ENPages
Col R. C. Ballard Care
J. J. Green &Co
Warrenton
Concordia
Confidential
Paul Jones
New Orleans 23 May 1946
Col. R.C. Ballard Warrenton Miss dear Sir Yours of 19th inst is to hand We will defer taking your passage until the Sultana comes down & will then write you if it be possible to find conveyance for a letter in time to give you notice of her departure. We fear, from the tenor of your letter that you intended our last shipt of Pork for Karnac, but the error, if any, was your own. We doubt if this article will be lower. There is a strong confidence that when 50,000 men are embodied in Mexico the demand will advance prices & it is only now kept down by the extreme tightness of the money market. You are right in denying the failure of our neighbours but between ourselves their paper is offered freely at 2 % Pr month. We hear of no failures lately but things are still tightening up & we shall not be surprised to hear some cracking at any time. Nothing short of an earth quake can shake us & we mean to hold this position, come what may Very Respy Yr frds & obt sts Nalle & Cox
With Papers Nalle is quite unwell & has been confined some days.
with Papers
Col. R. C. Ballard Care J J. Green & Co
Warrenton Miss
Paul Jones
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Commercial Times WHOLESALE PRICE CURRENT. Issued every Wednesday and Saturday morning, from the office of "Commercial Times," No. 40 Camp street. NEW-ORLEANS, SATURDAY, May 23, 1846. COMMERCIAL AND MONETARY. Friday Night, May 22, 1846.
There has been less demand for money during the past few days, but the condition of the market has not experience any sensible improvement. The effect of the war news at the North having been less disastrous than was anticipated, has led to a more liberal course of action on the part of the Banks, and they have extended their discounts for the moment as far as they deem prudent. Unfortunately, however, this condition of affairs is to some extent beyond the reach of those institutions, as in the absence of any facilities for shipping, the stocks of Produce have accumulated to such an enormous extent as to preclude the possibility of sustaining engagements predicated thereon-at a value, exceeding, in many instances, the present market rates by some twenty to fifty per cents.
Holders, under such circumstances, are compelled to make great sacrifices; and although the causes alleged may not serve to mitigate the extreme severity of the pressure, yet they will tend to show that the present scarcity of money is attributable to other causes than a general curtailment on the part of our banking institutions. We did not understand the cause of so sudden a contraction last week, which, coming as it did, in conjunction with a variety of other adverse circumstances, operated with such injurious effect upon the Money market, and we took occasion to set forth our views on the subject, holding the course pursued by the corporations to be ill-advised and injudicious.
The State Government is in the market for a loan of $200,000, authorized by the Legislature, for the purpose of equipping volunteers, and payment of other necessary expenses attending the war. We understood this afternoon that the City Bank would take $50,000, the Mechanics' and Traders' a similar amount, and the Bank of Louisiana the remainder.
Under the present aspect of affairs, the Stock market presents a complete blank, and the only transaction we are informed of since our last, consists of a few shares Commerical Bank at 27.
All descriptions of Uncurrent Money continue in a very limited request at former rates. We quote Citizens' Bank Notes; 7 1/4 @ 7 3/4 per cent dis.; Consolidated; 3 @ 4 per cent dis. Nothing doing in Exchange and Atchafalaya. Improvement money continues extremely dull at 28 @ 30c. Third Municipality Notes, 5 @ 10 per cent discount.
The market for Texas Securities remains in the same unsatisfactory state previously recorded. Since our last a further decline has taken place, and large amounts are pressing for sale on the market without finding buyers. The following sales have come to our knowledge: $10,000 Red Backs at 11c., $20,000 do. at 10 1/2c., and $10,000 at 9 1/2c. We have not heard of any transactions in Bonds. The Legislature of Texas being on the eve of adjournment without having taken any action to provide in some shape for the payment of the State Debt, has weakened the faith of the holders of the liabilities to such an extent as to induce many to throw large amounts in the market, for which there are at the present moment few or no purchasers.
THE MARKETS. Friday Night, May 22, 1846.
