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Paul Jones
New Orleans 16th May 46 Col. R.C. Ballard Warrenton dear Sir We have neglected to advise you that Mr. Beck has paid us, on 6th inst $[?] on Mr Terrys note which sum is placed to your Cr. Annexed we hand our mornings P/c which reviews a gloomy market Prices of every thing are tumbling, - good paper goes at 1 1/2 - 2 1/2 % pr month & we have seldom known a period of greater tightness. Several failures have occured & others we talked of, but we hope they are mere rumours. For ourselves we are perfectly easy & can defy any contingency Among the failures are Merle, Baylee & Co, - Rivarde & Co & Smith Gorin & Co. Perhaps to day may add to the list. Very Respy Yr. Odt Sts Nalle & Cox
Col. R. C. Ballard
Care J. J. Green & Co
Warrenton Miss
Paul Jones
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NEW-ORLEANS: SATURDAY MORNING, MAY 16, 1846.
OUR CIRCULAR FOR THE BRITANNIA WILL BE READY TO MORROW (SUNDAY) MORNING
EUROPEAN PACKETS: The next steam packet from Europe will be the Britannia from Liverpool May 4th. She will also be the first steamer by which letters can be forwarded to Europe, her day of departure from Boston being June 1st. The sailing packets from New-York leave for Liverpool the 1st 6th, 11th 16th, 21st and 26th of each month.
REMARKS ON THE MARKET, FOR THE PAST THREE DAYS. The combined circumstances to which we have already referred as having suddenly prostrated trade yet remain in force, and the embarrassments resulting from their operation are bearing with almost unparalleled severity upon the mercantile community. The extraordinarily stringent course pursued by the banks immediately on receipt of the news of hostilities having commenced on the banks of the Rio Grande, combined with advancing freights, put a sudden and violent stop to the previously healthy and prosperous state of trade, and the revulsion came so unexpectedly, and with such astounding force, that all engaged in commerce feel its effects in a greater or less degree. Whether the emergency called for so severe a curtailment on the part of the banks is doubted by many, and unless relief is obtained to a more liberal extent than at present the consequence must be disastrous. Unusually heavy supplies of our principal export staples burthen our warehouses, and continue to accumulate, and a large amount of tonnage is wanted for their transportation to other markets.
The weather was rainy on Wednesday, but Thursday and yesterday were clear and favorable to business.
The river is 3 feet below high-water mark.
COTTON.- Arrived since the 12th instant, of Louisiana and Mississippi 3319 bales, Tennessee and North Alabama 5200, Arkansas 12, Mobile 50, Texas 222; together 8803 bales. Cleared in the same time for Liverpool 5514 bales, Havre 1973, Trieste 3015, New-York 776, Boston 4051, Providence 1143, Baltimore 275; together 16,747 bales- making a reduction in stock of 7944 bales, and leaving on hand, inclusive of all on ship-board not cleared on the 15th instant, a stock of 223,030 bales.
In our review of last Wednesday morning we said that in consequence of the great scarcity of shipping, and the impossibility of negociating bills of exchange to any amount, the market had labored under so much depression in the first of the week as to cause prices of decline a quarter of a cent, notwithstanding the favorable advices from Europe, per steamer Cambria, received on Tuesday morning. The circulars and private correspondence per steamer Cambria, and which did not arrive until Thursday morning, represent the markets and trade generally, on the other side of the Atlantic, as being in a more favorable state than was at first anticipated, judging from the Telegraphic slips received in advance of the ordinary mail. Trade at Manchester had much improved, and partly on this account, and partly owing also to the decreased estimates of the crop of this country, there had been a very active business done in Cotton at Liverpool, resulting in an advance of an 1/8d. @ 1/4d. [illegible] pound- Fair Orleans being quoted at 5, and middling at 4 3/8d. At Havre the demand continued good, and the market firm at previous rates. Arriving, as these accounts have done, at a period of almost unparalleled depression, they have had very little if any influence on our market, the high rates of freight consequent upon the great scarcity of shipping, and the difficulty of passing bills of exchange, having prevented buyers from operating. the sales of Wednesday amounted to only 2300 bales, on Thursday to 2800, and yesterday to 2700 bales, and with the exception of a few parcels, the business has all been on English and French account. We have seldom before known the market to exhibit so great a degree of irregularity as to prices, though the tendency, however, has been all the time downwards, and we have accordingly reduced our figures for most descriptions an eighth of a cent. In general, holders refrain from offering their stocks as much as possible-in fact, such is the state of affairs at present, that they can neither sell nor ship to any great extent, without making serious sacrifices. The week's business amounts to 14,000 bales, of which 7800 bales were sold during the past three days, and we give the following particulars, viz- 52 bales Louisiana, Mississippi, &c. at 6 3/4, 350 at 6 11-16, 50 at 5, 174 at 6 1/4, 21 at 8 3/4, 700 at 7 3/8, 322 at 6 3/8, 81 at 6 5/8, 419 at 6 1/2, 40 at 6, 287 at 6 1/8, 50 at 6 3/4, 53 at 6, 200 at 6 1/8, 140 at 5 7/8, 440 at 6 1/8, 301 at 6 11-16, 538 at 6 1/2 @ 5 3/4, 111 at 6 1/2, 254 at 6 1/8, 318 at 6 1/4, 34 at 5 1/4, 500 at -, 150 at 6, 554 at -, 67 at 6 1/4, 41 at 5, 367 Tennessee at 6, 270 at 5 13-16, 150 North Alabama at 5 3/4 cents [illegible] lb.
