bb43e85fAccommodated withdrawals, Partial suspension
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THURSDAY MORNING, JAN'Y 3, 1856. SEE FIRST PAGE. To-day being recommended by the Governor as B day of thanksgiving, business with several of the public institutions will be suspended. The State Bank and Branch, the Bank of New Orleans, the Citizens' Bank and the Southern Bank, will be closed, and & notice was posted up on the door of the Bank of Louisiana that it also would be closed. The others, it is presumed, will be open as usual. i 1
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REAL ESTATE BANK.-A bill was intrcduced into the Senate on Wednesday to create a new State Bank upon the basis of real estate, somewhat after the plan of the Citizens, Bank of Louisiana, which has become one of the most successful and powerful institutions in that State. Though it was forced, during the revulsions of 1840 to suspend its operations for several years, it has since recuperated, and is now the most active and useful institution in the city of New Orleans. It is, however, on a plan that demands the highest financiering talent. The project is to permit stockholders to pay in their stock in bonds and mortgages on real estate, to the amount of one half its appraised value. These mortgages are to be sold in the same way that the bonds of the State of Indiana were sold to make up the State's share in the capital stock of the old State Bank. The difficulty will be in negotiating the bonds and mortgages; SO many frauds in that form have been committed, that capitalists abroad are shy of such securities. There is little probability of the passage of the bill, even were the constitution decreed to be a dead letter; but as some respect is still manifested for it where it does not come in conflict with the aspirations of the party leaders for office, we suppose the bill will be arrested by its operations.
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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, Oct. 13 - It is reported on good authority that the Banks have all resolved to suspend. A meeting of the officers is still in session tonight. LATER.-The Banks have resolved to suspend, but make regular exchanges at the clearing house. A committee goes to Albany to confer with the Governor in reference to a meeting of the L gislature. BOSTON, Oct. 13.-L. Skinner, the largest dry goode commission house in the chy, has suspended. The Dews of the New York bank suspensions caused considerable excitement, but had no perceptible effect on the banks. NEW ORLEANS, Oct. 14.-The Union Bank has just suspended. A heavy run is made OD all Free Banks-great excitement. NEW ORLEANS, Oct. 14.-The branch mint pur chased from the Banks two hundred thousand dol. lars silver bullion, paying gold, thereby affording some relief. NEW ORLEANS Oct. 14.-The Citizens' "Louis"ana State," "Canal," and "Bank of Louisiana," were standing by each other this morning, and refu ed to take the notes of the Free Banks, namely, "Union Bank," "Mechanies' and Traders'," "Bank of New Orleaus," "Southern Bank," and James Robb. The run commenced heavy at half past two. The three first named free banks euspended. The two latter continued, and was considered sale, particularly the "Southern." The run on the Citizens' Bank Was heavy. It kept its doors open till 6 o'clock. Cotton sales, 1000 bales. Prices more irregular, mostly at yesterday's quotations. Receipts, 3000 bales. Nothing doing in exchange. There is some excitement, but mostly good humored. CINCINNATI, Oct. 14-Flour 4.35 a 4.75; Wheat, red, 75, white 90. Whi-ky 14. The Banks in the following places suspended specie payments to-day-New York, Brooklyn, Boston, Hartford, Trenton, Portland, and generally throughout New England. It is anticipated that Buffalo will follow to-morrow. WASHINGTON, Oct. 14-The Government of Nicaragua has not been recognized, as stated in a recent despatch. NEW YORK, Oct. 14-Cotton quiet; Flour firm; Corn firm; Pork heavy; Lard 101 a 15; Whisky 22. Wall street is comparatively"quiet. A moderate run was made on the Savings Bank, but was promptly met. But three in Brooklyn were obliged to close. The officers of the New York Sav. ings banks are consulting to propose to pay 10 per cent on deposits. The Bank of America and the Chemical Bank continue specie payment The Manhattan bank is said to be doing the sam . The other banks will probably follow, making partial payments. Nearly two millions of specie was paid yesterday exclusive of that paid by the Savings Bank. Gold is selling at 4 to 5 per cent premium. The Brokers board passed a resolution to receive certified checks for stock, which were on it 9 per cent. At the second board they were still firmer. The merchants had a meeting and expressed en. tire confidence that the New York banks will pay dollar for dollar.
