7548. Bank of Commerce (New Orleans, LA)

Article Text

New Orleans Money Market. CRESCENT OFFICE, No. 70 Camp street, Thursday Evening, Oct. 15, 1857. The Infernal panic which was started yesterday in our mids without any just cause, without reason, without a shadow ( foundation, reached and attained its culminating point to-day Whatever the consequences may be, we have the sincere gratit cation of announcing that the following Banks stood the ru and promptly complied with every demand until the usual her of closing, say Citizens' Bank, the Canal Bank, the Bank Louisiana, the Louisiana State Bank, the Southern Bank, the Bank of James Robb. The NewOrleans Savings Institution, street, was dense crowded at an early hour. It met all obligations according contract, and by 12 o'clock there was not a person present. Th was cheering. The Mechanics' and Traders' Bank opened, as went on in its regular business, with the exception of redeemin its circulation. So did the Union. The Bank of New Orlea was enjoined at the suit of one of its Directors. This is singnir very singular, and shows a want of nerve and sagacity in management. We desire to hear no more of such finances. a Bank's own Directors have no faith in its management, th surely it is time to close. There has been entirely too mu haste in this movement. At a quarter past 2 o'clock yesterd the Bank closed its doors. A short time afterwards it was p tested at the request of one of its Directors on a note of five hu dred dollars. In the name of God, is this the kind of harmo that ought to prevail among twelve managers of a Bank WI is the public to understand from it? Fortunately for the go of our commercial community this spirit does not prevail amo the majority of our Bank Directors. If it did, we might 1 adien to the prosperity of our city. We learn that the Mechanics' and Traders' Bank and t Union Bank will go on as usual with their business. The Pro ident of the Union Bank is absent. If, however, some for R creditors will push matters to extremes, jeopardizing t interests of the whole, then on them be the consequence. T Banks in question will recover, if allowed to proceed. The e t culation of the two together does not reach $900,000, and t porte fewilles are considered good. To suppose that the occurrences of the past two days . et tend to destroy confidence in the future is not warranted. y X consider the crisis is now past ; that the worst has been realize n and although we may expect a tight money market for son days longer, yet the decided action of the New York Banks 1 evil or for good, has tended to relieve the general anxiety, a d the telegraphic advices, received to-day, if they are to credited, give us to understand that an improvement has alrea taken place in New York. All the Banks in that city have 1 suspended. We learn from Mobile that the Banks in that et have BO thought of suspending. This augurs well, but it wor of have been highly gratifying to us to have had it to state that re our own Banks had manfully stood up to the pressure. as There was also a run on the Bank of Commerce, of which t sa patriarchal Jacob Barker is chief manager. It met the r on fearlessly, and paid with the same promptitude as the Bank e Louisiana. There were no other important movements duri the day. er Of course there is not much to be said of the paper mark st There were some shaves, the greatest of which was a $50 Ba of Louisiana note ing sold to a broker on Canal street at $ 50. and a $5 note of the Southern Bank of Alabama being 80 for $3. We aliude to these merely to show what a pauie will i There was nothing done in exchange. The telegraph advis of sales of sterling in New York this morning at 105, but this on a reduced standard of currency or value. It will be some ti of W before we have any similar quotation to note in this mark CWe, however. confidently believe we shall get to work again two or three days, unless our moneyed institutions get into ad snarl among themselves, which we fervently hope they v avoid. erThe following is the memorial of the Banks of the city Philadelphia to the Legislature of At a meeting of the Board of Presidents of the Banks of city of Philadelphia, held on the 3d day of October, 1857, in following preamble and resolutions were unanimously adopt and directed to be forwarded to the Honorable the Senate a the House of Representatives of Pennsylvania. Whereas, The banks of this city, in consequence of the effe of the sudden and universal severity of the financial crisis wh has overtaken the country, have been reluctantly compelled suspend the payment of specie for the notes and obligatio 18notwithstanding every effort has been made by them to av such necessity and whereas, the mercautile, manufacturi as agricultural and all other classes of our citizens are greatly e 17 barrassed by the existing condition of things, towards whi under existing circumstances, it is not in the power of the bar Pto afford such relief as the exigencies of the community requi in consequence of heir laboring under the forfeitures and per les ties of the act of 1850 and other acts and, whereas, it is esdesire of the banks to resume the payment of specie at esearliest practical period, and to do what they can towards storing the currency to asound and healthy condition. and in a meantime assist the business portion of the community. wh all objects cannot be carried out unless the Legislative forfeitu and penalties are temporarily suspended. Therefore, Resolved, That in order to enable the banks of this city, H, of this Commonwealth, to resume the payment of specie at ion earliest practicable period, and in the meantime render such sistance as may be within the power of the banks to the mere iz: tile and business community, it is essential that the penalties ow forfeitures imposed by the act of 1850, and other acts be 1 porarily suspended. are Resolved. That in the event of the failure of the banks to tain from the Legislature relief from the forfeitures and per ties under which they at present labor, their remains no alter tive for them but that of going into liquidation, a measnre wh they are most desirous to avoid, on account of its disastrous LE fluence on the community and the banks. ess Signed by order of the Board of Presidents. J. B. MITCHELL, Chairma mp 1y JOHN JORDAN, JR., Secretary. Philadelphia, Oct. 3, 1857. C. Some days since it was reported that the banking house of 15 E. Culver, Louisville, had suspended payment. It appe however, before the suspension, the following guarantee made for the benefit of depositors. Y. The guaranty which we publish below confirms the er om confidence existing on the part of the depositors with our fell citizen, William E. Colver. We have heard of no apprehen of a run upon this bank but this guaranty, procured in a 8 time by a friend of Mr. Culver, makes assurance doubly sur RT LOUISVILLE, October 1, 185 ing We, the undersigned, agree to guaranty the depositor in William E. Culver, in the payment in full of their dema y against said Culver, on account of money deposited with hir We have entire confidence in his ability to meet all dema REAMES THOMPSON, AMES GUTHRIE,