NEW-ORLEANS CLASSIFICATION (Assimilating to that of Liverpool.) Louisiana and Mississippi. Inferior...5 @ 5 5/8 Ordinary...5 3/4 @ 6 1/8 Middling...6 1/4 @ 6 3/8 Good Middling...6 1/2 @ 6 3/4 Middling Fair...7 @ 7 1/8 Fair...7 3/4 @ 8 1/8 Good Fair...8 1/2 @ 9 1/4 Good and Fine 9 3/4 @ 10&- Tenn. and N. Ala. AVERAGE LISTS: Good,...6 @ 6 1/8 Common,...5 5/8 @ 5 3/4 Extreme prices, 5 @ 7 Comparative prices of Cotton at this date, in the following years. [table]
SUGAR, LOUISIANA.- Since our review of last Wednesday morning the Sugar market has been characterized by a still greater degree of dullness than previously. There has been no business doing, indeed, except in small retail parcels, which have been taken almost wholly by Western dealers, nad by the city trade, and even in these limited transactions holders have been compelled to yield to a further reduction of an eighth of a cent in prices, our present quotations being for Inferior to Ordinary 4 @ 4 1/4, Common 4 3/8 @ 4 5/8, Fair 4 3/4 @ 5, Prime 5 1/4 @ 5 1/2, strictly choice in small lots 5 3/4 @ 6 1/4 cents [illegible] lb. The transactions of the three days amount to only 475 hhds., and the stock on the Levee is very ample, although there is now little arriving. On plantation there is nothing doing either in the way of sales or shipments, owing to the scarcity of vessels, and we much therefore omit quotations for the present. Arrived during the past three days 151 hhds. Cleared for New-York 45, Charleston 6 hhds., Boston 50 hhds. 75 bbls., Apalachicola 14 hhds. 4 bbls.
HAVANA SUGARS.- Business is confined to a few small sales to the city trade at former prices, Brown 6 1/2 @ 6 3/4, Yellow 7 1/2 @ 8 3/4, White 9 @ 10 3/4 cents [illegible] lb.
MOLASSES.- The transactions in Molasses on the Levee since our review of last Wednesday morning, have been on a very limited scale, not more than 450 bbls having changed hands during the three days. Owing to the dullness, and the large supply on the Levee, prices have given way a little, and we now quote from 22 1/2 @ 23 1/2 cent [illegible] gal. as the range of the market. Arrived during the past three days 632 bbls. Cleared none.
TOBACCO.- We explained in our last report that the Tobacco market had been brought to a complete stand by the pressure in the money market and the advance in freights, and the past three days, owing to the same causes, have been entirely devoid of any transactions of consequence. In the meantime the stock has rapidly accumulated, and the quantity now in factors' hands is much larger than at any previous time since the opening of the season, affording ample scope for extensive operations. Buyers, however, have kept out of the market, though we understoof that they manifested a willingness to buy yesterday at a reduction of 3/4 @ to 1 cent [illegible] pound, but holders could hardly make up their minds to submit to so important a decline. For the three days since our last report no sales of importance had taken place, up to the time we left the market yesterday; and as no accurate prices can be given in the present condition of the trade we omit quotations altogether, until some new transactions shall more exactly indicate the position of the market. Arrived during the past three days 1574 hhds. Cleared for New-York 7, Baltimore 31 hhds. Stock in warehouses and on ship-board 28,461 hhds.
