New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-06-15
Netu @rlsans 4ailp Crescent.
WEDNESDAY MORNING. JUNE u, 1859,
Ntm ORLEANS Nluntu Marktt.


->
CRtscEsr OFFICE. No. 70 Camp street, 1 |
Wednesday Evening, June H. ls59. |
There nothing of important character trans
PRED to-day in mercal or financial circles There
were many inquiries made regarding the fate of sew.
era bills of Exchange drawn against cotton and if
credence is given to the thousand and one reports it
might be taken as fixed fact that dealing in Ex-
change was about the most hazardous business ex-
tant. We, however continue to receive unfavorable
accounts regarding many hundred thousands of dol
lars moving along invested in Exchange. 1t is
hardly necessary for to allude to the fact that
credit has been greatly abused in commercial transac-
tons that something very mysterious has been lurk
ing in and about many large operations in cotton the
past season. We will cite recent instance in the
transactions of the firm known as Trenholm Broth
ers Co., in New York, with branches in Charleston
and Liverpool. The house was reported to have a
large capital, but It appears to have disappeared
somehow another and not available when required.
From all we can learn the house which it is sup
posed had its principal in Charleston was the first to
suspend Well another question presents itself with
out being proppunded How is it that the Charles
ton house, irrespective of the branches in New
York and Liverpool, is the first to suspend? And,
since the suspension it has been announced that the
Charleston Banks have agreed to advance 500, 900
to relieve the house this would require if demanded
in actual CON- little over onefourth of the entire
amount Of specie in all the vaults Of the State of
South Carolina, including Charleston. The entire
amount of coin being, according to the last report
before US, 42,6T7 000 If the Charleston house has
been advancing ss@$l2 U bale on cotton above the
real value in Liverpool, with possibly large amount
Of arrearages, recamatons on business of former
years, that of course accounts for the difficulties,
without waiting to learn that the Liverpool branch
has suspended from the effects of the war. As an
addenda to this failure has been supposed that par.
ties in this city were largely implicated that kitng
has been carried on, and other surmises alluded to-
In fact, we have communication before us making in
quiries Of the nvovment of firms in our city, which
we, of course, do not deem proper to make public.
Our local money market moved along quietly TO-
day. In fine, if there has been any press on our
market, it has been among some transient traders
and those who have to good city to work on
borrowed capital; to use the common expression Of
q prominent hank officer money is very plenty with
those who haveno orit of which there are good
many called old fogies, who can join in the express
sion. There were some sales of long dated paper
that is due next spring, at the rate of 81 get, and
other transactions Of less note at 9@1O pct. The
|
income-and the war in Europe can go forward ;our
| community is for once, fully prepared.
There was not much done in Exchange to-day.
The market all round, is weak, and tending in favor
of buyers and remtters The counter rate for checks
on New York was prem. under limited inquiry
Outside Double AL names GIG and 59ct. prem. we
quote extreme rates of sight bills from 3@a prem
Sixty days sight from E@1 get. dis down to |! and
He Inc NOT roa fho1 ,oc; ~
Exchange sdaiy declining Sterling ranges broadly
we note sales of clear bills at 1O9l@1O9l up to llOt
In Document bills we did not learn of transaction
The Tobacco operators are moving in the weed, but
they are among the bang ups, and have no occasion
to pledge their bills of lading. Tobacco furnishes
some basis for Exchange at this moment but buyers
have the market to themselves just at this juncture
We did not learn of sale of Stocks to-day. Hold
ers have no inclination to SELL unless at prices ruling
sixty days ago. The Directors of the New Orleans
Gas Light Company declared dividend to-day of {
get, payable on and after the LIST prox. The mex
dividend will be that of the Canal Bank on Monday
the 9th inst which, it is presumed, will be the usua
one of fpct., as it has been made and something
over. .0-."
There appears to be some trouble among some
the Western banks, as appears by the following, from
the Cincinnati Price Current of the Sth inst.
The money market has been good deal agitatet
during tile week, owing to an universal influx o
the notes of the Missouri banks and sort of dreae
| hangs over the minds of many that most of these
banks will go under, in case any little pressure may
arise Tile Ohio Valley and the Commercial Banks
threw them out last Saturday and the probability is
all the banking houses will have to do the same il
those banks fail to make arrangement to redeem thel
paper:
the closing rotes may now be set down as follows:
P6iiadsIphia prem es@a prem
S Anew Gs1saes old. p prem. pa, prsm
The demand for money has been but moderate, and
the market is comparatively easy at lO@l2 yet.
| There was but little movement, comparatively in
Missouri currency to-day. The precise amount sent
to St Lons last night 1925 900, and the bankers
made but little effort to shove off what remained see
ing that it was impossible to unload successfully upen
their neighbors. The most of that held to-day was
put aside quietly, awaiting the result of the visit OF
the gentlemen who left this city yesterday, to the St
Louis Banks. The Committee reached that place
this afternoon, but up to present writing, nothing
his been heard from them. Mr.. Anderson, President
of one Of the banks, was here to-day 1t is his opn
ion that the paper will be redeemed. He sent dis
patch to st. Louis early in the day, favoring this
course. Mr.. Anderson reports Exchange exceedingly
scarce ut st. Louis, which is owing, mainly, to the
fact that produce dealers are holding their stocks
| back fer higher prices. Three parties in that city
anticipation of better market. The banks have con
sequently been meagerly supplied with bona fde
bills, ard their circulation based largely upon local
| paper. The bankers have become convinced of the
necessity of contracting, and they are now going
through with this process.