New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-04-03
Ns6 0rltans 4ailp Grsstsnt.
FINANCIAL AND COMMERCIAL DEPARTMENT.
Slsiu OrItans Hlonsu HIarhtt.

GLEN 0rItans Hlontu 8Iarktt.
csxscssr OFFICE, No. 10 Camp stssss:
Monday Evening. April z. Iss0
The week opens under rather morbid feelings in
financial circles The calls or offerings at the
banks In the way Of discounts were heavy. The
discounts in general were to the amount of the IN
come--the public cannot expect any more. The
specie basis of the banks has not received any ac-
celebration this season. Though Mr.. Ball, Monsieur
grapeau and the Autocrat Of Russia, with the sub
jects of all the small potentates of Europe, want
onr cotton, and cannot subsist without it, and
whether they have to purchase at 10, Is or 20
cents p ID, they do net send any gold or coin to
pay for it. It ID draw, draw, draw and draw, and
your bills will be duly honored which is all very
well Il some parties do not draw too fast or for too
much. There are no doubts nor mistakes about
the drawing system, so long az drawers confne
themselves within a reasonable margin. Very
often drawees on the other side kick, jump cut Of
the traces, and throw all unfavorabIe results on
this side. Therefore, as there is no probability
whatever Of exchange receding to allow Of the
bringing hither gold, it can at once be discerned
what will be the course Of the banks. They will
discount to the full extent Of their resources
whether it complies with the dogma Of conserve
tism, or whether it does not. The great money
market Of New Orleans is not governed by rules Of
this nature. On the street to-day there was a
hardening Of rates percevable. 1t Is Of no sort Of
use to blink the question. We are under larger
business in our great controlling element than ever
before known, with specie basis to move this
large increase twenty-five per cent. less than at
this time last year. We note sales to-day of long.
dated paper at 10 get. for good signatures. There
were sales confirmed, however, at less figure, say
lot Of Al at the rate Of get. another lot at the
rate of 81, and further lot, but larger one, at
l09. There were also several transactions at the
rate Of 10, II and II Oct, and some at lsa to Is
get 1t is hoped that the products of the soil will
justify these figures.
The Exchange market was very wellsupplied to-
day; rates all about had downward tendency.
The counter rate for checks on New York, at the
several banks, ruled at from an to premium;
toward the close of business, 8 P. NJ, the latter
figure was considered obsolete. Outside drawers
AL were asking par(D1- 16, but under something
of feeble demand. This decline in favor of re-
mitters and buyers augurs very well 50 far as it
goes. 1t will ebviate large calls for coin; at the
same time It is not to be expected that the rates
will decline 50 as to admit Of the Importation of
coin. 1t is unnecessary to talk on that point, the
season is too far advanced. Our banks can now,
for eight or ten weeks, confidently rely on daily
calls for coin. With the exception of the dullness
in sight funds, we have nothing to quote in North
ern or even foreign bills. 1t is the most absurd
nonsense, we may say, for parties who possess the
least information to be running to the banks to
draw coin for every few hundred dollars they may
hold. A certificate of deposit, granted or issued
by any bank in New Orleans, is equivalent to gold
in any market west of the Allegheny mountains !:
and in the Atlantic cities such certificates can at
all times be cashed. The many disasters and
troubles to which travellers are subject, it would be
supposed, would prevent these constant "picayu-
nishn demands for gold OF the counter Of the
banks. We every day read and learn of robberies
of gold or other coin, which never can be identi-
fed We read Of losses here and there, which
would never take place if certificates of deposit
were more frequently used. Coin, when lost, can
not be identified, particularly If it is sent to the
bottom of the Mississippi river by . blow-up or
melted into quasi bullion by a burn-up. Bank
notes can be traced, but certificates Of deposit can
at all times be protected. Therefore, we suggest
transmitting or carrying funds for personal uses
than any other.
In time bills on Network we did not learn Of any
important transactions to-day. The banks were
not buying much. We quote sales of good sixty
days at 1l@1s dis, and good to fair at from la0ls
dis. At late hour there were some large move
ments going on for sight at from par to fraction
below par. The market very dull and languid. In
Foreign we did not learn of any important transac
tions but rates were heavy. There were two sales
amounting together to 920,OoO) of clear bills at
1893. We, therefore, deem 1oss @10s4 as extreme
figures with the remark that some buyers said they
could get all they wanted at 10si@l0sa. We did
not learn of any transactions in document bills
We quote from 1O74 @1O7s and 1919, which may be
deemed low rates for some cotton purchased at the
low figure of 4l@4ac., but whether these bales or
representations of bales of cotton can really be
called cotton we cannot say, it is not our pro-
vence to comment on the qualities and relative
prices Of the staple.
In francs there was very little done to-day-no
change in rates. We quote 5.232@5l8} and 5.16a
05.15 for bank drafts. We did not learn of any
thing being done in stocks to-day.
The old issue Of 800 notes of the Louisiana State
Bank-the same which was so well counterfeited-
is being withdrawn from circulation. A new plate
has been made, and the issues Of the denomination
of 500 from this plate will bear date 30th March,
1860, letters and D, SO there can be no fears
whatever in receiving these new notes. 1t is unne-
cessary to particularize the notes. They look very
well, will bear handling, and every person in the
habit of receiving bank notes take all they can
get with the greatest safety. s
C DINNER CIAL.
Market Report of Drake, Kleinwort & Cohen.