New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-10-26
Ns6 Orleans 1ailp Crtsffrt.
WEDNESDAY MORNING, ocToBER2e 1859.
Wtm 0rltaus Hlontu Hlarkst.

CRESCENT osrrcE No 70 Camp street ! /
mn Tuesday Evening, Oct. Is, 1853. |
me general Money market moved along exceed |
lngy quiet to-day. The calls Of discounts were |
a'mnutive, not equal to the income. Outside. that
49, On the street, there we're sales of paper at less
'hah bank rate, say get. for some paper matur-
ing INSIDE OF sixty days. and other transactions tn
tne extent OIL 100000 at the rate of act, Then
there were other sales at the rate of zsct.. and
still further sales at the rate Of get There il no
dlfhcuty in anticipating paper that has the least
modicum of standing.
The weather for the past few days has been verv
favorable for agriculture! interests that is
ing that corresponding weather prevails or has
prevailed in the interior. We do not care how
large crops may be made; we hope that cotton
can be estimated by hundreds of thousands of
bales, and that such estimates may be realized
even to the extent of two millions of bales at this
port, and a corresponding increase elsewhere; in
fact, we do not care how much cotton our planters
can make, our best wishes attend them for the
very largest receipts, and they can govern them
selves in regard to price, and with little shrewd
ness, they can in some degree exact their terms for
all prime saccharine and all clean and choice cot
ton. We are, however, compelled to call attention
to the large quantities of inferior and ordinary cot
tons which are daily arriving. Hundreds of plant
ers still adhere and follow up the system of guam
tity instead of quality. Although in times past
there were instances of advances being obtained
from factors on so many bales which provso was
used in more ways than the understood import.
For instance some parties would obtain an advance
on SO many bales of cotton, and would faithfully
comply with the understanding, but would make
the bales OF light weight, say from $50 to 400 lbs.
VI course, these maneuvers complied with the
condition in regard to number of bales. We have
not heard OF this course being followed lately. It
Is the interest of all planters, however, to make
large bales, and we hope that every of the two
millions of bales of cotton expected to be received
by our factors will average 500 lbs. y bale, and if
the cotton is clean and good, it will command
remunerative price, say from 10a1l13c., but if it
is dusty, sandy and trashy, it will not command
but trifie over waste for paper manufactures.
The Exchange market to-day was attended with
the same dull feature which prevailed yesterday.
The counter rate at the banks for checks on New
York was prem, but large sums could be had at
| an It'll lower. The demand for sight outside was
very slack, with symptoms of decline of least an
It'll, which would make the best of sight drafts
rent at par, and bank checks at an 18th prem. The
market all round, figure out the best way we can,
|
sales of bank checks to the extent of $50
at an It'll prem, which will be the highest attaina-
BILE figure in day or two. In sixty days sight
there were some round operations at l3@lA to u
Ct dis. for good signatures, and further sales
at dis. for favorite names. There were sales Of
thirty days sight good commercial bills at yet.
dis. Sterling was heavy to-day. There were
larger offerings, and yesterdays rates could not be
| cfaip Wo ota c1o tn nhn Of
lO94, 1o9s@l093 for signatures of the highest
grade dealers rates, and lO95@110 for remittance,
with bank drafts at 1lO4@llOl. Document bills
were quiet to-day. We did not learn of any large
movements, though we close at l0s@1Os} In
Francs did not learn of only small sales at 5.l7
| @5l32. These figures cannot stand long.
In Stocks to-day we learn of the sale Of lis
shares Crescent City Bank at 1ol3 net. There is a
good demand for all bank shares at something less
than the present current prices In New York on
the 10Th inst there sold to close estate 10
shares Bank of Louisiana at 10, which shows a
great advance over last year at the same time.
The proposals for the sale of bonds of the State
and city, or such bonds as were receivable as
security for the circulation of the free banks to the
amount of $4,000, and which have been adver-
tised in our columns for several weeks, were
|
amount, it is presumed, was taken, but we have
only direct information Of $4,000 of city bonds,
endorsed by railroads, being taken at 81, which is
an advance on sales made for months past This
bid was from the Aajor-General in stocks and
bonds commanding, and confirms the impression
that the financial condition of the city is strong
and daily advancing.
It is hardly possible to conduct journal without
heinz drawn raSnactiva all rtiac
engaged in the great staple, cotton. As we have
at all times confined ourselves to figures and facts,
which have been confirmed to the fullest extent by
results, it is not out of place for us to give the
following extract from Liverpool paper, which
to the general dealer, either factor or buyer
possesses more or less interest.
From the Liverpool Daily Post, September IL
"The next steamer from America will probably
bring us the footing up of the largest crop ever
made, and few remarks on its history may not
prove unnteresting, even to those not engaged in
its traffic. 1t is well known the panic of 1857
checked consumption, and left fair stocks to COM
mence the American commercial year WITH be-
ginning Sept l, 1858. Such at least was the case
here and on the continent, but the American man.
ufacturers had comparatively nothing.
I" AT this time confidence had recovered its pow
VS. summarizing u"uS WIN SlCaI aohNlty3 huu Viz
prospects for the future were brilliant It was,
therefore, natural anxiety should be felt in regard
to what the supply of the raw material was likely
to be, more particularly in that from the States
About this time Messrs W. P. Wright & Co., of
New York. stated in of their circulars the crop
could not exceed $4,000 900 bales. The information
was received without any doubt, for it was an
authenticated fact that some 100000 to 800, 900
bales had been cut off by the foods on the low
lands bordering the Mississippi and its tributaries.
With crop of only $500 900, it was evident the
wants of the world could not be supplied, and that
prices must, consequently, materially advance.
Merchants and spinncrs were, accordingly, induced
to send out orders for immediate execution,
France and the continent followed the example,
and the American manufacturers also entered the
field as lively competitors. The opening of the
markets, therefore, gave the planters such unex-
pectedly high prices to induce them to send for
ward their produce as fast as they possibly could.
They well knew that with late frost and continu-
ed good weather for picking, the crop would be
large one, for, notwithstanding the loss by over
flow, the labor on these plantations had not been
lost. To participate in the high prices thus ruling
was important, as lower prices almost certain
to follow increased estimates. In this way
chants in the various shipping ports continued to
be actively employed, and the exports were ac
insrx hut tho Chi LOT