New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-02-09
Ne6 0rltans 1aln Gresteut,
FINANCIAL, AND COMMERCIAL pppaRTmrrr
Nta ORLEANS stloneu stlarktt.
cxnses Ut, oys,es, " 2 Camp strss,

Wednesday Evening Feb. 0. 1850
The tendency of the Money market to-day wa
in favor of lenders, and, Of course, against lowe
rates of interest Although there was not muc
paper offering through brokers' the banks ha,
double Their income offered. Tt is hardly necessar
to allude toNe fact: but il we allude to facts w.
may as well bring in figures, and remark that their
IS no accession to the specie reserves of the banks
and that there is no remote prospect of coin being
imported bF them in payment of exchange, nor Il
there any probability that our good customers
Mr. Bull and Mr. Crapeau-are likely to send any
gold hlther to pay for cotton, nor will the slow
German seiEd his coin to make investments conse-
quently TIP orders for the staple will be attended
by permission to draw away and your bills will be
protected
We note some small operations II, naner to.t,av
at tne rate pi get, and few transactions on the
tonsoriai Order, say l2@l5 get. We have. how
ever, large stock Of cotton on hand, larger than
IN any previous year, which may be taken into
consideration by our underwriters A stock of
oao,ooo bales including the quantity on sHpboard,
Is sfeatiy i excess OF any year heretofore and to
CUT long discussion short, we can only say that
lhe money market to-day moved along in favor of
borrowers without any enhancement in rates being
realized, Yet the hardening tendencies were per
celYabie. The question is propounded, how ii II
with the large receipts of cotton, the large sales
which are fully equal to any season before. fiat
there should be so great press for short dis.
counts ID Louisiana 50 greatly indebted to North-
ern cities that exchange must be ruling against
assuming Rs we do, that gold alone is the standard
OF currency, and is moved only by the law of equiv
alents2 We have no space at this moment to ex-
plain or Illustrate the law of equivalents The law
OF equivalents u.s. however, the law Of equivalents.
and it We or rather our banks do not receive some
two millions Of gold, or more, to their specie re-
serves, ting law Of equivalents may be manifest
ing its acton sometime next month";
The Exchange market was in some sections
tolerably well supplied, with several operations
being confirmed at variety of rates, say doc
ument bills of sterling at lot, 1o7i, 107s@l071,
aceordngto the nature of the purchase of the cot
ton, whether for spinners' account, Or whether on
Liverpool operators, on on joint account with
parties on this side. The chief movements in tiocu-
ment bills were from 1911, lo7iDlo7s, and though
higher rates may have been realized, they were
exceptional cases. We however, quote from l071
C@l07{ for document and 1879, l0st7Iosd for clear
oitie' tLie ihaihet ldNoFHnS drawers. Remittance
rates ranged from l0sa@lOsa There were sales
at los at late hour with documents, but they may
be considered as exceptional. we alluae IL The
transaction, but it cannot be called quotation
In francs there were several large transactions at
5.26i@5.a5 -extreme rates ranging from 5.9sg0a
o.2S4. The sales were large at 5.26I@525. Iii
domestic there were not many transactions The
counter rite for checks at the banks on New York
was steady and uniform at / dis. Outside there
were sales at discount for choice and double All.
FIVE days sights dis. sixty days sight at HOP ~
ct. dis Perhaps $4,000 changed hands at these
rates, and other sales were made at 2, 2i@21 dis.
There IS good demand for Western account, but
the question is asked, how is it our good CITY an
pears to be so much indebted to the West that
more than half OF our exchange on New York is
absorbed by Western banks Qatea sdbe9
The movements in stocks to-day were light. We
only head Of the sale of rs shares Crescent civ
Bank at par There were some 0pelousas Rail
road Construction Bonds on the market, but We
did not hear of a sale. There have been some few
sales OF small amounts of Louisiana State six per
cents in New York at 95, exnterest. There are,
however, very few offering.
Imports 81 Merchandise into the Port and District of
new orleans, through the Custom House, on which
aunes were paid for the calendar year ending the
,31 nhgr