New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-05-31
fetu Orleans 9atlg Qtestent
rHIrRsDAY MoRNLNG.- MAY 81. 1850.
9ep Orleans Iloneg NtarRet.
CRFsrENT OFFICE, No. "a CANT STREET, /
Wednesday Evening, May 30, 1866.

Wednesday Evening, May 80 1866.
The only quotable variation that has TRANSFERRED
in financial movements since our last, was a recoy
ery of the per cent. decline in rates of Gold,
which was reported in the operations of Tuesday.
The market opened langud ut previous quotations,
but az the day advanced, and private dispatches
were received announcing an upward tendency in
rates at New York, holders advanced their asking
prices and moderate business was effected at
gradually improving figures. The supply on the
markeb was at no time heavy, however, and the
demand was OF restricted character from the
opening to the close Of business. Subjoined are
the whole of the operations Of the day, viz: $4,000
in the morning, at 1863 $4,000, $4,000 and $4,000
ut 1863 $1,000, $4,000 and $4,000 at 1877; 5000 at
1874 $1,000, $4,000, 10000 10000 and $4,000 at
1873 $1,000 at 1879 $4,000 at 1873, and $25, 900 at
1881 Sales of Silver have been restricted to 800
Mexican dollars, at 1883, and we now quote Gold
at l373Gll3s, and Silver at l2lQDl2l for American
coin, and l374G9l3S5 for Mexican dollars.
FOREIGN EXCHANGE-There is no important a l.
. teraton of any kind to notice in the movement 10
Foreign bills The indsposition to buy Or sell
largely both 10 and out of Bank to which we have
heretofore referred, still exists, and operations
since our last have been restricted to the follow
ing sales viz $4,000 bill of ading bills, when
had been purchased last week at l463, were soId |
to-day at l4s3, E2000 clear bills at l49. t5oUO
bank sterlin at 1913, $4,000 do. at l5l4, t1O0p al
1872, $4,000 at 1874 and &l5OO at lQ9 Tor Goi 6c
Sales Of Francs have been restricted 10 Zo,Vg0l'
at 3Tjf., and 40 000f. and 55,OO0i. at 5.s0. we
still quote Bank Sterling at l5iMl52, Clear
Bills 14SDl5O Bill Of Lading Bills li6Dl4S, Bank
Francs 365@3.6Of., and outdoor Francs 3.85D
$500
Domestic ExcHANGE-There is but very little
business Of any kind transpiring ir Domesti: EN-
change. Offerings of private and commercial e&,
hihit only very small increase, despite the recent
sales of cotton for the New England mills and the
demand at bank for remittance purposes is, if any
thing, more restricted than heretofore. Annexed
are the total purchases by banks and bankers to-
day viz: 100000 New York sight at 4 u cent.
premium, 900 DO. at " cent, premium, and
$50 500 and 100000 do. at 9.l6 u cent. premium.
We continue to quote New York sight at Z cent.
premium at bank, and outdoor sight At 3y8 "
cent, premium.
BANK NorEs AND SECURITIES Operations in
UnCurrent Bank Notes have almost entirely ceased
since some Of the free banks commenced the RE-
demption at par of notwithstanding circulation,
and We have not heard @f a transaction in any
class to-day. There is also partial suspension IN
sales oil Securities, and the movement since our
last was confined to 50 shares City Railroad Co.'s
stock at 200E and 10 do. on private terms.
REAL EsTArE-There was a very active and
spirited competition noticeable at the public sales
OF Real Estate at the Merchants Exchange to-day,
and some OF the property offered broughtunusualiy
high prices, as may be inferred from the subioined
statement Of sales by Messrs Walton Deslonde
The same party also sold some bank and miscella
neous Stocks and several lots of Insurance Scrip
at high rates. We annex particulars
four story granite store, No 49, corner Caron-
delet and Union streets, S55 ,50O two story dwell
ling house, corner of Canal and Rampant streets,
$i55O0; three story brick store, No. IS Custom
house street SIS 800; double story frame house
on Common street, $4,000; three lots on Magnpha
street between Common and GrayIer streets $500;
one square in RckervIlle 800; one story cottage,
corner Of Jersey and Ioledano streets, $500; -four
lots on Uriana street, between ST. Charles and
Prytana streets, $500; store on Customhouse
street, near Charities, $40 900.
Notes, Bank of Louisiana, $1,000 at 64c; ~
shares Odd Fellows Hall Association at 81; &c
shares Bank of Louisiana at Sl0j0.
Home Insurance Company-4O shares Of the year
1858 SIC. 3 share; 20 do, 1850, at S3c.; 20 do
1851, at SIC. Crescent Insurance Company-lSG
shares, 1859, at Sc; 1860 do, 1860, at 77079c
1910 do. 1861 at 75c.; 1850 do. 1862, at re. Sur
Insurance C0mpany-lO shares, 1859, at Sic; q
do, 1860, at &c., 50 do 1861 at 75c. Citizens
Insurance Company-420 shares, 1858, at TO-; 2
do. 1859 at 72c. Merchants Insurance Company
60 shares, 1853, at 81 0j; 10 do, 1860 at 81.
TIE NEW YORK PRESS on THE FINANCIAL CRIs1
IN ENGLAND.-phe Post of Tuesday says
For the third time since the passage of Peel
bank restriction act in 1874 the Bank Of Englan
has applied for and received permission to issu
n more notes than are allowed by law.
As happened in previous cases, the removal o
the restriction was almost Immediately followed b.
relief from monetary pressure and by the cessatlo
of the worst symptoms OF panic. COnsOls rOs
from SIS on the llth to S6g nthe 18th and althOug
Z the bank rate was advanced to 10 per cent, ther
was better feeling and general improvement
both in American and in almost all other descriE
E ito IS Of ecurtties.
The Journal Of Commerce, of the same date, re
marks:
The principal topic of the conversation is tn
panic ia England, said to be the seyerest know
Z THERE for quarter of a century. 1t must be dis
A tinguished, however, in its effects from any eE
elements somewhat similar in appearance, bu
far more disastrous The reason for this diiiereuc
may be found in the causes when nave produce
the present trouble. The decline in cotton, an
the consequent fall in market value, not only d
Tall textile fabrics, but of much other merchandise
5sympathizing with this movement, has led n
doubt to severe losses. But the main cause {
trouble has been the prevalent speculative mania
Extending to all branches of possible and impoE
sible enterprises all over the globe.
Railroads in England absorbed much money
but the facility with which the capital stock c
new organizations for any purpose was dstrblte
upon the market, led to the strangest adventure:
until British capital was distributed all over tn
globe in great many enterprises, many of whiG
had no practical foundation. The pressure, there
fore, it will be seen, is more purely financial tina
mercantile, and has less to do with legitimat
trade and commerce than most superficial Of
servers have SUPPOSED. For this reason the losst
on this side will fall to great extent, in ne
( quarters, although all who have foreign come
lions must share to some extent in the gener
distribution OF liabilities. The JOINT stock featu
engrafted on the organization of old English ban
ing firms has proved an element of weakne
instead of strength. The gambling in the shar
has naturally led to efforts by the bears to depTe
their market price; that depression in the stock
the association, unexplained to the general publ
led to distrust and run on the banks by depo
tors and thus came suspension.
The advice of the government to the Bank
England to over ISSUE if necessary, fifty millit
dollars in paper, with promise to introduce b
in Parliament for an act of indemnity for such
breach of the law, is, in reality, equivalent to
premium to suspend specie payments. Of cour
there will not be wanting those who rememb
the comments of the English upon our inauc
troubles, and the resort here to paper money, a
who will not be slow to retort the epithets tn
employed
Our market here stands up bravely under t
[ pressure, and there is thus far neither panic
undue excitement. The steamer will bring {
I considerable amounts of United States Dor
upon previous orders, and we learn also of
\ number of cOnsignments upon English aCcOu
4 The foolish attempts of the treasury to help
English spectators by selling gold are now g
orally condemned. How the thing could e.
have been attempted by distinguished COVE
ment officer is beyond all possible explanation.
The Commercial Advertiser commenting on
I same subject, has the following
The transition from high to low prices for p
ducts, commodities and stocks, has, as usual, {
minated in a raging monetary panic in that gr
center of commerce, England. The advices
the Cuba state that the present panic exceeds
intensity any crisis since 1926. Two cirGumstan
have tended to this result, First the undue
tension given to joint stock enterprises, in VIII
large amounts of capital have been embarked
be managed by agents little or not at all interes
in the results of their operations All that c
tributes to the success of individual enterpri
was WANTING in these Joint stock eOmDanieg, and