New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-05-16
9sb Orleans Dailp Crestent,
MONDAY MORNING, MAY ls, 1853.
gtm 0rIeans Nloutu Marktt.


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CRESCENT OFFICE, No. 70 Camp street. 4,
Saturday Night, May Il, 1859.
Monetary affairs have moved on during the week
highly satisfactory. The requirements for conduct
ing the business of the balance Of the season are d.
mnishng daily, and what facilities are or will be ne
cessary, will be readily furnished by our banking
institutions though private capitalists, with our in
surance associations will compete for share of the
discounts and loans, which restrain any advance
being obtained in the rates of usance.
The exciting intelligence which has been received
during the week from Europe has had no other de-
pressing effect general market than the reduc-
ton in the price of cotton of about one cent ID
that is, Middling cotton, such as sold at the COM
mencement of this month at l20l2lc. was sold to-
day at the rate of ll!@ll4c When it is taken into
consideration that market previous to the receipt
Of the war advices ruled at higher figure than the
Liverpool market, prices of the staple in face of the
quasi panic in Liverpool have been and are remark
ably well sustained. Fortunately very fortunately
for the great cotton interests that of the planters in
particular, the disturbances and tumultuous move
ments in Europe did not take place six months ago
The millions of money at the command of the Man
chester spinners will enable them, under the war
movements, to control the English market for the
enhance the rate of interest every week it will tend
to depress cotton which circumstance will be taken
advantage Of by the spinners and spectators. The
Bank of England does not own hold all the money
in Great Britain. Many operators in cotton (the
Bears Of the market at all times) now leaving the
South for England, taking the inland route, max
ing inquiries personal of the present growing crop.
Several of them have written hther that the pros
poets are very aterng and prospects for the season.
though perhaps not one in ten of them could tell
cotton plant when they saw one; nevertheless, the
impression they will take to Europe will not aid in
sustaining the general markets. At the same time,
there are parties interested in many thousands of
bales now en- route They will report on their arrival
as interest dictates. Thus there will be conflicting
opinions received in Europe, which will be con-
strued accordingly, but with the very large i'm
ports which will be going into England, the po-
sition Of the market for six months to come under
hostilites can be duly placed under conjecture,
which may result in realities, with footings to the
debit of many profit and loss accounts amounting in
the aggregate to many millions of dollars 1t has
been currently reported in some circles that large
losses would be entailed exchange emanated from
this city. On this point it affords pleasure to re-
mark that banks do not hold very little Of foreign
exchange; that some of them do not deal in foreign
bills that the banks which have SO dealt have been
extremely cautious in their foreign investments this
season that caution and discernment have marked
the course Of their transactions-in fact, old fogy
ism" now exults in the slow and wary views that
have governed them in their movements and predo-
minated in their councils since the commencement of
the present year.
The business Of the week has been, with the ex-
ception alluded to- (cotton) large usual at this
season of the year. In some respects, advantages
have been realized by holders of most articles of
Western products, which were not expected last
week. The receipts continue free, and prospects from
the West are of the most favorable kind which ind
Gates steady business for the entire season. reduc.
ed, of course, to the standard, which stand
ard will it is hoped be advanced most previous
years nevertheless, the receipts of many articles of
Western productions, such as -four, corn and pork,
show a reduction up to this time Of some importance
corresponding with last year.
We can congratulate the wholesale, the jobbing
and the general trade of our city the suspicious
results of the seasons business which includes almost
every branch, say dry goods, groceries, hardware,
Shoes clothing and hats not emitting the fancy and
millinery. Could dozen Of large importing houses
be established in city with capital and credit un.
Edpu III tue DuSlueSS Ol our
city would follow, with the required auxaries Of a
direct trade, line of steam propellers with Liverpool
and Havre direct. These suggestions merit the
consideration of our leading merchants, if many of
them can bring their minds to the importance of re-
lievng our commerce of the thradom which now en-
twines around to onr disadvantage through distant
We have from day to day commented on the posi-
ton and movements of our money market. There
have been some unfavorabe dispatches received from
New York regarding the result of the war panic in
Europe There has been nothing averse to the regu-
larity and quietness observed by the reception of
these accounts These reports however, are confined
to only two or three sources. The branches of the
largest and most influential firms have not received
any instructions to withdraw from market, nor to
curtail their operations. They are moving on I'M
affected in reality by war advices consequently,
when the old folks or old fogies do not become |
alarmed, no undue excitement is likely to follow.
The weekly statement of the banks shows very
well, with only nominal loss in specie, decrease in
circulation. There is a formidable basis to sustain |
regular transactions through the season. The decline
in exchange was expected, from the furor which pre-
vailed for two three days for Northern sight funds
The balance held by the banks to-day is million less
than last year at this date
The variations for this week are:
A decrease in specie Observation-Disclosures b0s7
A decrease circulation of..... ............ lgS6sg
decrease in deposits Of 7IS4