New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-03-01
Oeb Orleans 1aIlp Crescent.
FINANCIAL and COMMERCIAL DEPARTMENT
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good feeling, that is to say Ltlsra were pEeltmt-
aries to negotiations in the way Of e8ttoa and
Exchange which would in all probability have
cached contracts, Towards noon the-aFajFaI Of
he Canadian at Portland val annooaae5, with
'ather REt6yy2fd adviees OF the cotton market ID
liverpool; also announcing that the Bank Of Eng
and had advanced the rate Of interest to Jgst.
These adgices So: part:a5 to Aging, and all desire
or large transactions, or even moderate ones, was
ga9red for the noncs, The Bank of England rates
are ROW just 100 get. above what they were at
this time last year. The bullion on hand on the
tth February, 1860, was, say s71 ,0d0, 600; the
I'd of this month it was ST. 100000. Notwithstand
ing the large receipts from the United States up to
the list of September last. and the constant imports
from Australia of dust and bullion, the diminished
balance on hand shows that the drain has been
steady for the entire twelve months. The old lady,
at our last accounts, was borrowing on stock on
the London Exchange. At the commencement of
the year, 1860, say in the month of January, the
rate of interest was y get. Before the close OF
business to-day the effect Of the intelligence was
more than apparent, particularly on exchange
There was a very moderate movement in and
about the banks to day. The calls for discount
did not reach the income yet they were abundant,
such as they were, though some banks do not have
sufficient satisfactory short paper rendered to meet
the ordinary discount line. Renewals, as far as
practicable, are daily granted by all the banks
This must be the course, when it is satisfactorily
demonstrated that there was not sufficient cotton
raised last season to pay the agricultural indebted
ness by many millions Of dollars The inquiry for
good commercial paper continues, but it is so diff
cult to please dealers and buyers that it is waste
of time to attempt ne g0tiatfons.
Domestic or inland exchange was we'll sustained
to-day, though the counter demand was very light.
We quote checks on New York at from 4D5 dis
Outside sight drafts at J discount for Al to for
good commercial bills. Sales Of five days sight
were made at discount. We quote from 30E and
! get. discount for good commercial, five ten and
fifteen days sight. Sixty days sight 2l9:A and q
down to 3 get. discount. Very limited demand
and then only for preferred signatures. Bankers
double Al was quoted from 1902 dis. Foreign
bills were effected by the intelligence from Europe
coupled with depressing accounts from New York
of yesterdays date. early in the day there were
sales of clear sterling at l04S@lO4} down to l04.
Later in the day there were large transactions at
lO3@lO35 for document and clear bills-they were
termed piles Other transactions were closed at
loo and 1o2b for bills of ading and lo22, closing
with downward tendency. Francs fell off, but
not to the same extent. We note sales at 5.423
down to 545 and $50
The movements in stocks were light. Bonds ap-
pear to be without any demand.
The following named gentlemen compose the
Board of the Branch of the Louisiana State Bank,
on Camp street, for the current year:
VIM H. Avery, of Foley Avery Il Co., President,
sugar and cotton factors.
VIM. NJ. Perkins. of Perkins & Co, cot. factors.
George Foster, of Hobart & Foster, commission
merchants.
S. q. Kennedy, Western commission merchant
| j. A. Blanc, brick merchant and planter.
| A. D. Grief, grocer.
Antoine Carriere, general commission merchant
| D. Il. Carroll, cotton factor.
| A. Fl. May, cotton factor.
| Alex. Brother, President Home lns. Co.
The last Cincinnati Price Current indicates prett.
plainly that the action of the confederate States
South, is operating adversely to the business pro
| spects and future of the West, particularly SO ia
as the State of Ohio is concerned. There is no
much darkness involved in the future of the South
ern Confederacy. 1t is all brightness and cheer
fulness We note the remarks that the collection
from the South continue very bad. We should lik
to know what part of the South is so laggard as t.
call for the remark, "a collections very bad" True
there is an amount of kite paper flying between
the West and New Orleans in the shape of bills o
exchange; and, no doubt paper of this kind goe
unpaid, but we should prefer fuller details on whic
part of the South is so very dilatory. As regard
the political aspect of the South, the Price Curren
can rest assured that compromise is impossible
| and return of the seeded States to the defunc
Union is out of the question. 1t appears that thu
farmers and traders of the West are not paying W
so promptly as the great crops would warrant
Pork at SlGG9Sl7 u barrel; -four at ST. 500Ds5 d.
not seem to relieve the West of its Indebtedness
The money market continues quiet, and the de
| mand from acceptable borrowers limited, and fol
first class paper the market has been easy through
| out the week at lGG1l2 ii3ct., and call loans hav
been made without difficulty at 1908 GEL, wher
the security was satisfactory. The fact is, capita
| is plenty and the supply in excess OF the offering
of acceptable paper, and were it not for the con
tinued threatening aspect of political matters tn
market would now be very easy, with abundance
of money for all legitimate purposes; but the pro
spects of settling up LSe difficulties 'Ot the counir,
did not look favorable at the close OF the week
| or we may say seemed more hopeless, SO tina
| bankers were more cautious. The six States whiCl
have seeded, formed Provisional Governm3 IN
during the week at Montgomery Alabama, ant
elected President, so that the week has witnesse
this gentleman travelling from his home in Missis
sippi to Montgomery, to assume the duties of tn
office conferred upon him and Mr.. Lincoln, tn
President elect of the United States, his iourne
from his honlein Springfield, Illinois, to Washing
ton, preparatory to his Inauguration. Few woul
have dared 10 predict, four months ago, that sue
| a spectacle would have been witnessed so soon
The sentiments expressed by the leaders in tn
| Southern movement, Indicate cool determination
They say compromise is impossible, and tina
peaceable division or civil war is the only alterna
| tive. As matters stand to the eyes OF CAPT
talists they seem rather more discouraging ant
to such and indeed we may say to ALL the future
of our country seems involved in darkness. The
collections from all points tributary to this city
| north of the Ohio river, are fair, though not 81
good as they should be, which is accounted for b,
the fact that large amount of pork was sold OF
time by the farmers, and has not yet been pal.
for, the buyers waiting for rise in prices befor
they sell but from all the Southern States collec
lions continue very bad, and debts outstanding, a
general thing, cannot be collected and ther
can be little doubt that this would have been thu
case to Il great extent, even without the polItica
troubles The offerings of time bills on the Eas
are light aud the demand good at l00l2 get. o.
Southern points rates are nominal.
The demand for exchange during the week ha
been fair, and the supply about equal to it. Rate
haya not changed. We quote as fellows:
Buying. Selling.
New York Sight. .......... 3I@4lpTem. 20 jspreu
New Orleans ....... % par. % u prem
American Gold Oh PREM 948 Is prem
Western currency is rather better, and ruled q
506 Get discount at the close.