New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-03-07
Mfm @rltans 4aiIp Grtsttnt.
MONDAY MORNING, MARCH 7, 1859.
Ntw OrItans Hjluntg Market.
CRESCENT OFFICE, No. 10 Camp street
G..u-,;,,, Et6,kt nuv.b K .agn

Saturday Night, March 6, 1859
The usual activity and largeness Of the season have
attended the general business Of this week. In cot
ton there have been sales to the extent Of $1,000
bales making for the past three weeks 1876 900 bales
This large quantity of produce has alone kept the
trade Of the city brisk. Every branch of the great
local trade has also participated in the movement,
with many other vacations feeling its favorable |
effects In our local great staples, sugar and mo-
lasses, the receipts have fallen off, denotng that the
bulk Of the crop is already in market, and disposed
Of The season for the tobacco is just opening with
large estimates of the extent Of the growth Of last
prevailing There is marked decline in the receipts
of -four and gran with an increase in provisions.
In bagging and bale rope there is very large
over the receipts of last year. The demand for and
shipments Of grain to Europe extremely limited
not only from this port but at all the Atlantic ports
consequently, there will be item Of finance, ex
change which will have to be made up by cotton and
tobacco bills, with deficiencies to be supplied with
gold.
The general wholesale and jobbing trade of the city
has shown no falling off this week. Drygoods deal
ers grocers hardware and crockery traders clothing
hat and shoe sellers, and ALL have been actively
employed. This briskness will continue for short
cotton to come to this market direct before the sea-
son Closes to meet obligations assumed and incurred
last year. like amount will, Of course, be invested
and credited on the coming seasons crop, and in
some or many instances for different sections of the
country, the amount will be increased, which will
nance sales of merchandise in general
The local retail and fancy trade begins to feel the
effects of the advance in the season. Temporary So
Inn laayi hv
there are goodly number still remaining. The
planting season being close at hand those engaged in
agricultural pursuits will Of course, soon leave
We have from day to day noted the movements in
the money and paper market. The offerings to-day
in bank for discounts, though not so large as on
Saturday last exhibited that the daily income of each
bank is quickly absorbed, while some banks confine
discounts to about the income, Others vary and go
over On the street to-day there were some few sales
of paper maturing next at the rates of g. sa9
9 a9ct The bank statement for the week shows some
not very appropriate features. When is taken into
consideration that the amount of discounted paper
paid into the banks yesterday (the 4th) two mil
lions and quarter of dollars, we did not look for
an increase in the amount of total discounts and
loans for the week. which show s32,576 over last
week. We must now, however, come to comparisons
and figures, consider where shall land if the ex-
panson from this time to the LIST July continues in
| the same ratio. We really discern nothing to pre-
vent it, but the cool judgment, sound discretion Of
bank managers, on whom great and weighty re-
sponsibities at this time devolye, taking that
time about the closing up for the season. The in
crease in loans and discounts last year. say from the
first Saturday in March to the first Saturday in July
| was two millions five hundred and eighty thousand
dollars Suppose corresponding increase or expan
sisn follows this up to the first July the line
of discounts will then exceed thirtyone millions OF
dollars. Let us now comprise the basis, scrutinize
the elements of trade, the foundation of resources
compare and reflect. Last year after this time to the
end of the commercial year. the receipts of cotton
were four hundred and eighty thousand bales. Pre-
missing that the receipts here do not exceed last year
we have only to receive one hundred and eightyone
thousand bales from now to the 3lst August to equal
last years receipts and our banks expanded
nearly ten millions of dollars. The loans and dis
counts are s2s,553, Ol0, with ISL 900 bales O.
cotton to in against SIS, 7l2 900 same time las
year. and $50 900 bales received afterwards. Ne are
however, met at this time with increase in STOCK
of only "a 900 bales over the same time last year.
1t is now manifest from the late sales of uninl
proved property, swamp lots, lots under water
and ground above water, that the demon of specula
ton is aoat. 1t is further corroborated in the enorm
prices paid agreed to be paid, for cotton
sugar estates and as for negroes, the prices paid
give evidence that reason and prudence are losing
their empire. With some few exceptions, there have
been no sound causes explained nothing as yet de
monstated to warrant the very extraordinary prices
paid for much OF the McDonogh property. A feeling
of speculation is abroad, and the times of imitation
| and 0yer-fIainp are evidently uOon ne We MAY