New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-01-19

9th 0rleans 4aiIp Grtsttnt.
WEDNESDAY MORNING, JANUARY 10. 1889
Dsh Orleans Nlonep Htarkst.

Utm 0rltans Mlansg Nmktt.
I CRESCENT oryrcE No. 10 Camp street 4
ga a Tuesday Evening, Jan Is, 1850. !
The money market has tendency in favor of lend
and buyers Of paper nevertheless the supply Of
capital is free and the banks have also large balances
| over the requirements of the law. It commands
great discenment and much circumspection On the
part of bank managers to distinguish between bust
ness paper and kites We are now entering the most
critical period of the commercial year. when planters
and cutvators require large advances either in cash
or credit on crops to be raised this season. II be-
hooves factors to be cautious as the present redun
dancy Of money cannot be expected to last for
Lands suitable for cotton and sugar are advancing
too rapidly. There wild and unimpoved lands in
Louisiana alone, if up to crazy prices, with pro
auctions sufficient to break all the banks in the great
financial center New York; under their present posi-
ton. r. t.'=9 -
The calls on the banks in the way Of discounts to-
day were moderate. On the street there were seye-
raj negotiations, but it is difficult to place paper be-
tween 90 and $50 days at the rate Of u 70 cent We
note the sale Of SIS 0o one year. comprising several
signatures, at the rate Of b cent $25 600 at 81 q
cent. Several small sums at D cent, and $40 900
OF choice averaging 100 days, at the rate Of u Ct
and brokerage.
The Exchange market was OF q stand to-day in
some respects The counter rate for checks on New
Nork was discount, though round sums could be
had at /. Double Al sight drafts, in round amounts.
ruled at q 1916 discount. Other good and fair
commercial drafts at / q ID cent discount five
days sight II discount thirty days sight for good to
fair bills Il q Il discount sixty days sight IL "a Ii
and D cent discount for commercial signatures.
Selected and special bills at II q IL ds according
to sums, and some produce drafts were seeking buy
ers at u a "a discount, which may be covered to-
morrow In Sterling there were sales at 1914 a 1914
for clear bills, and 10Y a 1919 for shipping docu-
ments, with some would-be buyers complaining that
prices are too high at the foregoing figures The
bulk OF the amount for the last purchases of cotton is
drawn for on New York, yet there is more foreign
exchange offering than can be covered at once.
Francs are without any special change. Some sales
on Paris direct have been closed at 523a The range
OF the market may be placed at $50 q 5.232 There
10 no disposition evinced on the part of dealers to
move to-day. The immense losses on cotton shin
ments in September and October are being taken into
consideration. s. e
In Stocks to-day the transactions have been mode
rate We note sales of 100 shares Southern Bank at
los, and 40 shares of Bank Of New Orleans at 1902
100 shares Bank Of America at lO3 There were other
negotiations astir which may reach contract Moth
ing from New York to-day Of any consequence.
The Western money markets continue easy. Well
they might, it is the season of the year when all
produce intended for sale can be realized on though
well up in the Northwest the small streams are either
frozen up or at SO low stage as to prevent free in
tercourse. There is good demand throughout the
entire West and Northwest for sugar and molasses
and though the crop of these products will be larger
than estimated by many growers, in September and
October prices will be sustained We find the fol.
lowing sales, say 1900 hogsheads sugar, quoted in
Cincinnati on the 18th inst. as follows Low Fair.
81; g @ 81 for Fair; 81 q Ct for Good Fair; Z "a
IT for Prime, and TIC. for Choice, and 900 barrels
molasses at "a q 35c.
>, VI the money market, the demand for money
throughout the week has been on a moderate scale,
ana tne same ease heretofore noticed in the money
market still continues to prevail and all frstclass
paper offered is taken by the regular discount houses
at q IL p cent. There is not much paper Offering
outside; The supply OF Eastern Exchange has been
diminishing during the week, and the tendency to
higher prices, the last two three days has been
strong, and toward the close all the banking honses
but one put up the selling rates to premium. and
Ihe buying rates to a J do. The one exception
lows: a 80 AVA
s ss:! Gss. ass ''t'ss
New 5 59ssa 60 8 ssys 81.
Flour has not changed essentially as regards price,
during the week, though the demand has been de.
cdedly more active, chiefly speculative. Corn has
advanced to 75c. % bushel with demand far in ad-
vance of the supply.
The business done in groceries has been yery large
and the demand from consumers has been nearly
equal to the receipts Prices of sugar and moasses
tnough stlffer, cannot be called essentially higher,
nCf uroa1y 1ry,o
week, the provision market was greatly depressed
under the influence of the crop news but toward the
close it recovered this depression, and though the
demand could not be called active, holders were de-
cldedly firm at our quotations. The large number of
contracts which mature during the next sixty DAYS
will keep the market in an unsettled state and rem
uef tne course OF prices during the spring months
exceedingly probematcal The quantity going into
districts seeming disposed to hold back and to buy as
sparingly as their necessities will admit Of until the
season is farther advanced.
From Louisville We have the following of the 18th
inst :
The money market continues easy, and the bankers
are dseounting all the good paper that is offered,
terest off. " =
:, Eastern Exchange has an improving tendency,
tnough thus far no change has been made, and we
s nati auete an Mew I0Tk sight premium At cne
phis il has advanced to ! premium. The banks are
checking on New Orleans at prem.
In uncurrent money there is no change as vet.
We continue to quote Tennessee, Indiana, State.
and Ohio State Bank notes par Missouri and Indiana
free banks, and South Carolina ! discounts Illinois
and Georgia discount.
Gold is selling at 1 premium, and bought at par to
prem. Silver very dull the brokers buy ii at
gebietu Of tie Ilarkets.
Cn AZ -a1