New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-03-09
Cotton-Disappolntment.

The following extract of circular of a foreign
commission house in New York, dated the 9th OF
January last is decidedly rich in its way 1t appears
to have been written in a foreign tongue (Hlgh
Dutch) and translated for one of the New FORK
papers, Wecan only imagine the writer to be some
lacquey, perhaps Of continental wouldbemerchant,
sitting in his dark, cold, dingy, sXby-ten basement
room, brooding over his tardness and nditing the
circular in question to magn more successful opera
tors. His views of our New Orleans dealers and
traders parake of spleen and envy and indicate that
some one had not sufficient credit to enter mar
ket-to dispose of exchange and make investments
with more favored competitors He says:
1t is not long ago that the representatives of the
Cotton States in Congress published their estimates
Of the CROP putting the yield onethrd to onequarer
short but it is selfevdent that no reliance can be
placed on these estimates, made as they are by men
who either cotton planters themselves, whose
opinions can be had for trhing gratuity.
The TanRuyres. naturally, are directed mainly to-
wards the great Gulf market, which alone receives
one-half of the total product and thus exercises
great influence on the other ports There are in New
Orleans great number of buyers who, although
respectable and wellmeaning. know but little of the
business and often enter the market too early and
New Orleans is besides the rendezvous par excellence
of all speculative gamblers and swinders who receive
extraordinary facilities from Liverpool and New
York agents, and who can buy any quantity of cot
ton against deposit of or per cent. New Orleans
offers in times of depression the greatest advantages
for purchasers it receives the best stapled Cotton
and has always large stocks, but these same causes
contribute to render the business in season when
Cotton attracts attention the more excited and dan
gerous. The climate limits all transactions to six
months-trom November to April-and in this short
period all buyers, spectators, etc., must manage to
make money to last through the year. They return
after the summer refreshed by their travels and
creations and Cotton offers the best chance for turn
ing their ingenuity and gambling propensity to some
account
It is easily understood that the larger buyers whl
have to ship 25 900 or $4,000 bales during the
cannot defer their operations very long they must
buy, partly to avoid the actual labor OF enormous
shipments and partly to obtain earlier qualities, OF
opportunities for shipping, which may not always
offer. The smaller fry follow, as matter Of course
the example of their powerful neighbo.s with the
additional motive that their less heavy operations in
volve less risk and responsibility, and, finally, the
crowd of newcomers and inexperienced shipper;
trust altogether to the broker and enter the market
whenever they are told to do The example of SC
many buyers, mostly well accredited, acts like &
charm upon the still larger number OF greedy specula
tors and gambers-they enter at once into competi
ton with the Others and all classes of purchasers have
now to contend with factors who are exceedingly
clever, and manage with the advance Of the season
to control the stock. In this way operations Otter
commence very early and it has been so this year
MANY exporters have bought in October at prce
which were too high, and in order to anticipate tht
reproaches soon TO come from Europe, they willingly
adopt the stereotyped complaints OF the factors IN re
gard to the crop. These again made the basis o
fresh and larger operations, and aided by the circna
of our speculatng brokers' they obtain general ere
dence until the se!findulged illusion is disspated by
the spring receipts, exceeding all estimates much II
the astonishment of the whole trade.
1t will be observed that allusion is made to "smal
fry from which it can be inferred the writer full
represents himself The general tenor of the circua
is so derogatory of any one protesting to be mel
chant that we might have passed it over, had it no
appeared in the highly respectable money department
# of a New York paper.