New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-06-01
Nem Orleans 1ailp Gresttnt.
WEDNESDAY MORNING, JUNE l, 1853.
Nem 0rltans Htoatv Market.

CRESCENT OFFICE. No. 10 Camp street, I
Tuesday Evening, May 81, 1859 |
We close the last Of the spring months this evening
With moderate stocks of produce much less than last
year at this time, with the general features of trade
and commerce closing under less satisfactory state
than in May, 1858. The money Market however,
rules at less rate than last year. On the 31st May
last the street saes-that is, through discount brok
ers, ranged from g. 9401O get, fully get. higher
than at this present time. From present indications
it may be inferred that the business in heavy articles
will close much earlier this season than last. The |
quantities of cotton, tobacco and sugar sale are
limited. There is some cotton in second hands, |
which, with the stock in first hands, makes the guam
tty sale from 5000 to As 900 bales. The stock
in presses and warehouses and on shipboard is not
half what it was last year at this time, and with the
disturbances in Europe, we may look for an incna
ton at earlier time to close business this season
than usual.
The offerings and calls the banks to-day for dis.
count were heavy. We may expect to hear Of COM
plants ere long, from the fact there is considerable
kite paper aaoat, a share Of which is thrown into
bank, with possibly the makers accounts already well
filled. On the street there were some diminutive
transactions at 91l0 get. for good and fair Names
with some less tangible going at the rate of IL
9l5 get, which denotes an approach to the tonso-
rial figures. 1t is, of course, to be expected that
lenders of money and capitalists will, when called
on, make illusions to Europe, hostile movements,
money scarce, Bank of England charging high rates.
just as much as the Governor and Directors of the
Bank Of England care the value of pin about the
money market of New Orleans. We consider it the
hight of folly for buyers of paper who happen to
have few thousand dollars to be prating about
the Bank Of England rates Of interest. However,
there is more important point to be taken into con-
sideraton nearer home. At the present rate of ex-
change on Network banks may lose some of their
conn., from reduction in the cost of transportation
hence to New York. as we learn that the Express
Companies, at their own risk, will transport gold
from hence to NewYor overland at get. Some Of
the New York folks think our banks can spare them
six seven millions of dollars in gold, which will
materially aid New York. and go far to prevent any
crisis in that city We do not coincide in these views
Our banks, to be sure, have good supply of metal
but none much under the existing state of distant
financial affairs.
The Exchange market moved along very quietly.
There were several sales of double AL sight drafts
New York at 7-l6@4 prem. The banks were divided
in their rates, some selling the counter at los
| get. prem, and others asking PREM Sixty days
sSuI WAS holu dt ECU. QiA, Wule tne gene
raj run of names ranged from to 1l@l4 discount.
In Sterling there were sales of clear bills to dealers
at 1893, ll0@ll04; remittance rates ruling from
1104@ll04. There were sales of document bills at
1893. We quote them from 10s3@lO94. There was
very little inquiry for francs We quote 5.12A@5O63
with bank drafts being held at 5O5@5, a tolerable
high figure, considering the fighting attitude of the
| Empire.
hoc pf n1-cf IN DIV, Hold
firm and woudbe buyers at asking rates are scarce
The surmises are now that the affairs of Messrs.
Hargous & Brother, New York, so far as the Loui-
sianaTehuantepec Company is concerned, are gloomy.
The house in New York has made an assignment,
which looks ominous; nevertheless, such a move
ment is not fatal in all cases to full payments but
prevents one creditor from obtaining an advantage
over another.
New York paper of the 26th alludes to the sus.
pension as follows:
| The affairs of Messrs Hargous & Co., whose sus-
pension was announced yesterday, are placed under
| general assignment. The senior member, who has
long been Director of the Mechanics Bank, resign
ed his seat to-day. Some very wide estimates of The
probable liabilities of the have been made
ranging from to three millions, based, however
solely on the long standing and high credit here
at New Orleans and in Mexico, of the firm, and TIL
facility with which their paper found currency TIL
amount of their outstanding acceptances held 70
NewYork account, is probably less than the sums 70
collection for the New Orleans banks and bankers
An assignment by Messrs L. H. Meyer& Stucken ha
followed the recent verdict for $500 900 obtained by
the Federal Court.
| From time to time we have observed many re
marks in the financial and commercial articles oil
New York and other Eastern cities, indicating that
the West was greatly indebted to the East, as the
phrase is, and that it would take the entire crops Of
this year Qs59) to iquidate the balances. This sup
posed large amount of Indebtedness appears rather
on the diminutive order-that is, taking the remarks
in the Cincinnati Gazette of last Friday authority
which says there is produce enough in the West
(more than has been supposedly to balance the East
ern trade accounts and to keep exchange to the ap
Proclamation Of the specie point. From the constant
receipts of Western produce at this point, will be
seen by our marine register, the impression prevails
that the granares in the West not yet exhausted
From the Cincinnati Gazette of the 9th inst:
The money market exhibited no new feature. The
offerings OF lumber paper gave more active appear
ance to business in quarters, but aside from th
the demand was moderate, and matters were compar
ativey quiet. Rates OF interest remain at l0@9l2 4
ct. for good paper
Eastern Exchange was generally quite close to day
and buying rates were higher, while dealers in man,
cases refused to draw except for depositors. Fo
New York checks, 400l45 was paid over the counter
and some dealers sought supplies of their neighbor
at So Private checks Baltimore sold at 40, which
is an advance of SOLO Bankers talked great dea
about an advance on their own checks but the pro
position did not meet with much favor. 1t is proba
Bile, however, that two rates will be made for bank
ers checks-one for depositors and one for outsiders
say and prem. 1t is not believed that uniform
advance Of ! or even could be sustained long
enough to justify the change. AT ST. Lonis the eX
change continues scarce, and straight Missouri cur
rency is being RENTED topurchase sight drafts here
At Chicago the scarcity also prevails. This is wha
causes the pressure here. In those markets, how
ever, but more particularly at st. Louis, produce i
accumuatng from increased receipts, and as soon a
the markets recover from the prevailing stagnaton
increased supply of mercantile bills will relieve thu
exchange market. This is also true of Cincinnati
There is more produce in the West than had beer
supposed-enough to balance our Eastern trade &C
counts sufficiently to keep exchange near specie
point, and what is most needed, just now, is some
thing to set the export machinery again in motion
This must start or later, either from decline
here or an advance in prices eastward ; and when i
moves, exchange will be easy enough. 1t is som,
qualification to know that while we have debts to pa,
we have the produce to pay them with.
H.1e- 81. Il, =. l,Jl. ,l..