New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-05
geh 0rleans 9adg Crescent.
FINANCIAL AND COMMERCIAL DEPARTMENT
gstb 0rleans HIoneu marhet.
CRRscENr OFgIcg, No, 10 Camp street.
Thursday F;yetlfsss. A1triI 4. 1881

The fourth day Of April has been, IN financial
parlance, for years past considered az 4 day Of
heavy payments. Well, the fourth Of April has
passed financially; and nothing Of an exciting
character has transpired in the general money ana
paper market, with cotton commanding for fair
qualities Is to Ice. per pound, at which figures
there were sales to-day and sales yesterday-there
was no pressure for money. The calls ON the
banks for discount did not exceed the income.
The New York Herald's financial articles are con-
tinually harping on the banks of New Orleans, and
in abiding to the receipt of 100000 in gold
from England for account Of one of our banks,
says:
It will be curious to notice how secession will
affect the domestic exchange market this summer.
Every April, as the cotton receipts decline and the
notes of the country merchants mature, exchange
on New York in New Orleans advances until sight
drafts are worth FOL get. premium, which prices
permits gold to flow North.
We don't believe there will be any curiosity
about secession; but if New Workers. think they
will get much New Orleans gold this season. they
will have to pay for it. The New Orleans banks
are in the strongest position, and are not required
to strengthen their accounts in New York. These
accounts are sufficiently strong, and have been SO
the entire season.
1t is charged in the New York Herald that many
of the New Orleans merchants are in embarrassed
circumstances. This is about as great falsehood
| as we have seen in print for some time past
| The following is the extract:
| If the merchants of New Orleans, many Of whom
are in embarrassed circumstances, should postpone
or refuse payment of their debts to the North the
usual course of the domestic exchange market will
| be reversed this season. The stay bill which was
introduced into the Louisiana Legislature is under
| stood to have had many friends.
~ ~. Al.
merchants, traders and dealers, and during the
recent pressure there have been about seyentyfge
suspensions and failures, of which seventyfve sus
| PENSIONS embracing cotton factors, there have
| been only about one dozen real failures. True
there have been branches or connections of North
houses which have actually failed, and ayailed
| themselves of the mild system Of insolvency Of
Louisiana. AS for stay bill, which was before oui
Legislature it is useless to waste time to refute the
assertion that it received the least notice. To cut
a long list of grievances and losses short, under
which New Workers and the entire North labor, we
have merely to say that the great secession move
ment-the independence of the Confederated States
-agitates the commercial, financial and social
movements north of Mason and Dixon's line.
The course of exchange to-day controverts the
views Of New York writers. Under spur, which
has proved to be only momentary, sight funds OF
New York advanced to premium but this is no
FOL f9ct. premium, as expected by our quondan
friends in New York. And with cotton selling a
from 12l6Dl6c per pound it is reasonable to con
clude that the amount of exchange on the Mort
will be increased, which has been confirmed by
sales and movements to-day. decline of a ii
sight on New York places the exchange market il
another aspect. The counter rate at the bank
was for the usual sums S@} prenium-the latte
figure was hardly reazable, and 1t@b premium
were the extreme rates at the close of business
Outside there were sales at 4@2 premium. Tel
days sight at par; sixty days sight f9l get. dis
count, though some favored signatures were he'll
at z, but it was an up-h hill work to realize highe
than 111 99ct. discount for choice and good names
and t61l4 discount for bills which have to run til
tiger. Sterling was weak Our community doe
not owe much to England just at this moment an
the remittance is very slack. We note sales
clear bills at 1903 down to 1o7B@lo7a. Remittant
rates ranged from lOs@lo84. Bills with documen
ranged from lO6a@lo73- broad enough, it is su
posed, to suit the most expert dealers. We did n
learn of any sales in francs. We quote from S.
away up to 5.25 and 5.225. The cotton busine
with France is about over for this season. The
is some tobacco to go forward, which may afford
moderate supply of francs for brief time.
The Stock market was very inactive to-day. Y
heard of the sale of 40 shares Bank of Louisiana
PIT. We also heard that ia had been refused f
another parcel. The stocks of the free banks q
in request but at buyers option as regards price
The time for selling the consolidated bonds
the city to the commissioners of the debt expir
to morrow at Il O'Clock. Those who desire to sc
L cheap-nevel mind how cheap-wil do well
hand in their proposals at once.
.. POSITION OF TIE BANKS OF NEW ORLEANS {
Saturday Of euGy t0esk, commencing lci the financial
commercial yeuT Of heciy The LIST ddy Of September IS