New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-02-07
Ash 0rleans 9ailp Gr.sttnt.
MONDAY MORNING. FEBRUARY :, 1856
Netu NrItans glontu Nlarktt.
CRESCENT Ory,cs, No. 10 Camp street,
aatnxdau Enanlna Enh 100

CRESCENT orucs, No. 70 Camp street. I
Saturday Evening, Feb s, 1859. !
Excluding the movements in cotton, the operations
in almost every other branch Of business have been
brisk and heavy. If king cotton has been under a
cloud, queen sugar and adjunct molasses have been
largely favored, commanding good prices with sales
of sugar since last weekly summary to the extent
of 600 hogsheads Of molasses, 900 barrels and
nearly 400 900 gallons plantation. Here is large
business alone in Louisana's great productions to
which we may add large sales of Western produce,
calling into requistion large sums Of currency chang
ing hourly each day from hand to hand 1t will thus
be seen that we have the basis Of mighty trade
without anticipating largely from grand and chief
element Of commerce, cotton, Of which the sales for
the week only reach "a 900 bales.
The local and retail trade of the city has been ac-
tive. We are now favored with the annual visits of
planters merchants and traders from every section Of
the great Southwest, whose interests so blended
and allied with our emporium. The wholesale trade
has felt the great avalanche the sales having been
in the aggregate beyond any previous week of the
season. The great dry-goods trade has sensbly felt
the effects, and the good time so long expected for
it has arrived 1t has also been active in and about
the Custom-House importations from foreign ports
exhibit WELL and sound increase attends the trade.
Many vessels with cargoes detained at the bar Of
the river.
In the general money market there have been daily
sales. but there are many buyers, wouldbe buy
ers of paper, and so much unemployed money, with
many middle dealers and brokers that the indvid-
ual operations show paucity of transactions. A
rigid observance on the part Of factors in assuming
responsibilities on the next seasons crops is essential
at this moment Credit is too cheap in some respects
and the enlarged inducements to planters to solicit
advances based the fortunate returns of cotton for
two years past is leading to the most exorbitant,
dangerous prices being paid for negroes and lands
The average price of cotton in 1S49 1850 and 1851
was 1lc, and field hands did not command only $500
q 5000. In the great crop years of 1886, the
average price of cotton was SC. There is, however,
important screw loose. The article Of corn is pur
chased in this market taken to plantations when it
costs, laid down in the crib from one dollar and ten
cents to one dollar and twenty-five cents y bushe,
and other provisions in the same ratio. Whether it
is sound policy for planters to pay get commission
for the use of their merchants name and interest at
the rate Of a 10 get to anticipate their crop, to
invest in supplies which they ought to raise them
Selves and 81 400 q 81 500 for negroes is question,
in view, which will not admit Of argument, even
if the consumption of the raw material throughout
tue woTlu Coutlues W eiaIke as III naS lOr Lne past
five years.
There was as much paper offered for discount to-
day to the banks they desired On the street there
was about the usual amounts We have no change
to note in rates. From the weekly statement of the
banks, it will be observed they have not been idle
during the week. 1t is, however, manifest that the
specie not to be encroached on by an
pansion of discounts The line of discounts and loans
now overtop s27 100000, which is larger than ever
BEFORE but that is matter of ordinary import with
the large specie basis which is about seven millions
Of dollars above the requirements Of the Bank Act
1t is prudent it is WISE it is ucious at this juncture
for our banks to maintain surplus of from five to
seven millions. There has been increase in specie
during the week and expansion in circulation. We
desire to keep in position to defy all political events
or occurrences in Europe, in which commerce and
finance are made to be SO much blended and which
appear to be so greatly entangled by the whims and
caprices of European rulers.
The changes in the bank movement for the week