New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-05-09
Neh 0rltans 9ailg Gresfent.
MONDAY MORNING, MAY Q. 1850.
Nfm @rltarls Hlontp Nlarket.
CRESCENT orrrcr, No. 70 Camp street,

Saturday night, May I, 1885,
The annual falling off in business has been one Of
the attending events of the week now closing The
sales of cotton have been liberal for the stock on
hand reaching 10000 bales, with the market ruling
in favor of buyers The movements, however, in the
staple, have been influenced in some degree by the
foreign accounts the Liverpool market, and that
market is pretended has been acted on by the dis
turbed state of political affairs on the continent We
not ready to accede to the oft reiterated express
sions that cotton has been really tammeled by the
war indications 1t will do well for pretended cause
1t will, however, answer all the purposes of specu-
lators 1t appears to be overlooked that the demand
for manufactured goods for the India market has fall
len off, and that the last adyces from that section Of
the world were of dull state of trade with marked
decline in the demand for cotton fabrics. This has
had depressing tendency in Manchester, which has
Of course, reacted the Liverpool importers of cot
ton. OF course the Manchester folks will avail them.
selves of the expected hostties reduce the value
OF the staple But why is cotton singled out as to be
the only product to be operated and affected by
war are there not other productions to come in for
share of the general effect of war rumors If our
(kng) cotton is to be amenable and subject to the
caprices, Freaks and fighting ideas of the great and
little monarchs, and petty rulers of Europe the be-
lief in its heretofore supremacy and nvincbiIity in
political turmoils will be greatly curtailed.
The course of the cotton market in Liverpool since
October last its present position must be considered
and come in for share of the decline for the past
three weeks and the future prospects. For six
months cotton has ruled in the United States on an
average from a@lc U b. higher than in Europe in
Liverpool from 49i and I'D. % 1b. less than in this
market This great disparity in value could not last
much longer; every advance in Liverpool has been
followed by corresponding one here. 1t was not
deemed worthy of note only by some few far sighted
merchants to review the basis of the increase of the
trade with the Indian Empire that succeeding the
trouble and suppression of the revolt in that country
brisk demand for cotton fabrics and yarns would
ensue that shipments would expand rapid sales be
effected; but the prominent results were misappre-
hended. The speedy accumulation of stocks in all
the principal marts in the East Indies were lost sight
of, the immutable laws of supply and demand disre-
garded, and the Manchester market is now experience
ing the results of the hasty and nudicous expansion
OF India shipments last season, which will extend
through all the ramifcatons of the great cotton
trade. But there not other actions, other bold
and systematic efforts been in progress to bolster up
and regulate the Liverpool market? Most assuredly
Have not estimates Of the crop of last year been for
warded to Europe, that the receipts for the wear
would not exceed three and a half million of bales
even as late as the month of March? These estimates
having been started at three and quarter last Nov
ember, and that the American consumption would be
largely increased that the close of the month of
March and commencement of April was characteriz
by some of the largest operations particularly in
New york, that were ever known in that market he
fore that parties have acted first in New York then
IN Liverpool all to cause an enlarged demand: max
ing fictitious sales and creating excitement attemnt
ing to make one market react in the other and vice
versa. Therefore, under the increased supply to he
realized by Great Britain and depression in the
INDIA trade, with enormous receipts expected to be
landed in Liverpool in this month and the next the
prices anticipated are not likely to be realized with
heaVy losses In the expectancy the probable host-
Ties between the despots on the continent are to be
conclusive as the cause of the depression in fact
war 10 be the stalking horse for the disturbance in
te great cotton trade facts and figures to be cast
ASIDE and the unsoundness and rregularity the lille
gltmacy of the business it has been conducted are
to be discarded and war is to be accountable for the
millions OF dollars now assuming boldness in pros
pectiye losses. We have not space to dilae further
at this time suffice to say that the commercial world
has not recovered from the panic of 1857 This is
manifest; while, however, we look with almost
trembling views for the result of shpments-and let
the results be for good or for wo-we can happily
remark, that the planters of the South the cultya.
tors of the staple and factors have with the excep
ton OF some few thousands of bales received their
returns, and been promptly paid for the greatest
crop ever raised.
There has been as much business done this week
in other branches of trade as in former seasons
With the constant and daily departure of hundreds
OF transient residents, with the preparation on the
part of as many more the local and retail trade of
the city must be more or less effected and so has the
jobbng and wholesale branches felt the effects of the
advance in the season towards the summer standard
But general trade has not experienced any drawbacks
from the European intelligence brought by the
steamer Niagara of the 23d ult., from Liverpool.
The general money market has been duly noticed
daily for the week. We have to remark, that if the
war reports have any influence its general or even
special position it has not come under our observa
ton. Moreover, our capitalists are men of some in
formation, and are not frightened by gunpowder and
cannon-bal reports, or from $40 to $4,000 of long
dated commercial securities would not have been
taken to-day at the low rate of 70179 f9ct., with
tenders OF larger sums at the figures on first
class commercial and mortgage securities.
The weekly statement of the Banks exhibit an ex.
pansion in discounts and loans for the week of
quarter of a million of dollars. The expansion is
due to the discount of long paper under the line of
dead weight The receipts for the week in the active
movement, have been returned to the community in
discounting long dated paper There have been no
loans made on mortgage, but some few trdng sums
on pledge the increase is owing to long dated COM
merclal paper. This accounts of course for the in
crease in circulation. The decrease in specie is too
trting for consideration, it being partly accounted
for by wants for Custom House purposes
The changes for the week in the Bank movement
are as follows:
4 decrease IN specie Of. 503
a decrease IN cremation OIL. 1889
decrease IN deposits proper :6S,742
a ueere,se IN snort loans o. $3.50
4 decrease IN exchange 25 pa0
a decrease IN distant ba'aices 70236
A decrease in general deposits of ......... ms
The variation in long and short loans is
crease Of OBSERVATION-DISCLOSURES. 249.74i
The following figures show the variation for the
corresponding week last year:
lAnincrease in specie. 1873