New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-06-01
9qp Orleans Daily Qrestent.
Her Orleans Gloneg TtarhFt.
CRESCENT OFFtoE, No. "a CANT STREET,
Thursday EVENING NAV Al lR66

UREsoRHT oFrtoE, No "a CAMP STREET.
Tbursiay Evening, May 81 1856
The only material variation noticeable in the
financial movement to-day is an advance of about
~ cent. in rates of Gold, which is exclusively
due to the upward tendency Of rates in the New
\ York market, as advised by telegraph. Offerings
were light throughout, and the demand was of
more restricted character than for several DAYS
past We subjoin the principal operations for the
day, in the order in which they TRANSFERRED viz
$500 $1,000, $4,000 and $l0,OOO in the morning at
1873; $1,000 at 1881 $1,000 and $4,000 at I39
$4,000 at 1891 $4,000 and $23 900 at 1895 $l2 900
and $25 900 at 1885, and some trifling lots at l40
Sales of Silver have been restricted to $4,000 Ameri-
can halves at l27I; 1900 Mexican dollars at 40 in
currency; 1000 do. bought by broker at Ii %
cent. prem. for Gold, and 5000 do. sold by bro
ker at ID cent. prem. on Gold. AS the movement
in the latter restricted to one party, we must
conclude that the rate has materially advanced or
that the purchaser has paid very high price.
The ruling quotations at the close of business this
evening were: l395@l4O for Gold, 122@126 for
American Silver coin, and l40@l4l for Mexican
dollars.
DOMESTIC EXcHANGE-There is no variation of
any kind to report in the movement in Domestic
Exchange. Outdoor offerings continue exceed.
ingly restricted and the demand at bank is still of
a very limited character. The purchases by
banks and brokers to-day have been confined to
$500 at Z ~ cent premium, 1000, $4,000 and
$4,000, the latter Mobile bank sight at } f4 cent
premium, and $40 900 and 1000 New York bank
sight at per cent premium, 100000 one day
sight at y cent. premium, $l3 600 do. at II cent
premium, and $4,000 thirty days sight at ~ cent
discount, We still quote New York sight at 4.
~,
premium out OF doors.
BANK NoTEs AND SECURTIEs-There is no
movement Of any kind noticeable in operation in
notes Of the liqudating banks, or in any class of
securities. Offerings of all descriptions were re-.
markedly active, and the actual sales for the day
have been restricted to u and Is shares City
Railroad stock on private terms, 800 do jackson
Railroad Company at 81, 50 do. Gas Light Com.
pany at 1923 200 do, Commercial WaterwOrks at
a price that has been withheld and $4,000 City
Consolidated Bonds at 94a
The CAUSE or THE FINANCIAL PANtc,-The
announcement by the Emperor Napoleon to the
Mayor Of Anxerre that, in common with the ma
Jority OF the French people he detests the treaties
OF lhl5, has evidently been regarded on the Paris
Bourse as a signal for the commencement of a
European war, and the Rentes have experienced &
further fall Of nearly two per cent, while on this
side the panic in speculative securities has assumed
the yarOus commissions of the past thirty years.
Consois opened at the price of Saturday but
soon receded /, and have closed at 6630861, for
delivery, and 865@S64, or 85B@S54 ex-dividend,
for the 9th of June-the lowest point touched since
l84S and more than - cent. under the worst
price during the war of Italy and France against
Austria, in 1859 The discount demand is unal.
tered. on all unexceptiona securities money can
be obtained without difficulty but everything that
is even shade below the best is for the moment
useless SO that in many departments Of business
operations are wholly para 9aral{Eze .l;. ~ Nav,
The Bank of England have again raised their
rate Of discount. 1t was advanced from to II
cent on Thursday last, and is now put up to S.
The movement excited no surprise, since The
figures of the returns of the past two weeks fully
indicated its probability and as regards the
prices Of the funds, instead Of creating further
fall it has been followed by a slight recovery.
Consols, which closed yesterday at SCI to S63,
were first quoted Sc to S63, but some rather nu-
Tnerous purchases on the part of the public then
took place, and the final bargains were again al
SCI to 500 for delivery, and 86} to soy or sol to
So eE, dividend for the 9Th Of June.
In financial shares, however, there has again
been continual increase of heayiness throughout
the day, and although the majority Of the public
VI feel convinced that, except in the worst cases. the
81 vaTiOus companies still retain the whole or the
better part of their capital intact no one is able
to see how they can be protected from the panic
so as to obtain the means of meeting current obi
cations in the interval required for their locked-ur
/ property to become available In former pancs
i the leading delusiOn has always been that the sup
l ply OF bank notes was insufficient, and the mo
Z ment this apprehension was met by a notification
that the bank might issue as many notes as il
pleased every one found that there were already
more notes in circulation than were wanted, anC
4 the wild alarm from that moment steadily sub
4 sided
At the present crisis no such panacea is avail
able, and the mania of terror seems likely. there
fore, to proceed unchecked. Meanwhile how
4 ever many public Interests may be seriously com
promised, and it is pertinent to inquire whether
the leading banks and other establishments OF
London and the provinces, whose position is now
/ perfectly secure, and who vehementy shut GU
l even the smallest applications of any Of the dis
tressed companies for momentary assistance, are
| not bound to reflect that, up almost TO the com
| mencement of panic, they encouraged these com
| panes in their vicious course by negotiating the
| paper, and that it is consequently duty to con
cert any safe means that may be in their power tt
mitigate the evils they have assisted in bringing
| about, fta. 4r
| OF course, no one would suggest that they
| should entertain the idea of making dangerous
advances in any case, but it is believed that mucl
of the pervadng peril actually arises in instances
where comparatively small amount would pre-
vent a wreck and where solid, although no
directly convertible security, could be handed
over for five times the total required 1t is the
very establishments that neglected to perform
their duty to the public by originally setting thei
face aganstTinance paper, whenit was circulating
to the extent of millions, and without tangible
security, that now refuse to touch It, even to thu
extent of a few hundreds, with the offer Of posi-
tive securities to back it. 1t is no reply in sucl
cases that the companies can make calls on thei
shareholders.
In most instances the articles Of association
provide that these calls shall not be made at more
frequent intervals than three months and mean
while there may he all the danger of stOppage
Thus the entire history furnishes deporable eX
ample of unprecedented credulity and reckless
ness on all Sides followed by an equally unquali
fed display of mingled selishness and terror The
imitation and the panic have been Of piece, ant
all attempts at reason are as vain in the one cas-
as they were in the other. If the bank of Eng
land and the leading iointstock banks were t.
unite, and to agree to make very mOderat
advance upon the best assets of the fey
companies that might be in need of assistance, S
as to give time for calls to be made or property
be realized without sacrifice, the alarm and DANCE
that are now beginning to spread among the Who'll
community would at once be stayed. But there
apparently little reason to hope for any unite
action, and unhappily, therefore, there is lit
that prudent people can do who see that their oW
standing may at length be imperied by the rush
the insane crowd beyond contracting their oW
engagements, however inherently legitimate, in
the smallest possible compass.
London Times's City Article May g.
Commercial SnteIlt9ente.