New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-01-07
gsn 0rleans DULY Gr,stsut.
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FRIDAY MORNING, JANUARY I, 1859.
Neu WrItans Sflontg Narkst.
CRESCENT orr,cr, No. 10 Camp .tr..t,

mote and encourage large transactions. Rain COM
menced to fall before business opened and continued
through the hours devoted to finance, cooling the
ardor Of some ambitious operators. It is manifest
that we are to have plethora Of money during the
entire season. particularly if the present prices OF
cotton and sugar are sustained Of which there is not
much doubt, particularly for sugar. As regards cot
ton there may be slight variation to the grow
ers, yet the market will be well sustained through
the season, unless there should be large share Of
very ordinary cotton, which will bear no higher vaua
ton in foreign markets than common Surats
A great many inquiries are made in England rela-
tive to American securities more particularly rail-
road. Some recent decisions of the United States
Court will tend to diminish the value of many rail
road issues recent decision in the United States
Circuit Court in Indiana wherein the holders of GER
tain bonds issued by the corporation of the town or
city of Jeersonville Indiana, were defendants, and
certain foreign holders plaintiffs which decided
against the holders, has attracted considerable aten-
ton-the suit being brought to recover interest
on an issue Of two hundred thousand dollars of
bonds. The defense set up was that the city or
town authorities had authority or right to
issue the bonds in question, unless by two-thirds
vote Of the citizens approving. Now then, this is
hard case, for it is generally supposed that capital
st, when offered in public city obligation of some
pretension, payable to bearer, assumes that it has
been legally issued. We should like to know how |
capitalist in Europe, when offered bond or obiga-
ton enanating from any decent part Of America is
to know whether certain preliminary conditions have
been complied with. He does not go beyond the
seal and signatures Of the legal corporate bodies at
tached And the bubble in this case, as well as that
of Allegheny County, Penn, is disgrace to the
country, just as much the repudiatng doctrines
of Alexander G. McNutt, former Governor, and the
| father of reputation in Mississippi We have been
led to these remarks by the following extract Of let
ter written in London on the third of last month,
which says:
In like manner have the managers of the Mobile
and Ohio Railway eontyed to secure Their her hon
| for their old debts-and then, to give the latter
value purchase iron with them for the use of the
company on their own terms-long credit, and pay
ment in bonds at last. This is perhaps one Of the
ceverest lodges that has ever occurred in the history
of railway speculation, and could only have been
coined in the brain of cute, goahead American.
Again, in the case of the Mississippi Central Rail
way which, be it remembered, runs through the very
center Of the repudiating States its iron has been
procured by similar means and through the same
channels, on long credit and singular to say, the
parties advancing the iron cash, who had hitherto
loudly professed never to aid any undertakings of
whatever character carried on in repudiating State,
in this instance compelled to break their resolu-
|,
New Orleans northwards, which if not supplied by
. them would be utterly useless The same parties.
too are said to be holders Of old Mississippi bonds
and that being the case it seems more than probable
of those as well. Be this as it may, there appears
little doubt that in due time the securities for these
enterprises will be offered to the British public
backed by such names as will be sure to give conf
dence to English spectators, who will eagerly buy
them up for the sole advantage of the ironmasters
and bankers both of whom will reap enormous gains
While aluson is made to the Mississippi Central
Railroad in the above, somewhat surprised to
learn that the bonds of this Company, which were
offered in our market last week. not sold in suf
fcient sums to insure the completion of the road
: because many filings and remarks that are made If
England regarding American securities INDUCED
in from misconceived views. Though holders of tn
repudiated bonds Of Arkansas, Mississippi, Florid;
and the many county bonds of other States, which
have been protested from time to time, have SOM
grounds for censorous remarks.
There are merchants in number, and with SOM
sufficient means, in our city connected commercially
with our sister State who it is supposed, could hav
!, provided the 100000 required. As the proposal
'f have not been responded to sufficiently to meet tn
desires of the Company, there is nothing further
be said.
In stocks and bonds there were some few sales to
- day. 100 shares of Bank of New Orleans at los
dividend on, so shares Southern Bank on prvat
: terms and 1000 of Jackson Railroad mortgag
!, | bonds at Is.
i In exchange there were some few transactions a
Il rates in favor of drawers, so far as Northern fund
= were concerned. The counter rates for checks O
New York was 39s dis. Outside the rates rule
from fG12 dis. In time bills there were no transat
{, lions of note. A struggling bill or two met wit
buyers, the rates ranging from l5@li@2 and u di
Foreign bills were quiet. We did not learn of
transaction. The incemency Of the weather pr,
vented large movements, because with rain fallin
every minute no one seem disposed to move-and "
refer to figures of yesterday for rates of the da
We give below the semi-annual statement of til
s. Mechanics and Traders Bank, which is very fla
tering expose The Directors have declared div
&C. dend of four per cent. out of the earnings of tt
oil past six months, and, after paying that there is
On handsome surplus left. The Mechanics and Tr
: ders' moves on in good conservative style. B,
whether conservatism or old fogysm rules is not
matter of much consequence. The figures show th
it is conducted legitimate principles of finance.
rs, MECHANICS AND TRADERS BANK.
for annual Statement of the Mechanics and Traders Ba'
OF Neo Orleans 3lst December, 1858.
o y s Sonas ~ g. D snd Jackson r. R
payable within n MI ETY. ts
F'psf pay a0's A''e' AH''' 7r72s
ls Protested paper $500
Sh Domestic and foreign exchange b94S54
"a Banking house property S5A,Uu UU
IN Other real estate, NEUTRALITY-SUSPICIOUS.. 22l0 %
of o'A'' 'e" '''" 1920
mr. Specie. f7S,O 65
OF S2722 363
md =
AID LIABILITIES.
md Cap,sl Stock 81 900 900
~ Individual depostos. ll6i,7l7
Due dis ant banks. 26,957
circulation LIS
!, Profit and Loss ............... .....,.... 1854
q $27.2 1863
NJ Balance credit Of PROFIT and Loss. $lSl 54
dividend OF four CENT payable Jan TO- 1859 4oo
Actnsl surplus ..,,.,,,,,,,,..$ SOL. 5l4
,am A'suni eu' P'"'.'''''''''''. -
ans
ck-
sell 8ebieb Of TIE Marktts.
use -
=. CRESCENT OFFICE, No 10 Camp stree
l Ha Friday, Jan. 4 1852