New Orleans daily crescent., 1860-10-11
Ne6 Orleans Bully Crescent.
FINANCIAL AND COMMERCIAL DrpanTMrNT.
gsh @rIeaus Hlonev attarket.
GzEscyrT oryIcy. No. 70 Camp s.rest.
Yednaadav z Rrerfrn lict Ia ipao

e.rest i
Wednesday Evening Oct. 10 1880.
The money market was thrown into something of
commotion at an early hour to-day, brought
about by the complexion Of the teegraphic adyices
Of the election yesterday in Pennsylvania. 1t is
useless to attempt to disguise the feeling evinced
IN moneyed circles. It may be a very propitious
time for capitalists and lenders of money to en-
hance their rates, but unfortunately majority Of
the buyers of paper had very light balances to
their credit yesterday; in fact they have soaped
out We have, therefore, merely to say that there
was no money market yesterday True, there
were some small Sums of first class commercial
paper, say from one thousand to three or four
Thousand dollars, which could be placed at from 10
OH Fct. There were also good mortgage paper
and securities of St912 months date offered at the
rate of IL get. 1t is evident, however, that CON
siderable sums Of money sFe required to meet pay
ments in the North and West, that is, all the in
debtedness has to be provided for, as maturing or
due in New York. The result of the election in
Pennsylvania had its effect to-day; 1t may, how
ever, be met with an antidote before many days
pass. XII
The calls for discount were large to-day, COM
pared to the income. At one of the old banks
about three times the income at another about
was rendered, SO that managers could choose On
| the street there was not sale worthy of notice.
We quote AL at lo@l2 get. for spring paper; for
good to fair from l5@1S and "a up to 80 get ; in
fact, some of the heretofore large dealers or buy
ers of paper are by their enhanced rates-say Is0
"a and 80 F3ct.-infringing the rights and con-
ceded privileges of the tonsorial gentlemen, who
think it is not altogether equitable and fair for
large capitalists to be exacting 1924 pct, and
interfering, it were, with their ayocations. It is
the general impression that there is no commercial
business now going forward that can sustain the
high rates of 20@24 and 80 get. interest; never
theess, there is no want of money in many circles
these parties are moving along prosperously they
are, in fact, playing in clover, receiving their
regular consignments of cotton, or o pro rata
share, selling at the best offers of the day they do
not appear to feel the outside pressure or the
shortcomings of over-traders.
The most important feature of the financial mar
ket to-day was confirmation of the upward ten
! dency of New York or Northern funds. which took
| start yesterday. Though the demand was not
heavy, yet it was deemed quite heavy for the
amount the banks could draw for at sight. The
counter rate for checks on New York ruled at from
| par@. prem. Outside choice and good drafts at
| sight ranged from par@i and 3-16 dis. Double AL
| drawers were meeting the demand at dis Sixty
days sight, from 1a@ls and T9ct. dis. for choice
to good bills, and 2t@2S dis. for second class
good to fair. Foreign was heavy-first.cla doc
ument sterling bills, lO7a@l07a; clear bills, 1850
| 1881, dealers buying rates and for remittance,
1 10Sa@l0S4. There were also sales of document
drafts at lot. The most fastidious buyer can be
| accommodated with all kinds and every grade of
bills by making his wants known to those useful
members of the body financial, the brokers, some-
times called the Tigers The market for Francs is
quiet, very quiet. There were some sales to-day
at sag on Paris drect-the range Of the market
being from 5.2s4@5.224. Sterling exchange in
New York was declining yesterday. Sales of un-
doubted bills were closed at l0s6 @10sa. Our dates
by mail from that city are to the 9Th, from which
we gather the following
The market opened this morning with sharp demand fo
this being OF large The during
hosFs ss to ess up M Of f fully
gradual tening toward The close and prime we
neEoasa Eess Fasanss MthSa iii asa nuse stated several
SINCE that the importers reng much closer than
h @ wo &
5 s aPs D ws nt w r @ q bills 5 has ghs.
thing like the present nness shall have the current
@ and asoss hs s'I m
side price low as lUs for good signatures
In Ihe course OF our duLy, as pubic journalists
we have frequently commented on and censuret
the banking system of several of the rich States il
agriculture and resources, the States of Wisconsin
Iowa and Illinois. We have, from the great natura
connections by the great highway between oul
city and the great Northwest, been brought to be
lieve that we were bound by natures ties to the
great Northwest commercially and financially. A
writer in the New York Underwater highly re
spectacle journal-remarks as follows:
Undoubtedly, accumulation taking place In
products Of the Norlhws and idea is
hRt those States and have been getting deb
since the revnson of 1857 Compare the following statement
of the Iilinois banks:
/ JANUARY, 1858 August 1860
Due to Bank l9662l Due to Banks S7l 43l
Deposits called. 65o 52i Deposits
Circulating Notes.. 523S 9S rcnlatng Notes $40 0S
Immediate liabilities IS ll Immediate liabilities 50!
Deduct specle, 259 Deduct specie. 2S sI7t
Debt currency 50 5S3 Sl4 Debt currency $40 22t
80 b3 OF money 10 800 ablt 2 10 of money 500 abs
Ifeem to be the duty OF every and especially
protest against such abominabe banking
this These banks will break and will the producers an
traders who depend the mainanance of This
debt prices and their obligations. Ia only
question Of ne and that think shorter than most person
imagine The moment considerable pressure sPeci
takes place in the cities demand for payment to pre-
these they will apnfhtlate