New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-12-09
Nelu ORLEANS H(uneu Hlarktt.
csescrsr orrcr. No. 10 Camp stree

Thursday Evening Dec. 3, Is5o
The general Money market is not supplied with
the freedom indicative Of continued low rates of
interest. All the banks have as much business
paper and exchange offered as they DESIRE An
expansion Of discounts beyond income to the
amount Of $l50,o00 or 5000 ,06O, or an investment
Of similar amount in exchange throw some Of the I
banks out Of line. New York financiers do not vet
understand the workings Of our banking system |
They do not comprehend our being out Of line. or |
how or when our banks happen to be short, |
whether it should be termed out Of line, above line
or top of line 1t is all well understood here, and
it is hoped that there will not be any undue specn
lation engendered to cause some parties to be out
Of line. Though the banks have as much paper
offered they DESIRE the supply on the street or
outside is free and to be realized at very reasona
BILE rates all securities having the least preten
sions to soundness and punctuality. Punetuality
and promptness the life and essence of COM
mercial and financial prosperity. 1t is very imma-
terial whether borrower has large supply or a
small supply to his credit his balance sheet, SO
long as he is punctual for faith and punctuality,
and the same remark will apply to corporate
body or State. We are reminded Of this view of
credit by the recent action of the Legislature of
Governor Melville, to take into consideration the
application of the holders of the bonds Of that State
| issued to the Planters Bank, which are now I'M
paid. Mississippi, State, has been regarded as
wealthy in resources, and very moderate tax
would pay these bonds However it may be said
that it is none of our business if Mississippi should
continue under protest, with the stigma of repudia
ton attending. We are asked if there is any safety
in investing in the bonds of railroads incorporated
by the laws of that State. On this point there are
cogent reasons for making the inquiry. The recent
movement by the Legislature Of Mississippi, now in
session, to revoke and ANIMAL some Of the priyile-
ges and franchises of the New Orleans and Jackson
Railroad has alarmed holders of bonds as well as
the owners of stock. 1t is not known what another
Legislature might do in the premises. 1t would BIZ
supposed that there two parties in all contracts
If Legislature grant privileges at one session
and they are duly accepted, and then can revok
them at following session. there is no stability il
making investments in corporations which may b.
subject to caprices and wfims of legislators-o
one party this year and another party next year.
The Stock and Bond market was rather cool to
: Gay, something like the weather, chilly. We not
the sale Of SO shares Bank of America at 1885, an,
tds
bonds there were sales of $4,000 City Bonds, en-
z dorsed by railroads, $4,000 City Consolidated an
81, 900 State get Bonds on terms not made pub
lie. but will probably be tomorrow.
The Exchange market was well supplied to-day
$ The general counter rate for checks on New Yor
/ was 9Th dis. Outside there were sales at a@9-l6t
and 9TH dis, with some distant checks forwarde
here for sale at dis These figures or sales cannc
. be considered quotation, more than sale
; $1,000 sight drawn Georgia or New York, an
: sold here at 9TH dis can be considered criterion
3 therefore, it is out of place for operators to
making illusions to these stretched sales as qut
tation, as they cannot be regarded as such. On
: side of bank the rates on New York for sight
|, standard and good names ranged from a19-l6 an
i dis. Ten days sight 915 dis. sixty days sig
a. from q, 2GI24 dis. Good bills were offered free
" at J3ct. dis. The specie reserves of most of Il
banks are, however, low, and they purchase ve
sparingly of time bills. In sterling there we
D several transactions in bills of ladng at 1O7s3Io
d to lOs In clear bills rates ruled from 1Osl01lO
e, and 10Ss, and remittance rates 10sS@l09 III
offerings of sterling were large, particularly
: second-class document bills. There are sever
n new agents in market, who are not as yet we
\ understood, all DESTROYS of going ahead in the ST
pie, if the machinery of exchange will work in the
: favor. In francs we did not learn of anything wo
q thy of record. Choice bills on Paris direct rule
'f ls3; good to fair 5.25@5224, and on 9th
points 5.264@5.2l4; but the market is not presse
! with redundancy.