New Orleans daily crescent., 1860-12-12
Nstu Orlsans DAILY Crescent.
FINANCIAL AVID C0MMERCIAL DEPARTMENT.
Asp @rIsans yfluneu Hlarket.
cansOrsz or,lor, No. 70 b Camp .trsss; y,

,ent state to-day, because there was active in
JURY at the banks for discounts. The cry Of bank
managers is, " Still they come" We may give a
Iuarter Of q million of dollars to-day to Mr.. a;
we may grant the same amount to Mr.
B, and give little to other partes but the cry and
call is, " More, more ''-prefxed or affixed now
and then that if such favors are granted or such
bills are discounted, checks on New York will be
taken; these very checks, or the proceeds to go
direct into the hands Of Black Republican taer-
chants, bank and bankers in Northern cities. It
has been suggested that our bank nandators, dur
ing this crisis should inspect and carefully inquire
where the proceeds of such applications are going,
whether the liberaiity of our banks may not be |
misapplied.
There were sales to-day of Al factors' paper, Of
three and fonr months date, at the rate Of get. U
month. There were other transactions at higher
rates, say 3s04 yet. q month. The bottom of the
paper and money market has not yet fallen
through There were also some light transactions
in twelve months mortgage securities at the rate OF
13 get. u annum. These sales and negotiations
are made outside Of bank on the street. OF course,
it is not expected there will be any Ietup . any
relief from the pressure for some time to come.
Our community has been advancing too rapidly,
and is now merely paying for the violation Of the
old beaten track.
There many fabulous reports and many false
views expressed regarding the solvency of New
Orleans. The factors and merchants Of this good
city have been liberal in the extreme, in the way
Of advancing and assuming responsibilities for the
mere trifing compensation of q get. Whether
there has not been free desire to buy business as
it were, it is not our provence at this moment to
say. Many reports of great distress and pressure
have gone abroad as existing in our city for which
there is not shadow Of foundation. 1t appears
the suspension of one commercial house is aggra-
waited into dozen. If the least credence was
given to the thousand and one reports which have
been forwarded from city, it would lead people
to suppose that three -fourths of our mercantile
| community were insolvent. 1t IL not, therefore,
out of place for to remark that during the pre-
| sent crisis, or since the 1st of November, there
| have been only forty-one SUSPENSIONS and failures
here in this much-abused city of ours, and very
few of them but what will pay dollar for dollar. A
/ large and heavy house could not meet its endorse
ments on yesterday. This we expect will be mag
| nifed into most terrible and disastrous failure,
| when in fact it hardly amounts to a suspension,
and like several previous letting-downs is not a
'squestion of time.' 1t is not bank failure nor
| an insurance burst up.
| The Exchange market to-day was dull and mac
4 tive. The counter rate at the banks for checks
| was 1 get. discount. Outside double AL was
moving freely at 4@l discount, while one or two
4 banks enhanced the rate to par which was not re-
4 sponded to- because large. operators prefer good
sight outside at 4@9 discount than bank checks al
par to dis. The buying rates at the banks ruled
from aDl 58ct dis; ten days sight 13(514 dis. As
for time bills sixty days sight, no one pretends to
look at them only for some very strong signatures
| which are very scarce. In sterling there were
sales of clear bills at 93@95; extreme rates 92ta
| SO, and something over for remittance. In doc
| uments we did not learn of q sale. French ex
change also ruled dull almost too dull to quote
from 6.00@5S0, which includes good bills on Pari
direct 1t is good time for those parties going t,
France next spring to invest. Only think, goo,
bills at 600 % dollar.
We find the following circular going the round
of some of the Western papers. When com
munication of this character gets into the publ
prints, voluntarily as it were, 1t is open and subjec
to comment. We are one of those who have enter
tanned the view that financial crisis, as well as
commercial, would have come sooner or later
not this year, it would have come the next. Othe
circulars emanating from this city have alst
alluded to the expression of the great demagogue
the a rrepressible confiiet.a The only thing ire
pressible, therefore, is the conflict between the
debit and credit side of balances, that is bills
payable show tremendous irrepressible balance
which has been growing for years past and is now
eliminated by the election of sectional candidate
to the Presidency of what was the United States o
America. spirit of generosity and liberaty OF
the part of our factors that is, coneeding to the
many opportunities to advance on crops to grow
to purchase negroes and invest in lands forms the
chief features. of the present crisis now passing
over us; in fact, many of factors have beer
endeayoring to do too much business. For two
years past the columns of this journal have beer
commenting on the over-issue of paper the higt
prices paid for negroes, the accumulation of wild
lands at almost fabulous prices, and the constan
withdrawal of money to disburse in Northern
places and Europe, and we now find that our com
munity is indebted millions on millions of dollar
to banks, bankers, dealers in exchange merchant
and others, non-residents and citizens of othe
States, all over the nation we may say, which pro
badly would never have been known but for thi
crisis.
But to the circular in question, with few re
marks by the paper from which we received it
The following circular has been published b,
FelloWes & Co., the large cotton brokers OF New
A OflednSt WHOSE suspension mas recently heeI
noticed. 1t is understood that their stoppage will
those other New Orleans houses, will only be TEN
porary. The bankers of this city and Louisyill,
would doubtless give them extension on paper hell
4 by them, if necessary, to set them going. The
card is as follows:
NEW ORLEANS, Nov. %, 1860
The commercial crisis, resulting from the yiolen
state of political affairs, and irrepressbIe con
fliet," which is now on US, has reached poin
where, after the most strenuous efforts we can NJ
4 longer avoid partial suspension.
While we regret the necessity of this course. W,
beg to assure our friends that it will not ultimately
affect our solyency and that we hope to resume a
an early day.
Our business will continue, as usual, and al
property consigned to us will be held sacred.
We solicit the continued confidence and patron
age of friends, and trust those indebted to u:
will forward their crops as early as possible, a.
this will hasten our resumption.
/ FELLewEs & Co.
On Sunday, the I'd inst, the Directors of most
| the New York banks had meeting in regard tc
assisting the Boston banks The specie in the Bos
ton banks has decreased below three aud half mil
lons and the next intelligence may be that The
Boston and New England banks have gone to til,
wall.
A NewYork paper, in commenting on the cours,
Of the associated banks in denouncing the Chemica
RanIr Ia "a fol1n