New Orleans daily crescent., 1860-11-20
Vtu Orlsans 9aiIg Cttsftnt.
FINANCIAL FINANCIAL AND COMMERCIAL DEpaRTMENT
gstu Orleans Hlunsu N!arAtt.
oszsonsI orrnez. No. 70 canp atra4

Aa eapected, the money and exchange rnarIet | II
pehed to-day under the influence and position NJ
eW YORK. The transactions in foreign exchange .,
'lng governed by the movements and sales n 3
~ street., there was disposition eynced to wait
for tylees from that emporium. The fnouirv Il
ability Y so-day was free, greatly beyond the q
for discount and lenders to cover. Tie calls So
double the inG8. large. Instead of being abopt
The banks were fthey were to-day about trfple. di
iine and it is believedat s, they were largely in
All transactions Of any egintend to continue so g.
troiied by the state of the Nspeared to be CON r.
ket. The first inquiry made in ark money mar.
the last in the evening is something orrnin and &
!" What is the news from New York?r ttrnnort :
New York will not keep all anxious inquirers.ed ~
on the tenters 1t will be well for New York banl
ers and capitalists to proclaim what they intend TO
do. If they have the ability to aid and assist the
great commerce Of the country, let them come out |
at once and say SO; if they are frightened and /
alarmed beyond redemption, as it were, let the |
world know it. OF course, under the present state
of exchanges, there very light sales of cotton
to-day; and how long this present postulate Of |
affairs is to continue, is question to be solved by
the movement and action of New York. There must |
be some change ere long. The excitement caused |
by the movements in the South will give way, and
the course by the South laid down, or intended |
to be carried out be regarded with some degree of
composure.
Outside of what paper was taken by the banks
to-day there was no market; that a pressure ex-
lists, and thatit is gaining strength apparently from
day to day, cannot be denied But its sequel will
be that with prodigious yields of cotton for two
years past, the country has been unmindfuI that
the day of payment would come round and have
gone on lavishly and indulgently in expenditures
without that foresight and precaution which are
now found to be lacking. The resources of the
South are unbounded, limitless, and with cur cot
ton and sugar the Crescent City will as heretofore,
sustain itself. We have only to remain quiet and
calm for very short period; when the world can
do without our cotton and sugar, it will be time
enough for New Orleans to consider OF its destiny
| The Exchange market, the grand fulcrum, was
| superlatiyely moved by New York movements, as
it were. 1t puzzles some of most astute finan-
ciers to know how SO much money is due to North
ern cities and the West, as to force sight funds on
| NewYork to par and prem. The community has
been paying for six months past and yet the cry is
sight drafts, checks, checks, on NewYork About
twenty millions of dollars have been paid within
the last seventyfve days. and the cry is pay, pay,
pay. 1t is satisfactory to learn that we have got
some basis, some foundation to make exchange to
meet the voraeous demand. The counter rate at
the banks for checks on New York to-day was
| prem. The Ajax was not drawing and other
| banks did not appear inclined to meet the demand
| with freedom. Outside there were sales of good
| sight at dis. As regards time bills it is useless
TO allude to them in general terms, though double
AL drawers sold sixty days sight freely at q dis
| This tended to move some sterling exchange, and
| by moving the exchange, the cotton was thereby
moved on shipboard or otherwise. Large transac-
| tions at this rate (2s ds.) were confirmed. 1t is
fortunate at this time that there are drawers and
parties who can move largely at these figures.
1 For the general run of commercial and produce
bills drawn on time, there is no sale at 3a64 act.
dis In sterling there were sales Of clear bills at
4 100@l003; but it is useless to quote range of
rates. At these figures there were actual sales
1t is difficult to arrive at any real quotations for
document bills. In francs we did not learn of any
transactions, and if sales are to be effected they
must be between 5.65@5.55 and $50, and to con
clude, we may say the bottom is out of the ex
change market Most parties are waiting to hear
from New York, and such being the case, we can
only say, "Good day New York; hope you have
reached bottom.n
Many mschievous reports obtain circulation in
the country in such times as the present, many
relating to the movements and action of the banks
of New Orleans.
The following extract, taken from the Canton
(Miss) Citizen, is one of the kind of reports OBJ
noxious to the interest of New Orleans:
CANTON COTTON MARKET.
CANTON, Nov. I6, 1860
Monday and Tuesday cotton was very brisk, anG
sold at very full prices. On Wednesday the banks
of New Orleans refused to take Northern exchange
at any price, fearing a suspension of specie pay
ments, which made cotton unstable, and affected
our market very seriously, consequently we retrair
quoting for the present.
Up to Wednesday and Thursday last the bank:
of New Orleans were buying very freely of North
ern exchange, particularly of sight and short sight
bills, and taking a few sixty days of high and
selected names and also taking sterling and francs
On Friday, in consequence of the fright in New
York, they declined large sums of time exchange
but did not decline sight. Nor have several of the
J banks refused to take sight Two or three of on
banks do very little in exchange, but employ al
their means and resources in local discounts. Fol
instance, the Bank of America, which has at al
times large line of discounts, but not beyond it
resources, very seldom buys bill of exchange
confning its business to regular discounts, which
are to a numerous body of citizens engaged il
what is termed clsh business, the very safest kind
Then again there are other banks (take the South
ern1 which do large exchange business) founded
and based solely cotton operations. This is ase
another great and favorable feature, aiding an,
J assisting the produce to market The other banks
divide their movements. There is not shadow o.
foundation for the charge or remark above thai
, our banks have refused or do refuse to TAX
Northern exchange at any price, not even on Wed
nesday or any other day of last week. They Ners
buying satisfactory bills on highly favorable terms
to drawers at the time alluded to. They were will
ling to buy sight to-day. Here, once for now an,
at all times for this season, panic panic let
be proclaimed that the banks of New Orleans viii
not suspend and it is premature to think that tht
banks of New York will suspend for the present a
,, least. Therefore, the Canton cotton market car
move on without any fear whatever in regard t.
bank suspension, particularly of the banks Of New
Orleans. @
From the Louisville Journal of last Tuesday, W.
extract the following of that market:
There has been no actual change in the rates fo
money since our last report, although there ha
been an unusual ightness in the market. Th
banks influenced somewhat, no doubt, by the as
peet of political affairs at the South are doing mex
to nothing in the way Of discounts, and man
names and faces are seen g on the street y wit
which we are not altogether familiar. Yet there
no panic, nor is such result To be anticipated