New Orleans daily crescent., 1860-11-21
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csEscEEE orrioE. No. 7eCanp strest. 1
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CsEscEgT OFFICE. No. 10 Camp styest.
Tassiay Evening nov. %. 1895
There was no money or paper market to-day.
The offerings at the principal banks discountine
were large faeetion'Iy they were called cart
load, but we will reduce the remark, and call the
quantity sufficient to fiji carpet bag. The present
position Of affairs has not been brought directly
on New Orleans throagh the action of its CONNER
cial community. Our commercial and financial
movements are 50 blended with New York that
fiafeup or qsass panic IN that metropolis reacts
on the Crescent City. The real foundation Of the
presens pressure and tightness in our markes IS
that our community has run too much in debt, of
which we have spoken not few times: pay day
has come, following Presidential election result
ing adversely to the great South
There were dispatches received TO. day from New
Eork, which at first view were deensed Of an i'm
proving natgre, but when they we're fully dissect-
ed, they amounted to jest nothing ut all /; because
after they were received sterling exchange sold
yet. below whatit was taken yesterday. The ac-
counts of fifteen banks in New York agreeing TO
advance 81 100000 on sterling exchange appears
very well on paper, but the proposal is merely to
aid and sustain the shipments of grain possibly
| small amount may be advanced ON cotton ex-
change; ia fact, these telegraphic adriees would
appear to some parties as something highly impor-
tant, and few neoPhytes seem to take ii as GER
| tain that this petty movement Of the New York
banks is the precursor of general relief TO the
financial troubles existing. The intent Of the
movement is commendabe, but it will NOS afford
but partial relief, and that only in special cases
New York capitalists, bankers, banks and mer-
chants have become alarmed, taken fright at the
secession movements in the South. The same fears
are extending to other cities. Boston IL in trepida-
| ton, Baltimore il under excitement and pressure,
and Philadelphia appears to be following in the
wake Failures are taking place daily in all these
cities, SO that if community is under pressure,
| it is not alone. The New York banks line of dis
| counts is four and half millions more than last
\ year. The line of discounts of the banks of New
Orleans is three and half millions less than at this
| time last year. The banks in Philadelphia have
increased their discounts over two millions over the
same time last year. The Boston banks have also
enhanced. 1t will thus be perceived, while the
| banks in all the Northern cities have been going
| on expanding, the banks of New Orleans have
been curtailing, that is, the community of New Or
/ leans and Louisiana have been paying up, and il
they had not expended several millions North the
past summer, the present pressure in our money
| market would have been relieved of some of its
onerous features.
/ 1t Is expected that we should have something to
| say of the Exchange market. 1t was active here
and there for sight on New York. if at something
about par. There were large sales yesterday at a
late hour of bank checks at a@5 prem. a round
sum of 100000 was taken at prem. The mar
ket opened this morning with sparse supply OF
sight Double AL was held at prem, with rates
for small sums over the counter being held at s04.
After meridian it bruted about that one of the
old banks on Camp street had got lis boots on and
was selling checks at PREMIUM which will ma
terially aid in footing up the losses on some pur-
chases Of francs and sterling. In other respects
| there was market for Northern bills. Some lit
tie sums Of AL sixty days were taken at 313a dis,
but there not sufficient sales to warrant us in
4 saying there is any demand for time bills on New
York, Boston, or any other Northern point. In
sterling the market was not thought to be low
enough yesterday, SO it took another rebound to-
day. resulting in sales of clear sterling good spin
ners as drawees, at tho low rate of %. We quote
from 95 to 9S. AS for documents, we did not lear1
Of sale, though there were some movements at
tempted. II good clear bills will not command
ever 95@9S, what ought bills of ladng with doc
uinents to command. In francs we did not hear o
a sale.
The report by telegraph from New York is tha
clear sterling there was, as expected, unsaeable
at lo0t0l0l, and that bankers bills were tending
toward the same figures. How is it that sigh
funds have advanced so much within five days? I
is supposed that it arises from several causes this
that and the other; but possibly some large deal
ers drew heavily last week. on the expectation Oh
selling sterling, but the change in New York hav-
ing come on unawares, it is important now to
transmit at all hazards, and put their drawees in
funds without delay.
The Stock market is dull the only sales to oul
knowledge are 2t shares Canal Bank at 1245 and 2i
shares Gas Light Company at ITO.