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RUN ON THE NEW ORLEANS BANKS. NEW ORLEANS. Oct. 14.-Great excitement prevails here. The Union Bank has suspended, and there is a run on all the free banks. NEW ORLEANS, Oct. 15.-The run continues on the Citizens' and Canal Banks, but is lighter on the rest. Business is paralyzed. No doubts are expressed of James Robb's or the Southern Bank. These are the only free banks left.
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The Financial Crisis. NEW YORK, Oct. 15-p. m.-Business matters are looking more cheerful to-day. The banks are going on as usual, except that they pay no specie. Stocks took an upward turn at the first board-Virginia 6's advancing 17; the Delaware and Hudson Canal 10 Erie (convertibles) 5; New York State stocks 12-and several others less figures. It is said that a special agent of the Messrs. Rothschilds came in the Vanderbilt with orders to buy securities to a large amount. Specie is abundant, and lacks buyers at 1 per cent. The Clearing House to-day agreed that all balances may be settled in current bank notes instead of specie. The banks are working harmoniously together, and things are tending greatly toward a restoration of confidence and a revival of business. BOSTON, Oct. 15.-An adjourned meeting of the banks was held to-day to arrange a plan for facilitating business by a clearing house. A proposition to discount undoubted paper was discussed. This will afford great relief to the business men, who are beginning to bend beneath the pressure. Messrs. Little, Alden, & Co. have not suspended. They only ask an extension in behalf of several mills for which they are the agents. RICHMOND, Oct. 15.-The Bank of Virginia here suspended this morning. PETERSBURG, Oct. 15.-The branches of the Bank of Virginia and the Exchange Bank at this place suspended to-day. NEW ORLEANS, Oct. 14.-There is great excitement here to-day. The Union Bank has suspended, and there is a run on all the free banks. The notes of James Robb's bank are taken at the Citizens' and Southern Banks. No failures have yet taken place. The branch mint has purchased from the banks $200,000 in silver, paying in gold. NEW ORLEANS, Oct. 15.-The run continues heavy on the Citizens' and Canal Bank, but is less severe on the other. There is great excitement, and business is paralyzed. Robb's bank kept open till 6 p. m., yesterday, and no doubts are expressed of it or the Southern Bank. These are the only free banks left. RICHMOND, Oct. 15.-The Farmers' and Exchange Banks here suspended this morning. The Bank of Virginia still holds out. AUGUSTA, Oct. 15.-A public meeting of the citizens here recommended all the banks to suspend. The Union Bank suspended this morning. PHILADELPHIA, Oct. 15.-the banks here to-day manifest a disposition to not accept the provisions of the relief bill, and there is an additional gloom in business circles.
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NEW ORLEANS, Oct 15-M The Citizens'. Louisiana. State Bank of Louisiana, and the Canal Bank. all refused this morning to take notes of the free banks. A run commenced early on the free banks, and before 3 o'elock the Unio h a id Mechanies' and Traders' Banks, of N. Orleans, sus pended specie payment. The Southern Bank had no run. Itis considered good. The free bank of Jas. Robb is considered safe. Its circulation is distant. A heavy run was made on the Citizens Bank. It kept open, paying specie, until 6 o'clock. Chartered banks are standing by each other. Large deposits were made in all chartered Banks, and in the Southern Bank, it is said, considerably more than was drawn. The excitement is good humored. The bank of Jas. Robb also kept open until 6 P.M. No doubt expressed of it or the Southern Bank, the only free banks left. NEW York, 15-p. M. Affairs are unsettled. It is supposed the run will continue to-morrow. Great contidence is expressed in all banks now standing. Large deposits were made to-day.No failures-affairs are more cheerful than in the morning.
