New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-11-02
Nfh Orleans 9ailp crescent.
FINANCIAL AVID COMMERCIAL DEPARTMENT.
,Asa 0rleans Nloneu sflarkst.
GREscxsT oYYIcE. No. 70 Camp street,
Thursday Evening, Nov. 1850,

"a
With great redundancy Of money. Of course, 8
with low rates ruling on the LIST November, 1893,
we wrote as follows: %
The redundancy Of the dross (money} prevents 6
the owners thereof from realizing more than " I
ct. on the general average of good paper maturing
inside Of ninety days. There were sales Of spring
paper at average rate of get. The weather IS
dry, and although partaking Of the hyperborean
regions, it is considered highly favorable for crops,
particularly of cotton, which is yielding in many
parts Of Tennessee, Mississippi and Arkansas, pro
digious quantities, which viii be manifest before
the close of the year 1859.
There is considerable Of difference in the gem
eraI money market at this time from last year. We
have however, the same support, so far as cotton
and sugar go to-day that we had q year ago. on
this day, or about this time year ago, the cot
ton 10 be received at New Orleans was placed at
something over 100000 of bales by ourselves.
We had very few supporters in these figures, and
we shall crowd the same figures this season, and |
hope at least the returns will foot up 500 $50 oo0
England will take the entire crop at good prices |
Those New York monetary writer's on finance, par
ticularly the New York Herald, know nothing
about the position OF the New Orleans banks |
Read what this great Bear says in regard to the
Southern banks, inwhich he includes New Orleans;
| The prospect of trouble in the Southern States
on the occasion of Lincolnfs election is naturally
attracting attention in the condition Of the bank
ing interest in those States. In the event OIL any
| overt attempt at dsanion the banks in the Gulf
States will probably find it necessary to suspend
1 speeie payments Such state OF alarm WeHld
4 prevail as would probably cause run upon them
BY their depositors and at the same time the cot
i ton movement would receiye such check as would
4 probably cause specie to flow NorthWard.
The Herald then goes on to give the state OF the
I.southern banks, and says, 1.-THE banks OF the
South would go down. which shows it knows
/ .rAt & 8S4fS 5Sort- of Nny
Orleans. We will also presume to speak for the
banks Of Mobile, as part of the South. When all
these banks are compelled to suspend specie pay
ment which will not be during the life time OF the
writer for the New York Herald, the great metro
polls (New York; will only be remembered in
name, financially and commercially.
The Herald says the cotton movement would re-
ceive such check as eoo1a possibly cause specie
! 10 flow Northward. This just exposes, or rather
! shows the ignorance of most of the New York
writer's on the general financial position oil the
south-say New Orleans and Mobile. Admit that
panic will follow the election of the Black Re-
publican candidate, twill not be prejudicia to the
cotton interests the great cotton trade; that is
safe enough and NewY orkers can squabble away
their influence in this part will not give US any
: trouble. New York and New England would fee
'i must reap. In the meantime, we have to remark
that our banks, factors, and all in general pre-
pairing for the crisis, and that the ides Of Noyem
, Der bode no terrors that the financial community
sr Of New Orleans cannot surmount.
Or There was very little doing in the paper marke
lie to-day The street negotiations were light, mol
: was there any great press of offerings at the banl
v, of Louisiana they did not reach the income. Tit
4, Ajax is prepared for the storm, and the othe
IS banks will not be behind, the New York writer
: can blow away about the New Orleans banks
4 Z Let them look to their own banks.
hit The Exchange market was considerably exercis
ed to-day. few hundred thousands Of gold froI
ne Northern buyers Of cotton would calm it. TIL
a. offerings of sight drafts New York were iarg
ID Good signatures sold freely at discount down to
dis. The counter rate for checks at the banks WI
steady at dis. There were also sales of sixty da,
iii sight at 130ls and get discount down to 24G
ot and lower rates, which were uncomfortable.
a sterling the transactions were based at very 10
= fgures-say l07@107t actual sales of clear bill
- We quote the extreme range from 1070l07a. Do
ID ument bills we're taken at log, l06f l063@l06}
n the latter figure for avorite AT late no,
TO there were offers of 1863 for documents with IL
highest offer for clear closing at 10Y. Sterling, "
may say, and New York sight went running to-da
for buyers. There was, however, sale of sigl
Y. on New York at sic discount-a high figure.
: francs there were some transactions at 5.232 0
Y. Paris direct for the best names; other places
m corresponding decline was experienced We hay'
ng therefore, to quote francs from 5.32a as Il
closing of the day. movements.
Nothing doing in Stocks worthy of notice; the
l. are all fat and heavy at last weeks prices I'll
= New Orleans Savings Institution has declared
dividend of get. out Of the earnings for the la
m six months, payable to depostors and after tn
W. Sd of this month. This is institution which
serves the patronage of all permanent citizens
New Orleans. zz.a=
6a The telegraph advises Of the fanre Of Josiah LIZ
!. & Co., in Baltimore. The name of this firm h
Al been used for years by parties not known as orig
ed, nal members The house, however, done very !
to tie business with New Orleans; and, of course Il
=. creditors in this section few and far betwee
adj The business of the firm was in and around
oil locality, with some Indebtedness in the West.
. According to the following circular from Il
office Of John NJ. Burke it appears we have in o
= good city tolerabe good supply of the articl
~ enumerated. If the supply should run short, the
will are good stocks in many parts of the commerce
y world which would forthwith be on the way to Il
: Crescent City. 1t is not out of place to remal
W. that ineFe Is very lalr ueMana lor pa88ih9 al
her rope, Notwithstanding the frost adyices:
SUI NEW ORLEANS, Oct. 81 1860
. INDIA BAGGisG-stock this day bales22
Large sales speculation at lo3 cash TO Has on SIN
time. Sales have been reported Ms low az but buyt
ed. IL &c, time. Retailing at he. ID yard in bales.
Light l3t4c for heavy to 1ic. for extra heavy bal
Market quiet caused by low water in the rivers
No demand for retail. Prices nominal.
RupEStoek coilsls
cs- Machine coils S41S5c.
ght Hand 1850 coils al.
No speculative demand and market dull.
LIVERPOOL, SAITSt0ck Rtock-i4ls
Sales OF rargoes made low 50c. ~
L.. and new at 5515ic q sack very large arrivals and
Selling in lots from warehouse 65c for
and Zoe, for fine. =#F
Of bulk sALr-Stoek buhelsSss,e
nd Sales hare been made 4Oc bag OF two bushels,
cts ----~-----@s sH~-------------
'IR ss: 8ebittu of tbe 1arkets,
!. CRESCENT OFFICE. No. 20 CAMP STREET
- Friday Morning, Nov. o 1860.