New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-04-11
Neh Orleans 9aiIp Grsstent,
FINANCIAL AND COMMERCIAL DrpaRTMrTT
gsm 0rltans Nloneu NIarkst.

CRzscEHT OvYTcE, No. 20 Camp street
Tuesdsy Evening, April 10 1850.
The calls for discounts and for money in general
at the banks to-day were heavy, very heavy, com
sidering that there have been such large payments
for ten days. At the same time, come parties are
under the impression that the market tends to
easiness and decreasing wants., These feelings do
not coincide with the offerings for discount in one
bank, approximating nearly 100000 II we add
exchange tenders, the figures would count up some
thing more. viii any one of the wise folks chose
presumed intelligent and we'll posted up in fnance)
INFORM us how money should be 80 dear at this mo.
mens, when at the same time last year long dated
commercial paper was cashed at the rate OF 7tas
get, and paper Of the same make and standing
cannot tomorrow be placed eft less rates than oso
10 and IL Ssct.2 This may be owing, in part 70
the deficiency of the sugar crop, and then again II
may not, as the calls for money for the sugar Sec
ton are comparatively light when placed in juxta
position with the large sums of cotton paper an
pearing in the hands Of brokers. The ease which
was to follow the payments Of the 4tfi Of this
month has not been realized. There is good
stock Of cotton yet to be sold, and the business il,
tobacco is only at its incipiency.
The Exchange market was under greater actiy.
IMAM
tolerabIy active. Double Al drawers sold large
sums of sight on New York at par The banks
purchased good sight at an ] dis, and there were
also sales outside of three days sight at dis. In
time bills, that is, sixty days sight, there were
several small sums changed hands at 1I@11 dis
for choice and favored signatures from that lot 4
@ls and IL dis. appeared to be the current rates.
There was an abundance of Sterling offering. We
note sales Of Clear Bills at I0s@l0S3. Document
Bills good drawers and drawees) were sold at
1o7a@1072. We quote extreme rates at from 1914
@l072. Francs continue very dull, say from 1891
@5.2O for the general run OF francs, and liz
on Paris direct The market continues to be well
supplied with all kinds and grades of exchange.
In Stocks to-day we learn of the sale of rs
shares Louisiana State Bank on r. r.. and 50 shares
Crescent City Bank at 80.
By public notice and advertisements elsewhere,
it will be observed that most Of the banks intend
to refrain from business on Thursday, the 18th
inst, the day Of the Inauguration of the Clay Sta
tue. There Is no law to meet an occasion Of this
kind, and though the commercial community viii,
without doubt, respond to the call and meet their
| engagements day in advance, yet no protests Of
notes maturing on the 18th can be made to.mor-
row, nor can the banks refuse the paying Of checks
on the 18th but they can refuse to receive depo.
sits or money for keeping, and not infringe on the
statutes. The course adopted by the banks will il
is believed, meet with the concurrence and acquie
scence of the public though the managers of three
4 banks had not determined at late hour to-day
| what course to pursue. It is plainly evident tina
the day is not legalized holiday, there are nc
laws enacted to meet the occasion, and as the
money market is under something of a squeeze, II
may be inconyenient to many parties to cancel two
days payments in one.
We publish below the law of 1856, called the five
day lien law It is very obscure in its interpreta.
ton. 1t will be observed that the order for the
4 delivery of the cotton, produce or productions,
must contain the written words that such produce
is to be delivered without vendors privileges.
/ This, of course, means that the order shall say
4 whether there is or is not privilege following
the order. If the order says nothing of vendors
i privilege, then, Of course, the law cannot be ap
piled. 1t will be something Of query to ascertain
| how much cotton has been delivered every day il
the last three hundred ana sixty-fye days withou
any written ORDER simply on the word or yerba
order passing from factors to brokers, and from
| brokers to buyers The recent bonlversment viii
bring up many knotty questions, and our own view
on the subject is, if order given for delivery Q
cotton does not specify or alude to the vendor
privilege, the appeal, to or application Of this Law
/ will be fruitless.
Sec enacted by the Senate and House Of Representa-
yes Of The State Louisiana Assembly
That any who sell the agricultural products Of tn
United States the city of New Orleans shall be entitled
pec lien and privilege thereon the payments of thu
purchase money for and during the of five days only
after the day Of delivery within which time the vendor shai
be entitled 70 seize the in whatsoever hands place
preference all others If the vendor gives written orde
for the delivery any such produce and shall say therein tina
1t be delivered without vendors privilege, then ie
shall attach thereto.
Be IL further enacted That all laws contrary
the this and all laws the subject
ter except what is contained in the Civil Code and Code
Practice be repealed. s
Approved March 18th, 1855
.