New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-02-27
oeo 0rleans gailg d. sfeIt.
F slt'tlSAL .tED COMMERCIAL DEpARTmBs, y
5|fO 0rIfaHs JfIpatp lI(nrRtt.
There was Id perceptIbIe - & = -.
cEEscEs4 orr1cE, No 10 cys,,S.trc-.
Iues ny EyktffF1s, ~ ~

bls. Capitalists hafa got To ee1-ea their IDEAS
Or t'ey "jit lave ial balances 10 their interest
at'0aats. T.ler rzus strQEa- PAY@r. Veil, what
- taa dstiniti2nnt>sr00a payer What constitutes
tzf'7 PATa7eglagy 81 strong Gr al paper Let 1s
ATTEMPT 10 rive al calculation Of these mystic
words, "a strong 9anal" L it the issa!6g Of han
Gr"i5 Of Ij0T5aAI. OF dollars on eF0nF to be raised
or given Tor the purchase Of land and negroes? Or
IS ]! the paper OF parties VINO purchase indiscrimi-
oatay ali 'aasie or supposed tangible securities
aach as may be turned into gold in about fifteen
minutes. We know Of paper having been out to
the amount Of hundreds of thousands Of dollars lin
some instances reaching millions Of doliars) which
was termed strong AL and in some cases refused;
yet this paper was not intrinscaIly worth any
more than the paper of those parties who receive,
say five thonsand to ten thousand bales Of cotton.
Oh, yes, such and such houses receive so many
thousands of bales; they must be good There is
too close restrictions with some Of our moneyed
nsn, or supposed naoneyed men They are entirely
too rigid in their ideas. Some Of the dealers and
buyers of paper will not look at paper unless the
main parties are known to receive at least twenty
thousand bales Of cotton per annum. The more
produce that such and such parties receive the
greater credit. Results For the last twenty-five
years prove this to be very deiuaiYe aeceptation
for strength and soIdfty. The course of che money
market is really working to that point which will
prove how little money the great business of our
city can be carried on with.
The grand fulcrum Of trade and commerce, ex-
change, was in some respects very lively. The
demand at the banks for Northern funds was rather
Light: The general counter rate ranged at from Ia
{ discount. Outside there were lsrge transactions
at 3G95 discount. The buying rates at the banks
ranged from 589 discount. Sixty days sight very
dull at 23G2} discount. At the sarae time double
AL drawers would not draw better than li02 dis
These are, however, exceptional rates, as we'll as
exceptional bills. There were several inquiries for
Al sixty days at 2t423 large operator from
Camp street was wheediing about among the al
drawers for bargains. III foreign an advance has
been established. The transactions cover sales of
clear bills at 1040l04l, and lOi5 buyers, rates,
and other outside sales at lo4f0lO5. The latter
figure cannot be called quotation. Bills with
documents advanced TO l03@l031, though some
drafts were passed at 1929. Francs were dealt in
at 5.52l05473 up to 5,45@5.43l, and $40 for
something very nice The market for foreign
closing with an upward tendency.
There has been Considerable in the Stock mar
ket. Among the sales we note 80 shares Citizens
Bank at 235 PIG shares Jackson Railroad at 81 !;
10 shares Crescent City Bank at so; 116 shares
Canal Bank reported at ll0f or Whereabouts 50
shares Commercial Water Works at 624. Also so
shares Canal at l093. There appears to be some
thing Of a speculative feeling in the stock of some
half dozen institutions Money is daily accumulat-
ing, and holders thereof are extremely anxious to
invest They have been waiting some time for the
q good time coming" We shaIl,have large sur
plus at the close of business this season, pro.
vided there are no extraordinary calls or ntents to
withdraw money to carry North and to Europe.
There are several parties DESTROYS of selling out to
go elsewhere. We hope they will succeed and
ten clear out for the company of their Northern
sympathizers.
New YORK, Feb. 20, 1S6l.-There is an active
demand for sterling bills, for remittance by the
Canada from Boston on Wednesday. The rates
for this mail are not fully adjusted, and will proba
bly, vary little to mGrrow from our present quo
tations. For bankers bills Gu London, 60 days,
the rates range from l050l054; short sight, 1861
Ml07. Paris, 60 days, 5.40IG5.324 short sight
5.30@5.25 We annex the ruling rates At the close
OF to-day
0" o"d'" 5 e 9"ss #f"HHf: : H!. @IIS
VI h n BIZ; Of I@4ns 81; l93 Igi0
On Paris o. DAYS l;nnkess' g ~ az
Amsterdam .oil9lo cts 3J siilds IT,
emen 60 days. 16$Gp57 cts. 4 Fix dollar
Fl"nktort to d"ys.... iC}S@+Q3 cts T. torn.
The chief feature of the money market is the
scarcity of high grade paper. The obligations of
our merchants and manufacturers are becoming
rapidly less. We annex the current rates to-day:
get. ann!m.
- other good securities. ........,........ O.
Prime endorsed bills 5000 6sG
FstcE.ss single signatures 6 @2
2 S SHou Oils. @13
The brokers are not willing to allow more than
) I}ct. on call. Money has not been more abundant
for year than it is at present on irstclass secur
ties. The deposits in bank have increased to
ninety one and half millions ct dollars or thirteen
millions 10 excess of the middle OF February 1860.
The specie aggregate in this city is several millions
larger than at any previous date, showing that
there is abundant wealth, and that our merchants
have put their " houses in order" to meet further
eXigencies.
The bank statement for the week will be mem.
Orable for years to come, as exhibiting the accu-
mutations of unemployed capital and the stagna-
ton in business channels.
The specie to- day is about double what i. was in
February, 1860. Compared with the aggregate of
the previous week, we note:
IN Loans decrease Of $4,000
Ia Specie, an Increase OF 24j3A0o
In Deposits an increase 25SOJ
Compared with the corresponding week Of last
year, the present results are as follows:
1884, sifs9jSS9 ss sjS5 ssSS s55 S
The specie to-day is over thirty-eght millions on
hand The Sub-Treasury specie is on the decline,
although it is million more than at the close of
December last. [Courer " Enquirer.
4&Oltw Of tbc 5flMhtt5.
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