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TELEGRAPHIC 1 TELEGRAPHED EXCLUSIVELY TO THE EVANSVILLEDAILY JOURNAL Financial. BOSTON, Oct 15-P M At an adjourned meeting to-day for the purpose of arranging plans for facilitating business at the Clearing House, it was pro posed to discount liberally on undoubted pa per, so as to turnish relief to business men who are beginning to bend beneath the pressure. Little, Alden & Co. have not suspended. and ask an extension only on behalf of several mills of which they are the agents. Philadelphia, Oct 15-P M The disposition manifested by the banks. not to accept the provisions of the late act of the Legislature. has cast additional gloom upon the business community. Nashville, Tenn., Oct 15 The Bank of Tennessée has suspended.The Legislature is considering the propriety of legalizing a general suspension. The Planters' and Union banks will hold out to the last, unless authorized to suspend. CINCINNATI, Oct 16-P M Money matters quite unsettled in consequence of the news from New York and elsewhere. Some Banking Honses refuse to take notes of suspended banks. Others take notes of all good banks. Exchange on New York is nominal; rates called 5 to 7 per cent premium. It is thought Kentucky, Indiana. and Ohio State Banks will not suspend at present! NEW ORLEANS, Oct 15-M The Citizens'. Louisiana. State Bank of Louisiana, and the Canal Bank. all refused this morning to take notes of the free banks. A run commenced early on the free banks, and before 3 o'elock the Unio h a id Mechanies' and Traders' Banks, of N. Orleans, sus pended specie payment. The Southern Bank had no run. Itis considered good. The free bank of Jas. Robb is considered safe. Its circulation is distant. A heavy run was made on the Citizens Bank. It kept open, paying specie, until 6 o'clock. Chartered banks are standing by each other. Large deposits were made in all chartered Banks, and in the Southern Bank, it is said, considerably more than was drawn. The excitement is good humored. The bank of Jas. Robb also kept open until 6 P.M. No doubt expressed of it or the Southern Bank, the only free banks left. NEW YORK, 15-p. M. Affairs are unsettled. It is supposed the run will continue to-morrow. Great contidence is expressed in all banks now standing. Large deposits were made to-day.No failures-affairs are more cheerful than in the morning.
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BY TELEGRAPH. NEW ORLEANS, Oct. 14--Affairs are very unsettled. It is supposed that the run will continue to-morrow. Great confidence is felt in all the banks now standing. Large deposites were made to-day No failures. Things look more cheerful than this morning. There are rumors that the "New Orleans Bank" will open in the morning. Notes of the bank of James Robb are taken by the Citizens and Southern Bank. The bank of James Robb was also kept open till 6 o'clock. There is not a doubt expressed as to it or the Southern. NFW ORLEANS, Oct. 15.-The run continues very heavy on the Citizens and Canal Banks, but less on the rest. There is much excitement and business is paralyzed. NEW YORK, Oct. 15.---The Steamer Vanderbilt has arrived. Inferior qualitis of Cotton declined one eighth; Stock in port 336,000 bales, of which 198,500 is American. Orleans fair 95; middling 9 3-16. Fair Mobile 93; middling 91; Fair upland 91 middling 8 15-16. Lard and Breadstuffs slightly declined. Consols 901; Corn declined 6 pence Wheat 2 to 3 pence. Western Canal flour 30 a 31 Provisions dull; Bacon firm. LONDON, Oct. 2nd.---Funds opened animated and experienced a rise, but the tone soon changed by a heavy sale of Consols. Foreign exchanges unaltered, notwithstanding the large arrivals of gold from Australia. the prospect in the money market is discouraging. NEW YORK, Oct. 15.