The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-10-03

Correspondence Of the Richmond Dispatch.
Openins sf The Csmnercial Exchange, Fee
tersbare Spirit or the Occasion.

tersb1Fs Spirit or the Occasion.
PETERSBURG, October 2, 1866.
The Commercial Exchange was opened
TODAY with considerable tclat. The room
WAS crowded with merchants aud 'opacco
MANUFACTURERS. and presented a scene of
animation which has not oecn "l'nesssa !"
this city since the good Ola d,aeoettm
times. Whether the amount OF business
transacted will be increased In the aggre-
este 10 not perhaps to I've expected, but 1t
Il concentrated, and therefore more OBJ
y,ous 70 the senses. We shan no logger
see the tobacco-buycrs taking UP the line
of march from one warehouse to another,
trudsing In winter through rain and snow,
or sweltering in the heat OF summer nor
the commission merchant, with samples OF
cotton and grain under his arms, taking
his daily rounds to oil the buyers in the
city, and making circuit Of one or two
miles before disposing of his goods. 1t is
difficult matter to introduce innovations
even Of obvious benefit; but it is believed
that the Exchange, as at present organized,
is decided success. The failure of SINH
lar projects in the past was because of the
impracticability Of harmonizing conflicting
COutuINICt1k httSlSS&Ss WIG ptSsSht Va
fort the merchants took such position that
inferior interests were obliged to succumb.
So great is the economy of time and labor,
and 80 manifest is the stimulus to a gene
rous competition, that We may expect the
benefits of this institution to have favora-
bic rejection on the general trade of the
city and to place the reputation Of our
market on an enyiable basis. f -
The number Of planters and farmers at
the Inauguration to-day was not SO great
as had been anticipated, but this may be
accounted for by the prevalence for seve-
raj DAYS Of a northeast storm. 1t is,
moreover, an announcement time to be from
home. The farmer is busy in seeding, or
making preparation to seed his land in
wheat and both the tobacco and cotton
planters attention is demanded by the
critical condition of their respective crops.
In the usual course of the seasons, by far
the larger portion of tobacco is ready for
the knife the last week in September
and the LIST of October. Nevertheless, we
saw several in attendance from the ada
cent counties.
The number of hogsheads Of tobacco
sold to-day was about 10. The bidding
was very spirited, and the prices obtained
fully equal to the rates at which the ar
ticle has been selling of late ; but / must
reserve exact quotations for subsequent
time.
AT present it is sufficient to state that
one box Of bright tobacco brought the
enormous price of eleven hundred and
twenty-five dollars (sl,l25) per hundred
pounds-being the highest figure that to-
bacco was ever known to sell for. 1t was
bought by William r. Johnson, Esq. 1t
was sent from Danville to Mr.. 7. =. Will
Hanson, but | was unable to learn the
name OF the grower.
Under the recent adviccs from Liver
pool powerful impulse has been given to
the price of cotton. The number Of bales
sold to-day was limited, the views of hold
ers and buyers not exactly harmonizing-
buyers freely conccding thirty-nine cents
for prime quality. This is an advance OF
four cents since Saturday.
In connection with the production of
cotton, the most interesting fact at present
is the introduction Of new gin, the recent
invention of mechanic OF the name OF
Emory, of Albany, n. Y. Its merits are
that it is portable. 1t is provided with a
condenser, so that it can be worked as we'll
in the open air as in house. A larger per-
centage of wool is obtained from the seed
and the length Of the fabric is wonderfully
preserved. The consequence is, that the
value Of the staple to the manufacturer is
enhanced by from three to five cents in the
pound. A number of these gins have been
sold to the planters this fall.
After the sales were over to-day the
company was invited to bountiful COLA
ton, to which, with the concOmitants OF
the bottle, the most ample justice was rem
dered. 1t was season Of general hilarity
without an incident to mar it.