New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-05-19
Neh 0rleans Dailp Cresftnt.
THURSDAY MORNING, MAY 10. 1850.
gsiu 0rltans 1tlontg Ilarkst.
ckEse Wrsa or,Ier. No; 70 Camp street I;


csEsekyr OFFICE, No. 10 Camp street. ,
.-..- Wednesday Evening, May 10. 1859. !
Nothing of an important character turned up to-
day in the financial line. Some negotiations of paper
were made at the rate Of get, but this must be
considered an exceptional figure at this time. There
were other negotiations at get, with some at a.
and some buyers holding at g. The market closed at
get. for AL to good signatures. The offerings in
bank for discount were heavy. Some people have
become little frightened and in offering for dis
count throw in about twice the amount they actually
desire. Holders of money capitalists in general, en-
large freely on the European war, and point to the
flaming accounts by telegraph as though they were
something of startling and exciting character,
when it is known that war has been predicted for the
last three months. If the majority or any share of
our community are not prepared for it, they then
nave neglected our counsels and disregarded cur adj
monitions, though really there ought not to be the
slightest agitation alarm. There has been no in
tegence received as yet from the other side of the
Atlantic, which ought to be recognized as the herald
or harbnger of disastrous effects only on one irnpor
tant branch Of commerce. that is cotton and depress
ing Intelligence in regard to that was expected, war
or no war, but even that point the accounts are
not SO very astounding. The money panic of 1857
was lar more disastrous than the present panic.
Notwithstanding the purport of the private cores
pondence is generally deemed of disheartening
character, orders for cotton have come to hand,
which does not denote that terrible an onslaught
on the staple is likely to take place as was at first
entertained. Most every letter, every communica-
ton from England received at this time were written
under the first accounts from the continent, and
when those fellows get to fighting in earnest, the
present incertitude will be removed and our readers
need not be startled when they are informed Of some
hard battles and astounding slaughter.
If some people choose to become frightened and
dispose of their property at panic prices much the
better for those who are in situation to purchase
There are no causes for depression. If the grand
muss in Europe is to exercise SO great depression
some tmid people Think then is the boosted indie
pendence of the great South and West by-word,
reproach. We have to remark for the benefit of
stockholders in several banks that they are safe
beyond any contingency likely to arise from the
great imbroglio, and though some holders of stock
were willing to sell to-day at five to ten dollars per
share less than last week, it only confirms our re.
marks that there are weak holders and nervous sub
jects who would be detrimental to any community
There sales of stocks to-day only offers and
talk of offers Those who would invest take alarm at
the anxiety Of many holders to SELL and make offers
which cannot result only in large losses There NAV
have been sales to-day but as we have no desire to
record acts Of folly or those caused by fright, we
omit quotations and general transactions
There was good demand for Northern funds to-
day. The banks generally were selling checks on
New York at S@3 prem, while one of the most pro.
minent banks continued to sell through the day at
9ct. to its customers only. There were sales of $780,
600 double AL sight drafts at 9-16 dis. There were
several sales of sixty days sight at /, g0l Vet dis,
and other sales at g@ll dis. The foreign exchange
market cannot of course be other than on reduced
scale. We note sales of clear Sterling at llO7MllOS
to dealers, and other transactions at l1Oa ll10l1
even up to liz. Document bills rule at 1O90IO9a.
There were more offering to-day. Buyers are very
shy, and require the greatest limits for margin No
movements in francs. Bank rate for sixty DAYS on
Paris we quote t5.0ss@505. Outside drafts 5.lO@
5l2a. There was nothing new in regard to foreign
exchange received from New York to-day.
A money circular from Hamburg of the Goth April
in speaking of money says
Money is easily obtainabe at 31@3q f9ct. for best
discounts, but very reluctantly offered for loans on
stocks and shares at act, pending the DEVELOPMENT
OF the great political crisis. The business done in
stocks and shares has been to some extent at con.
stantly dropping prices. Exchange with the excep-
ton of bills on Austria and Russia, which are quite
nominal, pretty well supported in the momentary
absence of silver orders from London
The great stock operator Jacob Little & Co., who
for several years up to last fall operated on tile Bear
side of the stock market-n fact he was regarded as
the very impersonation of Bear, and in some res
poets considered Bear incalnate. During the pre-
sent year he has been operating the Bull side and
got cornered in the railway shares and bonds. Our
adyces from New York to-day remark on this failure
or cornelng. They are remarkable funny fellows
those New York stock jobbers and gamblers some
thing similar to the poker games on the Mississippi
river, which have from time to time been favorite
subjects fol- comment by those refined denizens who
exist by Wall street trading and operations.
The following is what a New York money article
says of the suspension or corner of Messrs Little &
Co.:
Meanwhile, the public mind in Wall street was &C.
cuped to-day with the default of two or three mem
bers of the Stock Exchange Among these was the
old house of Jacob Little Co., which has for some
time been struggling to maintain the prices of State
stocks and few high priced securities, against the
efforts of the Bears and the unfavorable influences of
European affairs. Very general sympathy is express
ed for Mr.. Little, whose personal popularity has
always been great. 1t is understood that he settles
all contracts which mature to-day at the prices of the
morning board other contracts will be settled here
after. Mr. Little has always behaved with uniform
Kindness and forbearance to his ellewmemhers when
in trouble, aud we presume that he will be enabled
shortly to resume his seat at the board The other
defaults which are mentioned are not CONSPICUOUS,
and involve no serious injury.
On the announcement of Mr.. Titles suspension at
the opening of the board to-day, heavy decline took
place in three four stocks Of which he has been a
prominent buyer - Missouri skies, Illinois bonds,
Harlem preferred and Panama stock. Missouris fell
low so, but recovered during the session to s2
They were severely hammered by the Bears who re-
sisted the recovery with great pertinacity; but the
heavy fall which has taken place, nearly 10 oct since
the last interest was paid induced several obbers to
take few on speculation.
30 AZ INA uLA4u