New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-04-19
NeD 0rleans Bully Crescent.
TEaEcIAL AND CoMsIERcIaL DEPARTMENT.
Neiu 0rIsaas Wontu Nlarhet.
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CRESCEff OTFfCE. No. ~ camp street,
Wednesday Evening, April 10, 1861
The general tenor of the Money market is IN
changed. The calls for discounts at the several
banks continue largely above the income, and as
we have remarked very frequently within the last
eight weeks, the banks would have very little be-
yond their regular daily income to dsburse or re-
discount. Every bank in the city has more paper
offered than they desire. There is no probability
Of the dead weight or long line Of discounts being
increased to any extent. The old chartered banks
are all in position, that is, they can from day to
day grant facilities to the amount they receive.
The banks working under the iron law or free
banks, so called, are in the same category. The
members of our good Legislature declined to grant
them any extension Of privileges, or place them on
something of equality with the four old charter
ed banks. They can only confne their movements
to the discounting Of short dated paper. True the
repeal Of the law regulating rates of interest was
something Of an advantage to the free banks that
is, it may be considered in the light of sop -
one privilege was asked for and another granted,
which allows usance of money at any and all rates,
which may be agreed on between borrower and
lender. On the street there was good supply Of
commercial paper, some parties having more than
they could place; others seeking frst-class names
at get We note sales by one party Of SIS 900
factors paper, payable next season, at get. Of
AL signatures, and some small sums at 10 f3ct.
There was no change perceivable to-day. Bor-
rowers and lenders had about an even chance. 1t
is almost impossible under the very large and ex-
traordnary crop and receipts of cotton in our mar
ket-now amounting to over two millions and fifty
thousand bales-that the winding up of the seasons
10 bo ofxon dcdx and
money market. Nevertheless, the deposits in our
banks continue to be Withdrawn day after day, and
we may look for very dminutive line if the with
drawing continues on the same scale for the next
| two months that it has for the two months past.
| The money article of the New York Courier and
| Enquirer, Of late date, has the following remark
The bank capital Of four cities exceed 1886 oego The loan
| at New Orleans
In ninety day paper 80 % 9sa sSo
Foreign Exchange-.- afS9,Wu
l Total. .S32 900
The loans New Orleans usually coeinpo
rIes SIS oooo only The loans in fact exceed $50 200
The four cities are New Orleans, New York
Boston and Philadelphia.
We desire to correct the statement Of the Courier
and Enquirer. The actual amount of loans and
discounts of the banks Of New Orleans, which in
cludes all sorts OF discounts and loans under the
| act of 1912, were
On tie last Saturday ii March. so SSo 81
On last Saturday, April H. 20 6o2 633
The Courier and Enquirer has embraced ant
COMPOUNDED the mortgage loans Of the mortgag,
department of the Citizens Bank which wer,
made previous to the year 1912, for term o
twenty to forty years, and are reduced every year
These mortgage loans have never been considered
as forming any part of the movement or discoun
line of the bank in fact, the two departments arr
! just as distinct as two different banks. Thes,
mortgage loans amount now to 81 sos 3T9: but thi
, sum would not send the total loans and discount
to the figures Of the above paragraph, say sac 600
. 600. The actual amount of discounts OF the bank
of New Orleans at the time alluded to (3Ist March
was 10000 900, Of which we believe there is not
! Bet. doubtful.
The Exchange market to-day was quiet. Tn
! banks had very limited inquiry for checks owe
the counter; the rate was steady at an 18th prem
Outside there were sales of double AL at par. Tw
round sums of $4,000 each were taken at this rat
: There were other transactions at l-16@l dis. TIL
general rate for good old fogy sight on Boston an
2 New York was par. In time bills there were sale
of sixty days at 1i@1s and Il discount for goo
! bills. There were also two sums of $4,000 an
! $780, 600 sold at pet. discount, and some move
ments at 4 in small sums. Foreign, that is Ster
ing, appeared to have an upward tendency. w
quote remittance rates at from 1889 away up t
1921; dealers buying rates at from 10s!@lOsA an
; a fraction over. We did not learn of any sales il
documents, and quote l07a@lO7a up to l0s. Franc
dull and without inquiry, only for travelling pur
! poses. We quote from 5.25@5.l7a up to sis 70
] bank drafts
In Stocks we learn of the sale of 227 share
of Bank of New Orleans, under a barter contract
; which would make the sale equivalent to lOl cash
Also sale of so shares Jackson Railroad, said t
be at SIS; also rs shares Levee Steam Cotton Pres
at LIZ, dividend off-a tolerable tall price ais
! another lot at slGs. A dividend of 8 U cent
has been declared this month out of the profits @
, this Company, and another one of u cent j
expected ere long. The Gas and old Steam Pres
! are running a race-who bids the highest; wha
are the stakes? The impression is gaining groun,
that cotton pressing is profitable and paying
business.