New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-10-20

Teen DAYS ahead or in advance this fall over last
fall, we can safely determine that nothing short of
real killing frost will curtail the expected receipts
OF cotton at this port; therefore, can be safely
concluded that our money market will have all the
elements OF support from the great staple of which
IL is susceptible. There is much diversity of opin-
ION In regard to the sugar crop in fact, there are
the same features existing in the trade of this great
s'aple that we observe in finance. There are Bulls
anu Bears IN sugar as well as in stocks and bonds.
and before the next month expires we expect to
see the sports at the sugar depot in full blast The
glmlet rangers are all in state of preparation In
the meannme' the course Of Exchange appears as
though it was to rule against us. Our banks are
losing coin from day to day. though only in driblet
as it were, still the sequel foots up largely against
the specie reserves. Though we have received one
million of coin since the LIST of September, it has
been all in silver, of which very small proportion
has or will go into the vaults of the banks To cut
long remarks short we do not like the appearances
OF our coin basis. For instance, year ago to-day
the coin in the vaults of the Bank of Louisiana was
s2,41 ,l54, with circulation of 1872 900. To-day
the circulation was about the same, and the coin in
vault sl7s4000 or about 33s get. less than last
year. Our banks in the aggregate have one mil
lion and quarter more of specie to-day than last
blank, we may say, by two millions and half in
crease IN circulation, SO it will be seen that with
the very slim prospects of exchange receding to
the specie point, the banks in the aggregate can
not largely expand in the line of discounts It may
be suggestive that We do not allow ourselves to be
led astray by the seductive influences of our appa-
renty large, unexampled prospective seasons bu-
siness.
nf In Exrbo ca Al.
views of our best informed inanciers. We have to
note another day of high rates, though some deal
ers are holding off, and preparing to stand off be-
fore acceeding to the demands of drawees. The
counter rate for checks on New York at the seve-
raj banks ranged from an tth@3 prem. Outside
drawers, that is avorite ones sold all they desired
at an It'll prem. The market ranged from para It'll
prem. outside, with the bank rate as before stated
tth6i. There were some round amounts of thirty
days sight taken at I dis, and sixty days sight at
all figures between t@l4 and yet. discount. In
Foreign there were transactions in Sterling clear
bills at from 1O94@lO9s. Dealers or large buyers
decline to pay over 1O94@lO9f in fact we would
not give dime for all the profits made on invest
ments in Sterling Exchange in our market since
the 18th Of September, particularly where and
when operators have been obliged to pay an ting
for selling and endorsing in the New York mar
ket. The remittance rates to-day varied though
there were sales said to be made at 1893 and q
fraction over, met not with the parties The
bank rate was relatively high, say above ITO. In
document bills there were sales at 1854 for good
spinners as drawees, the market ranging from los
1851 and in exceptional cases 100 was allowed.
The market appeared to be toleraby well cleared
out of Francs, at the high rate of 5.l6l@5 l5-the
market closing at 5.2OD5 .13l-a good advance for
the time being.
There were no movements in Stocks or Bonds
to-day to our knowledge.
The following case of damage, or rather claim for
damage, arising from storing coal oil in proximity
to cargo composed of wheat grain or other articles
of production. Coal oil cannot hurt King Cotton
1t appears the consignees or owners of the wheat
contended and sued for damages to the wheat
which appeared to only effect the smell of the arti-
Gle, in which they were defeated 1t will be well
however, for ship owners and agents to be cautious
in having cargoes slowed:
DAMAGE TO CARGO OF WHEAT BY KEROSENE
U. s. Circuit Court, New YOrk-Nelson, J-Octo-
her 8.-Nelson g. Nettleton ct al, against the ship
Fanny Fosdick. The libel was filed ahainst the
ship to recover damages for the injury to quantity
of wheat, shipped from New Orleans to this port.
The wheat $3.50 sacks containing 1906 bushels }
was put on board the vessel in December 1857, and
arrived here january 10th, following. The Fanny
| Fosdick was general ship, engaged in carrying
general cargo, and had laden on board with the
wheat, flour, sugar, molasses hides oil, etc. When
the wheat was discharged at this port, it is claimed
that it emitted an offensive smell as il impregnated
| with the odor of kerosene or Breckenridge coal
oil, of which some $50 barrels had been slowed in
| the hold of the ship. Two hundred bags Of the
| wheat were slowed in the hold on barrels of -four,
which rested on ground tier of hogsheads of mo-
lasses. The wheat, however, was not within twenty
| feet of the oil. The rest of the wheat was slowed
between decks. The cargo was well slowed and
properly cared for during the voyage unless the
storage of the oil in the presence of the wheat
affords evidence of bad and unskillful storage and
want of due care and caution in the transportation
The wheat, when discharged, in all other respects
except the offensive odor, was in fine condition
This smell, the witnesses state, reduced its value
some 25c. u bushel. The case, on the facts, il
peculiar. There is considerable conflict of evidenc,
upon the questions: ~ whether or not there wa
any stencil or offensive odor emitted from the whea
when delivered? (2) whether if in exposing it tt
the air short time, with proper ventilation, woul(
not have removed it and (3) it is claimed to have
been ascertnined from actual shipments with as
sorted cargos, that coal oil would not produce the
effect sought to be established in this case. The
solution doubtless of this contrarety of evidence
may in part be found in the fact that the article OF
oil Is partly new as commodity in the trade, ana
its effect upon other cargo slowed in the same hold
of the vessel not yet well understood. For this
reason we are not prepared to say that there can
have been such clear and well-known usage and
custom in respect to its stowage with other cargo,
as would exempt the carrier within the principle OF
the case of BuXter against LELAND Il Blatch, $780, }
But there is another ground resting upon the facts
in the case upon which we think the libel was
properly dismissed by the Court below. The wheat
was delivered from the ship in the sacks in lighters
was discharged from them into the lighters, in bulk
mngling the portion slowed in the hold, which was
in the vicinity of the oil, with the portion slowed
between decks. The consignees are responsible
for thus blending the parcels and we are not at al
satisfied upon the evidence that the portion stowet
between decks was affected by the disagreeabl,