New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-10-30
Weh Orleans 4ailp Crtstsnt.
FINANCIAL AMP COMMERCIAL DEPARTMENT.
8su @rIsans dtlouer dlarhtt.
caEscxs7 OFFICE, We. 70 Camp street.

q . l.
Monday Eyesana Oct, 70 iao.S !
The week opens with the general money market
leaning in favor of borrowers, though sellers Of
paper have not obtained any advantages in rates
OF interest," yet the disposition to buy prevails to
greater freedom than at the close of last week.
Though the calls on the banks to-day were heavy,
the street was not pressed, and we are knowing to
several transactions in 90 day securities at 199l2
| get, though small in amount, they gave tone
and serve for a quotation in the daily movements
of the day.
| The weather continues favorable for the picking
of cotton, though it may be rather too high in tenn
perature for the general good of the cane; yet If
severe cold and frosts keep off for three or four
weeks, we shall foot up very respectable bust /
ness in the way Of crops and returns for our good
| city, !
1 There are several remarks made about the recent
Government loan. Every mail from New York
brings some explanation why the amount Of bids
or tenders solight. But nothing of satisfac-
tory nature to our vision has appeared A major
ity of the New York monetary writers entirely
silent on the subject; they appear to be alarmed,
that the change in the administration Of the gem
eral government to Black Republicanism is fore
gone conclusion, or rather fixed fact 1t is an up
hill work to attempt to remove the impression
that the future ia fraught with evil. The average
premium bid for the loan is less than A9ct. when
it ought to have brought from 4G5S}ct., consider
ing that Treasury notes to the amount Of between
$1,000 900 and $s,000o 900 to be absorbed or to
+ be received in payment Therefore, taking the
premium into consideration the bids merely cover
p the amount of the required proposals.
Y The exchange market moved along to-day regu-
larly. good demand prevailed for sight funds on
New York, and sales to some extent were made Of
AL drafts at lD4 dis. The counter rates at the
banks ruled at dis, and as there was no imme-
ID date press for checks the banks on the other
hand, did not feel inclined to purchase freely. One
: Of the old banks the Citizens, has heavy cash
= balance in New York. 1t will be observed by the
p returns of the banks that two banks the Citizens
IT. and Southern, hold fifty per cent. of the amount
returned These two banks deal both in foreign
and inland exchange, while the State confines it,
i'll transactions solely to domestic bills. This policy
was adopted years ago by the State Bank and has
been fully carried out, and we are not aware thai
departure from the rule will be productive of any
rk increase in its business, the bank has full EN-
ployment for all its resources, and pays good diyi
dends, say 15f9ct. per annum. In time bills OF
New York there were sales of good 80 days sigh
at Ii and IL dis; so days sight, without variation
ing ing from Saturdays figures, fi@2 down to q and
For discount
( Sterling was heavy to-day. Further depressin
= accounts from New York quoting bankers bills i
- Wall street at l0s@10s{ were received this morn
men ing. They were not relished by drawers. Til
Of sales to-day in our market comprise clear bills
}, l0I501072, and round sum of 80 days at 1919
,re also other transactions for remittance at 1903.
! IS quote buyers or dealers rates from l074@l67
J. Document bills taken to some extent for we
known drawees, at 106h; extreme quotations t
- day l06t@lo6a. Francs we hardly heard me-
now toned to-day, though there would be movemen
sn'' if at decline. Some retail sales made
lis 525 aud 5223. At late hour some negotatio
= were in course of treaty which may reach GO
now tracts. We merely have to quote 5.3ll@5,22a
aght the extreme range of the market. M
o.: Our dates from New York of the 9th say:
10 Foreign exchange continues extremely dull. I
rican asking rates are, for sterling, l0sg03, and
load francs, 5l750lS4; but bankers bills done
lance low these figures. The produce and cotton Sd
TO- ments are supplying the bankers with exchange
- such low rates that they are enabled 10 sell til
nsfI own bills at unprecedentedly low figures The
cot port of specie appears to have ceased for the
- | son; the Ariel, however, arrived to-day from
VIZ pinwall with something over $500 geo in specie.
There is less business doing to-day at the M
- brokers' but rates OF interest with them rem,
AND unchanged and are little below the average
IRA, last week. We quote: