New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-12-15
Us6 0rltans DULY Crsstslrt.
FINANCIAL AND cOMNERCJAL DEpARTMgET
gsD ORLEANS 4tlpnsg 5tlarAst.


tremendously alarmed IN New York is more than
apparent 1t is Of no use for the cohorts Of Black
Republicanism in New York to be whistHng away |
through paragraphs over the telegraphic wires I
emanating from authentic sources of this and that
change, or Of this and that financial movement. |
This community is becoming disguised with the
daily pretended quotations of markets and political
movements, which are intended to operate on our |
general money market. Let all these reports and
dispatches pass for what they are worth that
would be at about 80 get discount.
Though there is an occasional sale Of paper, we
can readily say there is no paper market We learn
Of some mortgage paper being placed at the rate
of l5 get. AS for large sales negotiations, we
do not learn of them, neither in business nor
mereial securities.
We are now only going through political crisis.
crisis would have come, but it would have been
nothing more than special one. The present re-
vulsion pressure affects the great grain and
Northern producing States, agricultural interests,
the same it does in of the cotton growing
regions in fact, the crisis is much severe
throughout the entire belt Of Northern States from
the Aristook in the East to the Rocky Mountains on
the West. 1T is manifest there is an abundance of
resources in midst, and if they could be brought
into use, an early relief or let-up in our money
market would follow.
The general Exchange market moved along under
an improved feeling, particularly in regard to
sterling. There were several transactions in clear
sterling at 9S4@991 and o99 up to l0f-these were
| remittance movements. The banks were very
chary of taking largely; in fact, there are only
| four banks that pretend to deal in foreign ex-
change. Dealers buying rates ruled from 95@96
and 81. There were sales of document bills at
great advance, say 1000 bales at 96l@961, and
| other transactions at lower rate, say 93G94 In
francs there one transaction at SIS, but
no reason to change quotations, which rule from
| 6OO0590 up to 5.75. In Northern sight there
were several transactions at from 50l and II dis
count, with occasional sale at II discount; three
days sight Il discount ten days sight 1902 get.
discount sixty days sight, Al, 33@4 discount
market very well supplied through the day, with
buyers taking with more freedom. The banks
which are buying at 1@lI discount will find it adj
vantageous to order their balances back in gold !;
and, of course, may expect further receipts in gold
if no change takes place. The general exchange
market is subject at this time to SO many changes
and great vacillation that it is unsafe to predict
the course twenty-four hours ahead.
There are no sales Of stocks and bonds. Neither
bank shares, railroad stocks or miscellaneous
stocks command any notice at rates approxmating
sales made previous to the Presidential election.
The movements in nncurrent money are on the
nix order. Some few notes of the banks of Ken
lucky are offering daily, and taken freely by our
brokers. The banks of st. Louis, with an excep-
tion having voluntarily suspended, there does not
appear to be much desire to invest in their notes.
bank never ought to suspend voluntarily; it
ought to pay out to the last dollar and when it
i I1,.-
the old Louisiana Bank in this city in the year 1919.
This burrowing, as itwere under the term of expe-
diency and inexpediency, does not look favorable
The State of Missouri, with its banks, is not ex
pected to join in the Southern confederaey. Like
the banks in Memphis, is supposed that managers
knew they would be obliged to stop, and concluded
to do so at once, take time by the forelock. TIL
y \ banks of South Carolina and Georgia differ
# emily situated political elements control the move
ments of these two States they seeede and go will
the new confederacy. 1t is fine thing, this sus
pension, and will rebound greatly to the broker:
and private bankers of st. Louis and Memphis
Louisville and Cincinnati. The currency trade viii
) be profitable in some places. In Louisville the
banks adhering to coin payments, brokers and 50
called bankers will be deprived of taking advan
tage of the times.
1t is plainly exemplifed that the great Northwes
is in state of suspenson-the large and exuber
ant yield of grain the past season does not appear
to have relieved the agricultural community
3 Farmers are just as much in want of money as
ever. The.banks of the two States of Illinois ant
Missouri have in circulation about SIT, 100000 O.
paper-suficient to curse any inland community
The banks of Louisiana have in circulation abou
six and three quarter millions. From all advices
before us we can readily come to the conclusion
that Indiana, Illinois, Missouri, Wisconsin and lows
: are in state of apparent bankruptcy; that tn,
great commercial metropolis, New York, canno
b save them; that the fulcrum, exchange is feeln.
the effects of the "irrepressible conflict in goo
\ earnest.
The following extracts from prominent papers il
Illinois will show the great restitution of rea
). money in the great Northwest:
d The Chicago Times, under date of Thursda,
> evening says
This has been the tightest day vet in regard t,
Eastern exchange. The rates of the banks were
6l9 f8ct but some of them positively refused Il
n sell at any price. The unfaYorable reports from
/ NewYork this morning gave our bankers the blues
!" and many of them were at loss as to what cours
e to pursue. We yesterday stated that some of on
heaviest merchants were buying flour and othe
i produce to ship East in order to make exchange
is and to-day we hear that number Of large pur
3 chases of produce of different kinds have bee
made for this purpose. Some of those who ar
buying say that in their shipments will not sci
q for sufficient to save the exchange they will orde
g it to store until prices improves their first objec
being to convince Eastern creditors that they ar
not without the means to pay their debts, provide
s. they can convert Western currency into somethin
that will be taken in the East.
n CIRCULAR TO TIE ILLINOIS BASKs.-The follow
Z ing important circular has been prepared in CHI
. cago:
To Projectors of Banks of Circulation in the
: In the present unsettled state of the exchang
2 market, we consider it an imperative duty on tn
banks of this State to do all in their power to fac
itate the exchange between the East and West.
The supply of currency is so much greater thai
N required by the wants of trade, and the safety
& the whole banking system of our State require
l. that prompt measures should be taken towards til
curtailment of the circulation of the banks.
We, therefore, propose that each and every on
of the banks of issue in this State retire fast
presented at least one, tenth Of its whole circula
ton, making its redemption through some respons
BILE agent in this city or in Springfield, in satsfac
tory sight exchange on New York, for which W
will allow (for the next ten days. yet, premium
thus redeemng the loss which may arise from til
sale of bonds at present prices.
We trust that you will give your hearty concur
Il renee to proposition and will at take pre-
per steps to carry the plan into effect, and reeV
us from the necessity of sending home your bill
. for redemption.
i. The banking houses in this city have larg
41DfTY