New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-12-27

C. J.1
The same features reported in our circular advices
Of 2Gth ut., per Persia, have continued the ruling
characteristic Of cotton market this week. Hold
ers have been, and still are, willing sellers at the
offering currency, which excepting for good working
parcels, about middng quality, and which are tolera
bly, steady in value, show some irreguarity in price,
and are not so readily disposed Of The trade the
principal operators, and even they have restricted
their purchases doubtless in anticipation of early i'm
portatOns furnishing them with direct supplies upon
orders executed at the shipping ports a change of
wind and mild weather are bringing vessels up freely
and our stock has probably attained its minimum
for the season. 1t remains to be seen what effect will
be produced by increased augmentatiOns, and much
of this will depend upon the receipts at the American
seahoard justityng the expectations of large crop
estimate. That trade requirements will eventually
consume all we can secure admits of little doubt but
in the absence of more extended speculative de-
mand, OF which there are no symptoms, it is ques-
tionable if rates be maintained and for the re-
mainder of the year qUetness will likely prevail in all
departments Of business To-day the demand is
limited to small parcels and the market closes tsales
estimated at 5000 bales, 1000 to spectators and ex
p0rteIs with depression, at slight decline on last
weeks quotations.
The engaged condition of producers tends to keep
the Manchester market for goods and yarn very firm
and for such qualities in immediate request ad,
vanced rates have been paid. The demand for foreign
markets is steadily increasing and there are some in
dicatiOns of an enlarged action the part of home
consumers which lmparts confidence in the future.
The New York Times thus remarks on a late deci
sion Of the Supreme Court Of that State, which we
consider of importance:
:" A new and important legal principle on the com
mercia usage of endorsing bills for corporation &c
count, by the Cashier or Secretary was pronounced
in the Supreme Court of New York few days since
The case was reported in the Times of this morning
and the ruling of the Court, James, Justice is tina
an action against bank on a protested bill canno
hold on the simple endorsement of A. B., Cashier
without the avowed purpose of negotiating the bill
or the specification of the and authority of til
bank supposed to be represented shall accompan
such endorsement The case made is peculiar on
in this, that the bill was negotiated or sold by til
Ohio Trust Company in New York, while the pu
pose for which it was RENTED by A. B., Cashier
the Salem (Ohio) Bank, was simply for collection
Nevertheless the principle that Cashier cannot bin
his corporation by merely writing his own name b.
fore the word Cashier is so often departed from eve
in such instances as the present, where it seems til
character of the bank forbds the conveyance of pr
perty by the Cashier Or other employees alone, {
without the previous action of his Board of Director
that the decision should attract attention An,
while the old usage is being corrected it would ne
be out of the way for the endorsements upon bills ser
from the interior forcollection negotiation as we
as the name of the maker, to be accompanied by
reference to the place Of residence of each 1t woul
save both risk and confusion in notifying the nor
payment or nonacceptance of bills