New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-07-28
Neu 0rlsans Duly Grsstsnt.
FINANCIAL AND COMMERCIAL DEPARTMENT.
Elem @rItans Hloasu 5flarkst.

| lively, and it is reasonable to conclude that tho
pressure is passing of. True, there may be very
little business paper maturing within the next sixty
and ninety days, which may account for the de-
cline in offerings. On the street there have been
some faw transactions. The largest {through one
party was $40, 900 of AL factors paper maturing
/ the coming fall, which means four and five months
date, placed at 10 get. per annuml. Other trans
actions have been made at l2@15 Get, but we do
| not learn OF any negotiations less than 10 set
though there may be an occasional transaction be-
tween 99i0 Get, but the figures cannot be called
quotation.
! The tonsorial gentlemen move on quietly they
take all the paper they can get at from 1s@24 and
| 30 Get There is no press whatever among Dor
rowers who have been in the practice of paying IS
@24 and 80 get Mortgage securities range from
9@l0 for first chop to l2@l31 for good and second
class, which intrinsically as good as the first
class.
We learn that the money market in Mobile is
tight; that the very best Of securities cannot be
placed better than three Pct. per. month. For
provincial market Mobile may be deemed hard
case. receiving cotton to the amount of eight hun
dred thousand bales, say forty millions of dollars
value, and money worth Sc " eentum per annum
What is the use of large crops if Get. per month
is to be the winding up of prolific season? SINH.
lar remarks will well apply to our locality, though
money will not command get. per month in the
open market There is no manner nor way Of OBJ
tanning monthly statement of the banks in Ala
bama. We must take all on supposition. The
banks in Mobile, that is, the Southern Bank of Ala
bama and the Bank of Mobile, are two of the
veriest little banking monsters extant The bank
ing statutes Of Alabama are weak in every respect
A report is made yearly to the Legislature, but it
is all Creek unintelligibIe to the unintiated The
commercial community of Mobile, we learn, could
get along with the very moderate sum of only five
hundred thousand dollars, and yet the rates of in
terest have been ruling there this present week at
the rate of 36 Get per annum. Alabamians- like
a good many Louisianians- spending too much
money for travelling and pleasurng they will meet
with the elephant.
The Exchange market presented a firmer APP
pearance to-day. Though the counter rate at the
banks for checks on New York was steady at
prem, with three banks holding at I prem, the
demand was very light. We think it is about time
there should be let up in exchange as nearly all
the indebtedness Northward should be Cancelled by
this time or so much applies to last years bust
ness. Some outside sales of sight were made at
prem. Sixty days ranged from 569T and l4t0lS
dis. Very little doing. Sterling, under stiffness
and advance in New York, has rallied, and sales
We're made to-day at 1094@l095, subject to brok.
erage. The quotations must, however, embrace
other figures, say from l099 up to Ito, while some
drawers hold at fraction over ITO, subject to
brokerage. The banks having very limited bal
ances to draw for, they do not care about drawing
under 1l0a Francs without change-5.l730a5.ll4
includes all sorts of bills outside. Banks ask 5.0S4.
There is very little doing in stocks. We note
sale of loo shares Merchants Bank for paper,
which the vendor figures out at par also 60 shares
Crescent City Bank on PIT. In bonds we note a
further sale Of $4,000 Opelousas Railroad Construc-
tion Bonds at so, making $4,000 sold during the
week. Louisiana State Bonds were sold in New
York last week at 96, which is equivalent to 9S.
last month the dividend of 3 yet. having been re.
ceiYed on the lst inst. Bank shares, railroad
stocks, bonds of all kinds, and miscellaneous
stocks in general, are as fiat as pancakes. The
only offer we heard to-day was l69 for Gas Light
Company.
There has been very little doing in uncurrent
money or bank notes this week SO very moderate
that 1t is unnecessary to publish our usual weekly
table. The receipts of Mexican dollars for the
week have been light We note decline in the
New York market, yet 1904 has been paid in this
market this week. In American silver coin there
is no change to notice. The Mint in this city is
almost idle, and will continue idle so long as the
present difference in silver that is the 81 81 IA o.
rule and outside prices continue If foreign silver
and Mexican dollars, which form the largest share
of the specie importatons into this market are to
continue under the same demand, and even l0Gfl
los rule for Mexican Eagle dollars, our Branch
Mint will have something of Flemish balance
sheet to present to the Treasury Department at
Washington City. There are d great many ac-
counts of rich mines of gold and silver; in fact
some telegraphe accounts are made up of nothing
else but discoveries but we do not learn that
these vast discoveries rich mnes so called
are benefitting the country in the least. We look
at these reported mines akin to jack o lantern
As for Arizona and Washoe silver mines the peo-
pie who are going crazed to reach them, or have
been for the past twelve or eighteen months, par.
tlcularly those who emigrated from the Western
States, had better remained where they were and
raised corn, pork and wheat, and sent them to the
New Orleans market for sale. We prefer these
artices-the very richest productions of the earth
rather than California gold, Arizona or Washoe
silver, the productions of that greatest of all de-
Peak.
There has been very little doing in land war
rants. Some forty or fifty have been sold. There
will be an increased inquiry hereafter, that is the
Bulls believe there will be.
The Western money markets appear to be very |
easy at this time.
The Cincinnati Enquirer of the 18th says:
Nothing has arisen during disturb the oaietuess
supply is in OF the demand business paper
or lne bills the East aNoy sought fict
and 90 Tor the latter The supply Of currency ample
Exchange The East his changed in value, it is in
called easier. We quote
New York sight .........,......... " prem saG 4 PEN
New Orleans. lsGr8t
Fie inside selling for Exchange given above Is tLai
tnTged by institution been the case
Illinois, Missouri and Wisconsin currency selling Act
lis. 10 " "
With reference 10 the growing crops Vices from all
points north of the Ohio mos favorable
character. In Kentucky the farmers complaining Of div
weather, and letters from Tennessee drought So
we're and pOiraceu in IhG western that
producing great hlan regarding and heavy
md pro ace rain which cll ~ This region tho past week
eayes have sPronted but this rain genefai the
damage Is but local md large portion both were
put o. ttangcr, tic damage cannat be serious.
business satisfactory the SEASON. in MI epar
NETS aud our laclnrng establishments liy employed
EOuf has been dull and prices Irregular during week lie
sineuf