New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-06-25
4aiIp Grestent
Financial and Commercial Summary.

o1Sulh"J VI IuHJ y u CeHts luEueuCtQ Principally
by the upward tendency Of the New York market.
Offerings were moderately heavy, and with an
increased demand throughout heavy sales were
effected during the day both at the brokers'
board and upon the street. The closing rate was
l5l@l5l3, against 146@l463 on Friday evening.
Silver was also considerably exercised, and heavy
sales transpired at marked advance, the market
closing at l365@l399 for American Coin and
l5l@l53 for Mexican Dollars.
Foreign EGo4uRge-Adyices Of an advance in
Sterling and Francs, superadded to the heavy i'm
provement in Cold, impaired increased strength to
Foreign Exchange on Saturday, and drawers
again pat up their rates, but the demand was at
| no time much better than nominal, and sales were
very light at the closing quotations which were
lG2@l64 for Bank Sterling, I56@l58 for private
bills, 34Of, 05.3jf for Bank Francs, and 35Of0
| 3.45f for outdoor Francs.
| Domestic E1cbaage-There is no alteration
whatever 10 report under this heading. Offerings
! Of private and commercial continue very re-
stricted, while the demand for remittance at bank
is fair, and in some cases heavy. The rates still
rule at q cent discount at bank and tot u cent
discount ont Of doors for sight checks on the
Northern cities.
| Utcurrent Notes and ,Sec,rttjcs-The move
ment in the above is still considerable, but it is
mostly confined to few favorite classes. Sales
on Saturday were materially above the previous
daily average, both at the brokers' board and in
the outdoor market, and full previous prices were
| generally realized.
| CotoR-Operatons in the leading staple are still
almost wholly suspended. Factors and brokers
are awaiting later European advices, and as their
views differ materially on the question of prices,
no active movement is likely TO take place till
after the next transatlantic arrival particulars of
which may probably be found under the regular
teegraphic head in this mornings CRESCENT. The
sales on Saturday were confined 10 SO bales OF
good ordinary, and about 237 bales of repacked
and reboxed cotton which latter do not enter into
our regular supply. Prices are of course too un-
settled to present even approximatng quotations.
| Sugar and MoldsSes-The market is extremely
dull at previous prices. The supply of Louisiana
is almost wholly exhausted, while that of imported
Sugars and Molasses is more than ample to meet
the present restricted demand.
Western Prodatce-The supply Of Flour is very
light while the demand is moderate and prices are
firm. Corn, Oats, Hay and Bran are quiet but
firm at previous quotations.
Neoo YORK. Market-The following is taken from
the News of the 10th inst:
| Cold, however, has been the feature of the day,
| and It's fluctuations have been remarkable, caused
| IN some measure, by the tone of the Southern
news. The rate opened at l67, but it fell steadily
| closing at 1867 to 49, The transactions were
very large, and there has not been seen so much
| excitement on the street for several months. The
market even fell to l55 on the circulation of the
favorable character of the news by the China.
! Foreign exchange became very much excited
and quite irregular. The nominal rates cannot be
relied upon as indicative of prices since drawers
have offered bills 3 per cent below the quotations
There has been quite pressure TO sell, exporters
wishing to realize on their bills, of which they have
| a superabundance. The rates quoted are Prime
bankers sixty days sterling lO9{ to 1893 sight,
| ll04 to Ill commercial, 1863 to lO74 francs
long, 5.114 to $40; short, 5.O73.
| The present supply of available gold may be
| learned from the following estimate
Bsdsasd 554asry It 'GRi sue Treasury from 'oS''7'
Received from California etc,
Received from Inland since June i, l'-''>''
| aay''''r''''' '..,..''.'.'.,..--,.. dOJ0OOo
| Deduct 'V''''''oi :
| Gold Certificates outstanding June
Paid at bTreasary on account Of '0''-0
Exported atsNew York slncelJune
Specie in Banks June lg....... si25f7 i},zfE855 81
Total S32 015 1874
The following shows the condition of the New
York City banks for the past two weeks:
1oars s;5a ;559apssSSs sSS oso .5 Jans 81 e. j.,
ss9. Specie l5S2L683 msi7855
| Deposits. ..-...,....... 2025989lg 224l5 67G
Legal tenders ...,.,,,,., 74,628,67l 7g,i79S S5I
State Banks-The Post of the same date has the
following on State banks:
| In anticipation of Congress Offering greater
facilities for the conversion of State banks into
national banks, several State banks have already
filed their applications for conversion into the same
with the currency bureau. The total number Of
banks III 1863 and the circulation $3.50 263 $50 Of
which amount Sl,35S, ,2i6 were issued last week.
S2oa0 Reuipal Of Confdenoe-A trade and
finance " article in the London Daily News of June
has the following:
Although confidence appears to be steadily re-
viging, it is reviying very slowly. The severe
shock to credit given by the events of the last
month is not lightly got over. The difficulty has
been the greater since, unlike The last two crises
OF lo4I and 1857, the banks have been chiefly in
danger. Although the purely mercantile failures
| have been neither few nor unimportant they have
barely exceeded the average in what may be
termed ordinarily bad times The suspension of a
private merchant necessarily affects a compare
1 lively small number of persons; but when
bank steps, the inconvenience, dis
credit and ruin extend over q wide area
Now that the crisis has fairly passed
by, we can look back to the immediate conse.
quenees Of the suspension of 0verend Gurney &
Co., with certain amount of thankfuness, if not
without terror On that memorable FRIDAY which
no one who witnessed it car. ever forget, scarcely
any OF the banks did not experience run of more
orless magnitude. 1t is impossible to overrate
the danger that would have been caused by A
spread of distrust, of which this ominous move
ment was the first indication, so powerful was
the effect of the failure ef but q single monetary
establishment, though that one truly enioved pre-
eminent repQte. Most fortunately the evil was
nipped in the bud. Since that period of universal
fear, two second-class banks have suceombed
chiefly from want of skillful management, and in
one case it is averred from mere inadvertence but
the larger establishments have fortunately escaped
4 all danger.
The Currency Qaestion--Fhe New York Tri-
bune is indefatgable in its efforts to reduce the
Rumber of national banks and to restore the car
rency to specie basis. We copy as follows from
the latest number of that journal at hand, viz.
TIE rise in gold and the revival of speculation
ih the precious metals should stimulate Congress
TO take immediate steps to reduce the volume of
the currency, which more than anything else fos-
tefs speculation in all departments OF trade The
most enectuai way in which this can be done is by
amending the national bankinglaw, as proposed by
MF. hooper, so far as reducing the circulation i
concerned, and striking out those parts of the
twenty first section which allow SIS 900 O0O of new
circulation to be Issued What the country wants
is less banks and less currency, and the return of
lts speeniatng population, including many national