New Orleans daily crescent., 1860-10-09

If the bills receivable are worth, say so cents on
the dollar, there is tolerabie good showing for |
depositors. As for stockholders they will take /
care of themselves. But this was political bank, I
and very little sympathy is evinced towards it. |
The circulation is secured by deposits Of stocks
with the State authorities. We hope that the pub
lie outside of New York will not give credence to
the report that panic will follow the failure of
this bank. 1t was like many others in NewYork-
tonsorial cOncern-and if some fifteen or twenty
more of these New York banks would 20 into
liquidation, the financial atmosphere would be
greatly purified.
Our money market to-day was more free than on |
Saturday last The calls on the banks for discounts
were large, that is heavy, in the parlance of the
day, greatly above the income. One OF the banks |
did not discount to the amount of income, as some
provision must be made to meet exchange offer
ings. On the street there sales of June paper
or paper maturing next June, of good and sound
character, at the rate of l0Dl2 get. The banks
continue to follow the system inaugurated some
months ago-to discount to the amount of their in
come, reserving some balance for exchange opera
tions. -
The Exchange market to-day was somewhat on
the quiet order. The counter rate for sight on
New York at the banks was par, though early
in the day concessions of j@3 could have been
realized but they could not at the close of bust
ness. The rates for sight closed frmer than on
Saturday last, outside double AL drawers enhanc-
ing the rates to dis.--an advance Of an tth. The
banks were buying some sight drafts on New York
at aSa yet. dis. and rstelass sixty days at 1902
get. dis. There was very spirited and large in
quiry for sight on New York for remittance pur-
poses, at dis. We quote sixty days sight from
l3@2 and p dis. Sterling was very quiet to-day,
SO quiet, and the sales SO few and far between,
that we cannot arrive at any other figures than the
small transactions for clear at 1Osl@l0Sa. Bills
with documents of very choice make were taken
at 107a; extreme ranges from 107Dl07i. Francs
seem inclined to move in favor of sellers, as the
lowest figures we could get quoted to-day were
5.27a@522a, instead of 5.30@5.25.
We have not sale of Stocks Though sale of
Bank of Louisiana shares was progressing, it had
not reached sale when we left the flags. The
| recent purchase Of bonds by the State was not
in conformity to the intent of the law. fair and
liberal construction would have compelled the au-
thorities to receive the proposals of 20 bonds of
the city issued to railroads ut 500 rs per bond,
which was 50 per bond less than any other bid, and
the proposals published by the State said that they
should embrace bonds that are received by the
Auditor security for bank issues. Lee Ivy &
Co., the holders Of % bonds issued by the city and
tenders of the same for SALE were justly entitled to
an award, instead of the award being made to
parties at s99 for city consolidated bonds. There
was no cause for the authorities to deprecate the
bonds issued to and endorsed by railroads, be-
cause all the bonds were recognized by the pro.
posals as being received by the State as security
for the circulation Of the banks organized under
the general banking law. Had one entire bid
been accepted, the award would have been con-
sidered under different aspect; but as divisions
were made, parts of proposals accepted, the low
est bid would, it is supposed, been to the advan-
tage of the State or to the fund for which the pur
chase was made.
Money in the principal marts of Europe is con-
siderable cheaper than in this good city Of ours,
| annears from the following nara praph: HH4