New Orleans daily crescent., 1860-11-12
g(eb 0tleans lailp Cresteut.
FINANCIAL AND COMMERCIAL DEPARTMENT.
g4ep ORLEANS Hloatp TIarhtt.


GREsCEsT OFFICE, No. 10 Csu1n gsreet i
-.a= =. Saturday Night, NOV. 10, 1879.
Under the present political aspect Of the country
our money market closes remarkably strong for I
the week. The good feeling in financial circles,
which we have freely remarked on for four days |
past, was further improved to-day, and with the
very good demand for cotton, and the certainty Of
large acquisitions to the specie reserves of our
banks at early day, we expect to enter the
coming week under comparatively improvement
the transactions of to-day. Admitting there are
no sales of paper worthy of report, that does not
indicate thatwe are under anything Of great pres
sure. The dealers in paper, we have before re-
marked, have very little surplus of cash, and if our
community will refrain from issuing paper for a
few months, and the country connected with us re-
turn to economy and frugality, shall go through
the season without troubling or soliciting favors,
selling paper to private capitalists Or paper deal
ers. By prudence and foresight we shall move on
ward without any required assistance and accom-
mediation beyond what our banks can furnish.
We may expect daily, yea hourly, the most ex-
citing and panic-making adyices from New York;
we may hear of Southern securities being refused
there; we may learn of some exchange being re-
pudiated in fact, we shall have reports and tele-
graphic dispatches without number, pretending to
be Of the most alarming and serious character. We
urge our readers tths strong and solvent commun
ity) to heed them not, give no credence, place no
belief in three-fourths of what is pretended to be
intelligence. That the nation is on the eve of a
great political crisis no one doubts; that financial
embarrassments may follow or attend, is of course
expected but these financial endorsements will
fall very lightly on New Orieans-the terrers Of
secession on the part Of one more States may be
regarded by the timd and weak. Secession will
fall harmless on the financial resources of New Or
| leans. Already has our community relieved itself
| of ten millions of dollars of indebtedness since the
advent Of the present commercial season. The
| panic-makers and agitators already sending
dispatches from Wall street, New York, that sterl-
| ing exchange drawn by Southern banks could not
be sold Well, if it could not be sold, it would not
take very long time to forward the bills to Lon
don and bring the gold for them, as all the ex-
change is made against cotton.
i This is one of the schemes and lodges adopted
| by the Black Republican stock jobbers and still
blacker republican politicians to frighten the South
| The Charleston banks exchange is more pointedy
4 alluded to. But New York owed the South Caro-
| lima banks on the first of this month something
about s9,0O0,OO0 as balances of exchange. Let the
| gold be demanded for the balances. Wall street
would be under tolerably warm fire for o few
days.
The transactions in cotton this week in our mar
ket sum up as sold $500 bales. The sales for the
corresponding week last year were $1,000 bales,
and for the same week in 1865 they were 63 900
In sugar and molasses there have been some limit
ed transactions. The aggregate sales of cotton
4 sugar and Western produce will foot up for this
| week three millions Of dollars. There has been
paid out in the way Of freights and charges on pro-
duce received one quarter of million of dollars,
and how much more to the many thousands Of
laborers and draymen employed it is difficult to
ascertain. While the white laborers and mechanics
in general will be freezing and starving in Philade
phia New York, Boston and other places North,
the same classes of citizens in this emporium will
be receiving their fifteen to twenty-five dollars pc,
week. with an abundance Of the best living on thi
continent Moreover, their pay will be in rea
2 money gold and silver, and not as the Black Re
I publicans in NewYork and New England pay thei
operatives and working classes in paper represen
tations, otherwise shinplasters, of the denomna
ions of one two and three dollars of the thousant
and one banks ESQ called) located in about every
other village throughout the North.
It cannot be disguised that there is considerable
uneasiness in the dry goods trade that the whole
sale and jobbing business shows for this week nj
| Improvement; that some dealers and traders havt
. been hard pressed, and others wondering wha
makes trade SO dull with such liberal sales of cot
ton, and the very encouraging prospect of goot
demand with good prices for not only the staple
cotton, but that of sugar. Easily and readily ac
counted for is the present dull state of local ant
retail trade. The good folks from the country arr
taking great interest in the secession movement
: also engaged in gathering their crops, preparing
them for market; further, the great arteries of Re-
> and Ouachita rivers are not in communicative con
= dition-not boatable. But the sequel of the ia,
p trade will be that our merchants dealers and trad
ers bought too many goods, too much merchandis
: the last summer, and if they had perused GU
n n weekly monetary articles, where we week afte
n week cautioned them from making too large pu
e chases and not ruin the good credit of the Soutl
: they would not now be in the market borrowin
n money and offering paper at Shylock rates. "
|, do not discover any change in the general reta
\ and fancy trade. The grand boulevard, Canal,
daily thronged by shoppers, and we expect that
about all.
1t is hardly necessary to remark only in yer
D brief terms of the general money market this ever
l. ing that is the transactions of the day were igI
. outside At the banks the offerings were large
and good share was granted.
The weekly return of the banks this morning e2
. hibits them in strong light. The surplus of som
of the old banks was large, say
The Louisiana above line Siis 600
: The Louisiana State Bank 5000
l. The GltHens Bank Sl2tE0
The Canal ktnk, 2St,uu3