New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-09

II s + t.
The money market continues easy, and stocks
are again higher. though we strenuously hold TO
the opinion that money will be tight and currency
scarce IN the fall when the staples Of al sections
of the country are being moved to market Be-
fore january the South and West will require
$l50O00ooo Of currency, and at the same time
the Middle, Northern and Eastern States will CON
tact by retiring the old State currency. Ftteen
millions more Of national currency is all that can
be issued to fill the $300,000 600 maximum. The
State bank currency to be retired IS more than
double this amount; 50 that posltlve contTacton
Of currency Of somewhere between six and seven
1niliion per month is now to be encountered. This
contraction commences in the wrong season of
the year to work mildly.
EFFEoTs or THE HIGH RATE or DISCOUNT At
+TfIE BANK OF ENGLAND.--It IS reported that one
of the reasons why the ten % cent. rate Of inte-
rest finds favor with some of the heavy capitalists
in England is the immense profit il IS securing Tor
them However this may be, it IS certain that
some very large dividends are being earned by
the sound banks. Thus we find that at the half
yearly meeting Of the London and Westminster
Bank recently reported in the London Times, the
report showed an available total q t2b6,SIl, m
GLIDING a previous balance Of El5, ABB, and recon-
mended dividend and bonus equal TO IA S3 cent
for the half year, and the appropriation Of fl03,-
293 to reserve, Which will thus be raised to $780,
900 leaving e23 0i to be carried forward
The deposits, etc, held now amount to 421 ,022
Oil being an increase Of 81 100000 in the halt
year while the liabilities on acceptances are
Gl.274 242, reduction Of ESQ ,488. The cash In
us. The chairman stated 'that the losses of the
half-year were small, being below the average
and that although they had some bills Of the Banl
Of London, they were, in fact, securities Of sol
vent concerns in state of suspense It was
eight or nine years since they had had occasion L
turn any eonsols into cash, and he thought this
proof that their business had been carried on viii
prudence, Since the month of May they hat
opened 900 new accountsD I
CONVERSION OF sEyEN-THIRTEs INTO FIVE
TYEsTIEs.- The National Intelligeneer says;
AS considerable inquiry Is making in regard tt
the conversion of seyenthirties into fye-twentie
"a 1865 II u proper to state, as we do on the bes
authority, that the governments willing to re
csiye IN conversion the seyenthirties falling due
August l6, 1867.
INTERNAL REvENuE EXPLANATIONS Washing
ton, Aug s.--Rhe commissioner Of internal reTe
nue. has had occasion to cell attention to the fac
that the new law makes the work money 10 in
clnde checks !" drafts and other instrument
given for the payment Of money, and therefor
the receipts for checks, drafts, ETC., are to b
as If given for money. The new internal revenu
law differs from the old one concerning brokers
seies IF stock and bonds, which, under the lattei
were assessed upon the basis OF par value; bu
snder the former law. from August L, the STAMP
must be afixed upon the basis Of the aEnount
sales. ~
sroprAaE or THIS PRESTON BANK.-The follol
ing are the particulars of the stoppage of u
above bank. The announcement was made ye
terday morning by written paper, posted on u
principal door Of the bank in Fishergate, whit
ran as follows;
In consequence Of the pressure in the none
market and temporary embarrassment. this bar
Is compelled to suspend operations for the pre-
ent.--JGly 10, 1867
This notice was put up just before the usu
time of opening the bauk-9A.M, The exoit
ment became very intense, and for 9 time Il
street was nearly blocked up with people, viii
the paIapeis, above and below for quarter OF
mile we're thrunRed With parties either gossi
ell ftela 10 Enn tbp aN7atl
Tuesdsy and Wednesday there was most unusu
run on the bank, and it is i'd that fully f4t
900 was withdrawn on those TWO days alone.
On Wednesday evening the legal adviser of d
bank authorities was consulted, and the resi-
was the announcement above given. The bal
Is In the hands Of company established und
the jointstOek act. and the shareholders numb
in the aggregate lis. The liabilities Of the ba
arc roughly estimated at 81 100000. The ba
has branches at Lancaster, Southport, 0rmskl
blackburn, Blackponl, Fleetwood, Lytham a
Castanp The weak pltce in the bapk-if not
actual cause Of its stoppage-has, it is assert
been its connection with O number OF colt
manufacturers London Mercantile Gazette, 20
THg MONEY! MARKET.-The funds this morn
OPENED with further tendency to simproyeme
bDt Il vas not maintained. GOnsols for deliye
which closed last evening at SSA@9Ss, were f
quoted ss3@88a. Whence reaction tnok place
eSR. The final bargains were at SS4t@sSs for
livery. and $50 assB for the 9th OF August.
fluctuations Of the day were chiefly consequent
The circulation Of conflicting reports as to
probability Of an armistoe, bat the arTiva
more than 100000 in geld from Australia
Egypt, stimulated the disposition 10 return
confidence, which is slowly but steadily heeom
apparent.
The discount demand at the bank eOntin
moderate. In the Stock Exchange money was
slightly increased request at 6a6a7 . cent.
In the market for foreign securities the o.
changes Of importance have been a rise of 4
italian to 53E.
The last price from Paris this evening was
70c., showing recovery of three.eights per &c
In the foreign exchanges this afternoon
rates upon Amsterdam and Hamburg we're rat