New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-04-19
Aem @eans gals Greseen gnesdau orninq apl 49, 1859
Nth Orleans 9aiIp Grestsnt.
TUESDAY MORNING. APRIL IS, 1850.
g.h @rItans Nlortp Hlarhst.

gslp ORLEANS 1lontu Darkst.
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The week opens with weather Of the most fayora.
bic nature for all outofdoor transactions, and the
for cotton and other produce are being
carried out. The money market was stagnant-that
49, there was very little paper offering through the
discount brokers' and the calls on the banks for dis.
counts were very moderate. Some of the dealers in
commercial and country paper are getting their
charts ready as they think the Mississippi feels dis
posed to be troublesome. We do not acquiesce in
TINS feeling, and without going far back, we will al
iude 70 last year. considering there great over
now IN May and june the opinions prevails that we
nave come out pretty well on the cotton question.
one year ago firstclass and good commercial paper
was selling On our streets at the rate of TO- 1ll2 ~
Gu. Inc present rates are y sA011O get.
Inc Exchange market was neither brisk nor mac
tive to-day. Foreign bills were scarce and clear
Sterling sold at high figures. We note the sales of
tzzooo, in two lots at 100 7-le another parcel at
io9 and some minor transactions at 1904 up to 1884
WIN very moderate offerings. The range of the mar
keI was In favor Of drawers and extremes ruled from
ioss up to 1893. Document bills 10ss@l09. Francs
also stened and AL sixty days on Paris direct were
heid at 5.i2t. We quote from 5.l75M5.l24. In New
10TH lahds the market was in favor of buyers. The
offerings were very free. There were buyers at a
DIG discount for good sight. The banks held at par
and sold at that in ordinary sums though there were
Two or three which would sell at less figure. There
were more sixty days bills offering. We note some
round sums being taken at II get dis. There is not
much uniformity in the views of buyers Some were
willing to take Eastern Exchange at 10l, discount,
others were free, or would be, if low figures would
encourage them, say 1l@ls dis. Then, there were
others who did not regard the prestige Of great
name, and were buying at 14@li dis At late
hour there was small amount on Bremen taken at
7s3 for nix dollars. We do not perceive any reason
why the Foreign Exchange business of our city
should be confined to Havre and London. Our deal
ers and bankers should enlarge their operations and
purchase on all points of finance in Europe and even
open correspondence with the Sultan of Turkey, as
we learn some of our citizens may 60 to Constantine
PIE TINS season. There were some few transactions
IN STOCKS to-day, among which we note 1886 shares St.
charles Hotel Company at SIS; 81 do. Canal Bank
at l35 so Citizens Bank PIT, but believed to be
at an advance. A few small parcels of Gas Light
Company have been closed at 49,
The advices from New York are to the 18th They
quote Sterling Exchange at ITO, firm. At this figure
the gold will go to Europe rapidly, particularly as
large sums will be required for travelling expenses
The rates for three days sight on London was ll0s0
llos Francs on Paris direct 5.l24@5.1l4 for sixty
days sight.
Many comments have been made on the settlement
effected last summer by the agent Of the jackson
Railroad with two of its principal creditors in Eng
land, viz Messrs. Schroeder Co. and Messrs Pea
body Co. The following letter will explain the
conditions under which the settlement was made.
Interest was allowed the creditors on this contract at
the rate of tsreice get % annum. 1t was the best
arrangement that could he made, and relieved the
Company of suits which would have involved 1t in
almost irretrievabe ruin if they had gone to iudg
ment 1t will be observed that the entire floating
debt of the Company, which was in January last
abont $780, 00 has to be liquidated before dollar
OF the earnings can be used toward extending the
road north OF Canton. The payment of the debts to
Messrs- Schroeder 20. were made at great sacri-
flee; get bonds given at the rate of Is cents "
dollar pays the purchaser of the bonds at the rate of
los yet. ~ annum. So long as the interest is
promptly paid, the holders of these bonds, nor no
other bonds on which the interest is promptly paid
particularly at this rate purchase and interest will
ever trouble themselves about the principal-that
can stand I'LL the day OF Judgment.
At the annual election for Directors, held this lay
the following ticket elected for the current year
without opposition
Of Louisiana-,John Calhoun, N. C. Folger, Chas.
NJ Waterman, James H. Caldwell, S. F. Slater,
Charles Pride, George W. Christy, l.. j. Harris.
Richard Swain, Il. NJ. Summers Thomas Murray.
H. W. Schwartz.
of Mississippi-wm. Melville, Locke E. Hus.
.on n, =. .. Brewer, E. H. Saunders, R. D. Brown, c.
LONDON, 22d September, 1859.
Hon. J. X. ELGEE:
Dear Si'-In conformity with the verbal under.
standing between you, as representing the New Or
leans, Jackson and Great Northern Railroad Com.
pany, and ourselves, we now beg personally to state
That we are willing to receive the first mortgage
bonds of the Company in full payment of the debt
due US, at the rate of seventyve cents on the dol
ar; interest to be calculated at II get. % annum,
from LIST January, 1858, to the 3lst December next
md the rate of exchange to be fixed at 81 ect pro-
vided, and on condition, that Henry VIM. Schwartz,
Esq, of the city of New Orleans, be appointed or
elected Director of the Company aforesaid as soon
lfter the present date as practicable but certainly
not later than April 1885, and provided further that
The Board of Directors rigidly adhere to the faithful
carrying ont of two certain resolutions passed by
hem on the Goth of April and the l4th of May last,
lnly certified copies of which resolutions read fol
ows: =" Resoced. That it is the fixed determination
1f this Board not to contract any debt for the
truction of the road northeast of Canton and not to
expend in the execution of the work any of the
earnings of that portion of the road between New
Orleans and Canton until the floating debt of the
Company shall be eXtingushed." And again: " Re
oired That payments to contractors for work north
If Canton be made of the funds to be received from
he State of Mississippi and from the cash and notes
If subscribers residing north of Canton, yet to be
collected.
We beg to inclose statement of our account calcu-
ated to December 81, 1858, showing balance to their
credit of f69,232 1875, equal in dollars, taking ex-
change at %, to $339,7O2 81, which amount, con-
Formally to our agreement, can be settled by you
to $50 bonds equal to rs to 1897 500
eaving small balance due lis of 5000 81, which, if
,aid to Mr.. Schwartz, in New Orleans, for us, will
,e satisfactory
We remain dear sir, your most obedient servants,
[Signedl j. HENRY SCHROEDER & Co.
As we may have a dry time for some weeks, the
upply of water appears to be paramount with many
tizens, and though the element is abundant and
asy of access it is not at all times available in cases
# fire as has been experienced lately. AS the pre-
ent Water Works cannot, from the restricted re-
ources of the Company, furnish the necessary sup.
'ly we are gratiied to learn that there is strong
prospect of having more abundant supply. At the
81 Of In