New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-03-13
gf6 OrIeaas laIlu Gresftnt.
FINANCIAL AND COMMERCIAL DEPaaTMTSy,
gsn @rItans atlonsu Hgarhst.
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Monday Evening. March II leS1. s
The week opens with more inquiry for money,
though II may be said IT s quiet; but some Of the
discount Or note. brokers had to-day ais mach paper
as they could place, and few more than they
could sell. The calls for discounts at the banks
were about double the income. tits NOT out Of
place for to remark that the banks, one and aIl
have no large surplus to dsburse and that the line
OF discounts viii have to be governed by fine re-
cepts, and the general exigencies Of trade will abb
serb all the income receipts. In scanning closely
the position Of the hanks the specie reserves with
the prospective income for, say the next three
months, VIC cannot discern that they 1.-THE banks)
viii be IN position to grant enlarged facilities to
the planting interest, or the commercial eommun-
ity, beyond the hand-to-hand Accommodations,
Let us refer to the fundamental basis OF oar fnat-
cial position. AT this time last year our banka had
in vault coin to the amount Of Sic S2S 00o or say
three and three quarter millions above the balances
Of to-day. Can we move ON this diminutfYe basis
with the same facility as last year, with larger
amount Of indebtednesss If We can, we should
like to have the course pointed out True, the
credit of the South il great, and SO are the re-
sources Of our good city. We do not like the differ
ence Of nearly "a 900 900 between the present time
and last year at this moment, particularly with
large increase Of cotton, which is deemed the basis
Of our trade. Sugar has not been Of that recruiting
nature, but the eultiyators Of sugar, that ii, the
sugar planters, have been from time immemoriaI
an independent body. True, there have been times
and occasions when the great sugar interest was
depressed and required protection and assistance !;
but what we have to comment on Is the continued
offerings Of long paper, based on predicated crops
to grow, the seed for which is now being prepared.
For instance, there was paper offered to-day lfact-
ors' acceptances) at the rate Of 9@l0 get. for
names presumed to be AL There were signatures
Of good to fair names at from I0Dl2 pct, and, OF
course, the tonsorial rates Of IsGls and "a get
were used. At these rates the supply of money is
free, and in all probability twill continue SO, and
if there il business or trade in our midst that will
justify these figures, even small scale, we can
only say. We are thriving and prosperous com
munity. ae pl
The general Exchange market opened this morn.
ing with considerable apathy. The counter rate
for checks on New York was steady at premium
with double Al bills being taken al prem. Three
days sight was sold at par. In Time Bills the
transactions were light. We note sales Of choice
and good sixty days at l4@la dis, making extreme
rates to range from 14@I2 dis. In Foreign Bills
particularly sterling there was very little varia.
ton. The offerings were free, very free in fact
large, resulting in sales of Clear Bills at
making extreme rates for Clear Bills at from 1919
@l0Sa, and remittance rates 10ss@l0S3. There
was good supply Of Document Bills, that is, the
al
loT4@lo7a up to 1918 and even los. Francs were
in very limited supply. Good drafts ranged at
from 52l 405.2o and |. Isi--extreme rates ranging
from 5.232@5.l5.
In Stocks there were sales of so shares Of the old
Levee Steam Cotton Press at 49, and loo shares Of
Canal Bank at 1851. There was nothing done in
Bonds. We note the sales of $4,000 Louisiana
State Six per Cents in New York at from 96QD96s
which is large advance over last sales. 48
As the mails are beginning to come with some
degree Of regularity give below the last return
of the banks of the City of New York. We have
| no more confidence now in the banking system o
4 New York than we had in the year 1857. The vol
untary compact entered into by the banks of tina
CITY, to retain and have hand at all times 20 get
in specie TO cover deposits and circulation, is al
i lSaLtI hHu pFunelid IL altOHukS TO UOLNlnE
nothing but the strong arm of Legislative action
that is, laws which will compel banks at all time
to have on hand a certain pro rata of coin to i'm
mediate cash liabilities. II New York City has II
carry SO great share of the large foreign indebt
edness of the country, its banks and moneyed in
situations should be in position to meet it, ant
not be placed again in the ignoble and degraded
| condition it was in October, 1867. If New Yorl
| inaneiers, banks and bankers, presume to be the
financial opponents of the United States, it is mo-
exhibited in the general returns Of their banks
| fact, they would go to the wall in the event O
another panic, the same as they did in 1857. They
are now like row of bricks, and it is well asked
are there any Ohio Life Insurance and Trust Com
panies Sinking about or any other rotten an.
bankrupt companies eating out the yitals of tn
public
The following is the last statement Of the Nep
York City Banks: