The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-09-16

Commercial Sterling and Francs show q decided
increase. But while the demand dlscloses Q
moderate Improvement rates exhibit slight ran
ing of. Total operations embrace the following
amsunts viz: 600 bank sterling at 1861, fl50O
private bankers do. at l56, fl5oo DO. at l55a,
$4,000 and $4,000 clear bills ct l54l, $4,000 do. at
l54i, $1,000 do. at l54s, 60,OO0f., 60,o00f and
lbs, 0C0 Al commercial francs 81 800, ana oo,VVOI'
zoe, OOof do. at 1861. We now quote bank ster-
ling l55Gls6 commercial do. l543Gl553. bank
francs 3.65@3.623 and commercial do. $500
1864.
increased offerings of commercial and short sight,
compared with little or no improvement IN the
demand for remittances, sales underwent de-
cline OF I@4 y cent. Total purchases to-day by
banks and bankers included the following amounts,
ZIG . cent discount; $4,000. sl5 900, $4,000 and
SIG 600 commercial do. at lila y cent. discount;
$4,000, $4,000 and $40 900 do. at Z - cent. dis
count; $4,000 and $4,000 do. at l6 D cent. dis
count We now quote l@4 per cent discount at
bank and l0A p cent. discount out Of doors for
sight checks on Northern cities.
CNcURRENT NoTEs AND SECURITY.-City notes
are dull and weaker. Louisiana State notes and
warrants remain neglected, and the movement in
sll classes Of stocks and bonds Is partially sus-
pended; total operations to-day under the above
heading embraced the following, viz 10000 and
$4,000 city notes at IS; $1,000 do. at BAT, and
SIS 600 do. at "a per cent. discount.
sPRcIAL DlsfAToHEs.-We are indebted to
he Western Union Telegraph line for copies Of
the following private dispatches received from
thst route to-day, viz:
Ne1c York, Sept 1910 A. M.-Gold opened at
l435. 1880 A. M.-Gold l4Sg. Cotton dull and
nominal; mIddling Csc. Mobile 254c.. Orleans
25lc. Sterling lOst@l09s. II Noon.-Gold l44i.
Cotton quiet and weak-net quotably lower.
sterling steady. 8 P. Mold closed at l44!.
Cotton market dull; prices unchanged. Sales
odsy 500 bales mddling 25c., mobile Is &C., Or
leans 25lc. Sterling declined, l090l09s.
liverpool. Sept. l5-ll:l5 A. M-Cotton-trans-
actions small and prices declining. Estimated
ssles 5000 bales. Uplands l0@l0!d.; Orleans l04
CSl02d.g l:20 p. M.-Cotton market easier, Up
lands lod., Orleans 1913. 5P. M.-Cotton market
Uplsnds afoat Cad. Sales today 1000 bales.
london, Sept. l5.-ll:l5 A. M.-Consos $40
94t. Bonds ~. s P. M.-Consols 94t Bonds 72,.
GOLD AND FOREIGN ExcHANGE.-We take the
following nom the current circular OF Messrs.
Henry Clews 4 Co.. bankers, New York, leaving
our readers TO determine for themselves the value
of its speculation:
The strong upward tendency Of the gold pre-
MUM, based upon considerations stated in our last
circular, has been checked by causes which could
hardly have been anticipated. Certain of the for.
eign bankers, confident of the nomination of
Chief Justice Chase for the presidency, and ex-
pecting as the result renewed demand for our
bonds abroad and q decline in gold. early in July
made considerable shipments OF ive.twenties and
sold large amounts Of gold "short." Mr.. Chase
was not nominated and gold advanced six TO eight
points above the figures at which these parties
had sold it.
In order to check the upward tendency of gold
based upon the prospect OF a foreign drain of
specie, these operators made further immense
shipments OF bonds. The total amount Of securi
ties thus exported, during Jolly and August, is
vsrousy estimated at from $50 900 600 to S45 000,
900. The consequent large supply Of exchange
not only enabled the agents of Barring Brothers
TO remit over IS 900 900 Of the Alaska money Ia
bills, but bridged the adverse trade balance,
and averted. temporarily at least, large outflow
ofspecie. This unexpected movement has checked
the rising tendency of the premium unless. how
ever Germany, contrary to ordinary probability,
should take permanently this extraordinary sup
ply OF bonds, this change 10 the course of the
market may be ultimately reversed.
Other considerations have also contributed 20
the downward reaction The drought 10 England
has caused a demand for the dairy products of
the United States, which has stimulated our ex-
ports of produce. The improved prospects of
the cotton crop within the last four weeks. pro-
duciDg an increase Of $4,000 bales in estimates
Of the yield, together with the probability Of the
crop being pressed early TO market. has been an
element favorable to a moderation of the premi-
UNI: and recent advices respecting the grain crops
OF Europe have been more favorable to the export
breadstBffs from the United States than was an
tcipated. So that, upon the whole, more rel-
ance can now be placed upon our produce ex
ports for ofisettng our imports than was antici
pated month ago.
Notwithstanding, however. these more salts,
factory indications, there are still facts which
very properly induce caution In selling gold for
future delivery. The Southern States are dis.
turbed the bad feeling between the white and
cOlored population Of that section becomes more
exasperated; the status of the States under the
reconstruction laws Is not such as to promise har.
mony and il is q significant fact that firms hav.
ing southern connections are st present large
buyers of gold. 1t is quite possible, therefore,
that the course of home politics may produce
sharp upward turn in the premium. There is az
present, however, a large supply of gold on the
market, the public deposits in the treasury being
on The let inst s25 900 900; and the difficulty of
carrying this through the more active money
market TO be reasonably expected. will be an i'm.
portant influence counterseting an upward tend
ency from any cause.