New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-12-16
Nen Orltans Dailp Crescent.
FRIDAY MORNING. pEcEMgER 10 1859
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FRIDAY MORNlNG, DECEMBER III 1893.
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The general Money market moved along very
quietly to-day. At the banks, however, there was
an active demand for discounts and loans one way
and another. What surplus the banks might have
after regular discounts at the Board was absorbed
in exchange. Our banking institutions have to be
conducted on different system from the banks in
other large localities For instance, banks in New
York city have no large exchange dealings nor do
such dealings form more than an insignificant item
in general transactions and as regards foreign ex-
change transactions in that Market the entire bust
ness is under the control of private bankers and
exchange dealers, nor is draft or bill drawn by
any bank in the city Of New York considered by
remitters as safer or stronger than bills drawn by
the houses of Brown, Brothers Co., A. Belmont Il !
Co.. Morgan Son; and, Of course, Southern bills,
which are daily quoted in Wall street, and sold |
through the Chemical Bank, Merchants and other
banks, must he considered Of high grade and stand
ing, that is, bills made here in New Orleans and
sold to banks. The banks in New York, however,
have not, never had, nor will they ever have any
influence or control in foreign exchange against
private bankers $50 termed) or private exchange
dealers. 1t was through the movement and action
of outside bankers dealers and large depositors
who closed the vaults Of the banks Of that city in
October, 1857. The same power ruling at that
time has not been diminished In fact, associated
capital in New York city il subject to the caprces
and influences of private capitalists and exchange
dealers. If our good city could count among its
talists and men of money we might, with our bales
of cotton, control, in great degree the financial
movements of the United States.
| Though the banks to-day had large applications
| for discount, just much, and some little more
than they desired still, outside and with private
associations, the supply of money continues free
but it cannot be disguised that there is as much
long dated paper offered as meet the wants Or de-
sires of buyers and lenders. Among the transac-
lions we note $4,000 of paper, part maturing in
December, 1859; part in each Of the respective
months of January and February, 1861, at the rate
of s@S3 Get, and $4,000 of twelve months AL
factors acceptance at the same figure, with divers
other transactions of lesser nature at s1G19 and
some at 10 get.
There is no difficulty whatever in raising money
on legitimate transactions or commercial securities
at all dates from three to six and up to twelve and
fifteen months. All that money lenders require
is the paper Or security. There is no desire nor
inclination to loan money to bolster up prices OF
produce, as it is believed the market now rules at
very renunerative returns to all productions, with
sugar and molasses daily increasing in value.
4 The exchange market to-day was not sluggish OF
dull. In checks on New York there was an active
inquiry at the banks which was met at f}ct. dis
Outside rates ranged at dis, though there were
transactions at dis. We quote from for donblt
Al, 1l-16@2 dis for Al to good sight, II to II dis
for AL sixty days, yet dis. for good, q to % fo
fair names. There were two round sums of Hayan;
sixty days on New York sold at 2 get. dis. Thu
; market for Sterling appeared to be rather irmer
which arose from yesterday sales of clear Sterling
to some extent, at 1851, coupled with advancing
! rates in New York. Dealers, however, to-da,
. could purchase many good bills at l0Si@10Ss
We therefore quote clear bills at from l0Sl, 1854
1889 to l0s9. In document bills there were sale
, of standard names at l073@1Os, with other trans
2 actions running down to 107l@l075 In Franc
there were also some movements, running on froi
yesterday-say 100000 at 5.2l4 on Paris direct
and 100000 at 5.225, This leads us to place eS
IRENE quotations, at from 5.2s2 outside ports
5.25, 5.224@5.2l4 on Paris direct.
We did not learn Of any sales of bonds, stocks
or other general securities to-day.
: Many citizens-a large number Of our readers
r are not aware Of the immense amount of obGgs
tons which have been issued by the several raj
g roads throughout the United States. Fortunately
the amount of Indebtedness on the part of railroad
i in Louisiana comprises very trifing amount {
the total sum. We have not in the Southwest an
such bankrupt, doubtful or insolvent companies q
| the great Erie Railroad in New York, the Chicag
A Railroad, Mississippi and Ohio Railroad, and
score of others, which are in failing circumstances
There are, however, roads in this section of tn
. country but what can promptly meet all interes
}. coupons at maturity.
} The following figures will show the amount {
bonds of the several railroads in the United States
: These are figures regarding the amount of bond
issued by the various railroad companies amour
T. ing to SAIL 100000, which, with the floating debt
5, the many companies, will send the amount of il
debtedness of the railroads in the United States
i, the enormous sum of five hundred millions of do
: lars.
The bonds falling due in the respective years al
detailed in amount as follows: