New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-01-09
Ue6 0rlears laiIp Crescent.
FINANCIAL AND COMMERCIAL DEpARTMENT
Grin GrIeans HEong gtEatket.

O..
Tuesday Evening, Jan. 8, EEL :
To-day has been observed AZ a general holiday,
devoted to patriotism and the memories of the
past. mammon and pef were cast aside, and as
all the moneye9 institutions were closed, we have
nothing to say. The day was celebrated with
greater pomp and feeling than we have observed
for many years past.
The mails from the West and European mails up
to the 22d alt. have come to hand.
We take the following from the Louisville
Courier, Of the 9Th January:
To-day being the one set apart by the President
az day Of humiliation and prayer most of the
business houses were closed, and nothing worthy
of notice done, there not being single trans
action of note. A portion Of tie banks, however,
were open, and there was good demand for
money to meet the heavy payments falling due
but as far as we could learn they were all readily
met with promptness, which has always charact-
erized the business men of Louisville. Now that
the much dreaded day is past, we hope that mat
tiers will begin to brighten up, and the prospects
are that the present month will close on a very
easy money market. At the South the business is
looming up, and our dispatches from there during
the past day or two have quoted large sales and
exports Of cotton, being nearly as large as last
season. The demand for produce and provisions
here is increasing, and the shipments are large to
fill Southern orders. By the close of another week
business will in all probability assume very safe
footing.
The monetary of the Cincinnati Gazette, of the
4th instant, says: #
There was increased stringency in the money
market to-day, owing in part to the effort made TO
provide for the paper falling due tomorrow, but
mainly to a scarcity of currency. The volume of
business in the general markets having largely in
creased the demand for currency has advanced in
proportion, and with only moderate inward sup
ply, balances have been greatly reduced. There
have been paid out for hogs alone, within the last
three days, over halt million dollars, all of which
went directly into the interior. In the course Of
few days however, the tide will turn The funds
that are now being paid out will come back to the
jobbing merchants, and the low rates of exchange
will attract package renittances. The asserting
business will at the same time, be discontinued
for exchange now be bought cheaper than it
| can be made out of bank notes Under this com
| bination of circumstances. currency cannot long
continue scarce. The bankers are disposed to dis
count to the extent of their income, but the latter,
at present, being light, and greatly deficient as
| compared with the demand consequent upon the
active movements in trade, matters are, as already
stated, quite stringent but the closeness OF the
market at the present time is owing more to a
scarcity Of funds than TO want of confidence.
Indeed the Improvement in the latter is the nIne-
diate cause of the inadeqnacy of the former. But
having a healthy and active trade movement, mat
ters wall soon work into more comfortable posi-
ton. Rates of interest in the open market range
from l092 get per month. New York exchange
settled down to-day to premium, and it was dull
at that, some cheeks having sold as low as prem
| ium but these concessions were owing to pres
sure for currency, the latter being in greater de-
mand at present than exchange. The buying rates
were par to tot premum-the latter the prevail
ing figure. Boston was par to ! premium buying
| and premium selling. Philadelphia discount tc
par buying and premium selling. Baltimore ad
yanced to discount buying and par selling. Cole
declined, closing at ! premium buying and 5@i
premium selling. We quote: