New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-02-02
Ue6 Otleuns Bully Grsstsrt.
FINANCIAL AND COMMERCIAL DEPARTMENT
gttD 0rLeans 3tlouey aIarktt.
CREseEsr OFFICE. No. 70 Comp street.,

Friay Evening, Feb. /, l8G1 3
The money market moved along under a re-
narkable qnietness to-day. The movements in and
about the banks command no special notice. There
were some discounts allowed, and some renewals
acquiesced in. Out-of.doors the movements sales
and transfers were light, extremely light. Selec-
lon8 OF paper can be negotiated at from 120nt5 20
ct. per annum, but actually there is no outside
paper market. The selling of $4,000, 10000 or
$4,000 OF paper cannot be deemed as forming the
essentials OF market. There is very little inquiry
for money from those who have been in the hands
OF the tonsors The tonsoria capitalists have very
few calls and they appear to realize that OtheEos
occupation is gone.
Trade and business in general, as the phrase is,
continues animated on the great landings, though
there was slackening to-day in the movements or
sales of cotton, perhaps only to be improved upon
on the arrival of the next steamer from England
The feeling about the clearance of vessels has SUBJ
sided, but unfortunately for the cotton trade there
is no unemployed tonnage in port, and the laws of
supply and demand are carried out by the present
rate of freights and the deficiency of means of
transportation of produce to foreign countries.
The Exchange market opened heavy, moved
along sluggishy and closed torpidy. The demand
for checks at the banks on New York was light.
We continue quotations, say ! dis. Outside AL
drawers sold at 3@3 dis. Bankers bills ruled at
dis, though if chances offered they would knock
the rate down to J dis: so the advance of checks
over the counter from J discount last Friday was
based on just nothing al all. There was nothing to
warrant it. The banks hold more exchange to-day
than they did last Friday and there is no reason to
suppose that we have been increasing in indebted
ness to the North to warrant the advance In sixty
days bills we learn of sales at 2l025 discount for
favorite signatures, and such as will cash at once
in Wall street at 607 79ct. We quote extreme
rates from 2@25 to 3t934 Get ds.-broad enough
| to suit all Dealers
| The movements in sterling fell off to-day. Bills
which were taken yesterday at lO61@lo64 were
sold day at 1O53@lO52, that is, bills of the same
class. There were transactions at from l04S@1O4B
and some transactions for remittance at from 1867
@lo6 Document bills ruled at from lO3@lO33 up
| to l04. Several transactions closed at from l04
down. Francs partook of the same dullness and
| heaviness, rates receding down to 5.5095.40 with
very light transactions even at these reduced rates.
Remittances ruled, of course a little higher, that
| is, for sums under 10 coo francs on Paris direct
| In uncurrent money there has been very little
doing this week. The brokers are buying over the
| and Georgia at from 7@1lO get. discount North
Carolina and Virginia at 10 get. off; Tennessee
and Kentucky at from 5 79ct. discount and up
wards. In coin the transactions have been light.
| We note an improvement in Mexican dollars. Buy
ers offer 103@lO3s, with some transactions within
| the scope of these figures.
The movements and operations at the Branch
Mint as regards coming, will 60 on as heretofore,
that is, deposits will be received for coinage. In
American silver coin there has been a slight i'm
| provement, dealers buying at l@l3 off. Whether
there is to be any change in the dies for coinage at
| the Mint has not been determined. We must await
the action Of the Provisional Congress Of the South
ern confederacy in this respect.
| There have been some few transactions in land
| warrants at from $4,000 and 7O@SOc. IS acre.
The Western money markets are improving, yet
| exchange on the great financial center, New York.
| is from GOT d8ct. premium in st. Louis and Chi
cago, and the same rate for New Orleans for bank
| able funds. Currency in St. Louis and Missouri
funds are on par, but it is difficult for outsider
| to understand these designations. Gold and silver
| appear to be discarded in money transactions
throughout the great West. All we learn of finan
cia matters appears to be governed by currency
and bankable funds of the respective localities
The St. Louis Bulletin, of the Goth ult., says
Money matters, though quiet, begin to look some
easier and more hopeful 1t is thought exchange
will soon come down, although yesterdays Chicago
papers show an advance of ] get premium on the
East and New Orleans. Some ask for the latter
but it can be had for G01G5 premium for bankable
funds. Gold is worth about as much as exchange,
though it is not much called for, and we not
being drained Of it as rapidly as we were a fort
night ago, and more confidence in the stability of
trade is felt.
Currency is unchanged, and is on a par with Mis-
souri, funds. The latter, it is hoped, will soon be
placed on specie basis footing, by the enactment
of q new law in our Legislature doing away with
the bankabe fund system. Our banks, by right
management, can be fully prepared for this kind
of specie banking in the course OF six months at
least; but the amended law will probably give
them year in which to commence it.
The Cincinnati Enquirer, of the 2Sth says:
Business among the banking houses in Third
street to-day was very quiet; for Saturday, I'M
mand was much less to-day than on any preceding
Saturday for long time. At most of the houses
money is gradually but Enthusiastically accumulat-
ing. If confidence were entirely restored the
money market would be easy, and first bor-
rowers would experience no difficulty whatever in
getting accommodated to the fullest extent of their
wants at 10 f9ct. The demand for money will ne
cessariy be lighter for some time to come, as most
of the pork packers are through cutting, and the
large trade doing in provisions, mostly on orders,
amply supplies pork operators with all the money
they require for the present. There is also an i'm.
proved business doing in -four principally on
Southern orders, which will very naturally tend to
give increase to the money market. Taking mat
tiers in financial circles they exist to-day the i'm
provement over this time last week is very great
So far the rates of discount are concerned there
changes. Strictly frst-class paper can be
placed at 10 f3ct., while names not so well known
cannot be passed at better than II T3ct, and sec
ond- class at I}ct. month.
The exchange, like the money market, is ex-
ceedlngly quiet, most of the dealers reporting the
supply and demand about equal. The supply is
very light, and but little is being made. The de-
mand to-day was principally confined to NewYork,
the selling rate being prem, and the buying rate
l02 prem There has been rather more demand
for New Orleans exchange to-day, but the New
Orleans balances of all the banking houses are
very light. The rates on that point are par buying
and selling. Baltimore exchange is dull at / dis.
count buying and par selling. The rates on Boston
are i premium buying and selling, and on Phila-
delphia buying and selling. The supply of gold
is large, and the market quiet at buying and @3
selling.
III. II. Lonstlnle, Son & Co.'s Weekly Coffee |
Statement
Arrivals since LIST July direct. bags. 300 .92
lst July Coastwise None. 1e2. 359
Same time last direct