New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-12
Weh Orleans Dailp Crestert,
FINANCIAL AND COMMERCIAL DEpARTMETT
Dem Orleans money HEarhet,
CRIqrEET OFFICE, No. 10 Camp 4tre
Thurs lay Evening. April II. 1891

CRVqrEET OFFICE, No. Can
Thurs lay Evening. April II, 1881. 5
The tenor Of the money and paper market to day
was quetness. The offerings for discount at the
banks were not beyond the income, and in the alb
sence Of long dated or eight, nine and ten months
paper, to I'LL the VACUUM, Of dead weight there ia no
besitation in discounting all good short.dated p.-
per, From the large surplus which our banks have
over and above the requirements of the law, and
the very great paprity of commercial paper aaoat,
it is reasonable to conclude that there is not bank
in the city but what can take more or less of the
loan Of the Confederated States, that is provided
the amount desired is not taken outside. Appear
ances are that shere will be considerable competi-
Ton for the loaa. We notice that the Black Re-
publican bank il New York. the Bank Of Com
nercc, took of the late loan Of the old Government
$500 800. Whether it was taken to assist in
coeTciVe measures towards the South, or whether
1t was taken for speculation, we cannot say. We
also observe that the noted George OpdyEe,
late clothing merchant in Chartres street, New
Orleans, put in bid for s25 ,OO0-a good share
no dOsitt,. feeced out of poor seamst!esses and
operatives By buying uncurrent mo2ey every
Saturday at discount and paying t out at
par. We also observe the name of CUSTOMER
R. Robert another worthy who has amessed a
great deal of' money through New Orleans. He
bid for the loan to the amount of $4,000. Now
let see how much Mr.. Robert will sub
scribe for the Confederated loan out of which he
has acquired the greater part of all that be is
worth. G. S. Robbins & Son, who have a good
deal to do with New Orleans, also bid for 500 Oo0
but old gentleman George was not as success
full when he was selling tapes and dry.goods
and bid too lowhe did not think Mr. Lincoln'a
Administration loan was worth over 90. The
Bank of America which has a good deal to do
with New Orleans, took $500, 600. On the move
pent of this bank we shall have something to say
in two or three days.
The taking of this loan of $9,OO000O, though at
shaving rates, has encouraged the Administration
at Washington City to hasten the departure of the
expeditions South. Weshall be much disappointed
it these movements are not check-mated by the
promptness with which the Southern loan will be
taken next Wednesday in New Orleans.
The agent of the AjaE or the Cashier of the
Merchants Bank, New York, also put in for a lit
tie slice, say 1925 900. Our Ajax must about this
time have a very respectable balance with Mr..
Eermiheyea's bank, say nearly million of dollars.
The Exchange market to-day very much
depressed, particularly foreign bills. The buying
rates of large dealers ruled at 1063Gll07 for clear
bills and bills with documents at lO5503l06 and
l66l. The banks doing very little to-day
they wet decidedly fish in their ideas, unless at
extreme low rates, and possibly they might have
taken alarm, if fair and good bills were offered at
reduction from the foregoing figures. Francs also
felt the depression. We quote from 5375G95. 80 up
to 5.27l and dull. Northern funds were only in
limited request. Over the counter of the banks the
rates ranged from ]@3 premium Bankers outside
had an active demand, and sold freely at 1 prem
Ten days sight we quote at discount; thirty days
sight 4G0} discount; sixty days sight at from 5@l
discount down to !@l4 and Il dis. The offerings
were not large.
The Stock market was quiet to-day. Holders
concluded to relieve themselves of their fright, and
were not Offering with freedom. There
swapping transaction one bank stock for another
at which there was about six bits made.
The low rate of sale of the consolidated bonds
made to the city last week is commented on. 1t
is not of much use to talk about it, nor it be
considered anything of test Of the value of our
| securities, because 5000 and per bond would
have been paid, according to the established rule
OF receiving proposals. The number of bonds to
be purchased was 22O. There were only $40
offered, 22O to cover the WHOLE at $50 and interest
and | 30 at 500 9OlOO down to 500 10 though there
only bonds offered at this last price. But
in consideration of proposal for the whole, the
otferers could have realized 900 per bond fiat lust
well as 100; and some parties say they could
have realized 9j0 on the ground that bid for the
whole commands the preference. Here we have a
sale at $780, or about that, which is very fortu-
nate thing for the city, as it realizes $4,000.
Bat it shows how little confidence can be placed in
the views and ideas of parties who have the repu-
tation of being considered astute and learned inan
ciers. Possibly they were led away by the reports
of the day that New Orleans was doomed city,
We are asked if there are any more city consoli-
dated bonds to be had at 100 fat with about fifteen
days add ional interest to be deducted that time
being required to perfect sale through the action
of the City Council. The Finance Committees of the
City Council are in the market for the purchase
of 900 go bonds) of the city bonds issued to the
pontchartrain Railroad Company. Who has got
them to sell at 774 So@S5, or a higher figure? 1t
is useless to say, don't all speak at once' for it
is very doubtful if the bonds will be forthcoming
at 775.