New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-01-23
Neh Orlears lsilp Gresfert.
FINANCIAL AND COMMERCIAL DEPARTMENT
Astp 0rItans 1lontu 5sswAtt.

Tues4sy Evening, Jan, u 1851. !
The money market moved along very quietly to-
day. The minds Of people and Of the public in |
general are settling down to the question of, "aw
little money be got along with" The calls for
discounts at the banks are falling off, and On the
stress the offerings Of paper are few and far be-
tween, and we may a. well cDt long story short,
and say there is out-ofdooY money or paper
market.
The weather continues dark and narby, but our |
general cotton market is strong and well sustained
and the onsy impedrnenti is the scarcity of tonnage
II the European lines Of steamers were at this time
in operation, our great cotton trade would not be
subject to the very high rates of costs Of transpor
tatiOn. We e7sport more than NewYo7A, and have |
not &solitary steamer trading with Europe. For
some three or four years past, shipowners have |
been realizing (they say) very light profits
theless there have been additions OF new vessels to
the great freighting trade but possibly the losses
and wrecks have not been SLED up, which will in
some measure account for the scarcity of tonnage
in the South at this time. 1t is not the secession
question, nor in any way have the political disturb
ances to do with the present high rates Of freight
The Exchange market to-day was on the $3.50
order. Some parties thought the market for sight
on New York was firmer. Such was the case early
III IiIS haJ, put LOHdIuS clOCh OIileF VIEWS pre-
vailed. The counter rate for sight at the banks on
New York was steady at J dis. Outside AL ruled
at 504 dis. Other good grades from 9@E and l
dis. Short sight from l5D1 dis. There are some
Al and good bills at sixty days sight to be had at
drawers rates, which covers broad range, say
from 2413 and 81 discount, though some drawers
held at 2i@2!. General remitters, however, ad-
hered to sight funds in fact there is desire, as
it were, for large transactions in sixty days sight
at this time. Some of the noted Black Republican
draWees may repudiate Southern drafts. How the
factory subs and agents of New England factories
will negotiate next month is not yet dvulged.
| Western dealers and bank agents of the West are
| still purchasing freely of good bills. They have
| yet large balances against emporium, with
good deal more of paper maturing between this
and April next, to which may be added the re-
neWals which have been going on for several weeks
past. "
In Sterling there were sales today of clear bills
at 10499l045 and los, with something of an up
ward feeling prevailing. We quote extreme buy
ing rates from l045@1054 Document bills at from
| lO2@l035, with some parties rather shy, more in
regard to the price of cotton than in any doubt
about capture and detention by the Queens enc
mics (not the Kings this time) We did not learn
of any movements in francs, and only note some
transactions at 5.45@5.35. There was enough cot
ton reported as cleared yesterday for France to
make good many thousands of French exchange.
The Western money markets are getting in bet
ter condition The Louisville Courier of last
Saturday, says:
In financial circles we have no change to note,
unless it is an easier feeling. The demand for
money to-day was only moderate, and general
thing was more promptly met by our bankers.
The financial crisis has at last passed, and we now
hope to see business again resume firm footing.
The collections from the South are also coming in
more freely than for some time past. In CONNER
cal circles things are beginning to brighten up,
and the sales Of all the leading articles are on the
increase. In uncurrent money there is no change
to note. Exchange is quiet at 1f03 premium on the
East and premium on New Orleans.
The general market presented quite lively ap
pearance to day. the transactions in all the leading
articles of trade being heavy. The demand fol
flour is large, both for home consumption and fo
shipping.
They are experiencing in st. Louis the effects o
bank suspension. New Orleans funds command
as get prem The standard there appears to b,
the issues of the five suspended banks OF St. Ioui
and branches located throughout the State. Inoi
money is quoted at lO@l5 get. discount, whic]
means it is so much below issues of the banks O
st. Louis, which would make it from 20@925 get
below gold. In the meantime, if the great North
west want gold, send on the grain and provision
| to New Orleans, and the farmers and traders vii
realize our sound system of finance and our bullio
currency.
ST.. Louis, Jan. 16.-The bankers are quite lott
to let out their money in any enterprise, either ne7
DID, and are quietly awaiting the result of poll
teal movements. Very few calls made npol
them, indeed, for money upon business paper.
The tendency of exchange is rather downward
and rates unsettled. While there is a prospec
of lower rates, the demand is not large, all wanting
to save little by the decline. But there is it'll
prospect of any permanent decline in rates. TIL
holding price of sight on the East remains at I
n ct. premium for currency and bankable funds, G
e premium on Louisville and Cincinnati, and prem
5. on New Orleans.
Is Gold is nominaly 55@6a prem. silver prem.
10 Illinois discredited money is l0@l5 get. dis
I and few buying it, though it passes tolerably cur
rent in small business transactions Tomorrow
= the bankers of Illinois hold meeting at Spring
J.. field, when it is trusted some plain will be adopte
by which this currency may be improved in valne
The recommendations of Governor Yates in his ir
augural yesterday should be adopted. An impro,
| aH hank 10 aI in rio