The New Orleans daily Democrat. [volume], September 01, 1877, Image 2

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

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197n- 1977. 1172 1017n.
t "we"ti Hlighest. Lownst. Highrest.
uber M 'di toro. 34 din, n-ln i4.
ovember 6 dis. 1-tn di. ' din. -% din.
tumboer- - i. -n- din. '. dis. - di.
nuary 7-in1 1d. p, ar. 7-ln dip. :i-l; dls.
ruary. jr .104 dis. Nt rus. per,
Ah n-ltpr,. n-li Jpro, n-il di. 1-132pro.
r. .. p-a pro. -ile pro, par. :-10 pro.
y...... M pro. 9-8 pre. a pro. 9-'12 pr,
7 .... 7+ pr. p I pro. pre. pre.
.... Dpr, n-in prn. n-It pre. l pro.
ltnst.. 1-i pro. ' pre. n-ia pro. 3 pro.
The following dividends were deolared during
the year by Insurance Companles., vim:
'Who eun Mutual Intturane Co., after setting
aside l0o,0oo to the reserve fund from the year
edlding Dee. aist, laTn, a cash dividend of 2o per
seat on the net earned particlpating promiumns,
and to per cent on the capital stock: the Mer
ihanbts' Mutual Insurane C,,., for the year end
dg May g1st, 1F71, 6 per oent on the capital
elock, and a cash dividend of to per cent on the
& earned partiiatlting premiums: the oreo
oaft MUitual Itnsurance (7., for the year ending
Aprl MIth, i.1, 10 per nont on the rapital stock,
end r ash dividend of ao per cent on the net
earned partlcipating premiums; the Potors'
sad traders' Insurance Co., for the year ending
April smth, lst7, to per cent on the oapital stock,
sad .9 per cent on the not earned participating
Mealuins; New Orleans Insurance Association.
for the Year ending Decempnr :m, In7e, to per
set on the capital stock of 6in per share: the
Teutonia Insurance Company, In per cent on
the paid in capital for the sixteen months end
lag December el, 1o7e, and also a cash dividend
of It per cent on the net earned participating
arenluma, prior to June 1, 1r0: the Mechanlcs
a.d Tr dras' Insurance Company for the year
.-ding ast st, 1h,L in per cent Interest on
the paid t capital., 93 per cent dividend on the
same and g0 per cent on the net earned partici
,Maea p remlums, all of which was paid on full
glld stoek or Qldited on notes on stock part
leld G the Gerla.nia Insurance Company. for
te ear ending December 81, 1n70, e6 per share :
the Lafa.ette Insurance Company, for the year
aading December an, itae, s no per share, credit
ed on the so per cent stock notes held by the
ermpanyt the Hope Insunrance ompany for the
year ending December st, iss, Ia per share: the
Mlremaa's Insurance Co.. for the year ending
Deembetrl I11e, 0o per Oeut annual interent on
Seapitils a percent to reserve fund, to
to or!~it of the Firemen's Charitable
on, 8 per cent interest dividend on paid
cI acpital, and no per cent eash dividend paid to
saittiipating insurers, not stockholders, all
dividends to stockholders plaeOd to theoredit
of stock notes; the New Orleans Insurance Com
a.ny the following semi-annual dividends: a
-er cent December 81. 1798, and a per cent June
M, i.l.i the Hibernia Insurance Oompany, for
the yearadlng April go, Innt, to per cent inter
Ot oti paid in capital, a per cent dividend on
the same, so per cent dividend on all premiums
atid bi stookholders, making with rebate as per
Sant rtarned to stookholders on premiums,
dividends on unpaid stock placedto credit of
teock notes: the People's Insurance Company.
for the year ending June no, 177, 10to per cent on
the capital stAck and 6 per cent on the net
earned participating premiums, in addition to
the rebate of 16 per cent previously given t the
ode61 Insurance Company, for the year ending
b eamber Sa, irt7, 5 per cent on capital stock.
The t stors' and Traders' Instrance Co. has
u t e aptal stock to 1,no00,000.
The' merelal Insurance Company went
lQildation March ai. 1877, and has already
S.ail as per cent in dividends to stockholders.
p pr value of the stock was Sloo.
The (Germanial ational Bank deolared a dlvi
dead of 5 per cent on December a, and a per
esntune me: the State National Bank 4 per cent
June ast the Canal Bank 4 per cent December 21,
and 4 per cent June 25; the Louisiana National
.ank 8 per cent December :o, and a per cent
June so; the Metropolitan Loan and Savings
bank a per cent December 14, and a per cent
June 141 the Union National Bank a per cent
-eeoomber 0., and a per cent June 20; the South
rn Bank 4 per cent January 2, and 4 per cent
June sO; the Mutual National Bank 4 percent
December 0, and 4 per cent June 20; the
New Orleans National Bank 4 per cent
December 29. and 4 per cent June e:;
the Louisiana Bavings' Bank and Safe
Deposit Company 3 per cent interest (to ayv
tams Department) January I and 3 per cent July
1; the Louisiana Savings Bank 2 per cent Inter
eat (to Savings Department) November i and 3
per cent May 1: the Citivens' Savings Bank e
W cent dividend December 31 and 8 per cent
June so, and 6 per cent per annum interest (to
Savings Department); the Workingmen's Bank
4 per cent dividend December s2 and 4 per cent
June so. and 3 per cent interest (to Savings Ihe
partment) January 1 and : per cent July 1; the
People's Bank 4 per cent January 2 and 4 per
Bewt June 30; the Ilibernia National lank 4 per
enst Deoomber rs and 4 per cent June 3o; the
New Orleans Gaslight Company a per cent I)e
esmber at and 4 per uent June :30; the Sugar
Shed Company a per cent January 11, 5 per cent
February 9, 5 per cent April 12 and r, per cent
June 14; the Louisiana State Lottery Company
a per cent December 31 and 7 pl e• nt June : o:
the Levee Steam Cotton Press 4 per cent
March 8; the Louisiana Oil Company. 15 per
cent December 28th and 15 per cent April lith:
the Bienville 011 Company. 15 per cent January
ioth and 15 per cent April 2th : the Crescent Oil
Company. 15 per cent April 2mth and 15 per
cent June 13th; the Jefferson City Gaslight
Company, 3 per cent December 12th and 3 per
cent July 7th; the Carrollton Railroad Com
pany. 21 per cent October 2d. 2) per cent Janu
ary ad. 2 per cent April 4th and 21 per cent July
Ith; the New Orleans City IRailroad Company.
a per cent September 13th. 3 per cent December
lath. a per cent March 14th and s per cent June
18th; the St. Charles Street Railroad Company.
