New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-09-01

About this period considerable anxiety evnced in circles
exchange regarding the cotton market in England
depression prices in Liverpool below the expectations oil
many shippers interested directly in the article
feversh feelings and caused great vaclaon
with large dealers in exchange unless under great margin
The movements meetings weekly held in the most import
ant districts in Engandthe extraordinary eff
forts to cultivation of cotton with great political
questonsthe formation of Cotton Supply Associations-a
led belief that great onslaught Southern interests
was be part programme for increasing the supply Of
cotton countries Although these proceedings
derision by cator and factors yet the
influence market particularly in exchange, was
Money commenced to increase in value during the
month. Paper freely offered Difficulties in
tatng large Of exchange mpended and ancpators
of an easy pos affairs which had been encouraged
April vanished Accounts of large losses several ship
grade received and added to the
entertained that cotton would have 10 succumb All
through this largely interested the tenters
from the continued depressing accounts received weekly from
Liverpool.
The general state of business market approaching
the periodical dulnes and inactivity yet fair sales
of merchandise continued be effected and with the connu
ance with the INTERIOR fair supplies of produce
were daily received from the West keeping up demand for
large of The market continued to
tend of lenders and at the close OF the month cap tai
lists were obtaining from 1sl per the the
April During The month the books of subscription to
the Southern Pacific Railroad repened and with the
first subscriptions, considerable sum of money
withdrawn from the market Of which SD0O went into
| New York Golfers direct
| All through this month the New York and Boston money
well supplied with capital a. low rates Of interest,"
and paper was readily negotiated lower rates than any
during This tended to sustain the rates of
time exchange in our city all Northern The month
Of May 1856 marked being universally tight in New
York directly of this whereas the month
May, 1856 this CITY, money unusually cheap and &C
cessibe on all fair securities well the very
| best
The close of the month the market aborng under
large applications discounts the Banks having double the
for though most of the Banks extended their
discounts in long paper did to be
decline in the daily oengs-n fact they commenced TO in
crease calling into requson all the skill and talents Of the
chief managers the Banks to obvate complaints from the
Board Of Currency.
The Exchange market during the month ruled in favor OF
drawers dealers in foreign bills also closed ope
raons and competition greatly reduced the banks only
purchasing spa ogy The closing rates Of the month were
sight on Northern cities Z IS premium Sales were, how
ever made by banks The overture for
further for checks New York as the selling
rate was firmly resisted by the Citizens Bank Time bill
closed z TO IA for sixty days sight, AL and Ia
~ discount for good to commercial drafts New Yorl
Boston; Philadelphia from u to d lower Clear ser
ling advanced during the and the end thereof dealer
were paying 95s 9 for good Names and occasionally 10
while for Remittance 1913 1913 paid Francs close
under the highest the 5l550 and BOSS
good demand having existed ali through the month Tor remit
France The posi- on Of the banks on the last saur
r ln- ~ 6,