New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-07-14
aeD 0rlears lailp Gresesnt.
FINANCIAL AND COMMERCIAL DEPARTMENT.
Ntm Orleans Hloutg 1Elarket.
CRESCENT ory1cr. No. 70 Camp street.

CRESCENT OFFICE No. 70 Camp street |
Friday Evening Juiy IL, ls50 |
With the banks to-day there was no dfminution
in the applications for discounts. They are on the
expansive order not the discounts, but the appli-
cations On the street two brokers said that there
was no scarcity of money; that they could realize
freely in fact, one party said he had placed paper
at the rate of get. Admit this, but that docs not
signify that there is a surplus or an abundance of
the needfu True, the large offerings at several of
the banks said to arise from parties or appli-
eants offering double or triple the amount they
pected. This is a mschcvous, unwise and very
doubtful policy, from this reason: that among
mass Of offerings much paper il rejectod-a share
is done, as the phrase is, and the paper refused
comes at once under a faint, and operates un-
fayoraby to the drawers or endorsers.
Tie calls on the banks to-day were about four
times the income. IT is useless to expect that the
banks can or viii discount largely beyond their
daily receipts. Admit that the Citizens Bank has
been for two three weeks past from $3.50 ,0ee to
$500 060 OF over above line that is no illustration
that it is extraordinarily ush that its large sur
plus ought to be reduced. 1t must not be forgot
ten that this bank has large circulation to pro-
tect, and 50 with the State Bank, its mandators
on hand that is, to be above line. On these points
there cannot be any room for cayil or dsputation.
Among the many fabulous reports Of the day was
one going the rounds to-day that three parties had
obtained discounts this week at the Ajax to the
extent Of half million Of dollars, and this report
was believed by some of our respectable fnan-
ciers. Some folks are very credulous about money
matters. If those interested or connected with
money market will carefully peruse our monetary
article on every Monday morning, and particularly
that of last Monday, they would at once have seen
the absurdity of the report of half million of ex
ira discounts The Ajax was out Of line at the last
return made to the Board of Currency six thousand
dollars and has only averaged since from $4,000
to 500, 600 above line the requirements of the
| law. We concede to the gentleman in black his
| due, hut don't charge the Ajax with tamblng out
| a half million of dollars to some of its favortes in
this, the second week Of the hottest July we ever
| experienced, under specie reserve of less than
| twelve hundred thousand dollars.
| As regards general quotations of paper, we
might dispense with them for the nonce. The
transactions not in sufficient amount to warrant
/ a table of figures, but while there is a steady de.
/ mand among that class Of borrowers who generally
i
be said to be from 9GgiO to II get. per annum.
There is very little paper; in fact there is no in,
creased inquiry among those borrowers who have
| been paying 1s0g20 and "a get. q annum that is
the tonsors say they have very little paper OF
hand, and the tightness stringency does not per
wade that line of borrowers, as the same discount
ers and buyers, who have been through the spring
paying 1890 get, find very little difficulty in
realizing all their wants at this time at about thu
same rates of usancs.
The Exchange market is quiet. The counte
, rate for checks at the several banks was unforI
at S@4 prem, though there were sales outside at
fraction less. The demand is fully equal I'd tn
supply. 1t is of no use for some fnaneiers to b
arguing that exchange must be kept down to Oh
waite calls for coin. If the public or the banks ar
debtors and coin is called for, they must pay. Th
Z laws Of finance, balances of exchange, or indeb
2 edness, are immutable. We must pay what W
: owe, irrespective of few hundred thousands {
dollars in coin in vault. If the laws of trade wi
not admit of exchange on New York being acce
sible at get. prem, OF at such prices as to su
the views of remitters or creditors, and they wal
gold, why the gold must go. We must pay an
that is Just the long and short of the argument.
s. sixty days sight on Network there were some fe
q sales at Et01 down to IL yet. dis, but double
drawers hold at 59st dis good and choice nam
: from s03. Sterling is inactive. There were sal
outside as low as l09@l09s, We quote from los
j. 0IO91 and l0a4--the latter for something ve
y nice The rates at the banks are nominal-ll0
IlO1 and no. will cover. Francs inactive, al
s. only limited wants at 5lO@5.072 for bank bill
: with commercial transactions, when entered int
at from 5.l5@5.lll.
:. Stocks are dull and vapd. We note sales to-da
i of 10 shares Louisiana State Bank at SIS.
Bonds there were few thousand Of jackson Ra
= road changed hands at $s25, which means excl
nj siye of the July coupons and is equal to $50 f
g sales in the last month.
There has been only moderate business do
4 in uncurrent money. Travelling is over for Il
d present. In Mexican dollars there have been son
IL sales at 109401l09a market for them clos
Y heavy In American silver coin there have be-
% light offerings. Dealers and brokers on Can
d street take all that is offered at about SO.
IS In land warrants there have been no inquiries
q consideration. The Homestead Bill having recei
Al ed its quietus for the present, slight advance h
been realized in prices ruling anterior to the
ID of the President.
We append our usual weekly quotations of &C
d. and uncurrent bank notes, being those of Jol
a5 Wood & Co., Camp street: :.
/ noilar old eninu Eart.