---The City Banks have resolved to take all Country bank notes at par. There is a strng influence against an extra session of the Legislature. Stocks are better; money active, but in better supply Specie 2 to 5 premium. Breadstuffs decidedly advanced. The Union Bank at Augusta Ga., and the Farmers and Exchange Bank, at Richmond, have suspended. The Philadelpha Banks show a disposition to repudiate the relief bill matters are gloomy in Philadelphia, but more cheerful in N. York and Boston. NEW YORK, Oct. 15.-Cotton quiet; Flour buoyant; Wheat $1,22a1,40; Corn firm; Coffee-Rio 10} all}c.; Linseed Oil 68a70c. Foreign.-Since the reduction of the rate of interest in July the Bullion in the Bank of England has decreased 600,000 pounds. Liverpool, 3.-Cotton quotations barely maintained. Flour, Beef and Lard are heavy, with a slight decline. PHILADELPHIA, Oct. 15.-The indisposition of the Banks to aecept the late act of the Legislature casts additional gloom over the community. CINCINNATI, Oct. 15.-Flour $4,35a4,40; Whisky active at 15}c.; Wheat dull; Corn 40c. New corn deliverable between December and March sold at 25c.; Oats 30a32c. It is thought that the Kentucky, Ohio, and Indiana Banks will remain firm. ST. LOUIS, Oct. 15.-A heavy run was made on the State Bank all the morning. Opinions conflict as to the final ability to sustain it. BOSTON, Oct. 15.-A meeting of the Bank officers proposed to discount undoubted paper liberaly. WASHINGTON, Oct. 15.-The Secretary of the Interior instructs the Snperintendent of Indian Affairs at St. Louis and the agents to remove all intruders upon the Delaware Indians and other reserves in Kansas. The War Department requests that the troops in that Territory will co-operate for the above purpose. NEW YORK, Oct. 15.-Business affairs are more cheerful. Banks as usual, but paying no specie.Stocks are looking upwards. It is said that a special agent of the Rothchilds came in the Vanderbilt with orders to buy securities to a large amount. Specie is abundant and lacks buyers at one per cent. The Clearing House balances were settled in current funds. The Banks are working harmoniously, tending to a restoration of confidence and revival of business. LOUISVILLE, Oct. 15.-Everytaing is quiet. The Banks have no idea of suspending. River at Wheeling 4 feet in the channel. A rise of six feet or more is expected.
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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW ORLEANS, Oct. 14-Affire are very UDFeltled. It supposed that the run will continue tomorrow. Great confidence is felt in all the banks DOW standing. Large deposites were made to-day. No failures. Things look more cheerful than this morning. There are rumors that the N. Orleans Bank will open in the morning. Notes of the Bank of James Robb are taken by the Citizens and Southern Banks. The Bank of James Robb was also kept open till 6 o'clock. There is not a doubt expressed as to it or to the Southern. NEW ORLEANS, Oct. 15-Therun continues very heavy on the Citizen's and Planter's Banks, but less on the rest. There is much excitement and business is paralyzed. NEW YORK, Oct. 15.-The steamer Vanderbilt has arrived. Interior qualities of cotton declined one eighth. Stock in port 336,000 bales; of which 198,500 is American. Orleans fair 9f; middling 9 3-16; fair Mobile 98; middling II; fair upland 93; middling 8 15-16. Lard and breadstuffs slightly declined. Consols 901 Corn declined 6 pence. Wheat 2 to 8 pence. Western canal flour 30a31s. Provisions dull. Bacon firm. LONDON, Sept. 2.-Funds opened animated and experienced a rise; but the tone 800n changed by a heavy sale of consols. Foreign exchanges unalto red notwithstanding the large arrivals of gold from Australia. The prospect in the money market is discouraging. New YOBK, Oct. 15.-The city Banks have resolved to take all country bank notes at par. There is a strong influence against an extra session of the Legislature. Stocks are better. Money active, but in better supply. Specie 2 to 5c. premium. Breadstuffs decidedly advanced. The Union Bank, at Augusta, Ga., and the Farmers' and Exchange Bank, at Richmond, have suspended. The Philadelphia Banks show a disposition to repudiate the relief bill. Matters are gloomy in Philadelphia but more cheerful in New York and Boston. NEW York, Oct. 15-Cotton quiet. Flour buoyant. Wheat 1 22+ 40 Corn firm. Rio coffee 10fall}. Linseed oil 68.70. Tallow 8.9. FOREIGN-Since the reduction of the rate of interest in July the Bullion in the Bank of England has decreased 600,000 pounds. LIVERPOOL, Sept. 3d.