New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-05-12
gen Orleans DAILY Grtsfent.
THURSDAY MORNING, MAY -, 1869.
Ntu @tlfalts Nlontp Hlarket.
csEscEsI OFFICE, No. 70 Camp street.

CsEscEsr OFFICE, No. 10 Camp street, ,
Wednesday Evening, May ii, 1859.
Fortunately for the general trade and commerce Of
New Orleans the hostties and apparent disturbed
state Of Europe have reached climax at this season
Of the year. fthe time could have been changed so
as to have been December instead of May the Bears
would have had their own way. It must not be over
looked in the present position of affairs, there is
great and powerful interest aided by money, capital
and other resources prepared to take advantage of
the disturbances. All trades almost every branch Of
commerce were in the most satisfactory position il
Europe at the commencement of the present year.
The cotton trade was particularly so, though at that
date there were some merchants in our city holding
high financial stations who mistrusted the then peace
able aspect in Europe, deemed great staple too
elevated for safety and not coinciding in the favor
able views held in its favor, refained from large
Investments, and seemed willing to bear reproaches
and the appeation of " old fogies."
The money market was very easy to-day. Very
little paper offering through discount brokers. The
supply is ample even those close buyers of CONNER
cial securities evinced confidence particularly
IN paper emanating from the submerged districts of
country bordering on the Mississippi Sales continue
to be effected at the rate of Z, 7a@s get for choice
to good factors accepances As usual at this season
OF the year the supply of financial paper is low and
daily diminishing, and may add that the supply
OF all grades is becoming less daily The offerings in
bank for discount continue, with only two or three
exceptions, up to and above the income of each.
Money is not accumulatng- fact, the sum on de.
post is gradually declining every day. This feature
in finance has followed the of trade every year
in city at this of the year from time i'm.
memorial, and the present season is not likely to be
an exception.
The most important variation established and con-
frmed to-day was the advance in bank checks on
New York. The day opened at par@l16 discount
outside, and counter rates at par@t prem. Before
the close of business every bank advanced to an th
prem. Early in the day there were sales of round
sums of five days sight at Lie discount; towards
the close there sales of ten days sight at par,
and one days sight at lie premium. Sixty days
sight was not so firm, the rates ranged from l,
II, 14@l2 dis, with not an abundant supply. There
was some demand for Sterling and banks obtained
1l0i for direct remittances. Dealers were paying
1895, 1905 @1O9}. Bills with documents were taken
at l0S4@l09 even with the panic in Liverpool, cot
ton exchange brings good prices In francs there
was not much doing. The banks sold on Paris direct
at 50s}.
In Stocks the sales to-day were 20 shares Bank of
New Orleans at 1864, and 80 shares Crescent City
Bank at 1861. Prices well maintained and likely to
continue so.
The large offerings of vacant and unimproved pro-
perty belonging to the McDonogh estate, have had
sensible effect on other improved property which has
been on the market. 1t is hoped the effect of these
large sales will pass away speedily, and give lesser
proprietors an opportunity to dispose of many of
their wellocated lots of ground so rery tauorabiy
situated.
Improved property generally commands the high
est prices particularly that which is centrally ocat-
ed as appears by the following sales made under pri
vate contract through Messrs. Pafrey & Co., viz !:
The three fourstory bricks stores and ground known
as Nos. g. 10 and IL New Levee, running through to
Tchouptoulas street. each store having front of 20
feet, with an irregular depth running from 70 to 100
| feet. The price agreed to be paid was 100000 or
100000 EACH purchased by Mr.. Il. ST. Paul. and sold
by Samuel Smith Co. The other two buildings be-
longing to the block, known Nos. IL and IA have
also been sold at the price, making 300 900 for
the block. The ground alone was purchased some
years ago with old rickety buildings for s45,
| 900.
There are many interesting recollections regarding
| and connected with this property. The late John
| McDonogh had a feeling for it, and was anxious tc
become the possessor but money in this instance
no match for legal learning, talent, and enlarged
jurisprudence we may say.
This property fell into the hands of the great
jurisconsut, Edward Livingston, of the greatest
men of the age, when covered with water, and was
known part of the great batture, which occupied
so much time of the judiciary for years and years.
The old man (McDonogh) seized it under pretend
ed claim he had against Mr.. Livingston but the jur-
list was too learned for the old man. who, it is sup
posed, never was beaten only by the gentlemen in
| black. Within our memory we have seen latboats of
produce discharged of their cargoes on the spot
where these five stores now stand and rolled direct
into warehouses on Tchouptoulas street. There are
many "reminiscences of this great batture, but we
have no space to give them at present
The following banks in the city of Philadelphia
have just declared their half yearly dividends, say
s451oO0 This, it is supposed, is doing pretty well
| for sixteen banks. We have two banks in New Or
leans that made for the last six months s5Ol 900
their active capital of ,293 ooo The sixteen banks
of Philadelphia have capitals paid up of slO, 225 900
They pay their stockholders $45l 900, or say s9O2
900 " annum, and two of banks alone paid last
year 1856 ,99l on s4,273,OOO. There is not in any
locality in the United States in the world where
associated capital is Or can he so proftaby employed
as in New Orleans.
| The following is the statement of the banks of
| ;l,l n, 11,,ln to-