New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-02-17
Neh 0rltans 9ailp Grssesnt.
FINANCIAL AND COMMERCIAL DEPARTMENT,
Neb 0rIsans Ilonsu Hlarket.
csrscsxr orzcs, M. 70 Camp VII

Nas
Thursday Evsaiag. Feb 16. $50 !
Nothing Of an important character turned up il
the general Money market to-day, nor was there
anything turned down, only some few pieces Of
specuating paper. which Il very closely scrutfnized
N tie bank pariors at this time, which proceeding
2 N conformity TO sound principles, and peradven-
u'e 'asIs were reflections Of other paper for rsa-
sons which cannot be made public. The calls on
.ne banks dscounting to-day we're free, that is,
toiefapie large, and twothirds Of the applications
we're exceeded to, which may be deemed a. *
Hemeiy liberal, taking into view that many appIj.
cants when applying for discounts, very often ask
Tor mnch more than they want or really expect "
receive. Ontside.of bank, as the phrase Is. there
were transactions in paper maturing next wear At
sg9a and 10 f3ct. Through several DISTINGUISHED
gentlemen, known as brokers, say there were
several sales, footing within the range Of our Oh
serva'lon TO the amount Of sl50, 900. Holders az
money seem to think because the Bank Of England
or the Governor and Directors thereof, have en-
hanced the rates of interest that ii should react \,
tins side or on this market. This il i yery realr
criterion. The daily movements and negotiations
U our money market ere not controlled by tho
london market, or the grand old marin !, IL
inreadneedle street. Az it's as plain as the noon.
Gay sun that there viii be no importations of cain
rom Europe, either to buy COTTON Of invest in en-
change, all our bank managefs have 10 do r u e.
gard what they have now in vault as The ma xmr,,
Of me reserves for this season and govern tba,n.
selves IN conformity thereto. 1t Il tba car~art
peiiei that II the banks acceded to each and every
ieauest, the discount line would speedily over.
Up iortY millions Of dollars or say onc-third mara
than the present amount. The present pasitian
ana movements of the banks are ind;c;ous ana
ascreet II y The best policy to call into action M
81 eines some restrictions to check tie too free d.
sure OF many merchants, dealers and traders, which
may lead to the getting on sonndings. Ii is hardly
necessary for lenders Of money Of dealers Il, paner
% pc abiding to the Bank Of England's rate Of in.
terest. The Bank of England, nor no other incor.
poration can influence the course Of the Mississ;nn;
river, which can be construed that it, move,nents
VIII not have any effect on our market It will do
very well TO talk about.
There was only light demand at some 81 The
banks for sight funds on New York to-day. The
counter rate at the banks for checks on New York
was par; there were large sales outside Of double
Al at from par to an 9Th discount fuly halt MIL
lion of dollars in sight alone was taken. The banks
drew for their customers at par, and possibly may
have yielded an tth in some instances IN short
sight we note the rate of three and five days sight
at from s@a Vet. dis. sixty days sight at from Ia
IL, Ii, 2@24 dis There were also sales Of sight at
dis. making extreme rates Of sight funds to range
from par@4 dis. But remitters must not infer that
4 discount is the rate bank will sell at Banks
buy at one rate and sell at another, assuming risks
which remitters always place on the banks, as a
bank check Of our local bank is good for its face
when some Of the exchange purchased by the bank
may be in doubtful state yet the checks are safe
In sterling there were several sales, ranging from
107a, l05@l0S for clear bills and fraction, while
the highest notch with prominent and heavy deal,
ers was 1917. We quote extreme rates from 1914
Dl0s4 and lOsA which Includes remittance rates,
the largest buyers not going over I075@l6s. In
document bills we did not learn of any other sales
than at Io7, lO74@lo7i. Francs have advanced,
and we note sales at 5.264 up to $40 on Paris al.
rect extreme rates from 6.27l @s.ao, with bank
figures at 5.lsa, closing with an upward tendency.
stocks we only heard of the sales Of 100 shares
Mechanics and Traders Bank at lo1, and IS shares
Bank of New Orleans at loOh-a few shares Bank
Of Louisiana ut ISL, and 10 shares Merchants Bank
at 100. Bank of America is held at 49,
Messrs. Palfrey L Co., auctioneers will offer and
sell by auction tomorrow Saturday variety Of
stocks and bonds, insurance scrip and misceane.
Gus securities in general. Persons disposed to in
vest will do well to attend at the st. Charles Hotel
at meridian.
Statement of Cotton raised in each Parish of the State
Of Louisiana for The years 1858, 1857 and 1855.