-Cotton quotations barely maintained. Flour, beef and lard are heavy with a slight decline. Rosin buoyant. Philadelphia, Oct. 15-The indisposition of the Banks to accept the late act of the Legisluture casts additional gloom over the community. CINCINNATI, Oct. 15.-Flour 4 35 a 4 40. Whiskey, active, at 154. Wheat, dull. Corn 40. New Corn deliverable between December and March, sold at 25 C. Oats 30 a 32. It is though. that the Kentucky, Ohio and Indiana Banks will remain firm. ST. LOUIS. Oct. 15.-A beavy run was made on the State Bank all the 0 orning. Opinions conflict as to the final ability to sustain it. BOSTON, Oct. 15.-A meeting of the Bank officers proposed to discount undoubted paper liberally. WASHINGT N, Oct. 15,-The Secretary of the Interior instructs the Superintendent of Indian affairs at St. Louis, and the agents to remove all intruders upon the Delaware Indians and other reServes in Kansas. The War Department requests that the troops in that Territory will co-operate for the above purpose. NEW YORK, Oct. 15.-Business affairs are more cheerful. Banks as usual, but paying no specie. Stocks are looking upwards. It is said that a special agent of the Rothschild's came in the Vanderbilt with orders to buy securities to a large amount. Specie is abundant and lacks buyers at one per cent. The clearing house balances were settled in current funds. The Banks are working barmoniously, tending to a restoration of confidence and revival of business. LOUISVILLE, Oct. 15.-Every thing is quiet. The banks have no idea of suspending. Riv. Γ at Wheeling four feet in the channel; a rise of six feet or more is expected.
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THE BANKS IN NEW-ORLEANS. New-Orleans, Wednesday Oct. 14-A. M. The Union Bank has just suspended. There is & heavy run upon all the Free Banks. There is a great deal of excitement. The Branch Mint has purchased from the banks $200,000 in silver. It is paying out gold, and 80 affording some relief. SECOND DISPATCH-P. M. Affairs are yet very unsettled, and it is supposed that the run upon the banks will continue to-morrow. Great confidence is felt in all the banks now standing, and large sums were deposited in them to-day. No failures are reported to day. Appearances are more cheerful than in the morning. There are rumors that the Bank of New-Orleans will open in the morning. Its notes are taken by the Citizens' and Southern Banks and by James Robb & Co. The banking house of James Robb & Co., with others, kept open till 6 o'clock, and not & doubt is ex. pressed as to it or the Southern, the only Free Bank left standing. THIRD DISPATCH. Thursday, Oct. 15-A.M. The run on the Citizens' and Canal Banks continues heavy, but is to a less extent on the rest. There is much excitement, and business is paralyzed. FOURTH DISPATCH. The Citizens' Bank, the Bank of the State of Louisiana, the Bank of Louisiana and the Canal Bank all refused this morning to take the notes of the free banks. The run on the free banks commenced early in the day, and before 3 o'clock the Union, the Merchants' and Traders' and the Bank of New-Orleans suspended specie payments. There was no run on the Southern (free) Bank, and it is considered perfectly good. The bank of James Robb & Co. (free) is considered safe. Its circulation is distant and heavy. The Citizens' Bank held its doors open, paying specie until 6p. m. The chartered banks are standing by each other, and large deposits are being made with them and the Southern Bank. It is said the sums being deposited with them are larger than those drawn out. Although there is considerable excitement, good humor prevails. We have no failures to report to-day.
