The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-22
Commercial and Financial Matters.

terday, by drop in the prices at Newly ork and
Liverpool. Liverpool. on arrivals, declined
1-1GM3-o,2. lust what the advance was yester-
day New York had the same experience
Here there was for a time regular stampede
and although the market rallied somewhat
towards the close, there was very little busi,
Hess done, the sales amounting to only l5o
bales. Prices at the close were nominal.
/ The stock Of cotton in New Orleans is 5sSls
bales, against VI 500 bales at the same time
last year. OF this 1913 bales are on ship.
board, against 25.9l7 bales last year, and
1885 bales in the presses (unsoldl, against
G5592 bales last year.
At the Sugar Sheds only small amount ol
trading took place yesterday. The inquiry
was limited, and tho market closed quiet and
firm.
A fair amount of business was reported on
the landing i'm corn, Mt steady prices. Other
articles oats, hay and bran--moved slowly
Provisions continue extremely quiet, and
except on mess pork the feeling WAS easy
We note full supplies on sale Of cut meats
and bacon
Flour is without any quotable change, al
| though some sales were made yesterday at
| rates above our quotations. The demand was
fair, but the sales fell largely short Of those
of the previous day. The feeling Is stringent,
and special brands are now held at S6 80 per
barrel
The sales OF new-crop tobacco at Louisville
to the twentieth instant amounted to 1862
hogsheads, against 24,4l1 and 1884 hogs
heads In the corresponding period OF the last
two years.
There was no special movement in public
securities yesterday. State Consos were
quoted at 506o50t4, the same as on Tuesday
and Premium Bonds at 25a 40126, the same as
On the previous day. The only sale reported
at the Exchange Is one of $4,000 Of Premium
Bonds. In stocks the market was very quiet,
and we hear Of only SO shares Of City Rail
road stock sold outside the Exchange.
The New York wall street, correspondent
Of the Baltimore Sun, Of the eighteenth in
slant says: Louisiana consols are dull, be-
cause of the uncertainty regarding the action
Of the Convention and fears that the negro
exodus may 80 cripple the State as to render
the planters unable to pay their taxes. There
are parties who contend that Louisiana would
be- more injured by the loss of negro labor
than any other Southern State, and that such
loss could not fail to react disastrously upon
her finances. So far as Texas is concerned,
Texans now here declare that they would not
care If every negro left the State, as she
would be the gamer rather than the loser by
the exodus"
Statistics or the mineral wealth OF Mexico
read as though Cortez had written them. It
is said to surpass all other countries In the
richness of deposits, especially those Of sill
yer. Metal Is found nearer the surface than
In California or Nevada, and most of the
mines are worked in u primitive manner,
with little machinery. The approximate
value Of production ID about $25,00O0oo per
annum. Although Mexico is our
next door neighbor, we really know
very little about her. Tho mining
laws OF the country are very liberal Any
person, native or foreign, may "denounce"
mine; that Is, after the payment Of moderate
fees to the government surveyor he, may
claim possession, and must go to work on 1t
within three months, or forfeit his claim
Labor II cheap; wood IL to be had In the
mining localities but the scarcity Of fuel ID
due mainly to the fact that the coal mines are
not worked. When the Southern Pacific
Railroad shall have been built the products
Of the mining districts Of Mexico will I'M
doubted contribute largely to the wealth Of
the United States. An infusion of American
enterprise and energy will soon develop the
now latent resources of our republican neigh
Dor.
For several days prior to yesterday the re-
ports from Liverpool and New York showed
3 remarkably rapid advance in cotton futures,
and this fact sent a thrill Of Joy to the inmost
recesses OF the speculative hearts Of the cot
ton traders of the South, most of whom have
his year fortunately been on the bull" side
# the market. Many deserving and needy
nen have, by these means, been raised from
bankruptcy and want, to comfort and wealth.
Here, in Mobile, Montgomery, Savannah and |
we hear OF comparatively large for
unes having been realized within few weeks
rom the steady and rapid advance of the price
i cotton at the great controlling markets Of
he world and the reflective influence upon
ur home markets. The causes of this revo-
utionary movement In cotton are variously
tated. 1t is ascribed to an increased con
which the present production Of
he cotton growing countries of the world
annot satisfy and sustain; to a prospective
otton famine In this country on account Of
he emigration Of laborers from the South
nd other causes which we need not here
The opinions entertained by our cotton men
S to the NEAR future" of the price of the sta
lie are various and conflicting. Some long
eaded, experienced men in the trade think
lat it will advance still further, while others,
qualify astute and well-informed, are of the
pinion that yesterdays advices afford sal
tary warning Of an impending drop" AS
Id Father Richie would say, nous rerrons,