The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-01-29
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Tuesday Evening. Jan. q LEA

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Tuesday Evening" Jan IS l5S4 J
The condition Of the money market has under
gone no material change Of any kind since the
close Of our last review. Payments at the banks
and by private parties have been generally salts
factory. Discounts and loans have been easily
obtained on strictly choice paper. The volume of
currency has been still further augmented, and the
demand for accommodation on the part of first
clase borrowers has steadily abated.
GOLD AND SILvER-There has been a moderate
Improvement in Gold during the past three days,
attended with about the average amount of fiuc.
tuation In rates. Saturday 1t closed at 4lGl Il
cent. decline. Yesterdaytit exhibited net ad-
vance O. ll II cent, and to-day il was unsettled
throughout, but closed somewhat stesdier at our
quotations. Transactions in Silver have been
comparatively light, owing TO the limited char
aeter Of the supply, but the upward movement in
Gold has caused an enhancement of rates. The
sales to-day comprised $1,000 Gold in the morning
at 1884, $4,000, $4,000, sj0O0 $4,000 and 900
ct 1884, $1,000 and $40 900 at 1884, $50 900 at 1894
@l4O $4,000, $1,000, $1,000, $500. $4,000, $4,000 and
$40, goo at l40 $4,000 at l40t, $4,000 at l4Ol, and
$1,000. gold check, at II cent. premium on Gold.
Saes of Silver inclnded $500 American halves at
1873, and some tTifilng lots Of Mexican dollars
within the range of our quotations, which now
rule as follows, viz: Gold lS9461l40, American
Silver coin l33@l3l, and Mexican dollars I42
6gl43.
FOREIGN demonstrating aud Francs have
been sim but inactive from the opening of the
present commercial week; The The ne demand has
been o, % active or general, and the aggre-
GATE movement has disclosed but little il any in
crease as compared with previous returns. Rates
have been enhanced, however, on account OF
heavy advance in the price OF Gold at New York
and in this market. The movement to-day has
been unusually heavy, however, and comprised
the annexed amounts, viz: $500, bill OF lading
Sterling at l5l I; $500 and $4,000 do, at l52 f2OOO
and f25OO do, at 1924; $1,000 do, az 1921 5000
Al clear, at 1929 flOOO do, at 1874; $1,000 do,
1924 f2OO0 do, for Gold, at l09.; f35OO bank
do, three days sight, at li04 for Gold; $1,000
bankers and bank do, at l530l53t for sixty
days in currency; $4,000 do, at 1881 80 0OOi and
IS OOOf. bankers Francs at 3.67t; 10000 Com
mercial do, at 3.7ll; and IL .00Of. and 5O,O0Of.
do. at 3.724. 1he closing quotations this evening
were l535Gl54 for bank Sterling, l524lj3 for
clear bills l5OA0ll52 for bill of lading bills, 36S4
03GGlf. for bank Francs, and 3.73lG3.7Of for
Commercial Francs.
Domestic EXCHANGE There has been gradual
hardening of rates noticeable in Domestic Ex-
charge since the date of our previous summary.
Offerings OF Commercial have been light through.
out owing TO the limited daily movement in cot
ton for Northern and Eastern manufacturers,
whilst the remittance demand although at no time
active OF general, has uniformly disclosed steady
increase. All the banks eBhanced their checking
rate TO ~ cent. discount this morning but u
proved decidedly unsatisfactory to the general
Tunof their patrons. The purchases by bank and
bankers to-day have been confined TO the append
ed amounts viz; 500 900 and S25 900 Bankers
Sight on New York at VI cent. discount, $4,000
do. and $4,000 Boston do. at GIG d cent. dis.
count and $4,000, SIS 600, $4,000, SIS, 900 and
$50 600 New York do, the latter in three lots at
4 ~ cent. discount. The market was very stiff in
the morning, and for time most OF the banks
did a fair business at the enhanced rate, but later
in the day the remittance demand indicated a
very material abatement and no buyers could be
found at the figures generally demanded. We,
however, quote nOminally { ~ cent discount at
bank and tGS u cent. discount out-of'doors for
Sight Cheeks on the Northern cities.
UNCuRRENT NoTEs AND SEoURTTIEs-The move
ment in the former, which is still restricted to
City and State issues, discloses an unmistakable
tendency to lower rates, while operations in the
latter indicate but little, IL any, improvement.
The total sales to-day are depicted in the follow.
ing statement, viz. $4,000 small City notes at
4@4l ~ cent discount $1,000 do. at A u cent
discount; $4,000 do. at q cent. discount; $500
do. at 81 f}.cent discount $1,000 do at 81 d cent
discount; 5000 large do. at 10 Il cent. discount
$1,000 and $1,000 do. at IA u cent. discount $1,000
Louisiana State notes, retailed by q broker, at
ga ~ cent. discount; and $1,000 do. sold at 254 u
cent. discount. The sales OF Stocks have been
limited 10 80 shares City Railroad Company at
l6l and l52 shares Jackson Railroad Company at
81.
SPECIAL DIsrArcHEs.-We are indebted 70
the Western Union Telegraph line for copies of
the following private dispatches received over
that route to-day, viz:
Nel1 York Jan. $50 A. N.-Gold opened at
lil5 Sterling advanced l09i9ll04. IL A.
M.-Gold l4l2. Cotton-demand moderate,
prices firm anu unchanged. Low middling l73c
Middling SIC. Mobile ls1c. Orleans lS3c Good
middliug l91. l2M.-GOd .l4lb. Cotton market
quiet, steady and firm. Sterling steady. SIP: NJ
Gold l4ll. Cotton demand fair, but at lower
rates prices nominally unchanged. Sales 5000
bales. Sterling steady.
liverpool, Jan. 2Ss-ll:l5 A. Motion
market active. Estimated sales IL 600 bales. Up
lands 726e7Id. Orleans S0Sld. LEO p. Got
ton nomally unchanged. P. N.-Cotton market
nOminally unchanged.
London. Jan. 2s.-Consols and bonds are un-
changed.
FINANCIAL LAw.-The Supreme Court In New
York district has recently rendered two decisions
Of importance TO dealers in stocks. The first was
IN the case Of Oaks VS.. Drake, in which the
opinion was delivered by Judge lngraham. The
other was in the case Of Markham VS.. Joudon,
the opinion being delivered by Judge Leonard.
The opinions together hold that where banker
or broker invests his own means IN the purchase
and carrying OF stocks for his employer, the re-
lation created is not that OF pledger and Pledge
so as 20 require the broker TO give notice of time
and place Of sale IL he wishes 20 sell the stocks
upon the customer failing to respond. but he may
sell after demand Of tie money and @ reasonable
opportunity to the customer to pay It, and without
Notifying the customer of the time or place OF
sale. ON the latter OF these two cases 1t Is held
that the customer does not become the owner OF
the stock until he has paid for them, and until
then the parties are simply IN the relation OIL
sbecial contractors with each other-a relation
more resembling that Of vendor and vendee thar
that of pledger and Pledge.