New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-11-26
cxnscErr oyylex, No. 70 Camp S..

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Wem 0rltans Hlantg Nlarkst.
o@''s''r es., s ss e e sss e IL,
The most important turn up down to-day in
moneyed circles was the announcement that some
exchange drawn on New York, based on cotton |
purchases and shipments, had not been duly pro-
tected by the drawees. As there are many reports
and versions aaoat, founded on telegraphic dis
patches alone, we prefer to wait for the mail bags
of Mr.. Postmaster General Holt before making any
further remarks.
The offerings of paper to-day for sale through
brokers were limited. The offerings in bank were
in the aggregate as much as desired. With no &C.
cession to the specie of the banks, no ex
pansion in discounts and loans can be expected for
the present. The small operators, dealers in and
buyers OF paper, say they have applications daily
FOR all their funds at paying rates. which means Is,
ls(gA get. y annum. Usury statutes are not re-
garded. Nor can any laws regarding the rate of
interest or usance be respected when our august
body, the Supreme Court, condemns tax-payers.
who have questioned points Of law to pay "
CT % month or II get. u annum for delay It is
useless to talk of lawful rates of interest as being
anything less than twelve Get. U annum. Our
outside dealers in paper and securities can now 20
on and charge two, three, four and five " cent
q month. They can, even if piece of paper
OF four years more time is offered to them at
70 get. y month, ask the seller to pay small bal
ance for taking it. We, in common with others,
thought that our Supreme Court decided that inter
est should be paid at the rate of Get " annum
but we are informed that it is Get. 10 month OF
course TINS decision sanctions any rate of interest
parties may agree on. 1t is one of the great fea-
lures Of the faithfulness and honor of Lousanians
that when they borrow money they never in pay
ing for it use the quibbling petty litigation or plea
OF usury, as they do in Northern States-that is
when they borrow money they do not attempt to
avoid paying, under the contemplate and disgrace
full plea of usury.
The Money market continues under good supply.
with negotiations Of short time paper at the rate of
SGT get. 1906 months at the rate of get. :;
longer date, say l2@15 months, at the rate of sac
T2ct and the usual tonsorial transactions at 100
Is and "a get. At lo@l2 get. there are many
transactions from week to week, which are not
made public. At l5@ls there are also operations.
All persons having securities of decent standing or
credit can realize at some rate or another,
The Exchange market was well supplied to-day.
The counter rate for checks on New York was
dis. Outside double AL ruled at SIG dis with the
general run of good sight ranging from 2@7-l6th
dis. Two round sums of thirty days sight sold at
dis. Further sums at l yet dis, and still further
amounts at II dis. In sixty days sight there were
several transactions at l}@lz dis. We quote choice
to good l59l3, and good to fair from II, Il, 2@2l
dis. Purchases of sterling were made by dealers
and banks at 1904 for clear bills. We quote from
l0sa@l094 as dealers buying figures 1O9A@109i
remittance rates. for which purpose there was no
much wanted to-day. Several transactions wer,
made in bills of lading drafts at 10s4@1OsI 9Th,
! most prominent dealers taking standard name
generally at los2@10s2. Sterling bills are abou
as high as in New York. Francs were in create
supply to-day. Sales of AL bills on Paris direc
were made at 5.ls4@5.l 74-extreme range 5000
5l6}, and other points 5.234@5.2O.
The Stock market offers very little for common,
The most important transaction for the week is tn
transfer Of $50 Bonds of $1,000 each of the ne,
: issue of Construction Bonds of the Opelousas Raj
l. road. These bonds are issued under ditferen
course from Bonds of similar character in othe
/ parts of the country and by other railroads. Til
l. road is a fixed institution There is nothing wha
ever of a speculative character about it. Ever
s. dollar invested will be productive of immense az
vantage to our city. The President of the road an
chief managers are, in view, so closely dentit
ed with the prosperity and welfare of New Orlear
that they may be considered right bower.
they are not the right bower, they are the Wester
bowers therefore, it is not out of place to for lis
urge on all our moneyed men the strength Of thes
v Bonds, and the great Importance Of furnishing til
: snews for pushing the road onward.
n There have been very few transactions in Stock
n or Bonds to-day. All that we heard of was on
sale of so shares Crescent City Bank at lO33, wit
negotiations of other shares which might reac
r. sales.
= Our usual weekly table of quotations is comprl