New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-11-02
Netu Orleans Dailp Crescent.
WEDNESDAY MORNING, NOVEMBER !, 1859
gsw ORLEANS Htonev Mlarkst.
CRESCENT OFFICE, No. 70 Camp street,

'Hihe more than six per cent. on the general T
average OF good paper, maturing inside of ninety
days. There were sales Of spring paper to the ex
tent Of sl5oooo by various parties at an AVERAGE
rate OF eight get There is good supply Of money
to be had merely for the asking, on tenderino anv !
securities Of decent character The hanks in | 4
the aggregate, are very fnsh and separately thew
are both strong and ush as appears by the return
Of the Canal Bank this morning which had a snr.
plus Of 81, 13G ,0O0-or above line in that amount
The other old chartered banks all had large hal
ances, which, with the balances Of the free banks
tend to show that resources are at hand to move
the large quantities of produce expected in market.
The weather is dry, and though rather partaking |
of the hyperborean regions, it is considered highly
favorable for crops, particularly of cotton which I
is yielding, in many parts of Mississippi, Tennessee
and Arkansas prodgious quantities, which will be /
manifest before the close of the year 1859, and |
which also leads to the strengthening and support |
of the general money market.
There is not perceivable any general improve.
ment in the business of the city beyond the sales of
cotton. There are daily sales of second hand fur |
nlture, said to be, in many instances, on account
OF departure, which would lead to the supposition
That there are great many citizens leaving New
Orleans for good or forever. But this is ruse, or
course followed every autumn. Many folks sell |
out, or pretend to sell out but we meet them after
wards, just much attached to our good civ as |
old John McDonogh was. And although there are |
so many residents pretending to wind I'D and de- |
part, yet they hold on; and when thew do 90 it is
( matter of little importance, as two. three. or
more, come to occupy such departure or vacated
place. The only enemy our city has to encounter
is the fire element which has been ruling supreme
for the past ten days, carrying devastation and
ruin wherever it ranged.
The Stock market was inert, quiet to-day. Bonds
could bepurchased at low rates. The Great Western
and Opelousas Railroad is in the market, for the
sale of mortgage construction bonds drawing eight
f2ct. per annum interest, and which may be con-
sidered one Of the most advantageous proposals
now on the market, or to be on the market for
some time to come. The amount proposed to be
issued is s2,OO0OOO. The sinking fund established
will be carefully guarded and the interest on bonds
will be promptly paid semi-annually, at the rate of
eight get. per annum. 1t is hardly necessary to
remind our local capitalists that this road is not
speculation: that the chief manager or President
is no schemng. money-making, speculative genius;
that if residence of forty years in our city is not
sufficient to create credit and strong impression
in favor of the road, that the ordinary fourscore
years of life will not be sufficient to command favor
and confidence. We believe that this Opelousas
railway will prove as advantageous to our city as
any other railroad, or any improvement that has
been undertaken.
The movements in Stock to-day were fifty shares
Crescent City Bank on PIT. The 700 shares of
Bank of Louisiana sold last week, were at the ad
vanced figure of l76. The greater part have been
transferred
The Exchange market, in some respects, had a
little more activity to-day. The sales of Sight
: drafts on New York on the street were from to
3l6 dis, and double AL at lie to an It'll dis The
bank rate for checks was steady at par; though an
18th prem. was exacted early in the day, the rate
could not be sustained We quote street sight from
to dis; ten days sight from to dis thirty
days sight from to l get. dis; sixty days sight
:. from IL to u; II way along to 2@2t dis. There
is were several round sums closed at 7-16@l4 dis.
' In Sterling, the offerings showed an increase. We
note sales of clear bills at 1893; market ranging
from 100 to l094 1.-THE latter figure being eXcep-
tional one. Bank drafts are held at 1lO@llOt.
Document bills range from 1919 to los, up to l0s3.
There was sale of fayorite signatures, with clean
cotton as the basis, at 109-a high rate.
Francs without change, very little cotton being
+ purchased for shipment to the Empire. We quote
on Paris direct 517a to sis for commercial bills
and SIS to 5.l3{@5.l24 for banks, and strong Al
for remittance and on other points 5.2l 1 to 5l6{.
: Sales of cotton are free, which must increase the
r amount of exchange from day to day, unless the
buyers are importing gold, which is not probable
at this moment. In fact, the mportations Of specie
will be few and far between, for some weeks to
Should m unl Eed diff
) disturbance in the general exchange market.
To keep up with the course of events, we have
to publish the following communication, addressed
n to the Manchester Guardian by citizen, we be-
. eve of New Orleans; at least his sign is Caron
delet street. But really, in our opinion, it is up
:. hill work to attempt to apologize for the large
adulteraton or mixture of cotton in the very favor
able autumn of 1858. We give the following com
5. munication as find it, with the comments of thu
Manchester Guardian, which are about as near cor
II rect as can be, it is toerably well known tina
n the numerous complaints regarding dust and sane
have arisen within the past three years. As re
r. CARDS plating and false packing, that is another
'. affair. 1t appears the communication below was
brought out by the communication Of Messrs
Holme & Brother, which we published on the 25tl
m ult.-ast Tuesday:
If ADULTERA ALTON OF C0TTON.-I0 We EduO7' o. Wt
= Manchester, GUARDIANSHIP: The communication OF
Messrs. William Holme & Brother, in to-days issue
of your valuable journal, on the subject Of Adult
terated Cotton" with your remarks upon the same
Z must be my excuse for offering few remarks upon
!, the cause of the dust and sand so often found in
American cotton.
= 1t is mainly meteorological, and therefore un
y" avodable as is the case with the trash in Sura
: cottor-a fact well understood in England.
= American cotton is grown on loose, sandy soil
il denuded of vegetation in the process of cultivation
and left exposed to the violent winds and rains tina
prevail in the fall of the year. by which the lowe
portion of the stalk is covered with the loose soil
Much also of the cotton is beaten off the stalk, AM
& covers the ground. All the 50 bottom CROP, tina
is the cotton raised the lower branches, is thu
adulterated with dust or sand,''
The question asked by the planters is, shall thi
. be gathered? and believing that it was wanted t
e keep the millions of our mother country in foo
?. and raiment it has been gathered. They have ais
been led to believe that the manufacturers of Man
chester could easily eliminate the dust, while tn
= subject Of price is with the buyers.
= Let me repeat, that the dust and sand is throw
,g on the cotton by the heavy rains, whenever It
g, found disseminated throughout the bale. Mhei
s. the dust sand is found in bulk in any part OF TN
bale it is surreptitious; but, after many years eN
perience as factor in New Orleans, am prepared
TO saw that the latter is rarely the case for besides
loss of character the planter is liable to reclama
| tons. 80.
: M Improvement in gins machinery has ye