New Orleans daily crescent., 1860-11-08
Us6 0rltans 9ailp Gxsstert.
gep 0rIeans d1orsv ftlarket.
oaEsez.n orylen. No. 70 tlar.p s,,, +.

wednesday Evening. 1ssisas nov s7,eHs5 \ ia.
TIE general Money market opened this morning
under much better feeling than expected. True
there we're no large or important sales OF paper In
the outside MARKET nor were the offerings for reg
u'ar discounts at the banks anything beyond what
tney have been for weeks past With about three
fourths Of the cotton crop under control here, Or
say over 2 million and four hundred thousand
oaies Incluaing the stock ansoId. with the entire
| crop OF sugar at command, We have q strong and
soiia foundation for the seasons operations. Trpe
exchange has reeeded, which is nothing more than
one Of the pranks Of commerce. The banks To. dav
were flush, all 10 most excellent position and u,Iv
prepared to meet anything that may turn no. All
ready, in fact for secession lift is coming so ozr
tmd citizens can keep calna and quiet If or cot
ton, sugar and molasses are wanting, money and
means will be provided to pay for them !. If they
should net be wanted, then q great reyuIsion and
change may follow when the Northwest and Eu-
rope resolve not to Use them.
As before remarked, the banks yesterday and
to-day having discounted freely, much more in the
aggregate than was expected, had very little over
for exchange transactions, yet the transactions in
sight and short sight on NewYork have been large ::
IN fact, closing up to-day heavy, at however, very
low figures. Agood deal Of cotton asea last
week had to be provided for, and exchange went
down by the rum Five hundred thousand dollars
IN coin have been ordered from New York. and
more must come, provided they want cotton and
sugar. 5nsg ss s4sz
The Exchange market has for the past ten days
been tending in favor of the South II was about
time to attain elimination. We have been nav
ing, paying, for months past and at several epochs
it appeared that we should never relieve ourselves
from Northern thraIdom. The change has come.
and the great South, if true to ITSELF has the CON
troll of the destines of this confederacy, CONNER
cially and financially. But let us return to the
great exchange market the falcrum Of operations.
The counter rate for checks on New York to-day
ranged from a@s dis. at the opening Towards
the close of business checks were obtainable at I
discount. Outside transactions were free at 10
discount for double Al sight drafts: other good
sight at l(0l-l6 dis. one days sight at Ii discount
Several hundred thousand dollars changed hands
at these figures Sixty days sight ranged from 2lC
25 for good and select names, and from 1908 and
3A discount for good and fair. at late hour there
were sales reported of sight at II dis. In sterling
there was something Of knock down, sterling
only commanding 105@l05a and LOG for good doc
uments and clear bills, with remittance rates going
down to 106{@lo6a, and some bills of ading drafts
| forced of at 104a. We have to reduce our quota
tons OF documents from 104a@1054, which makes
/ good clear bills range from 105I@l064. There
was very little doing in francs. We quote on Paris
from 5.323t95.273 and outports 5.35@5 80. Up to
the close of business the transactions in sight on
New York since yesterday morning foot up fully
one million of dollars direct at the rate of Tal and
Lie vet. dis, though the market closed at from
OH dis. Wall street, NewYork, must prepare for
paying out gold-I must come.
Some of the New York money writers say that
affairs down South look anything but satisfactory
to those engaged in the trade. Very good talk for
the Bears, but it happens to be Influenced by q
good deal of fudge. So far as this part of the
South (this city of New 0rieans) is concerned, we
are all in satisfactory position. So far as the re-
suit of the Presidential election is connected with
the Southern money market, everything is quiet
1t is we'll enough for our numerous readers to
know the views of Northern money writer's. The
following is from the New York Herald of the I'd
inst. They greatly alarmed in New York at
the controlling power of the South through its cot
ton and sugar: NS5a AGa 55.5g7
There is rather more inquiry for money to-day,
ana We cannot quote prime short bills below 69 ID
e. Long bills, OF the highest grade, go at 76675.
On call, money is abundantat6; but the political
uncertainties of the day are deterring many eani-
talsts from purchasing paper. There is little doing
in the foreign exchange market. Rates are abouf
lOs@A for bankers sterling, and 5.I1dll20 for
francs, with limited demand. Complaint il made
OF the scarcity of Southern bills, which are not
coming on as usual. 1t seems that several banks
IN the cotton States have taken alarm at the poll.
tical prospect, and are refusing to do business at
all. few days ago we heard that they were re-
fuslng to discount, preferrng to their means in
the purchase OF cotton bills; now, it seems, many
OF them are declining to touch even cotton bills
The consequences of this must be very serious TO
Southern dealers and parties concerned with them
in the North. Without the aid Of the Southern
banks cotton cannot be moved and it they with
draw their assistance from commerce, the conse.
quenees must be the same as they were in New
York in 1857, when the banks refused to discount
in aid of the merchants. An alarm once started,
no man can say where it will stop; and we are
bound to say that the complexion of affairs down
South Is anything but satisfactory to those who are
engaged in trade. A better supply Of cotton bills
is, however, expected next week.
The Stock market opened this morning ut the
lowest prices of yesterday afternoon, and at the
start everything declined fraction. AL ffer this
there was a rally, and stocks advanced more than
they had declined; at the afternoon board every.
thing was higher, and closed very strong. The |
market was very feverish all day, the outside bus
iness light, and the temptations to operate small |
a few spectators have made up their minds one |
way or the other; some to buy on the belief that
after the election all will be smooth and serene
others to sell, on the apprehension that the tr /
umph of Lincoln will lead to q general CONNER |
cial reyulson, and that stocks will decline enor-
mously. But the mass of the public and of dealers |
in stocks are standing aloof watching the progress
of events. 1t is clear to every dispassionate OBJ |
server that, in the event of Lincolns election, |
there must ensne agitations and commotions in the
South which, for the time being, must be fatal to
trade, and whichsmay prove as widely destructive |
as the revulsion of 1887. No man can say what
the results may be if the secession doctrines
should be generally adopted by the Southern peo-
pie, and actual efforts made to sever the political
Union of the States. State stocks were better to-
day. Virginias advanced per cent, and Missou-
rs about as much; other State issues were like |
wise in demand at a small advance