New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-03-08
Ueh Orleans 9aiIy Crescent.
FINANCIAL Avn CoMHERCIAI DEpARTnE M
gEsp Orltans Hlnpey }3EIarket.
GRRsczKT OFFICE. No. 10 Camp strss:,

THURSDAY Evening. March + 1881. !
The tone of the Money market was unchanged
The calls on the banks for discount were very
light, so light as not to cover the figures Of $780,
00o. The amount of local paper offering is dinin-
lShing from day to day, and how the transient
dealers IN and buyers Of local paper expect to
realize thelr cent per cent IDEAS is more than we
Can dlVihe' 1t must be considered that for wears
past thefc nave been owners Of money, agents of
distant parties, buying the usual commercial and
agricultural securities, based on crops to grow.
At the present time some Of these supposed cant
talists seem to think that cotton and sugar will not
be wanted, and ignore about three-fourths of the
paper offering, and take the other fourth at prices
which will starve the seller if he should follow the
course for two or three years.
The great cotton market broke out in a blaze to-
Gay. Sales were large, equal to any day of the
season, and at good prices, relatively high. These
sales will, of course, throw increased sums of ex-
change on the market, and check the upward
movement in exchange for brief time. The de-
cline in the receipts of cotton is the prominent
feature in the movements
The following were the current rates of exchange
on the 18th of March last year:
Bank Checks on New York. u prem
s sEty 1 bays Sight Ra12' prs an
Clear Sterling .....,.....,...,.. If31 7i6sli
Document BilIs....... ...,............. i071S@i05
ffancn ......--....-...-... 23stG451T1s
To-day there was q duness in Northern funds.
The counter rate at the banks for checks on New
York ruled steadily at par. Outside there were
sales at .lGD5 discount. The banks were not will
ling buyers at the asking rates of drawees and de-
clned to purchase rnless at ] discount. At the
same time there were sales Of one days sight at
discount five days sight at discount; fifteen days
sight at : discount; sixty days sight, of selected
signatures, l39l4 discount, and good commercial
bills at from 2Gg2t discount, with some Jockey
movements at q and below. Sterling was $3.50.
We note sales OF clear bills at lC5 and fraction
over-as high as los for remittance. We quote
from l04s@i054 as the extremes for the general
run Of good signatures. Bills with documents
from loS4 q 1913 to l04. In fine, there are all
sorts Of bills and all sorts of rates. Francs were
dull to-day. We did not learn of any large opera
tions. The market ranged from 555@5.4 AS up to
$40.
In Stocks there is disposition to take freely of
the old banks; but it puzzles US to discern the
great difference between the shares of some of the
old banks and the shares of some Of the free banks
say from seventy to eighty dollars per share. We
note the sales to-day of 100 shares Bank of Lou
siana at 16o; 80 shares at l6l, and 20 shares at
l6l J, and 1863 offered for State Bank
The banking statutes have attracted the atten-
ton Of the Convention of the State. A motion has
been introduced and referred TO committee to
determine why all the banks of the State should
not be placed on an equal footing that is that all
should be governed by the admirable banking law
of 1912. As the committee is very intelligent
one, comprising merchants, planters and lawyers,
of high standing and general information, there is
doubt but the relief due to the seven banks will
be recommended as worthy of the attention of the
Convention, promising that the Convention was
called for inaugurating measures for the greatest
good to the greatest number.
Our last mail advices from New York quote the
money market of that metropolis as follows
The business at the note brokers has been limited
in consequence OF the movement in capital on ac-
count OF the loan Rates of interest are very
irregular, and governed more by taste and feeling
than by any ordinary rules OF quotation.
| We quote: