Click image to open full size in new tab
Article Text
AUCTION SALES MONDAY. CHAS corner T. St. NASH Charlesand sells. Perdido, at 11 o'clock A. M., at salesroom MONTGOMERY BROS. & CO. furniture, sell at 11 A. M., at Phil. Liner's stables, Gravier street, horses. mules, etc. or See advertisements on second page. Market. Orleans Money CHESCRET OFFICE. No. 94 CAMP STREET, Saturday Evening, July 25, 1868. There has been no movement in the Money market to-day that calls for special remark. Gold opened at New York this morning at 143}, against 1431. the closing rate yesterday. At 10:30 A. M. and 12 M. it was still quoted at the opening figure, and M. it closed at the same. Rates have been firm in this market throughout, and with a limited demand and supply operations have been restricted to the appended amounts, viz $2000, $6000 and $10 000 Gold at 1421; $1000 and $6000 do. at 143, and $1000 American Silver halves at $1364. We now quote Gold 1422@143. Ameri. @147. can Silver 136@136}, and Mexican Dollars 1461 FOREIGN EXCHANGE-Sterling and Francs have been inactive but firm since our last. Offerings of commercial bills indicated no increase whatever, and the remittance demand has been of a barely moderate character. We subjoin particulars of the actual sales, as follows, VIZ £3000 bankers' Sterling at 1581, and 000f. bankers' Francs at 3.571 We still quote bank Sterling 158@1584. clear bills 157@157}, bill of lading bills 156@156} 3.60. bank Francs 3.57$, and commercial do. 3.622@ DOMESTIC EXCHANGE-There has been no alteration of any kind noticeable in the movement un. der the above heading since our last. The mar ket is but very scantily supplied with commercial sight and short sight, and the inquiry on the part of remitters his indicated, if anything further abatement. Quotations disclose but little if any variation, however, and the annexed purchases by banks and bankers were effected at previous figures, viz: $17 .000 commercial sight on Washington at par, $16,000 Al commercial do. on New York at % cent. premium, and $12 000 do. at % cent. premium. We still quote 1 R cent. premium at bank, and @ R cent. premium out of doors for sight checks on Northern cities. UNCURRENT NOTES AND SECURITIES City notes are weaker to-day, but as no one could give a jus. tinable reason for the recent advance, 80 nobody is willing to give a satisfactory pretext for the present reaction. Louisiana State notes are unchanged, while operations in Bank of Louisiana notes are wholly suspended and the movement in all classes of Stocks and Bonds continues of a very limited character. The following are the only actual transactions reported under the above heading since our last, VIZ: $2000 and $30,000 City notes at 37 @ cent. discount. $7000 old Louisiana State bonds at 65. $2000, $2500 and $3000 Louisiana State notes at67, $5000 do. at 671, $5000 do, at 68 $3000 do. at 681c. and 15 and 20 Levee State bonds at 53jc. P dollar. SPECIAL Dispatches.-We are indebted to the Western Union Telegraph line for copies of the following private dispatches received from that route to-day, viz: New York, July 25-10 A. .-Gold opened at 1431. 10:30 A. Cotton market dull prices nominally unchanged. Sterling 110]@110£ Gold 1434. 12 M -Gold 1431. Cotton market dullprices tending down, though not quotably lower. Sterling steady Liverpool, July 25-3 P. 104d., Orleans to-day 8000 bales. SIR MORTON PETO AND HIS Associates.-The London Daily News, in its city article of the even ing of the 6th, gives the following account of the final settlement of the affairs of Sir Morton Peto and his associates: " In the bankruptcy court to day, no opposition being made, Sir S. M. Peto, Bart., and Messrs. Betts & Crampton, the great railway contractors, passed their examinations. and received their or ders of discharge. It appears that, as a result of the investigations made by the accountants on each side, it has been discovered that there is no such debt as £210 000 due from the railway com pany to the bankrupts, as claimed by the latter, and that, on the contrary, a large sum is due from the firm to the company. On the other hand the railway company content themselves with proving for £365 000 against the estates of the three bank rupts, and for £119 000 against that of Peto and Betts, instead of the preposterous sum of £6 600, 000 originally claimed. Owing to the mode in which the affairs of the two firms of Peto, Betts & Crampton, and Peto & Betts were conducted, a large sum-as much as £800,000 which ought to form part of the estate of the three bankrupts, will be applied exclusively towards the discharge of the liabilities of Peto & Betts, the result being that the joint estate of the three bankrupts will be impoverished, and that nothing will be available for the creditors thereon after payment of the costs of the proce "ings." FINANCIAL PROSPECTS IN THE UNITED STATES We take the following from Henry Clews & Co.'s New York circular for the month ending the 15th inst. It was prepared for transmission to Europe by the steamer of that date, and can hardly be expected to have 8 reassuring effect, SO far as regards United States securities held abroad, and gold: now being rapidly returned for conversion into 'There appears to be a very general impres. sion that gold is likely to work up to higher premium. Indications are not wanting that our foreign trade is approaching a crisis, the charac ter and importance of which are but partially ap. preciated. Owing to the deficiency of our home production, we have, for the last five years, im ported foreign products largely in excess of the ordinary means of payment, viz: Produce and the precious metals; and the resulting deficiency has been set off by the remittance of United States securities to the extent of 000 000, or say, one third of our whole gold interest debt. Beyond the reinvestment of a portion of the in terest on these obligations, Europe may be said to have now almost suspended purchases of our bonds; nor is it likely considering the immense sum of our obligations held abroad, that this de mand will be hereafter renewed. The important fact, however, is that while this means of settle ment is failing us, we are not proportionately re ducing our imports: and there is reason to fear that we may not resort to prudent curtailment of our foreign purchases until compelled by the pressure of a crisis. From the last official returns, it appears that the imports of the United States, for the first four months of the current year, were only $11 400 000 less than for the same period of last year while the exports of products were $24 400 000 (gold value) less than then: the result being that, during those months, we have had to ship $9 300 000 more specie than last year. Again, the imports at New York, for last month, were only $500,000 below those of June, 1867; while the exports of produce and merchandise were $3 800, 000 less than then, and the shipments of specie $5,100,000 more. It is owing to the fact that we are no longer able to bridge over the deficiency of our produce exports by the remittance of bonds that we have found it necessary to ship at New York, from January 1st to July 10th, $55, 200,000 of specie, against $30 600 000 in the same period of 1867, and $18 300 000 in 1865. It is very clear that, unless there be a speedy rectification of this uneven movement of our foreign trade, the supply of gold in the country must be depleted to an extent very serious indeed. And yet. where are the signs of any counteraction of this dangerous course of affairs? The remedy is the less likely to be promptly applied from the fact that the bulk of our importations consists of the more staple and essential products, while the receipts of those goods on which contraction is most easy have already been much reduced. The imports of dry goods, for instance, at this port, for the last six months, are only $37 800 or $9 000 000 less for the same time of 1867, show ing, in this class of imports, an important con traction. The obstacle to curtailment is that has to be effected upon tea, coffee, sugar, mo Jasses, iron, raw materials, etc.-a class of products in which consumption is usually reduced only under the pressure of an imperative neces sity. In view of these considerations, it will be fortunate indeed if the fall season passes without a crisis more or less severe, growing out of the depletion of the treasury, of our supply recent of gold. The secretary
