New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-05-01
Neh Orleans Dailp Crssesnt.
FINANCIAL AND COMMERCIAL DEPARTMENT.
,Heiu ORLEANS Moneu Market.
csxsoEsT , ossicE, 70. % camp P e. strs ~

Monday Evening. A. phi % 1860.
The Money market for the week opens with
somewhat of tendency against borrowers, yet
there may not be any increase in rates Of interest
The calls or offerings for discounts to-day at some
of the banks were from three to four times their
income. The discounts were, however, nuch be-
yond the income. On the street it was rather quiet,
still it was not easy to negotiate long-dated paper
of good and AL make better or less than s10I0 q
get, though there were exceptions. The season
or time for large amounts Of paper to be placed on
the market is rapidly passing, and as the daily
calls must grow less, corresponding result must
follow rates Of interest. It Is not the time for
dear money market. Though some parties held at
higher rates to-day, we do not believe that they
win be realized.
The Exchange market opened, as it does almost
| every Monday, with very triaing demand. The
counter rate at the banks for checks on New York
was steady at prem. Outside there were sales Of
800, 900 Al sight at premium. There were small
sums taken at 3-16@4 prem. There was no desire
evinced to force the market to-day. Two banks
were not buying. There was very little done in
sixty days on New York. The rates ranged from
z@1 and II dis. for al and good to 1s01a dis for
good to fair. In sterling we only note some bank
ers transactions, buying clear bills at @10s1
and l08a, while the banks ask much higher rates.
There was very little doing at the banks to-day !;
though asking 1893 for sixty days sight on London
1t was mere nominal rate, and governed by the
demand for remittance In francs we learn of sales
at sos on Paris direct, and other grades at from
5.l5@510. 1t requires something very strict and
nice to command 516445.I21.
There is a constant demand for New York funds
for exchange on NewYork through the West. To-
day there were received from st. Louis $50 900 in
bank notes of this city, accompanied with orders
to be invested IN Northern funds at the market
rate. As Of days of yore, the bank issues will be
coming daily from all sections, but only to mode
rate extent.
We did not learn of any sales in Bank Shares and
Stocks to-day. The market was decidedly still and
| stupid. There are buyers, even under the strin-
gency Of the money market.
| While alluding to banks we sometimes notice
| movements which are not exactly according to
| Hoyle. We have observed it very often; and to
cut long story short, have to express our dis.
satisfaction against the course which leads to the
presumption that it is followed, Of directors in
prominent banks, that is, director in prominent
bank, on about every discount day after the Board
has risen, being in the office Of distinguished
| note-brokers, though the said director does not
want to borrow dollar, nor has he been, proba-
bly,, borrower for the last twenty years but it is
aurmised, though not borrower or seller of paper
he is buyer, and may be willing to take some few
| thousands of paper which may not have passed the
ordeal of the bank parlor. This brings up in our
mind the fact that years ago, say between twenty.
Eve and thrty-perhaps more, perhaps less-when
merchant would be sitting in his counting ROOM
very quietly and composedly, figuring up his tick
Ter, when he would be waited upon by broker Of
renown, intimating that he would take such and
such paper at the rate of 2@24 get per month,
which paper would appear to be the very paper
that the merchant had rendered to some bank for
discount, and Of course rejected. Are there any
such things going on in this age of progress ?
| QUEEN sabe2 We are thankful for Information at
4 all times.