New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-05-11
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FINANCIAL AND COMMERCIAL DEPARTMENT..
9Th Orleans Hloatg Hlarhst.
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carsers5 ogss tsssISs cs NJ, ss 81 o
Although there d great deal Of talk about .
tight money market, there are no Indications that
q pressure is coming, unless 1t may be brought
about by croakers and agtators, and the soldity Of
onr commercial community might be considered as |
resting on very insecure basis, If It depended on
the come to-day and go tomorrow folks. There |
was some talk about specie being called for, be-
cause exchange did not rule at figures to suit Ger
tain buyers. Our banks can readily part with q /
million Of coin, particularly II il goes to the West.
But we must take a broader, more comprehensive
view Of the state of finance. How is it that this
community in general-say agricultural, financial |
and commercial apparently 50 much in debt; /
that is, are we so largely involved, much ID debt
that dozen or twenty agents Of distant banks can
dictate whether the coin in the vaults of our banks
shall be called for the specie reserves depleted
This 10 something Of humliating result, to follow
the largest production Of the main element or our
trade record, promising that OYER nineteen hun
dred thousand bales Of cotton have been sold in our
market since the LIST day Of September, 1859.
The general movements to-day in the paper and
money market comprise sales Of paper maturing
next winter and spring to the extent of 800. 900
and over at varied rates, say from o, 10@l2 T3ct.
The law regulating interest passed at the last ses
sion of the Legislature, abo1ishing all rates and
bringing the loaning, the buying and selling Of
money at once to primitive principles, works we'll
remarkably well. We now witness q large amount
of money in circulation thrown on the market
which would, in all probability have been locked
up. In fact, we have something Of real compet-
ton in the general money market, which is work
ing well for both parties, lenders and borrowers
We have seven banks which can extend facilities;
we have eleven insurance companies that have
greater or smaller balances, which can be used
and called for under the liberal concessions granted
by the act of our Legislature regulating the rates
| of interest
The calls or offerings at the banks were not
large. In one prominent bank they did not reach
1 the income. If our bank mandators will eschew q
certain description Of paper which is sent here for
the purpose Of inanciering the flying Of kites and
anticipating crops to grow, there would be very
moderate calls for coin. However, as we expect
our banks have to lose fully million Of dollars
in gold 1t ia very immaterial whether it is called
81 for this week or the next. We again caution bank
mandators to scrutinize the kites, regardless Of
tails and appendages. Though We are at oil
times willing to accommodate the great and
Il mighty West, yet TO ask of our banks to favor pa
II per- the proceeds of which are intended to be al
verified from our city and to grant facilities to th
detriment of our local residents, would be an en-
A IRENE exemplifcation of the milk of human kind
4 ness that may rebound to our disadvantage Al
the close of business to-day there was very quiet
state of affairs prevailing; though some of the
| banks were running very close on line, there was
nothing contrary to the remark shown but what
they might be largely above line tomorrow.
The Exchange market was inactive. There were
:! buyers for Northern or New York funds at !
prem, at which price there were several sales
After II o'clock some banks enhanced their rates
to per cent, which only served to confirm ths
! limited amount Of the balances to be drawn for
The demand was good at 4, dull and very dull at
prem. One buyer remarked he had prem. TO
only $4,000. This, with two or three small sums
were all the sales ct this figure that came to on
: knowledge; though at a late hour another drawer
! double Al, sold five hundred dollars at !, but
2 was too g heavy" operation, and could not b
1 repeated. The out door rates for sights rule
I from 4@a prem. Sixty days sight at from 50l@l
: per cent discount for choice and good names, t
ll@13 dis for fair. If large sums Of sight had t
be drawn for on New York, they would not hav
brought prem, even that at the chief banks
| In Sterling we note sales of document bills a
0sa@l0sa-even up to 100. Clear bills were firm a
Z lO94@lO9a, and the banks were asking ll04@110
! on London direct In Francs there was very littl
Z doing. Bank drafts at sixty days were held q
! sos, and outside 5.15D5.os9. Very few bills ofeI
I ing on the Empire.
= In Stocks there were sales and transfers of s
shares Bank Of Louisiana at IT'S Loo shares Soutl
/ ern Bank Ill nett; and 20 shares Crescent Git
z Bank at l0D1. The Stock market has all round q
y upward tendency.
We give below the profits or dividends of til
: several banks of the city Of Philadelphia. 1t wi
! be observed that they pay about 5ect. U annun
= The dividends announced are those of the presel
month, being the profits for the last six months: