New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-01-28
a oaams aas qsesetnt gp.Aay aofnio, sanu g. 1861.
Nen OrIeans 1allg Crescent.
FINANCIAL AND COMMERCIAL DEPARTMENT.
yatu OrItars 8Eoltfp Hlarket.
CRESCENT OFFICE, No. 10 Comp strest,
Of ISEI

mcnt The future of Louisiana and New Orleans ls
heraIded by the events transpired to-day at Baton
Rouge Commercially, the course of the future IS
partially discernible. The local movements in bu-
Biness and commerce have been greatly interrupt
cd By the very Indictment weather which has pre-
vailed for eight days. The great cotton trade has
been much impedcd by the very great scarcity Of
tonnage and shipping, brought about by the def
cheney Of vessels arriving here this season. super
induced by speculative tendencies in the great
freighting market. 1t creates very important
variation in the value of cotton whether it costs
five dollars per bale to carry it to Europe or
whether it costs eight and ten dollars per bale |
There has been active demand through the week |
for breadstuffa and provisions. Of the former the
market is abandantly supplied. The high rates of
freight however, debars shipments to foreign ports,
| that is, to Europe. For Red river, Florida and
Alabama and Western Georgia, there has been a
very active business during the entire week in
| Western produce, also in sugar and moasses.
Trade with these sections has been unusually brisk,
and being conducted on the cash system, large
amount of money has been thrown into circulation,
notwithstanding the very restricted discount move
ments on the part of our moneyed institutions. We
are in the very height of the business season.
Though there will be no impediments to the West
A'"t'N"f
yet from the causes alluded to in the way of ship
ping, serious interference may arise in our local
trade with other parts of the world. The transae-
, tons all round in produce foot up for the week
three millions and three quarters of dollars.
In other branches of business, with the excep
ton of groceries, there has been scarcely any i'm
1 provement. The grocers have in some degree had
benefit. The great dry goods trade has been
under great stagnation, considering the season OF
the year has arrived when the greatest sales occur.
The local and fancy retail trade has been cut off
the entire week by the very unfavorable weather.
We learn that the collections from the interior are
below the average. The great credit trade is much
restricted; that of course, is one great cause OF
the very slack condition of sales. The credit sys-
tenn or credits heretofore granted, are not aban-
doned to old and punctual customers and dealers
They who have paid up and can show that they
are now in solvent state, can obtain credit as
| heretofore. Those who have been in the habit Of
paving six months after convenience cannot o
course be expected to receive future Indulgence
One of the causes of slack trade is that thu
country merchants and dealers purchased to-
freely and literally in Northern cities last summe
and autumn Many of them were INDUCED il
credit to what will prove their hearts content
The general complaint in the grocery trade is of
large failing Oh lEOlIl Llc VI
last season. This may be accounted Efor that las
season great encouragement was given to purchas
largely, by liberal terms, say credits running fror
two I'D to four and six months. 1t is reasonable t
conclude that this credit made though greatly Gu!
tailed, is, from the continued offerings of paper i
our banks not altogether abandoned A very in
portant query arises at this point it is should tn
s credit system be universally abolished, our banl
toy nd nd int
: Humiliation. There would be no more use fl
4 banks, more than to make deposits and draw the
! out. Whether or not judicious and discreet sy
s tenn of credit is not indispensable to the commerce
I and social world, we do not propose ct this time
\ enlarge on; but from the manner in which iustr
g lions are now being given, it would be suppos
% that credit-selling and buying merchandise
81 time-wasvto be o universally abnegatlon of
z! credit and commercial facilities. That check
Il some way or another against the inordinate
q mands OF many devoted followers advocates
" universal credit and borrowing on expectancy
IS necessary and proper, cannot beidened. But
&c course many parties now following will br
81 all to cash level. Then capitalists, banks and
q will have to seek some other course to meet Of
20 nary returns
! We have from day to day advised of the cou
3 of the money market for the week. Money c
3 tinues to accumulate and if capitalists and len6
! do not choose to loan it out at reasonable ra
the great public will ere long know how Ii
money will be necessary to conduct mercan
Il operations. At this time there is naturally
2 paper market. Some few thousands of dollars
{ sold daily on the street, merely sufficient to
q that there is paper selling and if business or oc
% patton at this time will Justify l4@l3 and
Il per month, it augurs there is some vitality
" trade.
6 The weekly returns of the banks to the Boar
% Currency shows increased strength over last WI
The specie line has attained an amount higher
t6 ever before, excepting the two last weeks of
Is and the first few weeks of 1859. The highest p
% was in March 1859, when it reached $l7,0l3
- From the 18th of December, 1858, to the 9th
Ii 1859 over three months, it from SIS 100 0C
% SIG, 25 ,OO0-against deposits and circulation
:, $4,000 and $50, 1858, 900. The same items
evening are s25 ,43l 900 against SIG, 2S90OO.
= The following the changes in the moven
= for the week
Anincreasein specie of S.6a y