New Orleans daily crescent., 1859-12-08
Os6 0rleans 1ailp Crescent.
THURSDAY MORNING, DECEMBER 8, 1859.
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'a''es;E w.sssss., ssss II fs.sse s eaSs Be-
me Lapiand weather to-day, following the mild
temperature Of the sunny South Of days past, gave
sohethng Of a chill to large transactions. These
suddcn changes IN the weather are something akin
70 sudden variations in the money market. year
ago there was about this time a similar change : in
TACT these cold snaps are recorded in the annals Of
history.
The Money market to-day was under free supplv.
The calls on the banks for discounts were not an
large yesterday, and there are no indications Of
scarcity of the dross still the discount line of the
banks is largely in excess of former years. In pri
vate circles there ia great apathy and lethargy,
arising from a lack or want of assortment of COM
mercial securities Is there no way to make up
some hundreds of thousands of dollars in paper to
fill up the vacuum, which appears to exist at this
moment? We do not say that our money lenders,
capitalists and shavers, would spoil or retire in dis
gust from change for the want of availibilaties
but we confirm the impression, that first-class,
second-class good and fair securities, based on
e.
scarce, and note brokers are daily wondering where
all the paper goes. The reply to this wonder may
be summed up in a few words That competition
in capital rules paramount at this moment and that
outside owners Of money enter the lists with the
banks. 1t must not be overlooked that we have
now in our midst eleven insurance companies that
they have in the aggregate large surplus, and can
at all times purchase any short time paper Offering
They are not precluded from using their funds
when opportunities Offer either for the advantage
OF borrowers or for the qualification of stockhold-
ers. The competition, therefore, in the general
paper and money market is one Of the soundest
and safest kind.
| AS regards Stocks and Bonds, there is no market
for either. Holders of bank shares prefer to wait
for the dividends which will be declared more or
less alter the incoming of the year 1860. All the
free banks will pay from 495 get, and have sur
plus over.
In Exchange the movements to-day appeared to
be operated on by the weather-it was chilly on
one side of the street, sunny and pleasant on the
| other. The counter rate at the banks for checks
on New York was steady at { dis. Outside the
transactions comprised some small sums of good
bills at dis making extreme rates at from EG15
dis Though there were some extreme outside
sales at S@3 dis, these figures must not be taken
as standard. The standard closed from Sls dis
count, which includes bank checks to choice and
good sight. Our distant readers will bear in mind
that there is difference between choice and good
names. In time bills there were several transac-
tons at all sorts of prices, from L. 2, dis for
sixty days sight on New York. The bulk of the
transactions to-day was at L. 2@2I dis. At the
| same time we have to note that three round sums
were taken by the banks at Il dis, but they were
exceptional, and old fogy connections. In sterling
there were sales of clear bills at los4@loss, and
document bills at 1073@10s and over. The ex-
treme ranges of clear bills being from 10sl@IOss
to dealers and buyers, and document bills from
1913, l072@l0s. There were several thousands of
bales of cotton drafts negotiated, and closed at
l074@l075. The latest advices from New York,
say of yesterday, quote the market there dull and
weak with good bills selling at 1Oo4@109s
| Francs were also heavy to-day. We quote on
Paris direct 5.25@5.ls9, and on other points 5.27A
5.22a, but the question is, are these declining
| figures likely to bring any con to aid in moving
our daily receipts of cotton, which are becoming in
some respects fabulous.
| The Legislature of Georgia is engaged in some
very small business. Among the bills passed at its
present session is one to compel banks to publish
the names of depositors 1t was amended SO as to
exclude those depositors whose residences are un-
known There are very few persons having money
but what know where they deposited it. There is
mmensy of idle, childish and foolish legislation
going before the General Assemblies of Georgia,
Mississippi and Tennessee, in regard to banks and
bank issues bill to prohibit the circulation in
Georgia of all bank notes under ten dollars has
been rejected. There is an immensty of nonsense
displayed by Legislators in general, in regard to
paper promises. There is great deal said about
the laboring class, and of the almost worthless
issues of banks being forced on them. There is no
foundation for this complaint in louisiana be-
cause, if an individual does not choose to receive
his pay in New Orleans currency, he has remedy at
once through the law. 1t is really laughable to
read the proceedings of other State Legislatures.
For instance, bill is now before the Legislature
of Mississippi for the suppression of all bank notes
under twenty dollars yet, the obligations of this
State in the shape of bonds and interest coupons
be purchased for twenty to thirty cents on the
dollar for the very issues of banks which this bill
is intended to suppress. There is no compulsion
for any one to take bank notes. They are not
legal standard; and, to cut long article (Which
might be) short, we shall be glad for the first in
dividual, whoever he may be, that declines to re-
ceive bank notes of the banks of the city of New
Orleans, to call on us. We will give him the full
benefit of our broadly read columns for an ex-
preston of his views.
From the Montreal Gazette of the 18th November.l
CANADIAN BASKs-Staement of the Per the
Specie Circulation aud total Liabilities held
ltup
month of October, 1859:
Specie Specie
Names of Bank. Cirn. to Ipties.
Quebec Bank ACKNOWLEDGEMENTS tct.. 80 IL q
City of Montreal a..................,.. Al 10
Bank of Montreal a......................... 80 II q
Commercial Bank Observation-Disclosures. 2gS 1872
Bank of Upper Canada. Is 50
Bank du Peuple. ~ II q
Molsons Bank k............................2 "a 1O7
Bank Of B. N, America ....,.........,.... 80 Ii
Niagara District Bank l5 8
Il )
Eastern Townships Bank Al AZ g
Ontario Bank. k...,........................l IS
Bank Of the City of Egin y IL d
Average of all the banks. ............. 20 15 o
We take the following from NewIor paper of