New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-19
Monetary--Commercial,
MONETARY.
OFFICE OF THE DAILY REPUBLICAN,. }
SArrpnAY Ere MING letahox la.a

| OFFICE OF THE DAILY REPUBLICAN,
SATURDAY EyENING, October Is, 1879
We have no new features to notice in the none,
market except more Impotence among dealers a
| the continued suspension of currency payments
| A sober second thought" however, would max,
! 1t evident to such persons that there can be nj
safe resumption until after New York has resum ed
and tse flow of currency, from sales of cotton anf
sterling predicated cotton exports, be turned
! this market. Probably one week after New York
resumes would 50 much enlarge our currency basis
thae resumption would be perfectly sa'e-that is
free from all danger of runs from depOsitors or an
I unmanagesble drain to the country. To resume
sooner would be only exposing the banks TO the
! Imminent danger OF having their currency ex
hausted and then being forced into second sus
| our Impatient friends, TIA. those banks
! winch have been the most LIBERAL to their
customers. discountiDs all the good business
paper offered. the most exposed to dangers
OF this kind. With continued confidence in our
banks, which are now much stronger than they
were a fortnight ago, and . steady cont actie
policy for week two longer, there will not be
banking institution in the city which will not be
able 10 rssuIne it's usual business a currency
wholesome impulse 10 every branch of trade.
we already see signs Of theiY growing strength in
me weeks Clearing House returns, their deposit
lines showing but little variation and their cur
rency balances slight increase while there IS
been shrinkage in their discounts. and they have
not only issued no more loan certificates but have
redeemed q considerable amount of those out.
standing. While we are well satisfied with the
course they are now pursuing, We could not excuse
themselves. at an early day, with ample supplies
OF currency. Even if they have to pay few thou
sasd dollars each to accomplish this. we have no
doubt the sacrifice would be approved BY their
stockholders. But without resOrtins to any such
measure they can BY Others bring out currency in
sumption.
The demand for money on the street continues
fair. but we hear of very few negotiations being
contaminated. The market is still quoted at as
= cent y mOath for selected paper, and 31-- for
hrst class. Other grades are entirely nominal.
t ,n class mortgage paper continues to III at
!o0Il T. cent y annum. and second grade at l?4-.
NEW ORLEANS CLEARING HOUSE.
CeArngs. Balancea
October IL. Isl 1874 Is $751; 827 :.
Same time last week. lO43683 ~ .39 7s9 80
Tot Total al last week.. IS7 4s3 90 :so272 80
4otSi week oerore.... s,9i5l5b 50 5l3.l59 %
The following telegram posted at the Cot.
NEW YoKx, October ia.-specie shipment per
steamer $l2O,l40 81, in silver bars
Currency was IN fair demand and ruled a: the
opening at y: UJk, but closed ct ~ as.
Gold vas quoted at ii!a!l2 for currency and
$4,000 at III 4. 5000 1t lll0ll. S250O and S 5000
at ~ for currency. and 5000 At !l64 Ilsa for
The Ne. York lnarks. opened At 1881. and closed
az Ioo =, touching 1885 during the interim.
Nothing was reported in silver American hafdol-
and llooll2 tor certified checks
The movement in sterling exchange of fair
extent G.1 The sales comprised e235oo. embracing
onu SV'J1 uu OI Etllu3 NDoU at III,
$1,000 Al clear at Il7. G6oOO bill of fading and All
clear at III g. $500 and $1,000 do HIS 1000 do
at III Sl5J0 at ll8, 5000 bank at 13a aud
= 1000 bank at Ilak.
The sales of francs include $50 900 commercial at
f9l-
At the close sterling bills were quoted at ll6h %
ll1s for private bills and -al9 for bank and
bank
Domestic exchange continues scarce The
sales included $1,000 commercial sight on New
FORK at 81 p cent premium, 5000 bank at 4 i,
and 5 1000 sixty days at ~ r. cent discount
The bank checking rate OH New York continued
at 4 p cent premium, and that of private sight
1t 81 IA.
The only transactions reported in securities |
we're sales of 10 shares Of Ca!casieu Sulphur Min
ng Company. At s IL IS, $4,000 city gold bearing |
seven per cents at 50, 5000 do at So $3.50 900 do SCH
1900 do So. and $4,000 city ten per cents at -;
he market contaues too unsettled to give general
quotations. |