New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-09-18
Nem Orleans 1ailp 6restent.
THE COMMERCIAL DEPARTMENT,
Nem 0rleaus Nloneu Market.

Thursday Evening" Sept. H. 1857. |
The money market had hardening feeling today There
paper offering the street. and sales of good were
Of lll2 per cen-such as .old two weeks
since at 91a1oh The Banks much more than half
required to do The benefit of the of the last
Legislature being fully exempfed the restricted opera
of the Banks. They grant one half of the appca
tons for Exchange they nothing tn purchase more
few sight and short sight bills with perhaps an oeca
sional time draft Our community will receive the full benefit
policy adopted by AS soon as cotton ar
rives freely There is Bank in the CITY a, , moment
that purchase round Of Exchange This will of
send Exchange down to the specie point in
some much below. There were sales today of sixty
sight New York 81 per cent: discount and other
from 21a34 discount There was good demand for
sight New York at a4 prem were made at almost
every Traction between the figures with the Banks selling
checks at per cent prem Sterling quet-the highest
Offers 14GIss for prime bills 74s1 for choice
Something sa! a'ou bills shppng documents Iii
doubtful, however, if they would bring 6s7.
Francs hesvy. and range from 5l 5 o. and going down
The heavy calls on the Banks for ordinary discounts nonopo
Lies all the resources each and couneracs any disposition
entertain purchase exchange threatened as
they with penalties for n,enona of the
bank act Of the last session.
The accounts from New York Of the that
market are conflicting we have day that the panic
passing oil and the general ghtness of money
eved This is however, annuled by the failure
heretofore reputed great house. the breaking of some one
country banks daily. We
the end will The question how will the present posi-
of fnan cial affairs effect the cotton market There
sufficient here any large stock produce
may have our warehouse cvee filed with tbs
staple, but lie moved without some motive power
Banks cannot furnish that quarter
quired unless right exchange New York should
1t4@a cent discount The old chartered het
in subsection BY the terors Of penal act the Bank
restricted from circulation unless
by securities which may be called dollar for dollar
Heavy exchange from Northern cities who her
for few months will do well consider larg
here this Letters Of credit will not present
peaauces only moderate share of the produce comm
this market If Northern Bankers or Europea
traders place the market. SO much will be
! our advantage.
There nothing done in stocks to-day Holders
pressing the market and offers greater inducements
capitalists than anything that is likely result from
actions. There reported sale of 5000 of scrip Of
the Companies but consequence Of
and unnecessary bylaw regarding the transfer and iuir
OF certificates, the negotiation frustrated. Many b.
laws of public companies decidedly the
of the Company which insists them being carried
certificate Of Insurance scrip ought circulate the
of hand bond which gives will othe
wise attain
The New York Courier and Enquirer the 10th, says:
England relies strongly upon supplies of this staple fro
for unrsss Even # we're
if ENGLAND eonld secure steady supply Of cotton the exe
Independent of the United States they would be deprived
s en- s TGFd n tor ,hs5
Britain to favor in all tim. reciprocal exchange of products
W. that large orders this city rom Engls
for breadsuf limited prices These price, owing the
fortunate srngency in money affairs have been
shade lower The prospect is that n
active Of -four and grain than tcipaed
furnish substitute for the shipments of gold
There very active inquiry money street
Withdrawals of call loans nconveper
of borrowers The Western bankers ineonvenien
large locked up temporarily in the hands suspend
parties in Wall street compelled seek banking
New York correspondents and for the time New York
sustain the city and country both Ts redemption Of
:. deemne parties do fer in their support Of
banks when the latter entitled TO il. The
posts from S95 900 600 10 UU few weeks is
the cssened balances held for country
much the curtailment of individual balances
Gold is rauidy accommodating in the vaults of the banks
Exchange England low forbid for the
an! large export of coin.