New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-11-01
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Nothing Of an important character transpiffcss Il
the general financial market to-day. There was n
good deal Of short time paper say 60 and 30 days
date paper, offering through brokers, and appli.
cants in person were not wanting. The calls on
the banks were in the aggregate about double the
income. About meridian a DRILLING rain set in.
and the general, commercial and financial markets.
were something in unison, clondy and opaaue
The receipts of the staple (eotton) were large To-
day These daily receipts will give US a basis "a
move on. Cotton will we wanted, and our very
good customer tby compulsory will send gold
hither for it when the ordinary course of exchange
dealings is debarred or stopped. Our New England
customers will make arrangements to get their
share. They must have the staple, and if they
cannot get it through the ordinary course of their
agents, selling drafts on them at forty days date,
or sixty days sight) they will bring forward some
Of that ingenuity SO proVerbiaI among New Eng
landers. It would be something very novel to
learn that half million of dollars or more in gold
had been drawn from the Boston banks to be sent
to the South to buy cotton. It would not be sur
prlslng that such an occurrence may arise before
many weeks. Therefore, with our mountains and
heaps OF cotton bales, which will appear as the
season advances, with the good yield Of sugar and
molasses, we have good basis for support and
on which the greatest reliance can be placed.
The Exchange market to-day was quiet The
demand at the counter for checks on New York
wssligAsp The rates were steady at discount.
Outside good sight drafts ruled at A@1 discount.
There were also sales at get. dis. In sixty days
sight there were sales at 2@21 set discount for
choice to good, and II for fair Short sight, ten
days. ruled at discount, and though II was asked
by some drawers for sixty days, it was not re-
sponded to. The figure may answer as a quota
ton. In sterling there sales of clear bills al
1911 which indicates falling market. We quote
dealers buying rates at from lg7l1lG73 and frac.
ton over, say 1913. A round sum, say sl000s
was taken at 1919 for remittance. In documen,
bills there was nothing of note TRANSFERRED. We
continue quotations at l06l06 to 1868 and 107 fol-
something bordering on favoritism. Francs very
quiet, with no change in rates. On Paris direct
5.275@5223; on other places, 5.3I3@5.271- the
latter payable in Paris.
There are some failures taking place in the
West. We learn that the banking house of FIagg
y Savage, Quincy, Illinois, suspended payment last
week. They were considered the most solid bank
ers in that region. They reported to be veal
thy. If they are truly SO, what causes them to
suspend under the very large crops throughout the
West? We learn they had large line Of deposi.
tors 1t is hoped that this is precursor to other
| troubles throughout the great West.
The Black Republican press in the North in their
money articles. say there is real alarm in fnan-
cial circles on account of the probability of the
ascendency Of Black Republican principles. Their
writer's are evidently becoming alarmed. It is
useless to talk of stability and confidence when
United States loan nnyahJe not II, ,roId t,,t II,