on the street consisting Of deserip-
tions, which, although sound, are hardly Within
the scope Of regular banking business. Such
paper. however, has been in constant reduesk
by private capitalists and dealers and, with thu
supply Of money exceeding the demand, rates
in the open market have shown unusual steadi-
/ aess and regularity.
| At the North we find similar features. but
from the reports Of approved financial authoris
ties, we cannot but conclude that there ars
other elements than shrinkage In trade which
underlie its monetary affairs, and that the re-
stricted limits Of the New Orleans movements fs
| really indicative Of much sounder basis than
exists In many other financial centres. With
the promise OF abundant crops. not only OF Cot
ton, Sugar and Hes. but Of C1rn and Wheat, the
general condition Of the South Is auspieious Of
plenty and prosperity. The cultivation of our
principal staples has been less expensive To tla
planter, food has been cheaper than for many
years fness pork. which In previous years ruled
as high as ss2 per bbl.. is now quoted at sls 5ds
and CORN which at one time commanded In our
market 81 % per busbel, now rules at ssasoesss
while In some parts OF Louisiana planters have
raised more than they require for their home
consumption and coui hardly sell their sur
plus at over 25@3oe per busheI. We refer tq
tness facts 70 show the solid substratum on
which our commerce rests, and that when the
supplies OF goods are approaching exhaustion.
there will surely arise an active demand from
solvent consumers, at last inaugurating the re-
vivai In trade for which We have been looking
so eagerly. When this occurs, and Ii seen1s ~
be near ct hand. we shall Witness more activity
In commerce., larger supplies Of business paper
issued on legitimate trade and renewed an iruar
tion In our bank parlors.
In taking general view OF our monetary af-
fairs we cannot omit noticing the general i'm
provement in the financial condition OF our city
government. its greater economy of adminis~
tration and the satisfactory working of the pre-
MUM bond settlement Of the bonded debt.
The organization Of the New Orleans Water
works Company has been delayed owing TO the
necessity OF having $500. 900 OF the Waterworks
bonds cancelled before the company can enter
upon Its franchises. The entire amount now
outstanding Is little over $4,000. and as there
Is now offering about 100000. it can safely be
assumed that the company will soon go into
operation
of the Waterworks will be very marked and
beneficial. The bonded debt will be reduced
100000 In bonds. and the balance Of the stock,
si,200oOo. will be applied to the floating debt so
that the total reduction will be ut least two mil
lion dollars.
The reduction OF the bonded debt TO tha
amount above stated will reduce the total of
that class Of Indebtedness to s19OOo0oo or less.
and as the premium bon plan is based ON a
scale of 900. 1t follows that the city will be-
enabled to increase their drawings without any
addition to the annual revenue applied to that
object.
We are indebted to Nr. I. N. Maynard, manager
Of the New Orleans Clearing house Assoc alton.
for the following statement OF the clearings and
balances for the years ending June, Is73-4-5-e-7.