New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1855-09-03
DAILY CRESCENT,
REVIEW or THE HONEY MAkAhi'
xSp nxrnosrror or TrsAScIAI EVENTS,
Far the oommsroial xsar ending this day

Am exrnospror or TISAEcIAL EVENTS,
90. a.. f1o,pmarciar ysar ending this day
CaEsossr oFrIcE, August 81, 1856.
A. eyspffbl year Is closing on the financial and com
msroa condition Of our city In some respects, the
ersuts which have marked iss will cause it to be
memorable one in the annals Of New 0rlesns
never been the part Of any historian OF this age
N .vs tn record the extraordinsy instance of the with
~ of the sction and fsvors Of nature, as evinced In
a. total inhibition of intercourse with important
,sona Of the country through the River Mississippi and
tributariee.
Tia annual dispsnsation and ndugences Of the Ruler
II eysnts have been withheld and have to chronicle
the fart that the great river Of the universe aua IT'S
branches have presented obstacles as YET
f thu ost serious nature to the general welfare and
prosrity * the Stateto the commerce and ffad WILD
all Interests wirh 60 make uptne crest ana
impospr business Of our CITY and which are paeng "
the rank of the commercial cities OF tne wofd
ana written history inform us that there is
for the occurrences Of this year, SO far as the
r;ver Misssippi effects interestshat in April 1906
the river At Natchsz thirty feet below high water
mark snd corresponding lowness must nave prevailed
here.
a. IA s,s alluded to- great and weghty results in
e.rss commerce and trade, were not involved In the
condition OF the Navigation of the water which
connect eur emporium with the interior. Our State
(then territory had been but two years member Of
the Confsderacy.
Reviewing as we do these events and which have more
than partial effects the general bearing Of financial and
commercial circles It ID gratifying that we have not to
mourn over those gloomy and dreadful consequences
which we're so often and freely predicted during the
early stage of this years business That some disasters
Il IN have occurred mot to be overlooked;
AZ t time the wishes OF the evil disposed towards
our interests have not been realized The commercial
wear Of 1854 and 55 closes sound and solvent COM
muu;ty encouraged by one Of the best de-
yised and sound systems OF finance extant as exemped
bv our banks aud which 10 not surpassed by any oner
form III he commercial world and equaled but by few
It is pleasant task that have not at this time to
record q confirm the gloomy expectations and untoward
calanities which to srse from the war in Europe
aud seriously sopssdzs the great commercial interests Of
our country War st al times is calamity. Although
our greatest and involved In the CON
c now going on yet nearly TWO years have passed since
we're shadowd FORTH but those dire results
and sad freely predicted to general
welfare have not come to pass
II is not within the ordinary capacity or intelligence Of
man. to determine with any degree Of exactness the
ticn Of the dstur In Europe their ultimate
effects on the general aud trade Of the world
within the past twelve months the country has been
favored with unlimited opinions and euppostons, ea
Mating from the most able pens and intelligent sources
all having in view the political condition Of Europe, with
the general financial commercial and social interests Of
ths world and particularly the ELECTS on our own
aton but strange confederation Of their views
and opinions has been realized.
This wheels and channels of of our city have
NOT been distracted interrupted by the attitude of
eysnts in Europe or other parts Of the world.
similar state of affairs presented in Europe has
before occurred and but few few of those
engaged in commercial pursuits the active and
busy ssenes In the early part of the present century
when sill Europe embroiled in war. IL is therefore
manifest there Is basis, data, on which can be
formed opinions to enter into operations devise
nercia transactions other than the old beaten track
which has been so tentiyey regarded by the conserya
tive part of the commercial community for the past
twenty years.
Our city with proper skill attention and devotion of Its
pouuation can be made world itsef-be London and
q Paris combined and well as the great emporium of
oaeha o tbs States Of great Contederacy The great
staple Of the Southwest the implied arbiter of the trade
of the wordour cottonwl continue to DO sought for
The great breadstu supplies of the mighty West, from
the cash System Of doing business In our community will
seek our market ns unnecessary to repeat that
we have all the appliances to make city mighty
depotths great Of ali the vast and growing pro
ducts of the country nerseeted and waered by the
ercus rivers which their outlets at very doors
Confidence ia the point the main spring which tn
financial and commercial interests Of city rests. 30
long al this remains unimpsired, Ia onwsrd
Although 1T times monetary system is blended in
that Of other great mer that when pressure panic
happens In which we are not personally involved the
sympathstic action would similar state Of affairs
with us we're our banking institutions conducted on these
princplsson the same method which appears govern
those Of most Of the great cities Of the world At present
we do not discern anything than what have for
twelve months TO dsturb the general confidence and the
community of good feeling which 1T is and has been our
pleasure for some time past to observe.
We commenced the commercial year Of 1854 and ,55
under very remarkable aud easy state of monetary
affairs Money going outside Of bank at the unusual low
rate of six per first GLASS paper and other grades
of long from eight to nne and the banks not hay
ing full employment for their resources or to the extern
OF their ability and Willingness -Exchapg,
on London being sA ss4 and 10 per cent premium on
Par s 20 to 6lo New Yor III to IL per ct
discount with demand rendering quotations almost
nominal and sight on New York ranging from 4 to Y
per cent premium
The condition Of the banks the Inst OF the month
fseptember, 1884, was-- g''ss.
long End ahor
Dsputs ss ssssi oaa. Banks sa9psi
This month was also markad for great stringency and
pressure Ia New York and other citieterng exchange
ruling In New York for the month as high as Ok to II
per cent.
Among the failures this month was the Protection
Insurance Company Of Hartford, Conn. which had fo
many years enjoyed high credit, having agencies
every State and almost every city In the Unon not
cepting our owaiocality.
The month of October commenced with anything bu,
favorable views Of the cotton crop After fifteen days
tina most unfayorable weather for picking and drying,
severe storm of wind and rain the first Of this month
gave the coup grace it were, to the estimates Of
heavy crop This occurrence however had perceptb
effect on the money Market though towards the middle
the month the easy condition Of the market which had
existed for nearly two months gave way, under briske
state Of affairs and general improvement in business
with corresponding increase in the demand for capital
which enhanced tho rates out Of bank to X and 81
cent. for good and Il to 10M for second grade paper
Exchange also gave way and the month closed under tn
following ratea Sterling to e; Francs 13s2 to o.
Sixty days on New York " to per cent. discount
Sight y 3s per cent premium and business presentin
generally favorable aspect
condition of the banks the city on the last Sat
urday Of tho month was
spees Hong Short Ioans saa ~
ClYealaisn eus 9ssl change L64bis
Deposits. sos Diaant sfioC
The most important commercial misfortune Of tn
month the destruction Of the Natches packet steam
Princess and cargo Of $500 bales Of cotton.
The New York money market continued to be erectt