New Orleans daily crescent., 1859-11-17


cxEscssr OFFICE, NO 70 Camp street. 4 |
Wednesday Evening, Nov. 16, 1859. |
There was a marked dulIness in moneyed circles /
paper were confirmed at the rate Of sac get I
There was paucity Of satisfactory securities on |
the market; nevertheless, holders of money and |
capitalists in general are enhancing their rates |
The calls on the banks to-day were not large com-
pared to the income It must not be forgotten that
the income at this present time u also large.
There were some comments about tile late neeo-
ton for the Parishes Of Madison and Carroll that
the commissioners ought to have given public no.
tice of the intended sale Of the bonds. This was
not required; yet, in our opinion, do not think
it would have made much difference in the result.
For we verify believe that if the bonds had been
offered in New York or London, they would not
have received hardly passing notice, much more
a bid approxmating the amount realized. Distant
capitalists do not understand the merits of South
securities, rather, they will not, SO long as
the great State of Mississippi refuses to acknow-
ledge its accountability of millions of dollars in
bonds. We think that the Board of Levee Comms-
sioners has made a verygood operation, much bet
ter than could have been realized in other markets.
1t is gratifying in the extreme to learn that there
money lenders in our city able to purchase
such securities 1t shows conclusvely that there is
money outside Of New York, London or Amster-
dam; and the sale of these bonds is highly adyan-
tageous to the parishes which are to receive the
benefits, the recipients of the proceeds, it
is believed they will prove lucrative to the buyers
The Exchange market to-day opened with con-
siderable dullness, and continued SO through the
day. The rate for checks at the banks on New
York and Boston steady at dis. Outside the
rates ranged from s@7-l6 and ] get. dis. 1t was
uphill work to realize the inside quotation, as
double AL drawers were willing to sell round
| amounts at !. Short sight, say FIVE days, /; ten
and fifteen days sight dis. thirty days sight from
l491s dis, and the general run of sixty days sight
from 1902 and u dis, with favorite names at l4@
IT, These figures are exceptional rates. In foreign
bills there were offerings, but chiefly of document
bills bills Of lading based clean cotton Buy
ers inside and outside took freely, were disposed
to- at 1854 and lOs1, and, allowing for old and well
known spinners and drawees, a fraction more, say
| s0I. In clear bills the movements were confined
| to few sales at l09 and 1881.
Francs were dull, though held at high figures, say
5.20t15.l6l which is an advance on Paris direct
On other points the rates rested from 20,
with some concession for round sums on document
bills.
In Stocks there was not much done to-day. All
the transactions heard of were SO shares of the
Louisiana State Bank at the advanced figure of 100.
| There were some other negotiations going on
which may lead to sales and contracts.
Some how or another the course of the none y
market Of New Orleans, and the banking system
| of Louisiana, cannot be fully understood in many
parts of the country. We are reminded of lack
of information, even in New York, as by the fol
lowing extract from the money article of the New
York Courier and Enquirer of the 1lth inst, which
says: -
UsuRY LAws-Money at New Orleans is in de.
mand al minimum price Of u 5sct., the bank
rates being get.
| The Banks of New Orleans do not charge but
6 get. for all paper maturing inside Of 90 days
The bank rate is only, therefore, at that figure
though they can exact get. for all paper having
over 12O days to run; and two banks can exact
get. At this season of the year banks discount
very little paper having over 30 days; not one
| twentieth of the discounts composed of paper
maturing beyond that time in the fall and winter.
The above paragraph it is supposed, from the date,
alluded to transactions about the first of this
month. The minimum rate of interest on paper of
first grade at that time was Get, not u, on the
street, and the same in bank. If any borrower or
applicant for discount can arrange for discounts
at less rate, say get, (at which figure there has
been considerable business done until within thirty
days,) or at and get, there is nothing in our
statutes to prevent it. In fact, have something
| of sliding scale below and get.
The Charleston Is. c. Mercury gives the average
weekly condition of the banks in South Carolina for
the month of October, which shows as follows, the
| aggregate figures being
uABLlTIES RESOURCES.
! r,s;.,, A ne,I Isnac;o 1A6