New Orleans daily crescent., 1860-11-19
Ne(u 0tltaas laiIu Crfsffllt.
FIHAEcIAL AED COMMERCIAL DEPARTMENT
9Th ORLEANS HIonsg gllarhst.
80. 1rner. 10. u ca.np n.

Inc anticipated fesulis OF the election Of a Sec
tional candidate to the Presidency Of the hereto.
fore United States are now being experienced
broadcast over the land. Commercially. Gpan.
eially and politically the sad evils are expanding
from day to day. Fear and fright appear to have
taken possession of the great commercial and
financial metropolis New York, which is now re-
acting on all markets connected with it. The
excitement and alarm which have arisen in New
York are extending to other localities, and on one
particular branch Of finance our own market has
been greatly exercised and influenced. II is hu-
initiating to witness the great control and snper-
vision tie New York market has over the South.
This apparent dependence on that emporium to
conduct and carry on the great cotton trade ought
to be sundered. Our commercial community is in
reality only dependant colony of Wall street
New York. Is there no way Of relieving New or
leans of this dependence, this vassalage? Our
great staple, the controlling power of the com
merce Of the world, is now dependent and subser-
Went to few hundred bankers, iobbers and
political merchants located in the great emporium
Several times within the past ten years has our
great market been broughtto halt by its too great
reliance and subaervieney on New York. Had our
own community, commercial and agricultural. in.
| augurated lines of steamers with the chief Euro
peanp ports, trading regularly transporting produce.
merchandise, mails and passengers, we should not
at this moment with so strong advancing proclfv-
tiles in the value Of our great staple, be in the
present abiect position that we now find ourselves
1t is to be admitted that at the present iuncture
Northern merchants, manufacturers, traders and
all have cause for alarm and agitation, that the
movements through the South are tending TO break
mp that supremacy which has long centered in New
York and the leading merchants and capitalists of
| the Empire city have been the first to sound the
tocsin Of alarm.
But could not this hitherto great dependence and
| exorcision on New York been averted on this and
on previous occasions most assuredly in part if not
whony2 Within the last decade Of years the citi-
zens Of New Orleans, Louisiana and Mississippi
have spent and disbnrsed money enough in North
ern States, to have built and equipped lines oi
steamers to run and trade between our port and
Liverpool. Lines to Havre and lines to Bremen
have built and completed the Great Western and
/ 0peousas Railroad from the city to the Pacific
ocean; the amount of money so spent amounts
to tens of millions of dollars, and only a few mil
lions would have been required to carry out The
I extension and undertakings which would have
brought direct trade to US and relieved the great
Crescent City as colony of New York.
The week now closing opened with great live
illness in the Cotton market and continued so INIT
4 Wednesday, when the wires commenced to con
vey the state of affairs in New York, which have
continued to increase in unfayorabieness and de
preston until this evening so we shall have I'd
await until Monday evening the course that New
York may assume; that is, if it should be in a
position for change, or how long before bottom
will be reached in exchange and money circles
The sales of Cotton for this week have been 0Ot
bales against OIL 900 bales corresponding weel
last year. Which does not show so very great diff
ference against this season, though the exchange
is not all disposed Of The sales for the same eel
in 1858, ending the 10th November, were 5e. .5o(
bales The sales of Sugar and Molasses have beer
increased, reaching $500 hhds. of the former. ani
10000 barrels of the latter. Then there have bee,
sales of Flour, Corn and other products to 1bera
extent. Trade, commerce and dealings have no
yet come to dead lock in our market. Their
would in all probability be larger purchases o
Flour and Grain for England, had not the Ex
change market turned topsy-turYy
In the wholesale and jobbing business we NIGH
pass over and say that it is at stand-still. The
sales of Dry goods, Hardware, Clothing, and Boots
and Shoes, have been on the intinitesimal order
There is some movement in the Grocery trade il
is however greatly restricted to what it was las
year In the local and retail trade crinoline
branch there has been some increase apparent,
so but it is manifest that the country demand fo,
| the usual contents of the splendid stores on the
grand boulevard, will be greatly curtailed this
season. We again repeat to all our retailers and
traders generally, ctrcumseribe your orders for
spring supplies. For it is not out cf place to re-
mark that many thousands of our population hay-
ing good supplies Of clothing and other essentials
(eyen if they are little old-fashioned) intend to
wear them out before encouraging any large ier
| portations from Northern cities or increase iva
indebtedness Of the Southwest beyond the preses.n
amount. az
/ The Money market during the week has.
course, been effected, but we are not aware tie
any higher rates of interest have been exacte
The banks have been free in their discounts taga
ing into consideration the position of polititnc
which appear to influence the financial position =
the country. Our Bank managers and Presidefer
are in good humor and feel well, taking thiran
calmly and coolly. We were in at ten of tift
eleven banks to-day, and nothing beyond the usge
Saturday business was really observable
though the calls for discounts at one of the ose
banks down town were very large, over SS00,0t
the bank was in position to grant one ha.
which should meet the views of applicants, as it. :.
generally conceded that about double or more roe
actually applied for than expected to be granteve
that is, Mr.. Oilarer may say, tender so mu
paper, select what you please. But where ptho
haps some one has only single piece of paper ng
offer, and it might be declined, from the often "
curing postulate that the parties account, eth
one or the other may be full.
The bank movement for the week according te
the returns to the Beard of Currency, show vea
strong position all above line as follows: e.
The Bank OF Louisiana $40 t'
iousana state sank 37grla
p Btih; l5l IN,
Bank OF New Orleans. A44 4f'
I3ltns
~ ,ousie,i 3saT
Mtenanes and Traders Bunk 2
f1a &
crescent City ank ll41f
i'tA Oh AhsIlea l@5ef
Il will be seen by the above figures that
banks are all from 20 to 95 u cent. above in tn, >,
specie line, what the statute requires. The N, :,
chants Bank is the highest pro rata. 20.
While some of the banks confne their mCat
ments to the disconntng of paper, others ms a.
more extensively in exchange transAetions as ou