- per cent September 29th. 3 per cent January
_lth, a per cent April 14th and 3 per cent July
lath; the Orleans Railroad Company. si per
share December 11 and 2 per cent June 14th.
The Hibernia National Bank has reduced its
-*apital stock from snr5),eo to $400)00.
The following dividends have been declared
by banks in liquidation:
The Teutonia National Bank, $4 per share,
-ovember 13. making thus far $40 per share to
atockholders; the New Orleans National Bank
ing Asociation. 15 per cent. September 1.H177.
making thus far 30 per cent to depositors; the
Bank of America. 9 per cent. second dividend.
June 25; total thus far to crelitors 44 per cent.
Up to the 1st of September, 17;, theh Crcscent
City National Bank had de.lared cSa: per cent in
dividends to stockholders, and the First Na
tional Bank 6as per cent.
The ma ,ufacture of cotton seed oil appears
to have been remarkablysuccessful. some of the
companies having declared dividends of to per
cent and placed 30 per cent to their reserve fund,
and several new companies have been or
ganized.
The 31st of August is a date indicating more
pDproximately the mean value of stocks and
bonds4han any other time of the year, it being
the o rid when an interregnum exists be
tee~t.'lt dull and the business season in se
.n itles, san when stocks are nearly all quoted
Q -odvldlead sId bonds exa-coupon.
QUOTATIONIR OF rTOOXS AND BONID.
BANR. -
Canal . . 84'. 94 9114
CI'lrn& ... 57 412 72th
Cltirno' 8avings n0l 112 112
Germania0l 1.li 11' 11s0
Hib'rnl ..... eo 2 ;
Lnafayett . 25% 15 In
LouI Ilana tl vinMa r.17 310 Icn
.,,ulia n Nntionnl Iti1 1010 11'.
Ml antlIie an Tradoro In i0 in
Motropolitan '.ran & nvy 1O4 100 on
Mutual National .31 so'; 8n
New Orleans NNat lonal 061' 74 'e o
Peopl', .. 21i% 4 2 40
Houthern 41451 :IM 44
Ntte 187 0. n 07'i
Union . 41 . 7 75
Workingmnon's 9 1:', 1'4i
I INlANGR E (.'OMPANtRs,
Cr PI t .... . 3I f00'~t 72
FPetors ami Traders' . H wa'.0 06
rmania ... 410 ra 512
Hihornl a 7 (; 72
IlHolle .. 1,o o 190'
1 0ope ..... 40 10o
enrchants' .. . 11. 4 4R 42
oInhanle and Traders' . 71 79 70
New Orleans Ins. Asso . si ' a2 911.
New Orleans IUs. Co.. . s 2 9 1 n1
Peoples ... ..... ... n to
ll .. ............. . .. . 10 ) 1pg
U in .... .. .. . a1 4o 89
RTR6.T RtAILRoAD,
garrolton . ....... 7 11
Orlens t t . ... 241 11, 2
8t. Charles Street.... 75 72`4 70
1ttt6lAt6ANIO119 STOCKO.
Blenville 011 Works ....... .. . Inn
.. C(. 8 I btntr-Houme... 15% " tO 24
tlleor.on City Ga. - . . n4
oulslna oe. Co ......... Oo
SCo . 16 14 12
Lou sana voeCoo. prf .. .14 o
Loui slana Intat Lottery so n 70
Louisnana Oil C , ... . 1 n 112
Levee Cotton Press 40 17'2 a
New Orleans Gaslight (Oo 12t4n 120 1011
Hugar Shed Co ....... 71 73 an
STATI BONDMI.
Old 0, 7 and 8 per oents. . n7 44 12
Consolidated 7 per cents n' 18e54 771
CITYT BONDs
Premium. :l.a4 .1
Consolidatod. old 0 per t(.s 4110~ as 1
gold 7 p-r otc a't . . 3
* Railroads 0 percts.... . . . 2 as
* Waterworks a per eta. .. t .. 42
* Seven per Rents old ... . . . 31
* Beven per cents new .... 5 .2 :1a
* Ten per Oent . ... . . . na1
• street Imp. 7.- a per Ot15 -1 . a.
Wnarf Imp. 7-an per et . 0 . . la
* Jtffr.orp City 6 per cts 83 ,1
* Carroll Funding 8 per ets .......
* Carroll Imp. 8 per ots.......
MT6!OLLLANfOU0 BONDS.
Cal eand Clabornn ,3. R.
First Mort. 8 or cents... 85 nr, 0n
(1.(. Hlauglhterhouseo irst
Mo;t ase 8 per Bents... 70 7n1 93
Jr. 0.OGas . 8 ogpr cents 0'4 100 71
Jackson . B. st Mort- 2
Jaeckson e1. B,0'ond
Mort. CoUpons a per ets 8: 74 0.
Jaekson H. H. Hoeond
Mort.. Debt R per cents . 5', 05 70
Jackson I, R. Con. gold 7
p e r egr , . . .. r0 r.n
M'S. Cenlral It.'iit .rst
Mortwa c 7 per cenots 74 . 1
Miss. Coftral it. H. Second
Mortgaage s r ents . 0 .. 70
t. oharle s Hotol Mort
gage o D6 cents 0 .. 1 . 106 100'4 102
* Now sold on the b4alm of Premium Bonds
with allowance for Interest.
NoTe-On Aug.nat 81, 1874. Old State Bonds
woro quoted 23, and New .j: City Consolidated
(is rl11s; Gold 7' 43ra; aillroad o's 44; Water
works S's 40: Old 7' 40; Now 7's o9: Ton Per
(onts 01; Street Improvement 7-10'8 89; Wharf
I 2.rovemnent 7-80's 01; Jiffornon City s's 44!.
' remium Bonds first sale at auction: October
2, 1871. $100 at 40: first sale on the streoot October
0 o200 at 6o: quoted by the press for the fl1st
time November 2, 2861'029.
COMMERCIAL.
OFFIC(E NEW ORILEANS DEMOCRAT,
Meptember 1, 1577.
In a retrospectt of the Commercial and Finan
cial Movement at the close of the Commerceal
rear it is generally found that the markets
have been controllhd by the paramount law of
supply and demand. Whbn these are equally
balanced, prices are steady; when the supply
is deficient, prices naturally rise; and when it
is redundant, they as naturally fall. The appar
ent exception to th!s general rule is when
speculators Intervene, and, monopoli.ing cer
tain commodities, lock up a portion of the
actual stock, and hold the rest for an advance.
But in this ease the exception is only apparent
and not real. While the visible and the Invisi
ble supply together are sufflolent for the de
mand, or perhaps excessive, the invisible sup
ply is held off toe market, and the offerings,
being confined to the visibly supply, the press
ure of the demand upon the latter results in an
advance which is maintained until holders are
compelled from financial or other considera
tions to unload; the market then breaks, and
the dtcline is often as rapid as the advance was
sudden.
At times, however, outside causes disturb the
general relations of trade, and interfere with
the operations of the law we have asserted.
MHuh w$ the ease in the New Orleans market
during the maladministration and corruption
of the State government which preceded that
which is now firmly established. The election
that took place in November. under the time
honored flag of the Democratic party, could
hardly be strictly called a partisan conflict. In
the struggle for an honest government men who
had differed widely from the Democracy had
no other contest with their former antagonists
than in the rivalry who should be the most
earnest and efficient in the popular cause. The
nominations at the Democratic-Conservative
Convention were made in harmony with this
spirit. In the subsequent canvass all classes of
our fellow-eitizens united in titr support of the
convention nominations. If any deserved the
distinction of being more earnest in this polit
ical struggle than others, it was our commer
,ial friends. Not only did they supply the
sinews of war, so essential to counteract the
tactics of their antagonists, but on the day of
the election closed their stores and counting
rotoms, and the entire mercantiln body-em
plyer and employe, standing shoulder to
shoulder a' the polls-devoted the day to the re
demption of the State from misrule and cor
ruption.
In describing the scenes of the election a
commercial writer, who had been a voter for
nearly half a century, said from his personal ob
servafions that as many as two hundred voters
could be seen in a line at the polls. patiently
awaiting their turn; calm but resolute. submit
ting to an annoying delay without a murmer
and apparently indifferent to personal incon
venience. Not only the merchant and his clerk
with dignity and composure thus approached
the ballot box, but the white man and the negro
as well, the determination being general thrtt
the principles enunciated by Gov. Nicholls in
his acceptance of the convention's nomination.
should be strictly maintained as a solemn com
pact and not as mere glittering generalties. It
was a proud day for Louisiana, for she had rea
son to be proud of her sons; to be proud of
their earnest patriotism; to be proud of their
self-sacrillaing devotionto the common welfare:
to be proud of their intelligent appreciation of
the situation.
Justice, patriotism and intelligence tri
umphed. It was the triumph over extortion,
slflishness and ignorance. The ounningdevices
of unscrupulous partisanship and the strong
haln of official power, nevertheless, combined
to deprive them of the fruits of their victory.
What followed is historical. The government
elected by the people was inaugurated on the
8th of January in presence of the greatest mass
meeting ever held in New Orleans-notonly im
posing by its multitudinous numbers, but com- o
manding respect by their intelligence and I
worth. The spirit that inspired every member <
of this great concourse was of deeper momen ti
and far more signifleant than the enthusiasm
usual in such demonstrations of popular feel
ing. As the soul is superior to the body, so the
strong, earnest, unanimous sentiment of the
meeting was greater than its outward expo
fants. It was less a conolusive representation
of popular opinion than of popular faith-of a
confirmed conviction deeper and more absolute
than any more iltellectual conclusion from or
dinary politicln discussions. The vast throng,
no doubt, represented different shades of opion
Ions on great questions which had excited the
public mnld for years. But underlying the
whole, and prndominant nR well as funda
mental, was the absolute faith in the cardinnl
dogmas that Gov. Nicholls was the tid iture as
well as the tde foatt Governor of Lotisiana: that
the J'eople's Legislature was the dte Jurt and the
tie fal,, Legislature of the Nitae: and that the
laws and appointments of this do jore and tie
fa.to government were entitled to the obedience
and support of all law-abiding citizens.
The preamble and resolutions adopted at the
meeting worn models of elegance and force
breathing throughout a spirit of patriotic loyal
ty to the Federal government, representing the
re-established union of the States, as well as
earnest devotion to the interests of all classes
and of both races in Louisiana, and enunciating
general trinelples which met the cordial appro
bation of all partles in other ftates.
In a similar spirit the Cotton Exchange had
already spoken in the following resolutions, of
fered by Mr. J. B. Lafitte, and addDted not only
unanimously, but with -rtat, as if every person
present desired to emphasile his approbation:
Wnannats One H. B. Vckard is said to have
iformed the anthorit .s at Washington City
that the principal merehants and business men
of this city are willing to rec.gnine him, the
said S. B. Packard, as the lawful Governor of
this State; and
Whereas such assertion is not only utterly
false, but in direct contradiction of the most
patent faete,the members of the New Orleans
Uotton Exxchange, an association representlng a
commercial interest of more than stsu,c..,t00 per
annum, formed solely for business purposes,
taking no part in polities, and counting among
its members adherents of both political parties,
feel called upon in the interests of peace, good
order and lawful government to solemnly pro
test againset any credlt being given to such as
sertilons; be It, therefore.
liesoleld., That Francis T Nicholls is recog
ni.ed and ohbeyed us the lawful Governor of this
atate by nine-tenths of the honest, Intelligent
and taxpaying classes of the State and by a
large numerical majority of its citizens, without
distinction of race or color.
