The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1869-01-13
Ths gsH Orleans G9s,sl1
MORNING, JANUARY Is. 1859
gsiu Orleans Woneg ytarast.
CRESCENT orrrcz. No. ~ Carr srErEf, /
Tuesday Evening. Jan. Il. 1859.


rally alter the condition Of the money market.
Currency was abundant throughout, with the ex-
ception OF small notes. which are still scarce, aud
the demands for accommodation have exhibited no
increase whatever. Rates Of interest aud discount
continue unchanged, however, and we again
quote Eight b cent. ~ annum at bank, and
l@1l II cent y month out Of doors for short
giit-eoged paper, and l0@l2 y cent. u
Dum Tor long dated notes, secured by strictly
Al city mortgage.
GOLD AND SiLvER-Trsnsactions in Gold have
been light during the past three days, and rates
were steady throughout with slightly upward
tendency while operations 10 Silver as heretofore,
have been confined to driblets, at about 2612A
points below gold rates for American halves and
quarters, and 23@3 y cent premium on gold for
Mexican dollars. Operations to day included the
following amounts, viz $1,000 $500. $1,000, $3.50
and SO 600 gold at 1864. Sales of silver COM
prised $500 American halves at 1914 $500 do.
at 1919 and $1,000 do. at 1872. We now quote
Gold at lS53@l353, American Silver halves at
l3l3@l32, and Mexican dollars at 1374(0l3s.
DOMESTIC ExcHANGE-There has been q fall
average business done under the above heading
since the close Of our last review. Offerings of
commercial sight and short sight were ample
throughout and the demand was steady at about
previous quotations. We have to report the sub
joined sales for to-day, viz: SIS 900, $50 900 and
$4,000 New York sight at IL l6 per cent. dis
$40 600, ten days date do, at SIS 900, thirty
do. do, at 2 $40 co., thirty days Providence do,
payable at New York, at IL and $40 900, thirty
do. Boston sight at i y cent. discount. The quo
ations this evening were tot y cent. discount at
bank and ll-l6@} % cent. discount out of doors
fer sight checks on the Northern Cities
FOREIGN ExcHANGE-The movement in Sterl.
ing and Francs has been of limited extent, and
rates have slightly varied from day to day, in &C
cordsnce with the alterations of the Gold market.
The market was fairly but not heavily supplied
throughout, and the demand was of restricted
character from the opening of the week. The
total sales to-day have been restricted to the an
0f
ing at l46; $1,000 do. at l464. and 80 000f.
bankers Francs at 3.s33f. The ruling figures this
evening were l474@l473 for bank Sterling, l464
@l464 for commercial do, 3S321l3.824 for bank
Francs, and 3.S7303.s64 for commercial do.
USCURRENT NOTES AND SEcURITIEs-City Notes
have undergone but little alteration during the
past three days. City 10 per cents have improved
and the general run of stocks and bonds have
been held at firm prices. In previous articles we
have given particulars of the total sales up to last
evening, and would now add the operations for
to.day as follows, viz: $500 City 10 per cents at
79s; $1,000 DO. at so: $1,000 State Warrants at ST.
$500 and $1,000 DO. at sig $40 900 Levee Bonds
at 664; twenty shares jackson Railroad stock at
IS 30 per share, and $50 shares Gas Company
stock on private terms.
BOARD OF Brownsville following comprise
the sales at the board tonight, viz: $4,000 Gold
Tin three lots) at 1850; 5000 State Warrants at
S2; $1,000 do. at SO; $4,000 past due coupons of old
State Bonds at 500; 5000 do. stSl.
ELECTION OF BANK DIREoroRs--The annual
National Bank was held to day with the following
result, viz: Charles Lsnier in place of Mr.. RDbb
E. A. Bradford. W. A. johnson. j. II. 0gesby,
Julius Vairin, j. NJ. Witherspoon, Henry Hull, Jr.
As will be seen by the above the whole of the old
bosrd was reelected except Mr.. Robb, who had
resigned.
SPECIAL DIsPATcHEs.-We are Indebted to the
Western Union Telegraph Line for copies of the
following private dispatches received from that
route to-day, viz:
NetD York, Jan. 12-10 A. M.-Gold opened at
1855. 1870 A.. M.-GOld 1855 Cotton quiet but
steady. MiddliDg 2sic.; Mobile 29c.; Orleans
294c. Sterling l095 lll0s. IL Mold 1851 Cot
ton market quiet but firm 4; middling 2slc Mobile
29c.; Orleans 30 &c. Sterling steady. P. NJ
Gold closed at 1855. Cotton demand good prices
tending mp. Sales $500 bales. MIdding 2S30D29c;
Mobile 29G294c.; Orleans 294@29ac. Sterling
steady. ,,,,,,,....
Orleans Ill ID. E2o P. Mwcotton market 6rmtsr.
Not qootably higher. Estimated sales IL 900 bales.
shipments ship from Bonbsy-since last to the Och.
higher. Sales Ii, 600 bales
London, Jan. 12-li:l5 A. M.-Consols 92E.
5,2Os, 75t. . P. M.-Consols 925Q93. 2Os ia
changed.
Hdure. JAM I2-Noon.-Cotton market ouiet.
Tres oIdnaHe I.3O. Noon Cotton quotations
nominaly, unchanged.
Terms USED ON 'CHANGE.-For the benefit of
those Of our readers who do not understand tn ,
technical terms used, We will explain them An
-
difference In their value is regulated by the length
OF the option and the state of the market at the
time the trade is made. A sells 5000 bushels of
wheat TO at price named, s. sellers option this
week. the +" first" or 90 last half - of the MONTH
or all the year" B may purchase the same
amount from G, buyers option" for any of
the periods mentioned. The seller may deliver
at any time be peases during the life of the con-
tract, on sellers option, provided he gives so
many hours notice, and the buyer on buyers Cd.
ton, provided he gives equal warning.
Privileges" are when A gives B so much per
bufhel for the privilege Of delivering grain at
certain price during q certain time. II during
this time the grain should be worth more than the
figure agreed upon, A does not make any delivery.
He simply losesthe money paid for the privilege. |
This is called 8 put" On the other hand, be |
may pay B Tor the privilege of calling for a |
certain amount of grain at a certain price; he |
does not call, but loses the amount paid by him |
for the privilege. This is termed "csll.n |
large number of privilege transactions are made |
every day In grain aud stocks bat they have No |
recognition as legitimate business transactions |
either in New YORK, Boston, Philadelphia or Chi. |
csgo.
A "cornerr ia the result of over selling on the
part of the {" Shorts" AS the time approaches
for them to fill their contracts, il is discovered
that there is scarcity, either natural or arti-
fetal, or the article sold short" and, in the
esgerness of the shorts to fill up an unhealthy
and extraordinary demand arises, which naturally
advances the price.
In nearly all instances these "corners" are the
result of a deliberate plan on the part of the
" loDgs''-those who have purchased for delivery
In the future. They buy all the "cash" or
" spot'' gram offering, and create scarcity.
As the "shorts" are by their contracts Obliged
" to fll,n they not necessitated to pay the
prices demanded by the combination, which is
always composed of the "loogs.n It often hap
: longs' as well as the "shorts,u as they are left
with load which they connot get rid Of, except
at a great loss. Generally speaking, there are
few " corners" which turn out favorably for their
engineers, but there is a fascination and excite
ment about the business, there will always be
found those who will embark In them, so long as
short selling" shall be countenanced.
II is seldom that we use the columns of this pa
per 10 puff" or notice the " thousand and one
articles known as patent medicines" We,
however, vary from our rule in the present case,