New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-06-14
asb 0rlears d9alIp Grssesut.
FINANCIAL AND COMMERCIAL DEPARTMENT
Nen Orleans Maneg Markst.

: CREsCKsT OFFICE, no. 10 !
zG Wednesday Evening june 10, 1850. s
The money market moved along steadily to-day.
kote-brokers have more paper on hand than they
can place. The calls on the banks for discounts
we're rather in excess Of the income. Most of the
banks have got about as much long dated paper as
they want, and no encouragement is held out that
IT may be in favor with them again this season.
The specie reserves are liable to be called on from
day to day, though only in small sums. In Sep
ternDer the fall importations from Europe viii be-
GIN to arrive; the duties thereon will have to be
provided for by the banks, and there cannot be
any importations Of gold or aceessions to the
specie reserves before November and December
consequently, as our banking statutes are IN.
manageable, further expansion in the line Of dis
counts cannot be expected. About one million
and q quarter of dollars will be distributed next
month, or between the LIST Monday in July and the
10th of August, in the way Of dividends by our
banks.
On the street to-day there were some small neeo-
tiations Of next spring paper at 9@l0 pct, and
further offerings may be expected, but they win be
conditional; that u.s. if the proceeds can be placed
in the great cormorant, New York, at certain
rates. It is about time for our banks to discard
paper, when exchange is peeping up behind it.
There were no movements in stocks and bonds
to-day; in fact, the market is dull and Reless. In
miscellaneous stocks, such as st. Charles Hotel,
Insurance Stocks and Insurance Scrip and Railroad
Stocks, there is no vitality whatever. Gas Light
Stock is held at 5000. There have been some offers
for Commercial Water Works-olda rub-and-g CO.;
1t is held at higher rates now than for years past.
1t seems, however, to be highly favored with the
ato nf fho ind nd Tho Mr.,
tual Insurance Company has great faith in its
soundness and punctuality, per Sc, perhaps, or it
would not have made the very modest demand to
be paid s33 900 for square of houses destroyed by
fire some weeks ago. Now, it is really laughable;
in fact it excites risible faculties to the utmost
expansion, to think that :" old rub-and go" can be
made to pay this $50, 900. Let US see. The city is
also summoned to help out the Insurance Com
pany. But we think that the Company does not
recollect that too many cooks spoil the SOUP be-
cause the city being made party, can carry the
suit to the Supreme Court of the United States If
| decided against in State Courts, and in about
the year 1870 the good old Merchants, Mutual In
surance Company (Which has been in various WAYS
connected with our good city for thirty years)
will have to pay some few thousands of dollars in
COST and old trub-and- CO." in the case Of most
every suit brought against it, will use the gyra.
tons OF the nasal appendage, with the thumb and
forefnger, indicating you can't come it.n But
these large claims and suits refreshing in fact
they are the life and existence of the members of
our bar-judicial and spiritual bars work along
very well. Litigation and heavy law suits were
becoming scarce until this great fire and the great
cotton suits were brought up. There is no ques,
hat that low
| folks but they will not make much out of old
"rub-and-go unless they are in its favor.
| We have very little to say about the Exchange
market to-day. The general counter rate ct the
banks for checks on New York was prem Out
side rates ranged from 9-l6@s premium. All good
bills on the street readily taken at (. Thirty days
sight was taken at b@4 dis; AL sixty days sight
al dis; good and fair s@s and 59ct. dis, with
very moderate Offering; in fact, the exchange
business is over for the season. In sterling there
were sales of bank drafts, sixty days sight, at ll0s
the range of the market being from llOl1ll0s
for remittance figures, and three days sight ILL., We
did not learn of any sales of documents. The sales
OF cotton are prescribed, and in tobacco the chic
buyers are not obliged to pledge their purchases
cover the exchange. Francs without change We
quote from 5l2a@5.os4 to 5.o5@5.O 0-fhe latter
| for bank drafts We note sales of several thou
sands of Mexican dollars for expectation at the
rate Of lOs}@lO9 They are taken for France, and
this is very tall price.
The London Times Getty article) May Is, says:
The Bank of England has today rate Of
feom "a Re at which it fixed ght back to ct
The measure considered certain therefore not
exercised appeciable influence funds ACCORDING
the foreign exchanges there little prospect that II win ~
followed by speedy ion. Indeed probabilities lie
70 Their in the direction Of Increased political UNCERTAIN
ties Of the continent tending only prevent capital from
being widely diased in trading operations also 10 render
difficult for Russian Austrian foreign loans to NJ con
cted in the London AT present Of bullion
held by the bank about half way between the highest and
lowest amounts held during The On the January
when he rate OF discount WINS ~ Pct he 460
ooo decline Of about 50 oo0D then gradually place
and there has since been recovery to Ei54OOD0O
The interest deposits The has been re
dnced to uniform Of oct, the London and
Westminster where pct is allowed only f5O0 and
upwards and fc below amount The Discount
| So with few day notice. '
On the Paris Bourse money that scarcely any
interest be obtained Government
greater lesser degree the Observable Oh
nearly all the Continental Bourses ~
| OMMER CIAI