Click image to open full size in new tab
Article Text
Dew Orleans Daily Grescent. THE COMMERCIAL DEPARTMENT. New Orleans Money Market. CRESCENT OFFICE. No. 70 Camp street, Thurrday Evening, Sept. 24, 1857. There was no change in the general position of the money market to-day. Only one Bank discounting, and that being the Ajax, there could not be any large favors granted. On the street there was A pancity of paper offering, yet most all responsible brokers have as much as they can pass. We learn of the sale of some $20,000 maturing in February, March and April, paper considered A1 at the rate of 15 per cent. There were also negotiations at 12 per cent. for some double A1. Cotton is Rr. riving with more freedom, and is taken in fact as fast as landed, so that there is no accumulation of stock worthy of notice. Exchange continues to decline; in fact the bot'om is most out of the bill market. There is a constant demand, however, for bank checks and sight drafts on New York, and the counter rate for checks is firm at 1 per cent. premium. Outside the rates range from 3/4% premium one days sight premium three days sight 1/4 premium fifteen days sight from 11/411/2 discount. There were offerings of ten days sight at 11/4 discount. There were some small amounts of sixty days sight taken at 31/2 per cent. discount. The range of the market being from 31/44 per cent discount. Sterling dull, and good A1 bills have been sold at 6@61/2. We place extreme figures at 53/@61/2 for clear bills. and 43/4551/2 for bills with shipping documents. For remittance possibly 61/2 would be asked. Francs have the same dull feeling and appearance. 200,000 good A1 were placed at 5.35. We quote from 5.40@5.321/2, though some parties hold at 5 35@5.30. We have not very favorable accounts regarding the Ohio Life Insurance and Trust Company. Our late citizen at the head of the Trust Company does not appear to make much headway towards a settlement. There is no probability of its resuming again. Claims against it which sold a week or two after its sus* pension at 75@90c. per dollar, are now difficult of sale at 50c. The Cincinnati Price Current, of the 16th, says The general aspect of affairs during the week has not improved want of confidence exists to an uncomfortable degree, which is partly to be attributed to the various heavy failures which have taken place in New York during the week, and to an unfavorable aspect the affairs of the Trust Company has assumed since our last, together with the suspension of the Citizens Bank, which though anticipated, produced some excitement. The committee appointed to investigate the affairs of the Trust Company has met with great difficulty in the prosecution of its duties. The accounts of the New York office were found in the greatest confusion imaginable, and Mr. Ludlow, the cashier, refused to give any information to enable the committee to unravel them, and up to the present time, no satisfactory in. formation has been obtained from him, rendering it necessary to for the committee to open a correspondence with the parties each account, making their progress slow in the extreme. The facts of the accounts being confused and Ludiow refusing to give any information regarding them, look bad as regards the affairs of the Company and as regards the Integrity of the Cashier. We believe the Directors give up ull hope of being able to resume business, and the question now with them is how t much can be saved from the wreck The Citizens' Bank suspended, because its money was locked up in securities upon which it could not realize, and owing to a partial derangement on the part of Mr. Smead, the chiet owner. It is supposed it will pay all it owes eventually, but that it cannot resume business, any more, for ever. E The affairs of the Central Bank have not undergone any change for the better. It is still closed, and will probably remain so for some time. Among our merchants, matters seem to be comfortable; no failures have taken place, and to a strano nd ger passing through our business streets, it would seem that business of all kinds was rushing on as usual, as if nothing had ddisturbed the financial ramifications of the country.' g. aThe following are the Banks discredited in New York, num 's: bering in all thirty-two Banks, and how many more ought to 8. suspend it is doubtful to say er Ohio Life and Trust Company, New York city Mechanics Banking Association, New York city Island City Bank, New York city ; Sacket's Harbor Bank. Buffalo, New York : Oliver T Lee & Co.'s Bank, Buffalo, NewYork Hollister Bank, Buffalo, New York : Reciprocity Bank, Buffalo. New York: Ontario Bank. Utica, New York Ontario County Bank, Phelps, New York: Niagara River Bank, Tonawanda, New York Bank of Albion, New York ; Huguenot Bank, New Paltz. New 10 Orleans, York: Farmers' Bank, Wickford, Rhode Island Mount VerCaBank, Providence, Rhode Island Rhode Island Central non East Greenwich, Rhode Island Bank of South County the Bank. Wakefield, Rhode Island Warwick Bank, Warwick, Rhode nd Island Tiverton Bank. Tiverton, Rhode Island Tiverton, ng Rhode Island ; Bank of Hallowell, Hallowell, Maine; Hancock es: Elisworth, Maine Sanford Bank, (late Mansum Bank. er, Bank, Maine Danby Bank Danby Vermont Bank of South atSanford, Royalton, Royalton, Vermont Bergen County B nk. Hackenre; sack. New Jersey Bank of NewJersey, New Brunswick, New Bank of West Tennesse, Memphis, Tennessee Agri4 cultural Jersey Bank, Brownsville, Tennessee ; Merchants' Exchange Bank, Bridgeport, Connecticut : Warren County Bank, Warren, Pennsylvania Bank of Kanawha, Malden, Virginia: Bank of Elgin, Elgin, Illinois Hartford County, Hartford, Connecticut, and how many private Banks we have not room to enumerate. The entire system of country banking in Northern States is s, rotten to the core. This position is fully confirmed by the fol hs, lowing remarks of the New York Enquirer efs, Whenever a bank contraction takes place the immediate effect 3 is to force home a large amount of circulating bills upon the points of issue. The failures of a few small banks in the intePrior have served to increase the pressure from this source, and les thus compel the banks of our city to sustain a much greater esweight. The redemption of New England money at the Suffolk esBank is going on without interruption at the rate of a million or more per day, without any inconvenience whatever to the couna s banks, all of whom maintain fixe balances at Boston for all try this purpose. The redemption at New York is also quite active without any uneasiness; but it forces upon the Metropolitan and n the American Exchange Banks the labor and duty of sustaining 'H, this almost par redemption. These banks are creditors for large tion sums to the inferior banks, but are determined to carry out all its integrity, the system so well devised five or six years ago. viz: Were this system not in operation, every day would be fruitfu how of failures among country banks that now lean upon large capi ure talists in the Empire city instead of small resources at home The uniform movement of the Massachusetts banks for the cur rent year in shown in the annexed summary for the end of each month