New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-03-16
Meu OrIGalls laiIp Crestent.
8, q ~
FINANCIAL AND NlNIERCIAL DEPARfmkei
Aeu 0rlfans NluNtp Hlarktt.
CREscEa7 OFFICE, No. 10 Camp street..
Fritay Evening March Is 1851, }

Friday Evening, March 10, 1871
The elimination of business for this season has
arrived and passed-trade and commerce, with all
general transactions, are approxlmating the SUM
raer standard about six weeks in advance of last
season, The movements in and about the banks
confirm this though the offerings for discount TO-
day were above the income. te-brokers, or a
majority of them were nonplussed; they cannot
account why there should be no paper issued;
why the presumed Al factors do not use red ink,
and allow paper to flow hand over hand. Though |
several dealers have reduced their views and |
would be giad to obtain factors paper at lo@ll u
ct which they refused sixty days ago at l3@l5 e
Ct, and in December would not condescend to re-
gard with the least favor, at 1924 yet. Such
paper is unfortunately not on the market at this
time nor will it be available this spring. About
FIVE millions of dollars at this time seeking IN
Yestment in paper. 1t will seek long under the
present guidance before it is taken up. 10 pre-
sent quotations, we can only say that paper sa1ls-
factory to buyers can be sold at lOGll for long
dated that is, next seasons paper, January and
February, 1862, but it must be satisfactory ana
here is the hitch for borrowers to overcome. what
constitutes satisfactory paper? Mortgage securi-
ties of long date, which must be equivalent TO IKE
| loan on doubloons, can be placed or are taken IN
! moderate amounts at from 9DlO and IL f3ct.;
second. class mortgages range from llDl3 get
| of short dated commercial paper there is very
little Offering the banks absorb all maturing in
side Of ninety days, and take some few thousands
from day to day maturing next fall, by the way OF
keeping their discount line up. The tonsorial gen.
tlemen are dong very little. There are very lew
2@2} 72ct. p month borrowers. No regular busl-
ness can stand these rates at this time, though
these rates are paid in New York. There are light
transactions going on daily among the tonsors at
from lA02 get per month.
The Exchange market to-day opened at yester-
DAVIS rates. but under various influences there was
very little done. The demand over the counter
for checks was very light. The ruling rate was
mar at all the banks. At the same time they were
not anxious to buy. Outside there were sales o.
sight at an discount to par. Sixty days was held
ut Halls and 2 discount to 81. Very few bills
offering and very few buying. Jockey bills wer'
offered more freely. We quote from 2@023
There were sales of five days sight at SIC dis tel
DAYS sight was figured off at bot discount. Stei
ling went up to New York prices. Clear bills los
0lO53 up to LOG. Bills with documents on spir
ners' were taken at lo44@lo4s. We quote fro1
lo4alo4b for good drawees, or presumed to
good There was nothing done in francs to an
extent worthy Of special notice. We quote 5.40C
5.35, but extreme rates may be placed betWee
5.42a@5,33}.
The Stock market closes under an improvement
over last week. Bank shares are sought for
last weeks prices, but not to be obtained. Th
onlv transaction to our knowledge, closed yestel
dav and to-day, is 1853 shares of Bank of Louisian