I(esolcid, That, this recognition of the govern
mient of his Excellenoy Francis T. Nicholls, as
the only lawful go ernment of the State, is
abundantly proven by the ready obedience
yielded by al classes to the authority of the
courts sheriffs and other officers acting under
commissions issued by him, and by the volun
tary payment of taxes In advance of the time
fixed by aw.. - -
lesol Ped. That for ourselves, and for the grent
mass of the peaceable and law abiding citizens
of this State, we solemnly protest against the
right of any power outside of the State to set up
orto recognize aStte government otherthan
that of Francis T. liholils, the one duly eleteetd.
inaugurated, recognif d and obeyed by the peo
ple of the State.
IrnolrePd, That in the interest of peace and
good or ter, and of republican institutions, we
solemnly protest against any attempt to impose
the said S. B, Packard upon this people as Gov
ernor of the State. firmly believing that attempt
would lead to civil strife, and to a resistance
which would speedily assume such formidable
proportions as would endanger the pe.v.e and
prosperity of the entire country.
These resolutions were promptly tloegrstpned
to President Hayes and were published on the
ensuing day in every large city in the Union.
The Stock Exehange and the Clearing-House
Association unanimously adopted resolutions
in a similar spirit and of equal significance.
Not loss inspiring was the address to their
"Fellow-citizens of the United States" Issued by
anumber of prominent clergymen, hbank presl
dents, and officers of insurance companies, all
inspired by the same feeling, and commanding
respect by their moral worth and official posi
tion, as well as by their wisdom 'and integrity,
The immediate effect of tiis chango of govern
mnnt upon our financial affairs is shown in the
following quotations of Stnte Consols and
Premium Bends during the fortnight suoneod
nlg Gov. Nicholls' inauguration:
State Consols. Prem. B'ds.
*January a ..... 0 ....... 60 ., u.1 )
s Inauguration Day, no market.
" 9 ... ....... 60%!@401 ao0.O.0
10 ............5.. 54r& 31 31.
1 E.... nt4,57 at 0a1'4
in............ ) bid. 31 @krt1
15 The Grant tele
grtam ... .. 4 bid. 'ort:ms 4
17 . ...... 55 @54 t :Hmtl t t 1 31
1 ....... bid. i3~tO31%f
After the surrender of the Packard pretenders
and the final settlement of our political affairs,
State Oonsols advanced to twi and Premium
Bonds to a3. but have since slightly receded, in
accordance with the general course of the
markets here and at New York.
We have thus sketched those events in our
politioal struggle, which have had a direct and
potent bearing upon our commercial and
Inancial affairs, considering them and com
menting on them from a commercial pou t of
view, and with a single eye to the welfare of
the classes we represent.
Passing from the political phase of our com
mercial interests, we find that in the move
ments of the market for the year our cheering
anticipations at its commencement have not
been realized. We are confident, however. that
they have only been deferred, and that the time
is not distant when the most glowing hopes of
the very optimists will he fulfilled, and New Or
leans will actively resume the upward progress
by which she was at one time distinguished.
Old Col. Thomas Hart Benton, when writing for
the press was prone to small capitals for every
prominent word or assertion ; mere itllcs rare
ly satistled him; In conversation he gave em
phasis to the same words and assertions by a
louder tone and more earnest gesture; but he
never was more emphatic,. never more earnest,
never more enthusiastic than when speaking of
tihe grand future of New Oreidks.
In his eyes there seemed to be but. one river
in the United States. The Hudson was a more
Inlet. The Mississippi was theI river; all other
great water courses of the country were its
tributaries. In his forecasting of the future, the
city at the mouth of this great river was to be
the chief seaport of the United States. The vi
cissitudes of half a century have since revolu
tionized commerce, and in the rapid progress
of railway transportation this great waterway
has been passed by and its real importance
overlooked. But it is as much a fact now as it
was in Col. Benton's day. It admits of utiliza
tion that even he did not imagine. The power
of steam has diminished the commercial dis
tance between its extremities more than half
less than half the time is required for
transportation than was formerly neces
sary. The improvement, moreover. has
not been confined to speed. Greater econo
my has been established in freights, and
they may be still further cheapened. If the ex
uberant productions of the Northwest increase
as rapidly as is anticipated, the river will pre
sent the only sufficient means for placing )heir
enormous volume at the s aboards, the r ili car
rying a comparative' y inconsiderable portion.
But unlike other seaports, New Orleans is not
dependent upon the river alone. She has com
mand of the rail as well; the rail not passing
over mountain ridges and by tunnels pierced at
an enormous outlay, but over a long line of
level plain, costing for their construction very
much less than the railways of other sections.
Cheaper railways can be run at cheaper rates.
We would consequently, therefore, have the
means of competing with the lateral lines to the
seaboard if the distance of the two routes were
equal. But itis not. The advantage is in favor
of the New Orleans lines, an i even in railway
transportation, the lateral roads cannot suc
cessfully compete with ours unless by ru.tning
them at an actual loss. It is well known that the
eompetltion of the lakes and the St. Lawrene0
caused the ruinous letting down in rates that
was the original cause of the resistanoe of the
strikers to the> tting down of wages. With
the terrible lossil presented to them by the past
In such disastrous results, pecuniarily, to the
business community generally, as well as to the
roads, and morally, not only to the actors in the
tragedy, but to the community at large, it Is un
likely that much madness will tbe repeated, it is
more probable that the lateral roads will acept
the sit uatilonand be contented with a legitimate
business at remunerative rates rather than re
peat the rule or ruin policy.
New Orleans, therefore, has the combined ad
vantages or the greatest river of the North
American continent and the cheaVpest r,dlways
within the hludarrlse of the ttatas. With such
auspices on our new departure to commercial
greatness, no merchant should despond, none
despair of the future. To realise, however, all
the hop's brightening up our future. our com
mnreial friends should cordially unite in sup
porting every enterprise calulatted to promote
the common welfare. At the present moment
the improvement of the fled river and the con
struction of the New Orleans Pacifi roadl to
Marshall and Shroveport are the works that
most attract the public attention. New Orleans
has a grand future before her, when she will be
the ent rcpot of the Pacific trade, the West's chie f
outlet to the sea. the main seat of Bouth Ameri
can trade, and with the most intimate and ex
tensive connections with transatlantic com
mercial nations. But there is no necessity for
us to scan the osmparatively distant future.
