New Orleans daily crescent., 1860-10-24
Ne6 0rlsans DAILY Grssttnt.
FINANCIAL AND COMMERCIAL DEPARTMENT,
Aea 0rleans 5tlonev 5tIarhst.
CRESCENT OFFICE. No. 70 Camp stree,

l
Crescent orvrcE No. 10 Camp s.sees, n
tuesday Evening Get, zs 100 |
With the very fine weather, a very favorable in
fuence attends the money market. The prospects I
Tor moderate yield of sugar are now extremely /
encouraging, while cotton has not been seriously I
injured on the Mississippi bottoms below Vieks- |
burg. There was no real change in the paper mar
ket to-day. The calls on the banks do not show |
any great abatement. On the street there were I
some negotiations of spring paper at the rates of
lOeGl2 get There were also sales Of 60(a9o day /
paper, Al copperfastened, at 10 down to Is agct. |
1t might be supposed that gold. fastened youId be 1
more applicable, but nanporte, There were sales I
Of the best Of commercial paper at the above |
figures. II is puzzing to arrive at the very great
discrepancy between the bank and outside rates.
Paper which may be discarded in the bank parlor-
possibly for that the oerers have had their
share of discounts for the nonce-may be refused
not from any doubt Of its solveney strength, but
because the parties have had their share Of bank
fayors or discounts. 1t is not to be considered that
every discount granted is favor to the discountee.
There is something of mutual dependence be-
tween diseounters and discountees; the former
could not subsst without the patronage Of the lat
ter Itwas expected that following the large sales
of cotton Of last week, the money market would re-
lapse in rates, These expectations have NOT been
| realized. The sequel is, however, that paper can
be placed with more freedom, with strictly prime
securities being in request at l09l2 get. and well
they might be, for it is an enormous rate Of in
terest, to which may be added the usual brokerage
for the very best of commercial paper.
There were some intimatons thrown out to-day
that the large purchases of cotton last week were
not altogether for foreign account, or on orders; ;
| but good share was for local speculation; that
the large sums of exchange expected to follow the
purchases have not yet appeared, which has some
what Influenced rates to-day: but the influence
only extended to some names of high standing who
realized in their favor; yet the general market did
not evince any great degree of activity. The coun
ter rate at the banks for checks on New York was
steady at from par to an dis. Outside rates from
| JCG4 and dis-the two latter rates the general
buying rates for good sight drafts. We quote ex-
treme rates from par0a dis, with an occasional
sale at dis. Five days sight Vas sold at ZIG dis;
sixty days sight at from ll0l5 and 2 yet. dis. /;
jockey drafts, with bills under the tiger, ranged
from 2l92A and 2S dis.
Sterling was heavy again to-day. We note
transactions at 1072Dlo8 for clear bills, making
extreme rates to range from 74t01075 up to los,
with the banks asking something over, say l0S4@
1851. We note one sale ofdocument bills at 1864
other transactions at from le6a0oi0T and fraction
over for favorite names; that is drawers who have
some pretensions to residency here well as good
and established drawees on. the other side. Nc
change in francs. We quote 5.25@5.22s on Pari!
direct down to $50 on other ports
There was some inquiry for stocks Of the free
banks, but buyers want at lewer prices than hold
ers seem to be willing to accept. There were two
lots of free bank shares closed at 9536196. The
general terms were not, however, made known.
Our advces from England say something of th
discount market in London, and from the following
! paragraph from the London Economist, it appear
the discount-houses will not discount paper unles
the transaction for which the bill is drawn is e1
pressed on the face. Possibly this is intended
guard hereafter against such transactions as til
D Dock Warrants and the great frauds in 1856; |
i, prevent discounts on leather and p,unella-a
70 Streateld 4 Coz to the amount of three.fourths
million Of dollars, or perhaps not to be caug
again in keeping some bills of exchange draw
= against cotton some three or four weeks in the
till without presenting them for acceptance; al
very fortunately for one of our banks assuming Il
j, same advising the bank that all was right, ths
presenting the bills for acceptance after the ariv
e of the cotton, (Which happened on a falling ma
"A keD and the bills refused acceptance. In tl
meantime, the cotton was in the hands of the la
:, through another quarter. Very fortunate was tt
/. bank in question to have the assurance that I'll
: amount of the bills were to their credit. Remark
: bic shrewd, discreet and intelligent banker
Messrs. 0verend, Gurney & Go. discounted nearly
million of dollars for house that had been wors
i than bankrupted for years. Fortunately the cours
intended to pursued by Messrs, Overend, Gurne
Il Co., as expressed in the following extract, wi
. not prove of any serious inconvenience to partis
! on this side of the Atlantic the old Quakers
q not own all the money in London, and there al
other bankers that will willingly discount, thoug
i ! we cannot say they will assume the payment I
bills Of exchange with the bills unaecepted in the
possession.
LosDos Oct. 6.-Dscourt and Money Market--Money h
very fair demand during the The best pAf
having month discounted 3s, but the
the Transactions in Lombard hus been 81.
and today active demand taken plaea that
and notwithstanding the bank Is cent understa
bank done very of business The 4th of
has passed wonderfully WELL the 0auk hayn
single bill returned and, with ing exceptions really
from all quarters The fact the caution eserei
in dconnting of paper Such the determination
accommodation paper that Messrs Gyeend Gnne
IN Co. will not discount unless the for which
bill Is expressed the Of it, his is very
ary precauion all other discount houses
cay the Bank Of England and in fact discounef
- bills, Will adopt the
Money has been good demand in the Stock Exchange at
I'd but this arises from mention
week of the discount houses and the bankers having cal
in large Of lent from day day the jobbe
ed |