FLOUR.- Our last report left the Flour market in an extremely depressed and unsettled state; so much so, indeed, that it was impossible to quote with accuracy. On Wednesday and Thursday only about 2000 barrels were disposed of at private sale, at very irregular rates, one lot of 400 barrels Ohio from the Levee being sold at $3, several limited lots from store and from the Levee at $3 15, $3 20 and $3 25, and 400 Illinois at $3 50 [illegible] barrel. There was also a sale from store, by auction, of 800 barrels Ohio, partially damaged, of which 300 brought $2 56 and 500 $2 50 [illegible] bbl. Yesterday we could learn of sales to the extent of only about 1500 barrels, the principal lot of which was 110 barrels Ohio at $3, and the remainder small lots at $3 25 for Ohio and similar descriptions, and $3 50 @ 4 00 for favorite bakers' brands. The market is still in so unsettled a state that it is impossible to arrive at its position with accuracy. Some parties contend that lots of Ohio and similar brands are offering freely at $3, while others state that offers of $3 25 have been made and refused for flatboat loads. From our own observation we should suppose that there were more buyers than sellers at $3 for good fresh lots. Arrived during the past three days 8742 bbls. Cleared for New-York 450, Boston 1192, Charleston 299, Liverpool 9825, London 3538, Bermuda 500 bbls.
PORK.- Ther pressure in the money market and the general derangement of trade have unsettled and further depressed prices for Pork, and holders are enabled to effect sales to a limited extent only, at the following range- say for Mess $10 00 @ $10 25, M O $9 75 @ $10 00, Prime $8 25 @ $8 50 [illegible] bbl. The last description is entirely nominal, being scarcely called for. Nothing doing in Bulk Pork, so far as we can learn, and holders have been compeiled to store for want of demand. Arrived during the past three days 3112 bbls, and 22,000 lbs in bulk. Cleared for New York 480, Boston 1377, Baltimore 1150, Havana 50, Liverpool 728 barrels.
BEEF.- The market for Beef remains wholly inactive, and the absence of any transactions worthy of note renders prices almost entirely nominal. The occasional small sales, however, are at slightly reduced rates, and we now quote for mess $8 50 @ 8 75 [illegible] bbl, do in half bbls $4 50 @ 4 75, Prime $6 50 [illegible] bbl. Arrived during the past three days 721 bbls. Cleared equal to 2174 bbls, viz- for New-York 150, Boston 572, London 1115, Liverpool 337.
BACON.- There has been rather more demand for Bacon Sides within the past day or two, and we notice one sale of 135 casks Cincinnati cured, at 5 3/8 cents lb. This is now the prevailing rate for this description, though occasional small parcels of choice being 5 1/2, while the lower qualities are very dull at 5 @ 5 1/4 cents, and some lots may probably be bought for less. Hams are almost entirely without demand, and prices are scarcely more than nominal, at 4 1/2 @ 5 1/2 cents for uncanvased, and 7 @ 9 for retail lots of extra sugar cured. Shoulders have further given way, and we now quote at 2 3/4 @ 3 1/4 cents lb. Arrived during the past three days 424 casks and 12,000 pounds in bulk. Cleared for New-York 58, Charleston 94, Apalachicola 88, Havana 50 casks.
LARD.- The Lard market remains in the same dull and depressed state noticed in our last report, and we have not been able to learn of any sales worthy of special notice. Under these circumstances prices are almost entirely nominal, and no accurate quotations can be given. Occasional small sales of prime and choice, principally for home use, are made at 6 @ 6 1/2 cents, but round lots of the low and medium qualities, which constitute the bulk of the stock, are uncalled for at the moment. The extreme range may be quoted at 5 cents for inferior, up to 6 1/2 for choice. Arrived during the past three days 424 bbls and 171 kegs. Cleared equal to 16,692 kegs, viz- for New-York 12,181, Charleston 50, Havana 2156, London 1830, Liverpool 475.
BAGGING AND BALE ROPE.- We have still to notice an inactive market for these articles, and prices remain almost entirely nominal. The asking rates, for cash, are 10 1/2 @ 11 cents for Bagging, and 4 @ 4 3/4 for Rope, according to quality, but only occasional very small sales are effected, and the present unsettled state of affairs renders holders averse to entering into any time transactions. Arrived during the past three days 1853 pieces Bagging, and 807 coils Rope.
GUNNY BAGS.- We continue to quote at 12 1/2 @ 13 cents each for those of 2 1/2 bushels, with a moderate demand.
WHISKEY- The demand continues limited, and prices have further given way. We now quote at 17 @ 17 1/2 cents [illegible] gallon for Rectified, the former being the prevailing rate for round lots. Common is more plenty, but we hear of no offers for round lots. The rates for limited parcels are 18 @ 18 1/2 cents [illegible] gallon. Arrived during the past three days 1114 barrels. Cleared for New-York 184, Baltimore 400, Charleston 35, Apalachicola 70 bbls.
GRAIN.- The Grain market continues to labor under great depression, and sales cannot be effected to any important extent. At the same time there are large supplies, particularly of Corn and Wheat, seeking purchasers, and prices are so unsettled and irregular that it is still impossible to quote with any accuracy. As we have before remarked, this state of the market is the result of greatly advanced freights, and the difficulty of negotiating bills of exchange. The sales of Corn during the past three days barely amounts to 500 bushels, in limited parcels, and the prices paid have general been 32 @ 33 cents [illegible] bushel for Mixed, and 35 @ 36 for White and Yellow, in sacks. Inferior lots are occasionally sold at 30 cents and less. Wheat is greatly depressed, and exceedingly difficult for sale, except at very low prices. A lot of 3000 bushels was sold on private terms, and 500 sacks at 60 cents [illegible] bushel. We understand that buyers only offer 60 @ 65 cents bushel for prime lots. Oats continue in fair demand, and meet with pretty ready sale at 36 @ 38 cents bushel, in sacks. Arrived during the past three days 18,500 bbls and 12,302 sacks Corn, 7050 bbls and sacks Oats, 7497 do Wheat. Cleared for New-York 3516, Boston 11,797, Baltimore 1000, Charleston 982, Liverpool 1563, Bermuda 744, London 1199 sacks Corn.
HEMP.- This article remains wholly neglected, and no quotations can be given. It cannot be shipped at any reasonable rate of freight, and the scarcity of money is another obstacle to transactions. Arrived during the past three days 526 bales. Exported the past three days,...bales 650 " previously,...18857
Total since 1st September,... 19507
LEAD.- The market for this article has given way, under the pressure of high freights and a tight money market. On Wednesday 1000 pigs were sold at $3 52 1/2, on Thursday 3000 at $3 50, and yesterday two lots of about 1000 pigs each, were disposed of at $3 20 and $3 25 100 lbs. Arrived during the past three days 6850 pigs.- Cleared for Boston 1700, Trieste 1000, Havre 2998 pigs.
HAY.- We are advised of a sale of 140 tons Western at $20 50 ton.
SALT.- there have been no arrivals of Liverpool for some two weeks past, and we have no cargo sales to report. The rates from store are $1 20 @ $1 25 for Coarse, and $1 60 @ $1 65 for Fine, with only a moderate demand. Nothing doing in Turks Island, Bonaire &c.
COFFEE.- The embarrassments in other departments have their effect upon the coffee trade, rendering the market extremely dull, and prices almost nominal, at 7 3/8 @ 7 5/8 for Rio, and other descriptions at our quoted figures.
LIME.- No cargoes having arrived some time past the sales continue to be confined to limited parcels from second hands, at $1 25 @ $1 37 1/2 cask from the Levee, and $1 40 @ $1 50 from store.
TALLOW.- There are no arrivals of consequence, and no sales, so far as we can learn. The nominal rates are 6 1/4 @ 6 1/2 cents [illegible] lb.
BEESWAX.- This article is without demand at the moment, and prices are nominal at 27 @ 27 1/2 cents [illegible] lb.
EXCHANGE.- The money market exhibits even a greater degree of tightness than at thedate of our last, and the difficulties in the way of negociating Exchange are pressing very heavily on all classes of the community. As to the rates they are exceedingly irregular, but the following quotations will, we believe, embrace most of the transactions- say for Sterling 6 @ 7 per cent. prem., Francs 5f 37 1/2 @ 5f 55. New York range from 1 1/2 @ 2 1/2 per cent discount.