Since the date of our last semi-weekly report, the general market has exhibited the same languor and inactivity to which we have reluctantly been compelled to make almost daily illusion for a fortnight past. The obstacles then in operation continue to bear with undue severity upon every branch of Trade, not the slightest mitigating influence having arisen to present business matters in a more favorable point of view. the remarkable scarcity of unengaged tonnage in port offers the most formidable barrier to a ready and proper prosection of business; and until this growing evil is remedied by the arrival of a numous fleet of vessels, we may look in vain for any improvement. In the meanwhile the stocks of every description of Produce continue to accumulate rapidly, so that the difficulty of effecting sales increases in a progressive ratio, whilst the augmentation in the price of labor renders the task holding on to Produce so much the greater. This condition of affairs must necessarily have the effect of keeping back shipments of Western Produce to this city, and we may shortly expect to see a very marked diminution in the receipts.
The steamship Britannia, with advices from Liverpool to the 4th inst., will be due here on Wednesday next. The Great Britain. for New York is advertised to leave Liverpool on the 9th inst., and returns again on the 6th proximo, thus presenting the first favorable opportunity for dispatching correspondence from this quarter. Letters sent to-morrow morning will be still in time for the Britannia, if the mail should go through without failing. The Hibernia will leave Boston on the 16th June.
The weather since our last has been dry, and favorable for out-door business. To-day it is overcast, and looks very much like rain. The river remains at the same stage last noticed.
COTTON--- Arrived since the 19th instant, of Louisiana and Mississippi, 2541; Tennessee and North Alabama, 368- together, 2909 bales. Cleared in the same time, for Liverpool, 5998 bales; Havre, 6001; Hamburg, 2039; Trieste, 2362; New York, 485; Boston 1860- together, 18,745 bales; making a reduction in stock of 15, 836; and leaving on hand, inclusive of all on shipboard, not cleared this day, a stock of 205, 026 bales.
In our review of Tuesday night last, we stated that the Cotton market continued to exhibit a very depressed and unsettled appearance, arising more especially form the high course of Freights and the difficulty of effecting shipments to any extent, even at the advanced rates. The same cause has since borne heavily and with increased severity upon the market; and although holders as a body have offered their stocks sparingly, yet so limited is the demand, that when forced to sell, they have occasionally been compelled to make some further concession in prices. The reduction to be sure, is so trivial as to call for but a very slight modification in our quotations; but the constant and steady decline shows evidently that the downward tendency of the market has not yet been arrested. Most of the Cottons now on the market consist of North Alabamas and Tennessees, whilst the stocks of Louisiana and Mississippi are kept back, and offered in very small quantities.
Wednesday was a very quiet day, and the sales did not exceed 1500 bales. Yesterday, however, there was more inclination evinced to sell, and the transactions amounted to 3000 bales. The same feeling exhibited itself to-day, which resulted in 3500 bales being sold; making the entire business of the past week 15,500 bales.
The purchases of the past three days have been principally for the England and the Continent of Europe, buyers for the North having ceased to operate. A few parcels are occasionally bought, with a view of holding over for a more favorable range of freights.
The receipts of Cotton since our last have been very light, and from all accounts there remains now but little to come forward. On reference to our comparative table receipts. it will be perceived that the aggregate deficiency in the arrivals, as compared with this period last year, amounts to 355,838 bales. The falling off in the experts to foreign ports is 572,637 bales.
The sales of the week amount to 15,500, and those of the past three days comprise 8000 bales, which we notice as follows: 120 bales Louisiana, Mississippi. etc., at 6 1/2c. ; 253 at 6 1/4; 78 at 5 5/8; 181 at 6; 195 at 6 1/4; 1062 at -; 500 at 6 1/2; 500 at -; 153 at 6 5/8; 1000 at -; 744 at 6 5-16, and 287 at 6c. [illegible] lb.
LIVERPOOL CLASSIFICATION. Louisiana and Mississippi. Inferior...5 a 5 1/2 Ordinary...5 3/4 a 5 7/8 Good Ordinary...00 a 6 Middling...6 1/8 a 6 1/4 Good Middling...6 3/8 a 6 5/8 Middling Fair...6 3/4 a 7 Fair...00 a 00 Fully Fair...00 a 00 Good Fair...00 a 00 Good and Fine...00 a 00 Tennessee and N. Alabama Average Lists. Good...6 a 6 1/8 Common...5 1/4 a 5 3/4 Extreme prices...4 3/4 a 6 1/2
TOBACCO--- The transactions in Tobacco since the date of our last report have only been to a moderate extent, amounting in all to but 1200 hhds., of which 400 on Wednesday, 600 yesterday, and 200 to-day. Buyers do not appear inclined to come forward freely at the decline noticed in our last, but insist on a further concession in view of the advanced rates of Freight. The following particulars embrace the transactions of the past three days: 187 Admitted and 138 Refused on private terms; 10 Admitted at 2 1/2 @ 4c., and 11 Refused at 1 1/2 @ 2c.; 30 hhds. Admitted at 5c., and 8 do. at 4 1/4c. [illegible] lb; 93 hhds. Admitted at 4c., and 30 Refused at 2c.; 4 hhds. Refused at 2c.; 21 hhds. Admitted at 4c., and 13 Refused at 2c. [illegible] lb. We adopt the following scale of figures, although it is difficult to quote accurately at present: Inferior, 1 1/2 @ 2c.; Common, 2 1/4 @ 2 3/4; Fair, 3 3/4 @ 4; Fine, 4 1/4 @ 4 3/4; Choice and Selections, 5 1/4 @ 6; Sigar Leaf, 2 1/2 @ 11c. [illegible] lb. Arrived since the 19th inst., 2563 hhds. Cleared in the same time, none. Stock in warehouses and on shipboard, 32,573 hhds.
SUGAR--- We have again had a very quiet market for Sugar since our last. the sales not having exceeded 200 hhds., of which 100 to-day, chiefly for the West. In the present state of Freights, shipments to the North are out of the question. There is nothing doing on Plantation, the lots being chiefly in second hands. We quote Inferior, 4 @ 4 1/4c.; Common and Middling, 4 1/2 @ 4 5/8; Fair, 4 3/4 @ 5; Prime and Choice, 5 1/4 @ 6 1/4c. [illegible] lb. Arrived during the past three days, 480 hhds. Cleared in the same time, for New York, 21 hhds.; other ports, 18 bbls.
HAVANA SUGARS--- A mere retail business is going on in box Sugars at previous rates. Brown, 6 1/2 @ 7c.; Yellow, 7 1/2 @ 8 1/2; White, 9 @ 10 1/2c. [illegible] lb.
MOLASSES--- The daily sales of Molasses since our last have merely averaged 100 bbls., and the market necessarily presents a very dull appearance. The best parcels command 22c., but the lots now arriving are so inferior that several have been sold at 15 @ 20c. [illegible] gallon. and some even at a lower figure. Nothing has been done on Plantation. Arrived since our last, 803 bbls. Cleared in the same time, for New York, 3 bbls.; other ports, 10- together, 13 bbls.
FLOUR--- Since the date of our previous report a fair amount of business has been done in the Flour market within the range of former prices, the transactions having averaged about 4000 bbls. each day. On Wednesday 4300 bbls. were disposed of, including 200 bbls. Illinois at $ 3 12 1/2, 125 Ohio at $3 00. 238 at $3 00, 700 at $3 10. 200 Illinois at $3 30. 100 St. Louis at $4 00, 350 Illinois at $3 00, 600 Missouri and Illinois at $3 25, 150 Missouri at $3 30, 550 Illinois at $3 00, 478 at $3 00, 78 Ohio at $3 12 1/2, and 400 do. at $3 00 [illegible] bbl. Yesterday the business comprised 3500 bbls. as follows: 300 bbls. Illinois at $3 10, 100 St. Louis at $4 00, 100 Ohio at $3 12 1/2, 200 Illinois at 3 12 1/2, 800 Ohio at $3 00, 100 St. Louis choice brans at $4 50, 150 do. do. at $4 25. 100 Ohio at $3 00. 300 Illinois at $3 10, 600 Ohio at $3 00, and 250 Illinois at $3 10, [illegible] bbl. To-day 4000 bbls. changed hands, amongst which, 1000 bbls. Ohio from flatboat in various lots at $3 25, 400 do. at $3 10, 472 at $3 00, 200 at $3 10, 350 at $3 00, 700 Illinois at $3 25. 150 do. at $3 20, and several minor lots at the same range of prices. Round lots of Ohio may be quoted at $3 00 @ $3 12 1/2 [illegible] bbl. with more firmness on the part of holders. Arrived during the past three days, 9783 bbls. Cleared in the same time for Liverpool. 116 bbls.; New York, 2603; Boston, 1100; other ports, 390- together, 4209 bbls.
