New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-11-23
Nsb Orleans Daily Crescent.
WEDNESDAY MORNING. NOVEMBER 81 lag,
New ORLEANS moneu Mlarket.
Crescent orr1cE. No. 10 Camp stree

Tuesday Evening Nov ~ lSse
Inc general Money market to-day was dull yery
ouii. many Of our brokers, as well as money
,ehoefs, think that during this mild and summer.
iihe ~eather they could do az well by taking
.arh al hshing and hunting, as to operate to adyan
tage III tne money market. The calls for diseounts
to-day al the banks were extremely moderate. not
up to the income; but the surplus was ready q, he
invested In exchange, at prices to give profit Of
at least an 9TH to 18th get. The only sales on the
street we heard Of were $40 900 longdated paper
at the rate of 7sct., and some eleven and twelve
thousand dollars of sixty and ninety days, at the
rate of get. There were some other struggling
transactions at 500 get. Though the banks are
not SO extravagantly flush, they are in position
to meet all legitimate requirements. Thursday,
the 24th inst, being designated by the Executive
of our State as day of Thanksgiving, the banks in
pursuance Of the recommendation will be closed
Therefore, all banking business payments, and SO
on, for that day. should be attended to on Wednes-
day, the 23d. Though the day is not t dies nor, y
by legal enactment, as other holidays nevertheless
custom has sanctioned the observance and respect
thereof.
The weather was very favorable for outdoor
transactions to-day. Cotton was moving rapidly
from the presses and warehouses to the shipping
and good amount Of shipping documents in the
way Of exchange will be completed during the
week.
The exchange was remarkably firm to-day
under the daily sales of the staple. The counter
rate for checks on New York was steady at dis.
Double Al outside was also taken freely and in
round sums, at the same figure. Other choice and
good Sight drafts sold at 5-1s@s dis; ten days
sight at dis; sixty days sight at 1a@1a dis
There were several transactions at these figures
and few thousands of dollars of favorite name at
Il to l ZIG. These are exceptional rates. The
extreme rates on New York were from Ia, II to 2
| get dis. In Sterling there were several trans
actions in clear bills, at lo9i@lO9l, which figures
were paid by dealers. We quote from 10sS to 1895
for high grade names, with the condition that
buyers and dealers discard rates above 109@109i.
For remittance there is not an active demand. We
quote from 100. to 1909, with the banks that hap
pen to be drawing asking higher rate, even up to
ITO. In document bills there was not much activity
perceiyable. We quote los@losI.for medium sig
natures, and 1888 to l0s} for good and selected.
Francs quiet; nothing done, SO far as we could
learn, and we throw quotations overheard this
evening.
In Stocks and Shares the upward tendency, in
|
good reason can be given; that is, the most of
them are sufficiently high. To-day there sold
10 shares of Bank of Louisiana at 1873, and 800
shares Citizens Bank, mortgage stock department,
at 81 prem. s=.
1t appears that money is plenty in New York
that many large conservative capitalists find it e-
tremely difficult to employ their money in Al Sc
curities. This is a new knk in finance" conserva-
tive" capitalists-what are they, who are they,
and in what does their conservatism consist? If
there capitalists and owners of money who
have more of the dross than they can lend, it is
new feature in the New York market. If there is
any market in the world where there are more bor-
rowers or would-be borrowers than New York, we
| should be glad to be informed of its whereabouts.
True, in the gold market of San Francisco, money
commands eighteen to thirty per cent. per annum.
/ To remedy the supposed superabundance of money
or to employ the large amount of the so-caed con-
serv2tve capital, it is proposed to establish in the
city of New York large bank, without any defined
amount of capital; but to increase such capital to
t,centyJire millions Of dollars, the bank to keep
strictly to specie basis for its operations and to
embrace within its provisions the purchase of
foreign and domestic exchange when endorsed by
| banks and bankers; also the agency of the New
Orleans banks. This is decidedly the richest sug-
gestion We have met with for long while. Such
bank, by endorsing these foreign bills of ex-
| Change, would make them more acceptable to
merchants for remittance to Europe. There is an
immensely of misconception greenness in the
remarks below, taken from New York paper
We hardly know to what the extract is drifting
to. Is it to be supposed that such bankers as
Brown Brothers e. Co., Rothschild & Co., require
an endorser, OF that they wound endorse bills to
twenty-five million bank, or any bank whatever?
Fudge! Is it supposed that the banks of New Or
leans want any stronger agents than Matthew Nor
gan, that the bills of the Southern Bank of our
city on London endorsed by the Chemical Bank of
New York, would be offered to any such nom
descrpt institution as is here suggested? But Stop
for our opinion is, that such banking houses as
Brown Brothers & Co., and Matthew Morgan, Roths-
child & Co., who never suspended payment when
all the banks in New York went by the board, in
1887 to 1912, and in 1867, are infinitely stronger
and sounder than any bank in that city. When
banks failed these houses moved onward As re-
CARDS the Bullion Bank, which was talked of in New
York about year ago, it has never yet reached an
organization, being something on the principles
of " CHEN a dresse." We are for competition in
money, exchange, discounts and loans. We be-
Iieye the greater competition the more solid and
good results to the community. The Bullion Bank, |
in New York, we commented on a year ago. We
have not, in reality, learned whether it is approx
mating organization. But the suggestion of
twenty-five million bank, based on what we are
not informed, to act as agent for the New Orleans
banks and to assist old merchants and bankers of
thirty and forty years standing and credit excites
risible faculties. The commercial and financial
world had enough of mammoth banks, or banks |
of mammoth capitals, in the United States Bank |
of Pennsylvania, with its nominal capital of thirty
five millions of dollars. We desire to hear no more
of twenty-five million bank in New York, to aid
and assist the great exchange transactions of New
Orleans or the South We are getting along very
well; and if there conservative capitalists who
happen to have more money than they know how
to use, they can loan it to many of the short
wnded banks in the great financial center, New
York, which will be as productive as to organize
bullion banks and great associations to aid the New
Orleans exchange market.
from the Wall Street New York; Underwriter,I
In our last weeks Journal alluded to the
treme difficulty, and in the present state of trade
of conservative capitalists employing
their surplus capital in AL securities. We also
suggested the establishment of large bank, with
power to increase its capital to twenty five millions.
The bank to be founded on the principles euci-
af t1,oD