New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-10-27
Nt6 0rltans 1ailp Crescent.
THURSDAY MORNING. OCTOBER ~ 1850
gsm 0rltans Hlontu Nlarktt.


}
The tenor and course of the Money market moves
along quietly, with all applications for discounts
and loans being favorabIy entertained. when based
on strictly legitimate purposes Tas
The most important feature in financial circl.s |
to-day was the downward tendency If exchange
the movements Of which are fully detailed below.
Early in the day the arrival Of thepersia at New
York, with the full details Of the Liyernoo, and
other markets, up to the 18th instant was an
nonnced. The commercial adyices were cons;d.
cred as favorable. The financial accounts do M. |
Indicate any change in rates of money, and eyerv |
thing was going on favorably. This Is the first
time, except once, that this presumed fayorite
steamer ever brought any favorable intelligence
for our general markets.
The Exchange market to-day had a decided
dropping aspect. The rate of checks on New
York, over the counter, receded an eth: making
the rate at most of the Banks an 18th prem. We
therefore consider, and it may be well and truly
considered, that 18th prem. for checks is an obso-
lete quotation. Double AL sight drafts were OBJ
tainable at an sixteenth prem. to an indefinite
amount. In time bills there were transactions in
thirty days sight, at 5@l get. dis and for good to
fair commercial drafts and $50 900 in three par
GELS OF favorite, or, perhaps, it may be termed
favored signatures, at ll-l6@9 get. dis. In sixty
days bills the chief transactions were at Ii Get.
dis, and though there were some sales at II, and
other sales at 1902 get. dis, the demand was
very feeble. The market for foreign bills, particu-
larry Sterling, was weak-rather sick, as some
parties remarked-dealers and buyers only offer
ing 1904 for clear bills the range of the market
being 1899 to 1899, this latter figure being excep-
tlonal. We have, therefore, to reduce our figures
for clear bills to 1904 to 1909 with special cases at
lo9l to l0s} Document bills also felt the decline
we quote 1854 to 1893. At the latter figure good.
that is, satisfactory drafts, were obtainable We,
therefore, quote Bills Of Lading drafts from los to
lossgl0s4, with an occasional transaction at 1O9
Telegraph dispatches from New York, of yester-
day zath lns to two different parties, quote sales
OF good Sterling received from here at 1891, making
losing business to dealers. Other dispatches
quote 1899, 109g@11O; the latter for bankers
bills. Though there were sales at fraction over
reported, they were for small remittance purposes.
There was very little doing in Francs. The
transactions in cotton for France are crcumscribed
The purchases this year have been very trifing
over last year. which, of course, accounts for the
scarcity or sparseness of Francs. We quote trans
actions, though a reduced scale, at 5.l6l@5 Is,
on Paris direct, for choice commercial drafts and
banks and bankers at 5.15 to 5l21. The general
|
cudes all grades and classes, from stave transac
ton to a load of cotton, or specie movement of
500 900.
| In stocks and bonds we have very little to say.
We learn of the sale of II shares jackson Railroad
Company at liz, with higher figures being asked
for other parcels.
The following were the rates of Exchange on the
2Gth October last year, in our market:
| ks On York at The hanks tn II die
Sight drafts, the street IL dis
Ten days Sight I4ai3s dis
Thirty days Sight lssGlL dis.
s say a s sight. @2h Dis
S,sa ssst BIZ: S l sIS
Francs 5.2s5<@5221a
We have the following of the Money market in
New York, on the 21st, by mail:
| We hear of loans on call at 5t95a; WHILE on the
other hand several bankers have large amounts
placed on demand at 6. At the discount houses,
the range Of paper which can be turned into money
sive and now includes all first class paper below
ninety days; while four and six months, with two
good names, goes at Z. Shrewd money lenders
are, however, all the while using their money ir
II, and even Is get.
The following extract from communication
which appeared in the Liverpool Daily Post last
month, is evidently from the pen of one who has
suffered losses. The system of brokerage which
has existed in our market for nearly forty years
that is, a brokerage from both seller and buyer,
comes in for share of apprehension, and possibly
there are causes for it, as brokerage from both
parties does not prevail in sugar and tobacco. The
remarks, it will be observed in the chief thread OF
the article below appear to be directed against
our city. 1t may well be asked if Mobile, Charles
ton and Savannah be exempt from irregularities
or complaints.
The most important feature and suggestion in the
article below, u.s. that the remedy to be applied to
the abuses as charged should come from England,
as will appear by the following:
Irepeat the remedy must come from this side.
The parties acting the other must be taught sub
mission, and not permitted to dictate. The fast
men must be tanned down, and until this is accom-
plished the evil will exist.
This is cool and recherche; !" it is decidedly
rich, and carries with it good deal of ignorance
and sumption-possibly we may say mpudence
| and conceit. The man writes just as though our
factors and planters ought not to have word to
say, or price to name for their productions. And
when the suggestion is made that the producers Of
the great arbter of commerce, as well of finance
should be taught Submission it excites our risible
faculties to great extent
1t is presumed that the article in question ema
mates from one of what are termed the middle
men;' that is, a buyer to-day and seller tomorrow
or Bull one hour and Bear the next; and that
he has got bitten by being oyerreached by some OF
his own immediate confreres, or Manchester spin
ners. Nevertheless, there many remarks in
the communication worthy of consideration and
respect:
| From the Liverpool Daily POST
Thus, the eddies arising from the current on the
opening of the cotton market had now run into one
fearful whirlpool of excitement. Low middling
was freely substituted for mddling, and sandy,
dusty trash pronounced by the brokers as good
enough for the orders; the merchants in Liverpool
were accordingly loaded down with unstable
trash, and when the time came for the receipts to
fall off, they continued full and free when COM
pared with other years.
1t is natural, as well as proper, for friends who
are able to aid in promoting the interest of friends
particularly where the interest is mutual; and as
cotton is so easily managed in negotiating for it,
payment, by allowing the bills of ladng to accom-
pany the sterling the field for enterprise is tempt
ing and large. Hence it is that many engaged in
the trade are obliged to trust the purchasing tc
their brokers; indeed, the whole business is done
through brokers; but in order to have it we'll done
is positively necessary the merchant should IN,
de'stand The pdlue Of the ualiotts qualities as wei
his broker, and also to know the ramifcations OF
the trade in all its various branches.
The system of factors selling lists of from 1000
to 5000 bales in list is favorable for them; il
it were not, they would not do it, and it is but too
frequently the case, with trifling advance from
| Liverpool, that these heavy purchases snapped