PROVISIONS--- The Provision market has been very dull since our last report, and the transactions few and unimportant. About 600 bbls. PORK have been disposed of during the past three days at $9 75 @ $10 00 for MESS; M O, $9 50, and Prime $8 00 [illegible] bbl. Nothing doing in Bulk Pork. Arrived since our last, 15,156 bbls. and 58,500 lb Bulk Pork. Cleared for Liverpool, 835 bbls.; Havana, 20; Boston, 1669; other ports, 72- together, 2596 bbls. The market for BEEF has remained perfectly quiet, and no sales worthy of note have come to our knowledge. Mess, in bbls., may be quoted at $8 00; half bbls., $4 25; Prime, $5 75 [illegible] bbl. Arrived since our last, 257 bbls. Cleared for Liverpool, 634 bbls. Very little business has been done in LARD, and the only sale of any note we are apprised of, was 135 bbls. at 5 1/2c. [illegible] lb. Extreme qualities may be quoted from 5 @ 6 1/2c. [illegible] lb. Arrived since our last, 468 bbls. and 3041 kegs. Cleared, equal to 2377 kegs, viz: to New York, 770; Boston, 1590; other ports 7. In BACON the transactions have been to a fair extent, at about the same range of prices before quoted. The sales amount to 400 casks, of which nearly 350 changed hands to-day. Arrived since our last, 1291 casks. Cleared for Havana, 31 casks; New York, 74; Boston, 92; other ports, 40- together, 237 casks.
GRAIN--- We left the Corn market very inactive at the commencement of the week, but since then a larger business has been going forward, the sales of the past few days having amounted to fully 40,000 bushels, at 26 @ 27c. for lots in the ear, and from 30 1/2 @ 35c. [illegible] bushel, in sacks, according to quality and condition. The principal sales were as follows: 5000 bushels Yellow and Mixed, in sacks, at 33c.; 5197 bushels Mixed, in ear, at 26c.; 1578 sacks (3555 bushels), Mixed at 30 1/4c.; 400 sacks Mixed, in old bags, 32c.; 300 Mixed at 34c.; 133 do. Mixed at 24 1/2c.; 550 Yellow at 32c.; 300 sacks Yellow at 33c. [illegible] bushel; 4000 bushels Mixed, in ear, at 27c.; 500 sacks Mixed at 33; 250 do. at 33; 300 sacks White at 35; 700 sacks Mixed at 32; 2000 bushels Mixed. in sacks, at 34; 600 sacks do. at 32 1/2; 300 do. White at 33, and 200 do. at 35c. [illegible] bushel. Oats are in good demand, and we notice sales in sacks at 40c. [illegible] bushel. A lot of 1800 bushels Wheat was disposed of at 55c., and a similar quantity of inferior at 40c. [illegible] bushel. A small sale of White Beans was made at $3 20 [illegible] bbl. Arrived since our last, 20,474 sacks Corn, 2309 do. Oats, and 16.421 do. Wheat. Cleared in the same time, for Liverpool, 8555 sacks Wheat; New York, 872; Boston, 1367; Liverpool, 770 sacks Corn; New York, 2835 do.; Boston, 13,584; other ports, 900- together, 10,794 sacks Wheat, and 18,089 do. Corn.
BAGGING and BALE ROPE--- We notice no alteration in the price of Bagging and Rope; the market still continues quiet. The transactions for the past three days have been confined to retail sales at former quotations. Arrived during the past three days, 1880 pieces of Bagging, and 1449 coils Rope.
BUTTER and CHEESE--- We hear or no alteration in either of these articles. We quote Western Butter dull at from 6 @ 12c., according to quality. Goshen is also gull at 16 @ 18c. [illegible] lb. In Cheese we hear of but little doing, the sales being confined to retail sales at former quotations say 7 @ 8 1/2c., [illegible] lb. Arrived since our last, 765 kegs and firkins Butter, and 145 boxes Cheese.
COFFEE--- The market for Rio Coffee continues very inactive, the few transactions being confined to small lots at prices ranging from 7 @ 7 1/2c. [illegible] lb for extreme qualities, but most of the sales are at 7 1/4c. [illegible] lb. In other descriptions there is nothing doing.
