New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-04-27

Nem 0rlsans 4ailp Cresttnt.
WEDNESDAY MORNING. APRIL ~, 1859.
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With the exception Of good demand for ex-
change the transactions to-day were on circum-
scr1bed order. There were some few transactions in
paper The weather, though not really boisterous,
light as well have been. Rain fell the greater part
OF the time devoted to business, and checked the
ardor for large movements, though the season il 30
far advanced that large daily sales of produce are not
to be expected only in tobacco.
The Liverpool adyices of the 18th brought by the
steamer City Of Washington, were regarded with
much surprise. decline in cotton for three DAYS
was not expected, with simultaneously more eneou-
raging prospects for continuance of peace though
we, like good many others, do not consider the
question Of war Or no war as being settled yet
lar from It, In the meantime we can consider what
mas caused the decline in cotton. It can only be ac-
counted for by decreasing demand for goods for the
East Indies, which has operated on the Manchester
market, causing slackening in trade there. The
solution Of the position Of European affairs is now as
| far of as ever. In the meantime, our factors and
planters can go on realizing all they can for what
cotton they have on hand.
Ihere was good demand for Northern funds TO-
| day. The banks sold briskly at par on New York.
Outside the rates ranged from !94 dis, with free
demand Tor what may be termed general dull day,
Short sight dis Sixty days sight ranged broadly,
say from l, II, H. l3@ls dis In foreign there were
no large transactions. We note some sales at l09s
1854 for clear bills. The market ranging from 1901,
l035N0l094-the latter an exceptional rate and only
| for special purposes. Francs without change. and
cholce and good signatures range from 5.l21 5.l5M
5.73 though extremes are outside and inside of both
figures.
The Stock market was quiet to-day. We heard of
sale of 60 shares Bank Of New Orleans at 1851 and
IL shares Mechanics and Traders Bank (od stock,
at 1854. There other transactions going on INIT
were not divulged.
The office of the Merchants Mutual Insurance
Company has been removed to No. 13I Cnnal street.
temporarily. new building of the modern STYLE is
to be erected on the old site, next to the Mechanics
and Traders Bank, which will add greatly to the i'm.
provement of Canal street, facing as the building
will, Exchange Place. 1t will be well for those who
take an interest in old affairs-antiquities- OBJ
serve this building now being demolished which
was erected in the year 1924 say thirtyfiye wears
ago, by the late William Brand. The entire block
from the Mechanics Bank to the corner of St. Char.
les street, was built at the same time. The great
durability of oldfashioned buildings will be discern
ed, the materials of which all being of the "mauor
born"
From time to time there have been many important
questions of commercial character arisen in Eng
land which, instead of being settled by Chambers of
Commerce, as have been in this city, have been car
ried into Courts and there argued. Among the lti.
cations before the English Courts we find the impor-
tant one of Mertens v. Haigh involving the sum of
something like one hundred and fifty thousand dol
lars.
The plaintiff and defendants are all well known in
commercial and financial circles. The origin of the
suit in fact the entire question is about cotton and
advances thereon. 1t will be observed that in de-
ance of the order of Court the cotton was sold. The
following decision of the Vice -Chanceor we take
from the Liverpool Northern Times. We, however.
observed similar remarks in the city article of the
London Times:
THE LIVERPOOL COTTON TRADE,
Astounding disclosures before vce-Chancellor Sir W.
P. Wood.
MERTENs " HA1GH-His Honor gave Judgment in
this case Tuesday, which came upon motion for
an injunction to commit the defendants and Robert
Bell, of India Buildings Liverpool who had acted as
their agent for breach of injunction. The plaintiff
was merchant carrying on business at New Orleans
in the cotton trade, and the defendants, Messrs
Haigh, who were cotton brokers at Liverpool, had
acted as his agents in respect of dealings cotton to
a large extent. In December 1857, upon the plain
tiff agreeing to give the defendants additional secur
ity to meet the depreciation in value of the cotton
then held by them as security for the balance due
from him, they wrote to him pledging themselves to
hold the cotton until the Goth February 1855 unless
requested by him to dispose of at an earlier period
In February 1885, the plaintiff was informed that the
defendants intended to sell the cotton at the expra
ton of the time limited by their agreement. Wish
ing to obtain possession of the cotton he offered to
discharge the balance due from him. His appca-
a mo- na cd 70 hal
gave them notice of his intention to apply for an in
junction to restrain them from selling the cotton He
had accordingly filed bill and obtained an injunc-
ton to that effect er parte on the 10th of February
1858. The defendants had not moved to dissolve the
Injunction but the cotton which they stated to have
been under the control of Messrs. 0verend, Quincy
and CO.. as security for certain bills drawn by Bell
upon the defendants, and discounted by Overend
Quincy, and Co., had, notwithstanding the order of
this Court, been subsequently sold. The plaintiff
had moved to commit the defendants and Bell for a
breach of the injunction. The defendants stated that
the cotton, as to the greater portion of it, was
pawned with Messrs Overend, Quincy, and Co., by
their Liverpool agent Bell, before notice of the in
junction which was obtained had been received that
the balance owing to them by the plaintiff was very
heavy, and could not be adjusted until the cotton
which was of doubtful if not inferior value-had been
sold.
Mr., Daniel and Mr.. Stevens were for the motion;
Mr.. Rolf and MI. Edds appeared for the defendants
Messrs. Haigh Mr. F. J. Wood for Bell
The Viee.Chancellor, after stating the circum
stances, said that the plaintiff, in obtaining the in
junction. had set out the plainly and clearly and
had not concealed any fact from the Court. The de-
PENDANTS did not to dissolve the Injunction and
must be taken to have submitted to the justice of the
order. They had, in May, 1868, put in an answer
setting up variety of things but neither to Messrs
Quincy nor to the plaintiffs had they behaved in a
fair or ingenious way. With respect to Bell, there
could be no doubt that he had committed breach of
the order in spirit, if not in the letter, by making
himself as he had done, sort of instrument in the
transaction. However strong a case of suspicion
there might be against him, the Court could not 90
so far as upon mere suspicion to commit him. that
being in the nature of criminal proceeding. As to
the defendants, Edwin and Reginald Haigh they had
committed plain breach of the Injunction He had
never had to deal with which had caused him
more anxiety. These defendants seemed to have been
playing the same tricks with the Court that some
merchants he regretted to say, were in the habit of
doing with their neighbors. They ought either to
have obeyed the injunction to have stated their
case plainly and simply and applied to dissolve the
Injunction. His only reluctance as to actually COM
hitting them was that neither the plaintiff nor any
one else would gain any benefit by such course being
taken. He had made up his mind, however, if ever
such case came again before the Court to make an
example and commit the parties In the present in
stance he should not commit the defendants, and the
order would be that they undertake to abide by any
order this Court would make as to damages occasioned
to the plaintiff by the sale of the cotton in the event
OF its appearing at the hearing that the plaintiff did
not authorize acQuiesce in the same being made |