New Orleans daily crescent., 1860-07-11
asn Orleans 1ailp Grssfent,
FINANCIAL AND COMMERCIAL DEpARTmEgT
Hsa 0rIeaas HIoasu gtIarhst.
CaEsons1 orrIcE. ". 70 cerap slrs

Tuesday Evening. July ic, 1850. !
1t was rather uncomfortable for borrowers or
would-be borrowers of money to-day. With the
sun pouring down az it did. and most every one
expecting to have little over to- help out those
troubled with the a shortsu being either out of
town. or having nothing over, there was some
anxiety evinced. The offerings or calls to-day for
discount counted or footed up at one bank $780,
600. Now this would be called very respectable
sum in the most active season. Outside Of bank
there were several applications, and it is very DIFF
eult to place large lists Of paper Of any descrp-
ton. The banks doing all they can, but it is
utterly impossible for them to meet all solicitations
for discounts. Our Insurance Companies, who
have favored the market greatly by the discount
ing and purchasing of paper, have had large calls
or heavy tenders of paper for the past ten days.
They generally do what they can, but there are
only two or three Offices which are in position 10
meet the wants Of applicants, and then only in
small sums. Our leading capitalists and dealers in
paper are out of the city. though we observed a
large operator from the country on the flags TO-
day. To curtail a long argument, or cut our re-
| marks short, we have to say that the money mar
ket is very close and in financial parlance, we can
say it is tight, very tight; never theless the rates
of interest are no higher than at this time last
| year, as reference to our record OF year ago.
we find good paper ruling at 9110 pct p annun,
and good to fair l0G12 to l5 get, and where any
sales have been effected the past two days, they
have been within the range of the above figures.
The amount of Indebtedness to the banks for the
last four years on the last Saturday of June, that
| s, the total line Of discounts compareth as follows:
j 1850 July g.. s. Ss 90
1s5S.... .......... 9o.9340
Following the panic of the fall of 1851 it will be
observed that the Indebtedness was reduced to
about s2I ,00O,0 900. We went through the summer
of 1865 without the least trouble, and with yearly
increased crops of cotton, the banks have nearly
50 Set more under discount than at this time two
years ago.
In taking retrospective view of our financial
position. we find there have been many severe
losses fallen on some of our prominent Insurance
Companies. A prominent office on Camp street
has paid from six to seven hundred thousand dol
lars losses for the past fiscal year. This is heavy
sum-nothng comes back from the voracious
ocean Of disasters. It swallows up, with its CO.
element fire. money by the cart load. In the great
and various ramiications of trade and commerce,
it follows that these large react in shape
or another on the general money market Then
how many millions of dollars have been drawn
from US through the migratory populations In
fine, the transient population with the somewhat
snobbish tendencies of a large share of what is
termed our permanent population, with the enorm-
Gus prices paid for negroes and lands, some nking,
some reasons, can be reached at the present
scarcity of the needful in our market.
: The Exchange market was languid to-day.
Though one bank sold over $S0;000 in checks on
New York over the counter at prem, yet the
rate at other banks was prem; and outside sales
! took broad range, say from 405 prem. There
were sales of sixty days sight at from 3@1 Taet.
dis. for good names, and 1@ll for another class,
:" but deemed as good. We have not much faith in
some of the hgh.sounding names; don't believe
they are intrfnscaly safer than the modest and un
E pretending signatures classed as AZ and or
good. Sterling was weaker to-day. There were
sales of clear bills-that is, dealers purchased-a
1893 for good spinners as drawees. There were
parties holding at ll0@Il0b but we did not learr
: of any transaction sufficient in amount to warrant
!. ! us in giving these figures as quotation. The
banks hold higher, but they have very light bal
ances to draw for. In Francs there were some re
: tail transactions for remittance purposes at 507
for bank drafts. Outside rates ranged from 5.l5@
u 5.1li, and like ali Exchange to-day, we add dull
Il dull, as the feature.
We append below the half-yearly statement q
s. the Mechanics and Traders Bank. All the doubi
: full and bad debts up to this period have bee
charged up, so that the profit and loss accoun
I. surplus is in fact FORM from which is to be de
Quoted 100000, the dividend now due, leaving as
n surplus s95,7s2. s...
4 4 y d g < d q
d2 Semi statement Of me Meenanios and Trad