New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-01-26
Netp Orleans 9aiLg Crescent.
FINANCIAL AND COMMERCIAL DEPARTMENT
Nen 0rleans NIuneg IIarket.
CRHacEaT OFFICE. No. 10 Camp sire,

Friday Evening, Jan. 49, 1861. 5
The general money market to-day offered very
little for comment. The weather was Of the suci-
dal order, whether applied to credit or personal
existence. The movements in and about the banks
were confined to the assisting of some few dis
counts and renewals of paper made a year ago,
now falling due.
1t cannot be disguised that the impending crisis
is trying the strength of many hundreds of our
commercial community. We do not, however
place any faith in the daily remarks that we are to
experience universal suspension. Remarks of
this kind are idle Our banks and merchants have
had months Of time to prepare for the portending
storm. AS regards the banks, they are in a posi-
ton to Withstand the very worst. If buyers of
commercial securities and dealers in factors
ceptances, who have for years past been investing
and realizing handsome recommendations, do not
choose to continue their business and really carry
out the " shut down" process, it will lead to
general abolition, break up of the old trodden sys-
tenn of accepting and advancing on crops to grow.
If new system of commercial and factorial is
adopted the total abnegation of accepting crops
to grow be carried out, the revenue of many CAPT
talists dealers in paper, will be greatly curtailed.
There will not be millions of dollars of Southern
paper offered and purchased in Northern cities.
We might say something on the system by which a
quasi monopoly is held in the cotton trade, where
and how some houses receive 10000, 10000 and
10000 bales per annum, and perchance other
houses only receive 5000, 1000 or 5000 bales
and others not enough to cover Office expenses.
Whether the mode or system OF advancing is not
defective and heretofore encouraged by dealers in
paper, who really have never encountered any
real risk in taking planters drafts, accepted by
r. nj
this time to dilate on. But if the impending crisis
should check the system of advancing and accept
ing, it will be glorious result. 1t will open the
great cotton factorage trade to competition, and
| relieve our community of an incubus, which has
been oppressive for years and years Frustrated
many worthy firms and in some measure making
the well off merchants still better off, and restrict
ing those of the less fortunate Glass; perhaps in
other words, fguratively speaking, we may say
that the rich are getting richer, and the poor
poorer under the incubus.
The Exchange market to-day was decidedly fiat.
In some respects it was in unison with the weather.
Though some of the Bulls endeavored to enhance
rates, they met with no success In and about the
banks the counter rate for checks on New York
was steady at discount, with round sums ruling
at ! discount. Outside the rates ranged from $@5
discount. The buying rates at the banks were
within the range of 8@l act. discount. There were
some transactions in sixty days sight on New York
at from 2l@25 and yet. discount. In foreign
| there were very light sales. The banks were buy
| ing very sparingly. We quote clear bills at from
1044GllO5 and 1059-yery dull and very difficult to
move at these figures. Document bills ranged very
broadly. We quote from l02t@l03 and l03}
! Francs heavy at 550@545 to $40, with some sales
| making, however.
The general stock market is something of a
blank. The stocks of the old banks are held at l60
for State Bank; l56@15S for Bank of Louisiana;
230G1235 for Citizens Bank, and Canal Bank at LOG
@IOS. The stocks of the other banks, say South
ern Bank, is held at ll0@1l2 Bank of America at
1913 Bank of New Orleans at 950l00. 1t is not of
much use to quote stocks. Unless holders are
very hard up they will not accept of offers, which
are below the intrinsic value. There have been no
sales of miscellaneous stocks to our knowledge.
Railroad shares are ineffaby dull. Gas Light Com
| pany holds up well. There have been some move
| ments this week. Whether they come under the
denomination of real or simulated transactions, we
| cannot say.
In uncurrent money we have not a quotation to
make, though the brokers do snap up bargains now
| and then in all kinds of uncurrent money at some
sort of rates. the wild cat issues of Minnesota,
| Illinois and Missouri, are purchased at some kind
of rate below 20 get discount Georgia and South
Carolina issues are purchased at LIVING prices.
Mexican dollars are heavy at l03, but brisk at
1929. There have been receipts this week.
American silver coin is purchased over the counter
at HOLE and get. discount.
Nothing doing in land warrants, and nothing
likely to be done for some weeks or months to
come.
LOUISVILLE MONEY MARKET January 22-There
has been a decided improvement in business mat
tiers since our last report. Both money and trade
seem to have felt the influence of better times.
Discounts have become easier when good paper
Offers and the great staples of the West moving
| forward more briskly and at somewhat better
prices We quote New Orleans and Eastern ex-
change at per cent. premium, with greater sup
ply than demand. Our quotations for currency are
as follows: Carolina, Alabama and Georgia banks
| 10 per cent. discount; Missouri per cent. dis
| count; Tennessee and Illinois per cent; while
| Kentucky, Ohio, New York, Indiana, New England
| and Louisiana at par
The market for land warrants is very dull We
quote nomnally at the following figures: