New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-06-23
4fh 0rltans 1ailp Gresftnt.
THURSDAY MORNING, JUNE %, 1859.
gsm 0rIeans Montu Markst.
Carscrs. or,rcr, No. 10 Camp street

yttu 0rlsans Wontg Markst.
oHt''r'T sss n e CAMP 1D.s ;ss
summer quietness ruled supreme to-day. After
eight months Of constant activity and liveness, it
would be supposed that the time for pause should
be at hand consequently the flaming advces brought
by the Persia, the arrival of which at New York we
announced this morning, have had no real effect on
our market. How could the quoted decline in cotton
have an important bearing or influence on our gene
raj Market when the stock on sale is reduced low
that we could place the entire proceeds in our
breeches pocket! The great thermometer of finan-
cial and commercial events British consols) are re-
ported as having advanced but how does it cores.
pond with decline in cotton? 1t confirms the posi.
ton and the views which we have from time to time
expressed, that the price Of consols never had and
ought not to have any influence on the cotton mar.
ket; therefore, we have only to say to our cotton
factors never regard the quotations Of consos when
you are offering cotton for sale, or are called on to
sell the staple. 1t is all chinera to be prating from
day to day about the price of consols Just as much as
the quotations Of those securities Of which perhaps
not one pound sterling is held in our city, should
have any control on the fine cotton crop now
growing.
The chief and greatest interest now paramount, is
the protection of the exchange drawn against pur
chases and shipments of cotton during the months OF
March, April and May. The large purchases Of cot
ton by the trade in Liverpool for the week ending the
4th inst, have materially added in support Of the cot
ton trade and though the advces by the Persia are
OF very depressing nature the lower qualities
nevertheless, on clean middling qualities the figures
or quotations are not reduced so low as the Polar
Bears have from day to day predicted for some time
past.
As general operations to-day denoted the stagnancy
OF summer, 80 the remark will apply special to the
money and paper market. On choice and good secnr.
ites both commercial and mortgage, the market was
IN favor OF borrowers and lenders. Paper maturing
next spring was placed at the rate of 81 act. and
good names at s@l0 get, which does not indicate
any scarcity. Holders and owners of money remark
that it does not cost anything to keep money idle.
but there are very few capitalists who would relish
the idea of infringing their principal to meet cur
rent expenses or transactions from week to week.
The calls on the banks for discounts TODAY were
moderate-about equal to the income in the agpre-
gate; though some two or three banks had large
offerings, their condition enabled them to concede to
large share of the applications. There will be no
press for money in our community, particularly
among those who have confined their transactions to
strictly legitimate and regular pursuits so the war
rlors In Europe can move onward, our regular bust
ness community will not care the value Of a straw
which succeeds, is idle to suppose that the down.
trodden people in Europe ever will control the
respective governments of that country therefore
the last foreign adyces have not had the least effect
on our local money market The banks discount all
paper having pretensions to ordinary solyency.
The most marked feature of the day is the down.
ward tendency of the exchange market. Our New
York friends who relied receiving from six to ten
millions Of dollars in coin from our banks are likely
to be disappointed The rate of exchange still con-
tinues below the specie point, and so likely to con-
tinue for the present In the meantime the basis of
exchange is not absorbed, and far from being ex-
hausted. The value of cotton and tobacco vet to be
drawn for will exceed five millions of dollars and
two millions of dollars in silver bullion are expected
here, which will enhance the basis and if our bank
managers are cautious and chary in accepting West
ern drafts the coin in the vaults of the respectiye
banks will remain there subject to light and occa-
sional draughts only. Under these views the general
exchange market ruled to-day in favor of buyers and
remitters, with two banks having slim inquiry for
checks on New York as to preclude their purchasing
any exchange. The general counter rate for checks
was los prem. Outside the rates for choice sight
bills ranged from 7-l6@9-l6 PREM and one round
sum at !. In sixty days sight there were transac.
tons at II vet. dis which places the rate of this
class at from l{@l3 dis and extreme rates from IL
OILS dis. In foreign the operations were on the sum-
mer ORDER Some clear Sterling was taken at 10
in all about 100000, through divers parties We
quote extreme rates from 1O95@1l0, with remittance
rates at l004@ll02. In document bills we did not
learn of transaction. The season for this class is
about over
There is some Tobacco Exchange making, but as
the parties drawing are not in the way of pledging
their bills of lading, or requiring negotiations under
that system, tobacco bills of lading are in the main
an obsolete enthusiastically weak operator ap-
pears in the open market to pass his bills with ship
ments pledged.
There were no transactions of note in Francs. The
banks are selling on Paris direct at 5O7A@5O5, while
outside rates range from 5.2O@5.lO.
We did not learn of any transactions in Stocks.
Holders prefer to await the good time of dividends,
which commences on Monday next by the Canal
Bank, in declaring its regular semi-annual dividend
lnawed by war alarms.
We received to day, from the good old woman in
rhreadneede street. the returns of the I'd inst The
Governor and Directors have been compelled to take
The back track in the way of the rate of interest as
outside capitalists were realizing all the good securi
lies and discounts in market. The rate of interest
was reduced from 1909 t3ct. on the q INST
BANK OF ENGLAND.
An account pursuant to ct -fb and v;c,orio mn, o,
The week ending wednesday, The st day Of jans 49,
ISSUE DEPARTMENT.
Notes issued t3l 80 745 Govt Debt ELL OILS ITO
Other securities. 3459 900
Gold coin and bull'n Ii os5 rs
Silver bullion, ,..'...
t3l,51U7i5l f3l5-0,745
BANKING DEPARTMENT.
Proprietors Capital ETA, 553 900 Government Securi-
Rest: ............:.. 3,l60s40 ties, dneluding
Public deposits (in- Dead Weight An
Guiding Exch. qner nuity) ........... II ISL 3r6
Savings Banks, Other Securities. :. la26nO
Commissioners of Votes unem loved, 10 AIS 900
National Debt, and lola and silver coin 66S ISL
dividend accounts) f,30i.774j
Other deposits 1886 1881
bills. ............. 7s3 7o5
,, t4l635,555 Ell ,635, 557
Dated the I'd day Of June 1856
NJ. MARSHALL, Chief Cashier.
COMMERCIAL.
Market Report of Drake, Klenwort 8. Cohen.
LIVERPOOL, June 3, 1859.
Money has continued to be very abundant and to
in bankers hands. The Bank of England