New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-04-09
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Financial and Commercial Summary.
Gold-The movement in Gold showed heav,
advance on Saturday, owing exclusively to TIL
passage, by Congress, of that misnomer, the cvi
4 rights bill. Offerings were light throughout, how
ever, and operations were restricted on the par
of purchasers for immediate and prospective deliv
cry to slll,000. The market closed unsettled a
l26@l2G4 against l25A0l253 on Friday evening
4 Foreign Exchange There is an advance OF fully
per cent. to notice since our last in rates Of the
better classes of bills. The markets. stiii amp'S
supplied, while the demand exhibits very iha.e-
rial increase, and sales, on Saturday were oous'u.
erably above the previous daily average a' i's9w
l55 for bank Sterling s2sGl33s for cear oii.s )
l3l@l3lA for bill OF lading bills 4'zo49f.zol' iof
bank Francs and 43o@4.25f for OUTDOOR FRANCS
Dom,s,ic ErcbdnqeAThe movement under this
head has disclosed no variation OF any hinu since
onr last that calls for special remark. Offerings
4 Of nriyate and commercial, though, not heavy,
/ annear to be ample for the demand, and the
i ;nanrv at bank discloses a very material abate-
ment We, however, still nominally report rates as
Il follows, VIZ SoW oiA slSAt Poi SUAb. uiSCUuuL
At bank and 5l5S per cent. discount out-of-doors,
five and ten days sight 4@l per cent discount,
fifteen to twenty days. lt@ll, thirty days l4@l4,
and sixty days 2@29 per cent. discount.
Bas,k Notes and Securities is a very
active inquiry noticeable for the better classes of
bank notes and securities, and the movement in
them has acquired an increased impetus since the
announcement Of the passage by Congress of the
civil rights bill Offerings of the lower classes are
still quite heavy, and attract but little attention,
while the better descriptions are eagerly sought
for, at steadily advancing prices Sales since our
last include $4,000 Louisiana State Bank notes at
&c.,, and $4,000, $1,000 and $4,000 Union Bank notes
at 933c. u dollar: and the following securities,
viz: 533 shares Union Bank stock at Al, and 20
and 50 do. at 423 20 do Bank of New Orleans
at "a do Hope Insurance Company at IS :
So do. Jackson Railroad stock at 5; 100 do. Canal
Bank, ION private terms; 10 and shares City Rail
road Company on do; 20 do. Bank of Louisiana,
by Palfrey & Co., at auction, at 81; so do. Me-
chanics' and Traders Bank at 531; 30 do. Jackson
Railroad Company's stock at 4 and two $500
Louisiana State bonds at 75c. u dollar; $4,000
city bonds to railroads changed hands at s3c. May
coupons included .
Cotton-After the heavy sales of Friday, the
movement fell off on Saturday and was restricted
to 1857 bales without, however, any alteration in
prices The market was but poorly supplied
from the opening to the close, and operations
would doubtless have been heavier as the de-
mand continued active, but for the absence of
several buyers, who were, as usual occupied with
their regular correspondence and shipments at the
close of the week. The ruling prices have been
within the limits of our last quotations. which we
repeat, as follows: Ordinary, 30@32c.; good or
binary, 33@34c. low mddling, 35@36c., and mid.
ding, 3sG139c.
Sugar and No1asses-There is no change to
refer to in the movement under this head. Sales
on Saturday were confined to few hhds light
yellow clarified Louisiana Sugar at 16@163c. f9 To-,
and lot of old Sugar at public auction.
Western Produce-Flour has slightly declined
owing to considerable increase in the receipts
Sales on Saturday, 1900 bbls. at prices ranging
from S. so for common to 81 u bb. for good ex-
ira. Corn continues in fair supply. and demand
Sales since last, 5000 sacks. Oats are offered
freely at fractional reduction Sales on Saturday,
2500 sacks. Bran has disclosed increased weakness
since last, and we have to report only limited
sales, the quotations of which, as well as the other
articles enumerated above, will be found in our
commercial article. .....
\ Bank Failures at the Nortt--In the case of
one of the suspended banks-that of the Petroleum
Bank Of Titusville, Pa.-direct Misrepresentation
appears TO have been resorted to to convey the
Idea that it was national bank, whereas it was
not. The Herald of that town says that it had
never obtained permit, notwithstanding the fact
that the sign petroleum National Bank" was
conspicuousy postedupon one side of the building.
That the soiyency of some thirteen country banks
should have been dependent upon that of single
private banking firm in New York argues a very
unsound condition of the affairs of considerable
number of other local banks. If the business of
these suspended institutions had been properly
conducted, Culver Penn & Co.'s failure could
hardly have seriously affected them; and the
fact that it did SO goes to show that they were
more deeply involved in the fortunes of that house
than in justice to their depostors they should
have been.
i In connection with this subject, the New York
Herald, of the I'd inst, remarks as follows:
! The recent numerous bank failures in the oil
regions, resulting from the suspension of Culver,
Penn & Co., in this city, serve to indicate the ex-
istence of class of irresponsible banks through.
out the country, suggestive of the wild cat !"
OF former years, against which
I" Long John Wentw Forth waged war so success
Jury III IlliuUiS. "
! A popular idea has gone abroad that some how
or other the liabilities of national banks are
guaranteed, whereas it is only the circulation that
is So to the extent Of the bonds deposited against
it. The deposits of the banks in the petroleum. re-
ion that have just closed their doors are as entirely
under the national banking law if they
had been in the hands of private individuals, and
hence the credit of a national bank, as much as
that of private firm, depends upon the character
of its individual proprietors and managers.
Ma,'ch Returns of the q. S. Assay Office, ". r
The following is statement of business at the
United States Assay Office at New York, for the
month ending March 81, 1866:
Deposits Of Gold :. 81 100 coo 90
Foreign huli0E.... .............,...... 10000
United States bullion $4,000 .lr
Deposits of Silver including purchases s5oOCo 90
FForeiign CONF soI & 'Si9 99
United states bullion contained in eosd, l20oO
United States bullion tLase SUPERIOR. 1850 70
United States bullion tNevada).. ......,. $4,000
Tota, deposits payable in bars. 29o zee
Total. sk2io0e0 90
Transmitted to United States Mint, Philadelphia
Return to Specie Payneats-Under the above
heading the New York Tribune of the I'd inst
observes: et n.
European exchange is now SO much in favor of
II..N1 "a