We have only to watch the present and give our
special attention to such undertakings as prom
ise immediate results. luch is this road to
Hhreveport and Marshall. which, as surely as it
is In working order, will be the means of re
storing to us a highly valuable trade diverted
from us by other roads, and imparting renewed
vigor and increased prosperity, not only ti our
commercial classes, but to the community at
large.
COTTON.
At the eotmntmenemen t, of the commercial year
the stock in the presses and on shipboard not
cleared embraced 29.377 bales, against trt9 in
1575, 15,958 In 1574, 7177 In 1H73. and 0250 In 1972.
The entire supply for the year was 1.14,417
bales, composed of ,01o.5s5 bales proper, in
eluding corrections, 20s.57s from other delivery
prts, and 997T on hand at the commeneooment.
Compared with the previous year this showed
an increase In the recelpts proper of 202,87s
bales and 39.904 from other delivery ports, anti
19,401 in the stro'k. The value showed an in
oroease of $5.7..,971ts-14,4735.19 against $76,700,844.
The past year presents a less favorable result,
exhibiting a decrease of 224,2a5 bales in the re
ceipts proper, and an increase of 9t01 from other
delivery ports, while the value is estimated at
$12.2140,571 less.
Taking a general view of the subject, and con
sidering the pirobable demand for consumption
as well as the expect4ed supply, the year opened
In Meptember with indications of a steady mar
ket, and although the new crop came forward
more freely, yet under threatening worm ac
counts prines were maintained. With regard to
the crop and the probable supply, however, all
speculations as early as Beptember are well
known to be unworthy of much confldence, but.
nevettholess, have a certain influence, and later
in the month, under liberal receitts and rather
encouraging reports from some parts of the in
terior, prices took adownward turn, giving way
ce during the last fortnight. Early in October
the unfavorable elements with regard to the
crop were increased by a killing frost, which,
with the estimated damage from rust and eater
pillars, had a manifestly strengthening effect.
At the same time the dry. hot weather, had
brought the crop forward rapidly-somethought,
prematurely-and it was conjectured that the
picking senson would prove to be one of the
shortest on record. But little attention
was consequlently, given to the increase in
the receipts, which, compared with the pre
vious year, showed an excess at all the ports of
0ci9,7 bales in September and s7,049 in October,
and the latter month ,losed with a recovery of
the previous decline. The elements abroad
were, at the same time, favorable to an advanoe,
there being an actual plethora of money in the
London money market, and a good deal of im
portance being attached in Liverpool to the New
York I'hronrile's average of estimates from re
litale authorities, which it made 4,34,oo00 bapes.
This, it was apprehended, would fall short of
the actual wants of the trade, an impression
that was strengthened by the tenor of Messrs.
Ellison &. Co.'s annual circular, of October 1st.
These favorable influences were, however, to
some extent nout rallzed by the drift of foreign
political affairs, which still caused no little un
easiness and excited continued fears of the re
suits of a European war. but at a later period
suech apprehensions were relieved and In view
of the heavy receipts at the Amerlean ports, it
was estimated that even if the crop should turn
out four and a half millions, it would be con
sumed. The movement consequently exhibited
much greater animation at Manchester.
where the sales on the 2d of Novem
ber were the heaviest on record. Under
those circumstances prices at, Liverpool exhib
its improvement, showing, in fact,
an advance of `.d. for the fortnight ending on
the oth of November, but spinners being well
stocked the market soon received a check,
which prevented any further Improvement,
without its exhibiting any quotable decline,
later accounts from this side being of a re
assuring tenor, our heavy receipts being attrib
uted to the causes mentioned above, an early
falling off being expected, and the prevailing
sentiment being adverse to a large reop. Thee
market, moreover, was strengthened by a less
warlike political aspect of affairs, and by the
crop accounts from India and Egypt being do
cidedly discouraging. Prices were consequent
ly maintained at Liverpool throughout Novem
ber, and in our own market the movement had
been ac'tive and the quotations had b.en raised.
Middling closing at a net advance of ".e.
One of the principal features of the market
thus far, was the scant supply of lower grades,
which consequently ruled at full prices com
pared with tiher better quallitis. The supply, in
fact, of these descriptions was so nearly ex
hausted that towards the close of November
quotations for them were dropped after having
been entirely nominal for several weeks, and
were not resumed until the first week in Febru
ary. Taking, however, the general quotations
as a guile. pricecs at the close of the first quar
ter compared with the commencement as fol
lows:
Aug 31. Nov. 30. Advance.
Ordinary........ S'@ 8V x@ 9 ':C ',
Good Ordinary.. 9.0 9,% 10:1o'(l )4@,;
Low Middling... 10e?(410% It @0114
Middling........ 11 o li 11 @ 11' 2 '~
The rceipts continued liberal in December,
with the heaviestto date in the week ending on
the 15th, after which they were pretty well main
tained until nearly the 'lose of the month, when
they exhibited aconsiderable falling off. which
was still greater towards the end of January.
With a rise in the tributaries they then raDidly
inorea-ed, the amount for the week cnding on
February 9, proving the heaviest of the year.
but towards the middle of the month they re
sumed their shrinkage, which continued for the
year. Under these variations in the supply the
market exhibited increased activity in Decem
ber, when the sales were the heaviest of the
year-the largest for a day being 14.10) on De
cember 7-after which there was a marked de
cline, the movement in January showing a fall
ing off of nearly 35,900 bales, w th a further de
crease in February of 5s,2o0. Prices at the same
time were well maintained, Middling opening
in December at 11%@11%e. and, after some lue
tuations, rising about the middle of January to
12%@12%c, when it took an unfavorable turn,
closing in February at [e-mail], which, how
ever, Was still %o above the opening rate at the
commetroement of the Year.
The erop qesstion oontin.ed to attraet rather
more than ordinary attention and had a oonsid
erable influence on the market Its effect being
more upon the demand than upon prices. In the
early part of December 4,ne,0m to 4,l10m,me were
regarded as short trop estimates, and 4,s3i,.n rs to
4,41r,ace as long orop, while the drift of opinion
pointed to 4.2tM,mi): towards the end of January
short crop figuren had been raised to 4,100,.00 to
4,m2w,00 and long arop to 4,so,l.mie, while 4,aen,arum
worn regardel as nonservative; anl still latnt
there was a further rise In entiltatec, and I,
wards the end of the month 4,0oIW.Hr to 4,a6i.,4a9)
were regarded as short erop, 4..e,rrsm as long
crop, and 4,4t,I.siHt to ,4.,e)n (an onservative.
The net variation In prl,'enldurlng the quarter
Is shown by the following genernl quotations:
Nov, .o. Feb, .s.
Ordinary... ,.5,' yi to'irdl).;' agd. l'4,*1t
0.Ordinary. Iot. lo .i li!..0wl'l, rto n1
AL.Midtlllng 11it "1 ' 11 /ir'll' no ehRtngo
Middling .... 11r ".0l11l 1leull ad. '.' 'i'
Tlhese figures exhibit very little change ox
nept in ()rdi.ary, all grades below Good t)rdi
nary having materially advanced uniler their
scarcity and the ,roessurn of the supply andl the
demand. The following compares the closing
qirotations with those at the commencement of
the commercIal year:
Net
Aug. al. Feb. 25. Advance
Ordinary ....... . pe ' 1'@ te'ý 1i0 c!.e
Good OrdlLtary. 9srWi 1 j li.rd1. 1'0,1 6s
Low Middling..l t'1ilo0s 11 p1ht~ '.d@ ½
Middling ......11 tll', l l(b11A a
With a large falling off in the rseeipts and
numerous letters from the country foreboding
an early exhaustion of tihe ntArlor supplies,
Marich opened with a good demand and at
hardening pri.ns, and factors were soon enabled
to establish an advance of ½c which was fully
maintained for the rest of the month. The first.
week of April exhibited a further improvement
of 14 whlch was subsepuently lost, and, in the
latter part. of the month, was followed by a
further decline of W4l ½"v. The downward ten
doney rcontinned lthrough the early part of May.
the quotations on the 15th showing a falllng off
of M4*l e, of which. ,Nie was sublsequnniy re
noverel, but the ilosing rates in May, neverthe
less, showed a nit decline of firzle from the
qulotations at the commencement of tire quarter.
Notwithstanding the fallIng off in the receil a
the gross amount in March being only es,ass
hales, against 21r,.a0 in February. the move
ment continued active, the business for March
amounting to 10ti,400, hals, against l101,,) in
February, showing a slight. Increase instead of
a proportionate decrnase. From this time out.
however, oporations wore materially restricted
by light offerings and by factors generally hold
ing at. i ,e above the limits of pending orders,
In which they were encouraged by the views if
their constituents in the country who having
been rolleved of their liabilities from tre pro
needs ,if previous sales, were not unwilling to
run the chances of a future improvement for
that portion of their crops remaining on hand.
The movement had now subsided into its
IusuaIl summer sluggishness, lining checked not
only hy the reduction of stock, ibut ly limtlfl of
ferings, the lnarling factors, either from policy
or under Instructiron from their constitunrts
in the interior, refusing to meet, tihe demand at
the ru ling rates or holding for still better prices.
The prospect in fact appeared to lie reassuring.
During the first week of June the telegrams
Lrom all points were favorable, and although
factors rais?d their pretonsions, tlhe demand
wasgood, and. considering tile moderate scope
offering to buyers, the sales were of fair extent
at hardening prices, the quotations on the athi
showiag a nit advance of ",,r c. Under sami
lar influenes this was followed iy ia further im
tirovolrrmnt of te during the second week, and
abolut 'R. In the last fortnight, showing a net
improvement for the month of %~g'i in Low
Middling and '@A'b in Mhlddling This Im
provement was hardly maintained during tire
irst frrtnigh.t of July., but In the third week re
covered the falling oiff. but again relapsed and
closed at a net decline from the quotations at.
the commencement of the mornth of ',t ',e.
August opened dull and depressed and during
the firstr week quotattbloon were reduced ',c. but.
hardly fairly represenoted the irregular condi
tion of the market, tIh principal holders claim
ing pirevious rates, while fa'tors whoi desired
to realize or were instructed by their conasit
uints to close c'onsignmonts, met the dlemalnd at
sumoffcent crnesslons to adlmit the execution
of pending orders. At the same time, in view
of the limited offerings, buyers who had orders
of any magnitude found it impracteIable to fill
them, unless at extreme rates. while it. was
equally dlfficult to press sales unless at liberal
concessions. Towards the latter part of thire
month, however, under discouraging rne.orlnis
fron other markets, the downward tendency
became more decided, and the closing rates
showed a net decl.ne from the opening quota
tlons of ' I0';c1.
The cloeiag quotations ompared willth last
year as follows:
OIFNARAL 14UOTATION5, AUERIC':AN STANDARD OF
:CI.ARSIFICATION.
1177. 1876.
Tnferior................ .. 7 (@ 7'.; 6 a 7
Low Ordinary ............. . R's,( '. 7T* 7'
Ordinary..................... .'p sR; ki @ ', 8
Good Ordinary .......... .... , 9
Htrit Ordinary .............. 95, 9'( , O ', . no
Htriot Good Ordinary........ 4( 9' o'8Jr1o
Low Middling ............... '9 ',(( 9, l o, lcN ;
Mtrilt Low Middling ........ ,(&llo lnt!,
Middling ... ...lo'@'i 1i1 (4 ll
Mtrit Middling ............10 'o. 1%@i11
Good Middling...... .. ...., 'o lo',l 1I18(126;
Middling Fair ................ lOf'r I - 9,
Fair ......... .................. ll ll, w- -
C(YTON EXCHANtI, 6 QUOTATIONS, AMERIC(AN
STANDARD OF OLAHaSSFI'CATION.
1877. 187.i.
Low Ordinary .....................
Ordinary........ ............
Good Ordinary 9 :,,
Low Middling.. ., 1.. .
Middling ..................
Good Midlling ........ 12
Middling Fair..............
The first receipt of new crop from the Missis
sippi Valley was a Ibal on the loth of August
from Mr. Charles A. ]'ierson's plantation, con
signed to Mr. Oscar Chopin, which brought at
auction 12!ne. Antecedent to this, however, on
July 10. Mr. D. L. Kernlon had reen.ived a balte
from the plantation of Messrs. Marion & lol
lain, Cameron county. Texas, shipped via
Brownsville, which was forwarlded to New York.
