New Orleans daily crescent., 1860-11-26
Nem Otleans 9ailp Gresfsnt.
FINANCIAL AND COMMERCIAL DEPARTMENT.
ELEM ORLEANS ALgnep market.
CRgscEsr OYrrcy. No. 10 Carnn styeet. /,
Safnrda y NiIrht -. ~ ia.n I

Ct1
tical and commercial, received daily and hourly
from Northern cities. IT IL somewhat hurniIiatsnQ
that this great commercial emporium should be
subject to the fears whipfs and eaprces Of North
ern cities, Northern banks and Northern jobbers
True, they have causes Northward for fear at this
time it is about to be shorn of its heretofore su-
premacy. In some respects the week DOW closing
has been an eventsal one. Several Suspensions and
reTerses have taken place among our merchants
ana traders but no actual failures real bankrupt
eies, have been announced. The week closes,
however, more satisfactory than it opened, and
although the crisis has not reached IT'S eliminating
point, will it for sometime it is manifest that
by diseardng all attempts to create excitement and
reffainiDg from listening and panderng to the dia-
tribes Of croakers, agtatess and alarnist4; main
tain GOODNESS and self-possession, and assist one
another commercially and financially, the pressure
will be relieved and disarTned of its terrors and
frightfulness.
That business, beyond the daily movements in
cotton and sugar, is languid and depressed, rs OBJ
servabe; that all the collateral branches of trade
are not even yielding ordinary expenses, is gen
orally conceded Ii is apparent there is deter
mination on the part Of the agricultural community
country merchants and traders, to curtail and re-
strict purchases of merchandise. This plan, which
is undoubtedly in course Of being carried out, will
fall heavily on all our iobbers and wholesale deal
ers. The great retail trade will also come in for
share Of the restrictive intent. We have the same
great staples, the same resources barring negotia-
ton of exchange, the same industry, the same un-
tagging spirit to carry US through the pending
crisis which have attended the heretofore success
welfare and prosperity of the Crescent City, and
IL
for promptitude solvency and good faith, sustained
and aided by one of the best devised banking sys-
TENS extant True, much censorions feeling is
evinced, and loud complaints indulged in, that our
moneyed institutions not so free as they should
be; that they are contracting too rapidly. It has
generally been the received opinion that when the
products of the country-the cotton and sugar
came to market and sold, that pay day, the time
for liquidating, had arrived. Take the week now
ending, we find the sales of cotton and sugar to ex
ceed two millions and quarter of dollars. We
may, with propriety, ask the question, How much
Indebtedness has been cancelled" We do not
observe by the return of the banks to-day that they
(the banks) have received but a little over one
quarter Of the proceeds of sales. say 5000 0OO
There is a heavy Indebtedness still ahead, which,
of course is to be provided for by the future re.
ceipts of produce. If our commercial community
cannot meet only moderate share of its liabilities
as they become due, without extraordinary labor
trouble and great murmuring, it is in a much
weaker position, less stable, than we were prepar-
ed to concede. If we are to learn that our mer-
camille community only exists and subsists by de-
| pendence on our banks from day to day, then we
| are really in an ignoble contingency. If we call
mathematical calculations into service, we find that
during the last four weeks there has been sold of
the products Of Louisiana, Mississippi and Texas, in
our market, over Sl00O0o0O value
We find that on the Sd November the loans, dis
counts and exchange of the banks to be as follows:
Rxchange-gfeater part running 10 maturity i5 is
s5l,023, l92
To-day we find the line Of loans and dis.
Souutso he ~. ,e,2S ,e6,2sS ~
Exchange account nt..,...,.... 5l59 75 S99 S65 sos
Actual eurtailnlent in the movements of the banks for
four weeks 59T
1t must be considered that the greatest part,
nearly all held to-day, is in time bills and may be
| regarded as sixty day bills, receivable on short
paper. 1t is wise and proper for the banks work
ing under the iron rule, or general banking law, to
| be in readiness for the approaching hurricane.
| Following the election of the 9th of October in
Pennsylvania and Northwestern States, we ex.
pressed our convictions that troubles were engend-
ering that the commoton of the 10th, 18th and
18th October in our market was only the precursor
of commercial, financial and political gale. The
ineipent caution then suggested has been carried
out, SO that our banking institutions are in a posi-
ton to Withstand any political eommotion, any
financial pressure. As for panic, we disregard it
altogether, unless our community, as in 1857, de,
scends to the childish performances of the l4th of
October of that memorable year.
As for our general paper market, we have very
little to say in fact there is very little to say The
discounts to-daSat one of the principal banks were
25 f3ct. above the income. Moreover, it will be
observed that the old Ajax has come to the rescue
taking freely of exchange, so that it shows an in
crease Of little over quarter OF million Of dol
lars, while it maintains its discount line in tact
The low rates of sterling and French exchange
could not be well resisted, particularly where the
bills secured by the produce, nor if the ex.
change should not be sold in New York, it will not
take very long time for the proceeds to be COL
| lected in London and remitted in gold, and if we
had regular line of steamers trading between our
port and Liverpool, this process could be carried
through without any great expense; forty to fifty
days would be the utmost time required to receive
proceeds and returns from London, promising that
bills would be cashed if required. II regular and
direct communication was established, a new sys
TEN of exchange inaugurated, our community
would not be subject to the temporizing policy of
New York. We cannot hold out any encourage
ment for general amelioration in our money mar
ket for some time.
The weekly return of the banks to the Board of
Currency show them to be prepared for any emer-
geney that may arise from the present disturbed
state of the country The chief executive officers
and mandators are calm and free from anxiety, but
not Indifferent to the wants of the public but their
movements are daily watched, supervised as it
were, by that watchful guardian and conseryator
Of the statntes the President of the Board of Cur
rency. He appears to be determined that the
financial escutcheon of Louisiana shall not again be
tarnshed by suspension of its moneyed Institutions.
The changes for the week in the movement are
An increasein specie eof...................$20 $203l5
A uecfease IN circulation Of 40iISd
A decrease in deposits proper a2g46S
deereasen short loans Of 452 2l3
An increase in Exchange of l22tbg
An increase in distant Balances of 0S2
The variation in Long and Short Loans is decrease
bll,Iio
The deposit line is running low, and the circula-
ton shows the process of curtailment, which is vol
untary, but appears to the public pro forma ask it.
The following was the movement for the CORES
pondng week last year.