FREIGHTS.- We have to notice a still further advance in the freight market since our last report. The engagements that have come to our knowledge are as follows- one American ship for Liverpool at 11-16d, six do. for the same port at 3/4d, and one for Brazos St. Jago, for government service, at $11,000 for the voyage. The rates coastwise have further advanced in several instances, as will be seen by reference to our table. There are now only three ships, two barks, and six brigs in port unengaged, while the quantity of produce to go forward is large beyond example for the period of the season, nad a heavy amount of additional tonnage would find ready and profitable employmont.
EXCHANGE- OUT-DOOR. On LONDON,... On FRANCE,... On NEW-YORK, at 60 days,... Do. short sight,... On BOSTON, at 60 days,... On PHILADA., at 60 days sight,... On CHARLESTON, S.C., 60 days, On HAVANA, 5 @ 8 days sight,...
FREIGHTS. COTTON- To Liverpool,...[illegible] lb...-@3/4d. Do. To Havre,...-@1 1/2 cent. Do. To New-York,...7/8 @ 1 cent [illegible] lb. Do. To Boston, &c,...3/4 @ 1c [illegible] lb. TOBACCO- To Cowes, &e...[illegible] hhd...none shipping. Do. To London,...-s. Do. To Bremen,...-s -d @ -s. Do. To Antwerp, Hamburg, &c...-s -d. Do. To Liverpool,...-s @ -s -d. Do. To Havre,...none shipping. Do. To New-York...$-- @ --. Do. To Boston,...none shipping. Do. To Philadelphia,...$-- @ --. SUGAR and MOLASSES- From the Coast to North Ports, [illegible] hhd. $5 00 @ 5 50 From the City, do. do. $5 00 @ --. BACON- To New York,... do. $5 00 @ 5 00 Boston,... do. $5 00 @ 6 00 PORK, &c.- To New York,... [illegible] bbl....$1 25 @ 1 50 Boston,...1 25 @ 1 50 London,...-s -d @ -sLiverpool,...6s 6d @ 7sPORK AND BEEF- To London..[illegible] tierce. -s- @ -sLiverpool...8s 6d @ 9s- FLOUR- To New York,...[illegible] bbl..$1 20 @ 1 25 Boston,...-- @1 25 London....-s -d @ -sLiverpool...5s 6d @ 6sLEAD- To New York,...[illegible] ton...$7 00 @ 8 00 Boston...7 00 @ 8 00 WHEAT- To Northern ports,..[illegible] bushel..$- 23 @ - 25 London...- 17d @ - 18d Liverpool...- 16d @ - 17d CORN- To Northern ports...[illegible] bushel..$- 23 @ - 25 London...--d@--d Liverpool...- 16d @ 17d HEMP- To New York,...[illegible] ton...$--@-- Boston...--@-- Europe...[illegible] [illegible] --d@--
N. ORLEANS AND LAFAYETTE CATTLE MARKET. May 15, 1846. Arrivals during the past three days: Cattle...230 Hogs...464 Sheep...200 The market has a full supply of all kinds of stock at present, and the demand is limited, at the following prices: Beef...4 @ 4 1/2 cents [illegible] lb. Hogs...4 @ 5 cents [illegible] lb. Sheep...$2 50 @ 3 50 [illegible] head.
VESSELS UP FOR FOREIGN PORTS. Liverpool 30 ships 5 barks, London 3 ships, Havre 9 ships, Europe 2 ships 1 bark, Genoa 1 ship, Antwerp 2 ship, Cadiz 1 ship, Cork nad a market 1 ship, Bremen 1 ship, Venice 1 ship, Hamburg 1 bark, Greenock 1 bark, Marseilles 1 bark 1 brig.- Total, 54 ships 9 barks 1 brig.
Concordia
New Orleans 19 May 46
Col. R. C. Ballard Warrenton dear Sir Yours of 15th with stated enclosures is to hand & contents noted. Enclosed on hand Incd of Salt & Pork for Magnolia & Karnac. We will arrange for your passage to Ky & will write you for Paul Jones next trip with Particulars. Bagging & Rope is now about 10 & 4 1/2 & we think it will not advance but on the contrary may decline. We have plenty & will conform to the market. If you dont buy at Ky we can furnish you. [I course?] you understand we furnish at Ky rates. Our A.G. Nalle is very sick & Edwd absent, so the writer has not time to write a long letter. He will make up your a/cs if possible for the Paul Jones if not you must bear with us a while. Money continues as tight as ever. In haste. Nalle & Cox