New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-06-20

The New York World of the 18th inst, has the
following on the financial movement:
The only topic on the streetto-day was the re-
action OF the London market on the I'd of June,
when SOS went down to 6i} to COT. They stood
the dav before at GG5 to GG3. The decline has not
been adverse to the price here. The ehectlof our
large shipments of gold is anticipated and it is be-
leved that American securities will advance IN
Europe within the present month, orratheF that
the work Of advancing has already begun. 1t IS
worthy of notice that ali our government securi-
ties to-day in favor at advancing or advanced
prices.
The weekly returns of the Bank of England
show an increase in the bullion OF tZJ9s9 ana
decrease in the reserve Of notes OF ,455, while
the deposits show a heavy increase.
The Himes's city article says thepecuar features
of the bank returns were regarded with some dis
appointment on Friday, and coupled with the less
hopeful tone of the continental adVlces, they
caused all the markets to open heavily and to con-
tinue dull throughout the day. Consois closed at
6740878.
The discount demand at the bank was daily be-
coming more moderate, and in the open market
choice bills could be negotiated for u cent In
the Stock Exchange, loans on government seCurl-
ties were offered at % cent
1t is stated that scheme was on foot for ANAL
gamating three banks whichahave recently failed,
Viz the Bank of London, the Consolidated Bank
and the European Bank, into one undertaking.
The banks statement to-day shows an improve
ment in the financial condition of this market. The
reduction in specie has been caused by recent snip
ments to Europe.
The deviatiOns from the returns OF the previous
week were as follows:
De- a3G 353 R sps eods 1ns
Specie Dec 695G a39 Legal Aenu
NATIONAL BANKs.-The New York Tribune is
still waging war against the National Banks as
may be inferred from the following, which we cliE
from its financial article of the 18th inst
There is a steady accumulation of National Banl
currency in the three cities, and some measure!
must soon be taken to secure its prompt redemp
ton 1t is suggested that the use of this currency
in settlements at the clearinghouse can be made
with good results by sorting the notes and obglnG
banks using anything in payment not redeemablt
in the three cities to pay per cent interest on al
amounts so used. This plan would soon send thu
notes of banks kiting on circulation home for re
dempton, and bring about sounder state OF al
fairs. 1t is time that the circulation of live bank
was made as good as that of suspended insttu
tionsn which are at par at Washington Thi
movement toward redemption will, of course, b
warmly opposed by many banks whose chief prof
is derived from supplying currency, inferior in a
respects to plain legal tenders. The rebellio
being ended, Congress should lose no time in fore
inc the banks to redeem in legal tenders, and win
up and allow their circulation Ito be replaced
greenbacks, Eighteen millions in gold is too larg
bonus to pay for the privilege of using irredeen
able bank notes, and taxpayers will at no remoi
day insist that it shall be cut off. The nation
bank notes are great obstacle to specie payment
which must be overcome as soon as possible
The subjoined is from the New York CONNIE
cial Advertiser of the 18th:
The most gratifying feature of the later advie
from Europe is the improvement in American 5
curities in the London and Frankfort markets. I
June l, fve.twenties closed at 6G8 0664, At Live
pool, cotton was buoyant and on the first insta
closed at l35d. for midling upands, an advance
I'D. o.,
satterthwaite's Circular, dated May SOth, eve
ing, says:
Since our last we note an improvement in fly
tweuties of two per cent, the last quotations
ing 664@67
The Frankfort Germany papers mention th
while all other stocks are dull, American bon
are still well supported, as there are outstandl
accounts to be closed by spectators, while
public continue to invest. These purchases, he
ever, are to a great degree balanced by 50
pressed on Berlin account, where the lamenta
state of business compes realizatiOns. Money
the Frankfort stock market is very easy and C
sderably below bank rates. The foreign
changes are unpreGedentedly low.
The failure of the Consolidated Bank, in con
quenge of its absorption of the business OF
Bank Of London, to a certain extent comprom
the interests Of the Atlantic and Great West