The following gives the dates of the receipts
of the first bale of new crop cotton at New Or
leans for 29 years:
1 O19 ...........Aug. 7 1867 . Aug. 15
1850 ...Aug. 11 18(18 .. Ang. 1,
1 t.. .. July 25 18 9 .... Aug. i
1852 . .Aug. 2 1870.. .. July 28
1853 . Au ......A 2 1871.. ..... July 27
1554.......... July 25 1872 (i. Grande) July 17
1855. J uly 21 1872 (Miss. Val.) Aug. 4
Is5;. -...- J. uly 15 187:1 (Grand' ) July 10
18.7 . Aug. 15 1873 (Miss. Val.) Aug. I
i5 . July 25 1',4 (I. Grande) July 1:1
185I9 July 29 1874 (Miss. Val.) Aug. 12
18p.. . ..July 5 1875 (if{. (rande) July 15
,;1. Aug. 11 1875 (Miss. Val.) July 13:
18; . 1876 (IL. Grandel .Junor 3 e
18633 ..Sept. 7 1874; (Mi.-s. Val.) Aug. 4
1864 . Aug. 14 1877 (IL. Grande) July 1l,
s18 ...... Aug. 11 1877 (Miss. Val.) Aug. 1i
184r. .. Aug. 7
The receiprts of new (rop cotton up to Hrp
tomber 1 have been as follows:
Bales. IB.ales.
18.5...........- 1.,1 1847 . . ..... . 19
185,7 ........... k5 18,81 . . 47,
185. ............ .. 4,8 1 184 . .. .. . 432
1859 ....... ..... . 9.6.98 1870 . .... . .. .. 1j e
18 1 ............ .3.1,670 1871 ...... . . 22
1861 ........ ...... 61 1872 ......... 1.... 1
1862 ..... no rord 1873 ..... .... 71
1Hc6 .......... no record 1874 .......0....
141 ............... 12 1875 ........... . :. 2
18 715 ............... 22 1876 . ..... .... 429
18*1 ............... 123 1877 ........... . 419
The want of precise information in relation to
the extent of the overland movement and'South
ern consumption leaves us in some uncertainty
with regard to the extent of the crop, which will
hardly be ascertained before the expiration of
the next iqrtnight. The deficit ld the receipts at
the Porte and the ohange in overland movemel t
point to 4,476,000 bales.
The following tables show the prinobpal vtari
tions in the market:
W9ELYtt Palnaln,
1870. Good Low
Ordinary. Middling. Middling..
Q0o. 16 ';t 9's- 90', 420 1)-4@10'4
Nov. 4 I. . ll _1014' II @11: 113 ®1140
17 . .. 10 441fa1 It @1114 I' @112.
1)1. 1 10542(411% 11 1111 (. 0.411'U
Jan - 9... 114@1`4 12 (412' 1(%412':4
F h. 2 144(11 11'0. I1.k' l'i4'tll2
MaIrcllM 1i .. 10 @10'1 I",10 11!i@11'4
stay I9 9 0 9( 1)4 (4110'1 IC01I0(rI,
J.u4 1 . 10-91)i47 14 19o@11 114(4011.
14 12 10o7441b47 10'2 1074 I1 1 1174
A9,4(010,' 10'4,ý 10% l0441 7
24 t 4' o0 14 94 IIi I)'(41417
In on n1ltion willh th abov nand with oi roefr
n1140 to loir remarks ablovn, wo live the E'A
I'lmlgfi qluotatIions Oa foll,,Ws:
4 nrFTofi( l9X('fIV(E Y.I1TTATIO9R,
18l70, f , '_d Low
Ordinary, Middling. Midlling.
8011,2 211 1024 I
Oct. 9II, 10 1
Oct. II 11. j
O 1't. 27 . .74 10 .3 i0 '
1877.
nor. I . 110' 17 12~
Nov. n . 10'., Itl% 12
Novl. 17 1034 1t1 Iý
ayu. 1. 1 10'5 1I11
Auig. 24 1', 1', . 414
r1a.11 15 , at
uy1 174 1)' I134
Au I I I . a . I0 10ll )I
('onta M Ili, F dIiIr. RI do lar
(UK. cltn'r 7. 1! (402 1 tt
Nov., 1470.I1%If 711 (,0 21 110 4110
) g., 111 ....11242 i @ 12 107I, 9 1e,
al.. 1477 . 121@12 l 4811 , 1009'19', 1014
Tahbl showing the l total prodt or Middlinw
(othorll lt th N I'oa orf "anlh man thth, thota
rlot or, (old and Ht .rllng bills at sime dateo
Midrosn Agerage
C:rutton S terliln Gold
nn1t,4l' Iº,, P dollrl1. do prire
Nov.1 , 17 0 -11.~11 *% 5',1 0 110 @110';
Ic., 114711, ....113 1274 1,117t.4041814 1071)107 4
18M., 1877 ..-l124 1 2,44 0,8 51 (h11 1' 1 2218i2 10t7 %
Pt,. 1877 .... 114ll 0 2 1.211, 2110
ar187h, 177 I 4.47,0ll 0 1. 54810 143,
1871-7,ri. 177.... 1 P 2 3 17271 ,111 29 1 1 . -l
172ay. 177 .... 10 ,9 6110 (4i51,8291 18'41.7
1!ll , 1 47 7 ...8.P 827,iT 1,107,660 7 14 7-6li
187uly. 177 4..72,231 1,}046, 44 11 11064
A I11 77. 177 lllated .. 4.4 9,0 1WO I1774 10 714'4
The re fcllgti rit iN'W r'i loaRl , near the totnl
w takn for ho onmti yea.r:
GIrnol Averae
iat at riPri
' l n. N. Orn. r ale. Total. V
hates. bales, ¥i t6.
147 0 . *747,78 $178 714 140.312; 19'.
1441, -17 .. 1.41,91 2 71.40 11 27 4,2
1847 -14 . 20.43, 104 0 60 1 , 1106 12 7
19l4 -19 . . 2 ,'130. 1157 4 41 8,261 0 It
1 .19-71 ,114. 127 12 0 7, 12 129.0
1870-71 1 4, 47,00 21,54I.,111 1874
1871 -72 . 2,40.2 3 I2 1,r07 4.4 24.I-1
172-73 . . 14.11,1 0 84 147 118,711 ,78.
1 -74 477 1 ,170,1757 1,4,340 7.706,84
1474-76 . ..... . . 0,827,445 l. 157,1r5 14 7-11
14-7f6 7i 4.6l 2,314, 1,F70 , 441 117
187i 77 , lmated ..." 4. 495,14 1.. 4,4770 11 72 -112
*ThoRR 11gure1 in4tluoe, as near as po~im5 , b -
rnly Cottn Wllh'b really (amr- to, mairke, or
Waso taken for home oonsrlmptionl.
.Lbetpts Averag
at Prle',
tHafr n,11. N. Orleans . 1'erBale. Total Vainu.
18(r, ell; 7 87,1 138 -0 $1,21 140:12,1854
l17f4; 1 7 77 17410-1 7 1 4 1 ,4 1 7,49,.91,9
184i7- 1 r .. 141..835 1 407 2 01 2,47,110471
1.5-Ag. 7 42 182.1-0 117 4 91.21 ,82.0. ,
1470-u I70 2 1.2. 188-74. 50 1. 1 ,17.,,519
1470-71 ly 1 .5 2 187: -7 1,01 I1.17,015.74
1971 72 . 1,070,239 92 (61 !4,(4,0K00
1972 7 .11 . 1.41/, 91 84 37 118,71 1,751
1871 74 .3J 59,1042 1176 -74 1,100 4.1,4,0 ,4
1174 75 . 1.457,597 o7- 40 75.701,841
M 7 1 ,44,41 52 2i, 16 .473,91.
7On th morning If. 1Au45 u 510 77.2414
Itrom natual count and 3rels Book4.
ott-An i ll. 1pr1 8--67 71,4- - 21.401
i -An .i 47 17- (.3-5 ,4,00,
1l-AlIIm'. ip Abd41 (for Liv- 1rpool . 7 tt557
MI70--.lul e y 2i 11t 1 r 11o1orl70 1,20l-33 a3114,5112
14Clere71--d 17 takin2 170-7t 1 14.136 4347,(
Atl2--alll yk Augut 71, 187712 I ,39 22,.74351
1973--JtlI 10 71 1472-73 1,401.7,91 3,93/4,504
74-1k bly 13 3runnn a -74 i.ont 9,8 4,170,014a
Ec187-- 74-75i 1,17.7found - 3, ,84
18l74---.hJuno 30 429 9176-760 .4914,141 4,6,1.;113"
1x77--. uly otton419 1f7-71 .:.774 Exhana4.777
Total for ar 7d.
LTOCK ACCO.
On the morning of August :3). 1977.
I From actual count and Presis llooki.I
C;ott!on in Dretss . .... ... .. .... 21.4S
in pi(+k rl e9 .... 1r,5
ON 0HIPnOAID.
Ptr..m'hip Ahdlld (for Livorpool) .. 8R
Hlil, Louli|80 ft i,4o (for Haivre) :,-- 128
Arrived(! ince taking stck .. - 17:,
Cleared 9in4 taking stock • ,:
Actual stock AuIgut 31, 1477. 22.009
Htoc by running wicotint :1l.Ol5
E X reeR fo u ln d .... ...... . 1 ,1€ ,
TOBIC:CO.
With our superior climatlt advantages, our
aindalatnce of freight room for foreign ports,
and reasonable rates for transportation
from the interior, we might fairly expoet
a steady progress toward the recovery of
our ante-bellum trade in this prominent West
ern staple. In this we have been disappointed.
The influence of Northern capital and cheap
railway freights have continued to corn mand the
bulk of the Western supplies, to the disadvan
tage, of the planter, whose tobaccos have bhru
run off at the North at prices which would ad
mit the nexeution of retgie and other foreign or
ders. New Orleans factors, on the contrary,.
have not only devoted their own ample capital,
but strained their credit in bank, to hold for flu
ures which would at least leave their Western
friends withovt any serious loss.
The commercial yearcommenced with a .ock
in warehouses and on shipboard not cleared of
11,081 htlhd, against 3212 at the corresponding
date in 1875. 7817 in 1874 and 17.375 in 1873. The
amount on sale was estimated at 8:0O hhds,
against 22.;0 in 1875, 6700 in 1874 and I:1:.0, in
1873. The market, compared with fhe previo.l
year, was quoted as follows:
187;, 975.
Low Iugs........ ...... 5, 7,i/o
(od Jugs .............. 7 (, 8 .;, lo
Low leaf............. 8'.10et ra Ie
Medium leaf ........... lo a! 2 t.
14Good letf ...........1:. 1.14 17 P(aIK:,
Fine leaf................ 14 orS ' 159 rS20
The high prices in 1875 were caused by the
partial faIlure of the crop. Nothing transpired
in the early part of September to have any In
flueence in the market, the tendency of whichl
was in favor of buyers. but in the latter Dart of
the month unfavorable crop reports from Vir
gi nia and Kentucky were calculated to cause re
newed firmness. These acwounts ap,eared to
have no other appreciable eflfect upon our mar
ket than increasing the confladence of fIators
and induciing them to hold for future develop
menrts. The mverment had consequently ex
hibitdrl no unima'ion and the sales in October
were confined to :171 hhds. against receipts ,f
107. while the amount on sai,e was estimated at
8 e hhds, and the stock by our running state
muent was 1.9W0).
In Novrnbcr the movement was almost en
tirely suspended. the sales being confined to 56
hhds. against receipts of i, while the amount on
sale was estimated at 8750 hhds and the st,.k by
our running statement was 10.838. Under this
starn,vion, with nothing from other markets of
a favorable tenor. prices u!ed more in favor of
buyers and, towards the close of the month,
cluotations were reateed 3e for lugs, J~le for
medium to good leaf and He for fine. About
the middle of Decemher a round list was taken
for Bremen. which was the first transaction of
any magnitude for export for several weeks.
and was understood to be at easier prices. but
no change was made in quotations until towards *
the close of the month, when some additional
lots having chanced hand, at still easier rates.
quotations were reduced 'uise for luns, 3e for
Centinued en FIlr P-ase.-