New Orleans daily crescent., 1860-12-08

Ns6 OrIeans Duly Crtstelt.
FIEANCIAL AND COMMERCIAL DEPARTMENT.
Ntu 0rLtans aloutg HIarkft.


There was more depression observable to-day in
financial circles, and with some it was called blue
Friday. There was no further intelligence received
from New York to cause the dullness. II is New
York, New York, from the opening of the days
business to the close thereof. a very slender reed
to depend on is New York. As we have been free
in our predictions regarding New York, We are not
disappointed at the nature of the late telegrsphic
advices received yesterday and to-day. We have
not received the worst from the great CONNER cial
and financial metropolis. The banks, bankers, ex-
change and cotton operators cannot render US any
assistance; they are poweress and cannot protect
themselves In a few days more NewYork will be
launched into sea of troubles and pressure 1;
whether the great brunt can be withstood, we
shall know before Christmas.
Our own local money market is in quiescent
state. The banks are discounting a few thousands
daily, renewing for all. II debtor cannot pay so
| get, he will be let Of with something less, but
they must have something, particularly on business
| paper. Outside of bank, or on the street, there
were some sales Of paper at rather high figures,
say 393a IL month, but in reality there is no paper
market. At the same time, we are knowing Of
sales of 10@l2 months mortgage paper at the rate
of u 59ct. per annum The payments for this
month are large, which will be news to the body
commercial, as il was well known last spring and
summer that there were very large amounts o.
paper maturing before the LIST of January next.
4 We did not learn of any further suspensions to
day. We intimated in our last the course of trans
ferring funds or proceeds of produce, that is the
paying of AS obligations with the proceeds Of b:
produce. The law Of 1845 makes it imperative OF
factors or commission merchants to apply the pro
ceeds to the payment of the planters drafts. Fo
instance, Mr.. A sells cotton to-day belonging t,
Mr.. B, planter, he receives the money and deposit
it in bank to his credit, and uses it in genera
transactions; but if Mr.. BIS draft comes due th
next week and is not paid, the factor is subject
prosecution and imprisonmentfo for not less than on
nor more than seven years. So it will be see
there cannot be a division of planters produc.
only by violating the law; yet we hear of som
, holders of paper, capitalists saying Mr. so and $
has money in bank and will not pay his obligation
1t is not out of place to remind the aetorage con
1nunity of the law in the premises. In the mea
Z, time it is due to those who have been compelled
. submit to the pressure, that we have not heal
only very few charges of misapplication of pr
y ceeds of funds. AT the same time, there are hol
: ers of paper pressing, though very few, we a
glad to say, who have no scruples of urging d
n parture from rectitude and faith to secure the
9t own claims.
The Exchange market was almost blank
day. Sight on New York was difficult of sale fl
= the best drafts at l4@1a discount. The count
e rate at the banks was lt92 dis, but the dema
b. was SO very light to render quotations void.
q late hour good sight was offered at II dis.
g We quote the current sales and rates at the clio
| 10 FoJfa