New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-10-30

honeyis Estimated that the recent storm mas ln1ur
II the cotton crop in our parish tn the aftent
5000 bales, 'ef also commands a premium. /
, lPpears that for real estate paper the rate in ST
Louis is IL yet. per month Is S9ct for one year
and II yet per annum for two years date; SO if
five year note would be about 3-5th, swallowed NE
by interest, and including commissions and interest
about 62 yet. would be taken off of such
note. The money markets through the West are
bound to be very close for months to come
The following is from the monetary of the St.
Louis Bulletin of Saturday last, the 27th inst:
The principal feature of the money market il n
continued tghtness and difidence on the part of
moneyed institutions to nvestin other than strictly
No. paper. We would again suggest to the reg.
ular discounting- houses the importance and neces.
sity of giving preference in their loans to parties
who want it to operate il grain instead of holding
back to assist their customers in November and
December. The money that is loaned to the grain
operator goes directly to the farmer who is there
| by enabled to liqudate his Indebtedness to the
country merchant and the latter pay Off his CITY
creditors. In this manner the whole section of
country tributary to St. Louis can be relieved 10
great extent, and the money pass through various
channels which would take some sixty or ninety
days after the bill sold to the bank had matured
and the latter be in condition to redeem its issues
| in New York exchange at a satisfactory rate to all
parties. Note brokers inform us that it ID almost
impossible to have half the paper offered them dis
counted, and that the rates of interest are yery
slnl. Oh real estate security paper running one
| year is negotiated at 15S3et., and two years at
l283ct., borrowers paying commissions and charges
which would increase the actual interest paid about
| 2fSct One of our banks redeemed Yesterday
$4,000 of its branch notes, and expects TO redeem
| tomorrow an equal amount in exchange but the
terms are kept strictly private. We are told by
gentleman who is entitled to credence that one of
our heaviest banking houses held this week, part
OF which has been redeemed, in the neighborhood
OF quarter of million of dollars of assorted
Missouri paper. This is very large amount for
one house to hold, and there are not few Of opn-
ion that it would be considerable more relief to
the community If kept in active than in hoard
ing up to make exchange.
The demand for Eastern Exchange to-day was |
considerably in excess Of the supply, and several
bankers were compelled to limit their sales to Gus
toners. The chief means of making Exchange I
continues in asserting Missouri branch paper, |
which diminishes the circulation of our paper, as
Tear OF Its speedy return. The transfer drafts on
New York at the Sub Treasury, going off grad
ually, and 1t will probably take two three weeks
TO dispose of the amount on hand at present. New |
Orleans sight was reported in good request by
some dealers, and that they were obliged to re-
strict their transactions TO customers but others
report the market only moderately active, with
about enough to meet the calls on them. The rates
on New York and New Orleans are maintained with |
much firmness at our quotations:
Sight New York .....s,,..s.... par nfef1 |
Currency is unchanged, We learn by private
dispatch from New Orleans that sighs on New York
is selling at l64 discount on the street and para
discount for bank checks.
The meaning of B. r. & Gy. in the above Is
bankable funds and currency. What farce is the
Missouri system of banking only one step further
required to re,.s