New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-12-31
5leb Orltans nallp Crescent.
SATURDAY MORNING, DECEMBER 81, 1850.
Gin 0s!sans gtloutp sllarhet.

counts ulTect were large, ana tic OHeiiHRH III en-
change fully as large, there was no real press on
the street, and though holders Of money and bry- |
ers of paper had the call, that does not signify |
that there is to be real tight money market for |
the coming week, which embraces the fourth of |
January--a day which has in times gone by been
considered sort Of bug-n-boo As we have be-
fore remarked, most parties having payments ma
turing on that day have been preparing, and AZ no
suspensions nor failures apprehended lisp
ed Of. we have only to remark that money is at
tainable on all commercial and other securities at |
from saGf9 pct for choice; 9G110 for good, and II
8l5 for fair with the usual usurios negotiations
at from Is, is, 240J30 get The buyers of this !
class of paper, who operate weekly to large cx-
tent would not look at frst-class strong piece
Of paper standing on the upmost roll in the bank |
parlor, unless at the mark twain per month. As |
we remarked a week ago this evening, that the |
Bears had the cali in paper and exchange, the !
will apply this evening though the facilities |
in raising money have not received any check this
week, because by adding little to last weeks
rates. money will be forthcoming. The banks con-
fine their discounts regular to about the total Of
their receipts, though some of them do vary ac-
cording the state Of their specie reserves.
The most important influence is the Exchange
market. 1t continues to be well sgpplied-wl,en
the bottom will be reached, it is difficult to say.
Some operators, of Bears, think there is a
bottom between 1051 @l0G for document sterling.
1O54Ml06s for clear bills This may nil turn up,
there good bills of lading drafts offered to-
day at log, deemed equal to clear bills, which
would have been taken if the oiferees had the
wherewi to pay for them. In clear bills there
were transactions at 1O69@lo6i and l07. At the
same time we have to quote sales at l6tl110ls.
but in moderate sums only. 1t is not, or ought not
to be expected that party wanting flO00 OF f2O00
can go to an established drawer or seller and OBJ
tain it at the rate that majority of the bills
are placed on the market Dealers to-day were
offering only l0650107 for what they considered
good names, while the banks were buying very
sparingly, which arose from the slack basis Of
their specie reserves, which was, however, within
the requirements of the law, and that was about
all. In domestic or inland exchange there were
transactions in sixty days sight New York at .
p, 3134 i9ct. discount. Sight ranged dull, very
dull for the best AL at get. discount ranging for
good to fair from !, 1!@ls dis. There were sales
| of bank checks outside at from ll0lI discount.
Thirty days sight dull and inactive, but to be had
1
any large sales-sma amounts are to be had at
from 1913 t95.27a on Paris direct, with very duh
feeling. The general counter rate at the banks
| on New York ranged at f7t dis.
| On the Both day of December last cur Exchange
market ruled at the following figures:
Bank checks on New York....-..........,. 90 x dis.
sssrn ass sie s' hi. lss 1sss '
Document bills ........,....... .l6ll stsitS
Francs in MA. ket. & 4eslsl'I
| There was very little gold or legal coin received
last year after this time. The specie basis for the
month of January with the banks running from
SIG 200, O00@$lG, 900.
| lii the general uncnrrent money market there
have bceu larger offerings of the issues from dis
tant parts, particularly of Kentucky and Missouri
banks. OF Kentucky issues there have been round
sums rendered daily to our brokers. This is sup.
posed to arise, because there is no New Orleans
exchange available at Louisville 1t is hardly to
| be supposed that operators in sugar for Western
account come here with the issues Of kentucky
banks, which go into the hands of brokers and
dealers at about Il to Ii Pet. dis. for raund sums
and IL to q for small amounts. In the issues Of
| Missouri banks there have been salcs as low as
Net. dis, for Of thousand dollars and
under. For round amounts a mich higher rate has
been allowed. In the issues of Wisconsin and Iowa
banks there is no sale and the same remark ap-
plies 10 tllTec-iourtls OF the banks in inois-anl
some Minnesota issues have been offered. The
residents, farmers and agriculmralists OF these
States will find it more profitable to cultivate po-
tatoes, corn and even maple sugar. than to encour-
age paper money based on moonsllne securities.
| We will take Chat is, market is TO be found in
New Orleans all the corn, wheat, pork aud bacon
that can be raised in these States, and payments
made in gold and silver. But many of our dealers
and merchants would rather be excused from
| having much to do with the various representa-.
tons of money issuing every week from the great
laboratories domciled throughout the great North
west. The clements and basis for a sound bank
ing system do not exist i'll the new States of this
REGION unless it is the capital of land spectators,
railroad bonds and stocks, which may, as regards
the bonds, in the course of twenty years, meet
current interest. As for dividends on stock, they
| need not be talked OF for years to come. The
peonle of the West We're frustrated last year in OBJ
tanning silver coin, which would filIyg ali
shinpasters under five dollars, by the niudicious
| movement of the director of the United States
| Mint, confirmed by the head of the Treasury de-
partment at Washington, who certainly was led
astray in his action by tile then supposed abundance
| of American silver COIN and sanctioned the reduc
tion in price allowed at the Mint and branches of