WHISKEY--- A limited inquiry has prevailed for this article since our last, under the influence of which prices have still further receded, and we now quote Rectified, 16 1/2 @ 16 3/4c. gallon. 100 bbls of Low Proof sold to day at 12 1/4c. gallon. Nothing doing in Raw Whiskey. Arrived since our last, 4153 bbls. Cleared for various ports, 93 barrels.
LEAD--- The sales of Lead that have come to our knowledge within the past few days. embrace 2774 pigs at $3 20, and 1689 at $3 21 [illegible] 100 lb. Arrived during the past three days, 16,916 pigs. Cleared in the same time, for Hamburg, 330 pigs; Havre, 6140- together, 6470 pigs.
LIME--- Since our last a cargo of 2000 casks Camden Lime arrived. out of which about 1000 casks were sold for export to Mobile, at $1 25 [illegible] cask; the balance has been retailing in lost at from $1 25 @ $1 30 [illegible] cask. The sales from store for the past three days of Thomaston sum up about 300 casks, at former prices-
SALT--- For the past three days there has been no arrivals of Liverpool Salt. We quote the market firm for sales from store and second hands, including drayage, at $1 20 @ $1 25 for Coarse, and $1 60 @ $1 65 for Fine. We learn of no sales Turks Island, Bonaire, etc., of which there is an ample supply.
Exchange--- There has been a fair demand both for Foreign and Domestic Exchange during the past three days, and the comparatively small amount offering has enabled drawers in some instances to obtain rates a shade better. We quote Sterling, 6 1/2 @ 7 1/4 [illegible] cent premium; Francs, 5f.40 @ 5f45. Bills on New York, at 60 days. 2 3/4 @ 3 1/2 [illegible] cent. discount; Checks and Short Sight, 1 @ 1 3/4 [illegible] cent. discount.
FREIGHTS--- Freights to all quarters keep up, and have still an advancing tendency, whilst the searcity of unengaged tonnage in port renders it difficult to effect shipments at all. The Foreign engagements since our last comprise two ships for Havre at 1 3/4c., two for Trieste at 1 3/4c., and one for Gibraltar, to load with Tobacco, at $14 00 [illegible] hhd. There is a good deal of Freight offering Coastwise. Cotton to New York, 7/8c.; Boston, 1c.; Tobacco, $14 00.; Wheat, 27 @ 28c. [illegible] bushel.
EXCHANGE- OUT-DOOR. On LONDON...6 1/2 a 7 1/4 per cent. pm. On FRANCE...5f.40 a 5f45 per dollar. On NEW YORK, at 60 days...2 3/4 a 3 1/2 per ct. dis. Do. at 30 days...00 a 00 per ct. dis. Do. short sight...1 a 1 3/4 per ct. dis. On BOSTON, at 60 days...2 3/4 a 3 1/2 per ct. dis. On PHILADELPHIA, at 60 days' sight..3 a 3 1/2 per ct. dis. On HAVANA, 5 a 8 days' sight...00 a 00 per ct. dis.
FREIGHTS. COTTON- To Liverpool...per lb...7/8d. Do. To Havre...per lb...1 3/4c. Do. To New York...per lb...7/3 a 1c. Do. To Boston...per lb...1c. TOBACCO- To Cowes, etc... per hhd..none shipping. Do. To London...none shipping. Do. To Bremen...none shipping. Do. To Antwerp, Hamburg, etc...none shipping. Do. To Liverpool...none shipping. Do. To Havre...no vessel. Do. To New York...none shipping. Do. To Boston...none shipping. Do. To Philadelphia...none shipping. SUGAR and MOLASSESFrom the Coast To Northern Ports..per hhd..none shipping. From the City...do...$6 00 a -- BACON- To New York...do...$5 50 a $5 75 Boston...do...$5 50 a $5 75 PORK- To New York...per bbl...$1 50 Boston...do...$5 50 a $5 75 FLOUR- To England...do...7s. New York...do...$1 25 Boston...do...$1 25 LEAD- To New York...per ton...none shipping. Boston...none shipping. HEMP- To New York...none shipping. Boston...none shipping.