The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-10-02

new sense of accurity the resumption of sprci,
payments affords, q feeling Of exhilaratior
appears to have pervadad all business circles
lending to an inblserimnate speculation. Ii
first showed itself on the Stock Exchange
but hna gradually affected the value u nearly
| every description of property. For illustra.
ton compare the prices III some Of our lead
ing productions. the last Of August, with
those OF Tuesday Of this week.
..,,, Avg. 20. Sent. 30
Flour extra State. W Dbl ........s4 lS s695
Wheat No aren winter. y bush. lo.t 30
Corn, NJ 4 mixed. bush, -- aha A.
Oats. Mo. q mixed. y hush...... ala 80
Pork. Western rness. " Dbl t.. 4 10 CTS
Lard. prtme Western. v 100 b.. t2,s % !.
Butter prime cfeamery Y ih... H. 20
Choose. prlme factory. " Ia. m 10
Coffee, fair Rio, VI ~. .,.- :.-...t. IAN 15a
sugar good refniug. v H.. GU
pIR iron. No American. Y ton "a % ~ %
This list might be extended, but II IL suf1l-
cient for Our purpose In not more than one
" these articles y there any prospectlve d,e-
Iron for immediate delivery arises largely
from speculative eausoa, and threatens til re-
suit In excessive production. Tho danger
arising from the speculation for al advance
in breadstutrs, In the face of enormous sup
piles and Mt the very outaet Of O crop year.
which we pointed out last week, received d
furolbie illustration In the sharp reaction In
prices which took place on Wednesday, Of this
week, and 1t will b. we'll II tho adinonition BE-
not lost.
The most notable advance that Ia recorded
above is In cheese. amounting, as IL does. to
neurly 100 per cent. In part the rise was legiti-
mate, for when tho price OF nh important al
tioe OF food Ia exceedingly low-lower, Ia
fact than will afford a reasonable return to
the producer whoever refuses To buy, III the
hope Of reducing prices still lowar, generally
suffers for II. The statistics OF tbs muvc-
nlent Of cheese for September are, Of course,
not made nj Ms yet. but IL IL said there IL u
material deficiency In supplies from tho
West For the two months ending Septsm-
her l. the receipts were % per cent less than
last Year. and tho exportR only Oil par cent
less. But tho influence Of tho higher prices
upon receipts and exports will probably soon
change the situation.
With reference to the apecuntlona In pork,
bacon and lard. they appear To be alike In the
face of a favorable statistical position. In
former years we have gone into tile new sea-
son, which begins with November |. With
surplus uf not over $4,000 tierCes Old lard.
This year tho now season will It is estimated
on tho basis of current stocks, find Va with
surplus Of about 200, 900 tferees. and 2000,000
moro hogs Of ar average weight somewhat
heavier thun that OF q year ago. The stocks
Of lard In New York aud Chicago on the iif-
teenth OF September were 222,00o tierceI.
against $500 tiercea ON the corresponding
day OF last year On January i 1879, 1t was
estimated that there were 81, TGG, loo hogs
In tho United States Of which ~. thirteen
packing States had 2p.gl5, 800: against January
/. 1878, 80 262 800, Of which the thirteen pack
ing States had 1928, 400. Bacon has been
rapidly advancing here, 10 sympathy with
affairs In Chicago. An important short in
II have pressed their advantage as iliustra-
ted by the fact that they were selling rib
bellies loose tn settlement Ut contracts gu &c,
while 70 shippers they were selling ut sc
boxed. a differences Of fully 10 per pound
Tie future of cut meats, bacon and lard is
not apparently worry promising. In recent
years, at this date. from one-qunrter TO one.
half Of the entire crop was usually sold for
future delivery To shippers; whereas, now.
with the packing season almost upon US, few
large transactions tn new crop products Tor
future delivery have been effected
We might point out similar conditions In
other markets, nearly oil illustrating the ac-
ton Of q prevailing spiritof speculation rather
than a rise based upon an enlarged demand or
u deficiency In supply. In calling attention to
this widespread movement We have no desire
to discourage the increasing confidence, Or to
see checked the general activity which has
been developed; nor do We expect Or wish 70
prevent speculation. for to al extent 1t ID de-
sirable and, furthermore, 1t will always grow
out Of the conditions which now exist. But IT
Is very undesirable that 1t should be carried
20 faras to cut short BY high prices the for
eign demand for any OF our pro
duotons There thtI y certainly ~ srs 1T
months the very result we are fearing
has happened la our cotton goods trade
prices have been run up so that shipments
had To be stopped In some directions. One
would have thought that manufacturers sup
posed there was going to be- q permanent de-
iiciency In the production of cotton. The last
two weeks receipts, however, appear to have
disabused their minds, and now we find
prices weakening. There ~ good basis In
nearly all departments for higher values than
almost st. ev very and ii many cases very
large surplus for the outside world to take
ii we shut down the gates and refuse to let 1t
out now while there is chance, we must not
OF the disastrous Hood from which
we may suffer later on.
CLEARANCEs or THE LEADING CITIES
The clearinghouse exchanges for the third
week of September are altogether encourage
Ing, with the sole important exception OF San
Francisco. where local causes have made
decrease. According to the New York Pub.
lies table the following towns show losses
over the corresponding week OF last year:
San Francisco, d. $40; Cleveland. 8 A. 10; New
Orleans, 2s-10; Milwaukee, lilo; Syracuse,
4-1o. All the others have gained: New York.
80 LILO; Boston, Is 5-1O; Philadelphia. q SO:
Chicago IS 5-10; Baltimore, 80 7-l0; Ctncln-
natl, 16 $40: st. Louis. 1a; Louisville, IL 30,
Plttsburg, 80 2-1o; Providence 6-10; Kansas
City. 36 5-10 indianapolis. Is; New Haven.
20 7-10; Lowell 80 Clio. The total, which last
year was S5o3, 100000, is now STA. 100000.
RUSSIAN GRAIN.--In Odessa, the Chicago
not only Of Russia but Of all Europe, there are
no grain elevators, as is well known; and to
illustrate the enterpristng spirit Of the mer-
chants endenzened there. 1t is noticeable that
4 petition IL now threading Its way through
may routine TO the Car, asking govern
nent grant to construct an elevator OF 1,60O,-
400 bushels capacity. The Russian farmers
md dealers are also noted for delivering the
worst damaged wheat that reaches England.
Consul Stanley, at Odessa, writes:
The objection In the English market to South
Russian wheat is the unfit condition in which
Il Ii too often shipped. The greater part ar