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TELEGRAPHIC CORRESPONDENCE. Railroad Disaster. SYRACUSE, OCT. 16.-The mail train on the Central railroad was thrown off the track west of this city last night, in consequence of a piece of the road being washed away. The whole train, consisting of a baggage car, the mail car, and four passenger cars, was thrown down an embankment twenty feet high, and all were smashed. The train contained sixty passengers. Miss Brown, of Toronto, (C. W.) was drowned; Mr. Bronson, of New Britain, (Conn.) was badly injured, and died to-day. Twenty other passengers were injured, six seriously. The mail car and all the mail bags excepting one were burnt. The Pressure at New Orleans. NEW ORLEANS, OCT. 16.-There has been a run to-day on all the banks except the Southern, and all demands have been promptly met except in the case of the Citizens' Bank, which pays specie for its notes, but refuses to pay its depositors. The other banks are expected to follow suit. The excitement has now subsided, and no failures reported. Nothing is doing in exchange, and business is paralyzed. New York Market. NEW YORK, OCTOBER 16.-Cotton is quiet and unchanged. Flour is dull; sales of 9,000 barrels State $4.70 a $4.85; Ohio $5.15 a $5.60; Southern is steady at $5.50 a $5.75. Wheat is unsettled; sales of 20,000 bushels; Western white $1.12 a $1.25; red $1.10 & $1.18. Corn: sales of 10,000 bushels; mixed 73 cents, yellow 75. Provisions are unchanged. Spirits turpentine 37 a 38 cents. Rosin $1.60 a $1.65. Other articles are inactive. Baltimore Market. BALTIMORE, OCT. 16.-Flour: Howard street super $5.50; extra do. $6.25 a $6.75; Ohio superfine $5.37 extra do. $6 a $6.25; City Mills superfine $5; extra do. $6.50 a $6.75; Baltimore ground family $8.25 extra do. $7.25. Rye flour $4.75 a $5. Cornmeal $3.50 a $3.75. Wheat, white $1.15 a $1.20; red $1.05 & $1.12. Corn, white 65 a 68 cents ; yellow 63 a 66 cents. Whiskey 201 a 22 cents. Baltimore Cattle Market. BALTIMORE, OCTOBER 16.-Cattle were in good supply yesterday, and the market for them was heavy at a decline of 25 to 371 cents per 100 lbs. from last week's rates. The offerings at the scales were about 1,800 head, 150 of which were driven to Philadelphia, 100 were sold to country dealers, 200 were left over unsold, and the remaining 850 head were taken up by Baltimore butchers at prices ranging from $3 to $4.50 on the hoof, equal to $6 a $8 nett, and averaging $3.75 gross. Hogs continue to droop, and we quote them at $8 a $9 per 100 lbs. nett. These figures show a decline since last week of 25 to 50 cents per 100 lbs. Sheep are dull at $2.50 a $3.50 per head.
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Financial. NEW YORK, Oct 19-P M Stocks and money matters quiet to-day with but little change to note. The Metro politan Bank gives notice that it will begin to-morrow to receive the bills of the New England banks on deposit at ½ of one per cent discount excepting those only of Rhode Island banks. Barrs, Lyman & Co., a leading dry goods house have stispended. N. H. Wolfe & Co., flotur and produce dealers, who temporarily suspended recently, resumed payment to-day. Stocks at first Board were higher and on active demand. At the second Board there was a slight advance on most stocks. Illinois Central bonds 63½, C. & R. I, 691/2c, N. Y. Central 661/2, Galena & Chicago 63½, IIlinois Central stock 77. The weekly bank statement shows a decrease on loans of $4,671,743, and a decrease of specie of $3.633,064, and increase in circulation of $563,832. and an increase of deposits of $139,447. Total specie $7,843,230. BOSTON, Oct 19-P M The Transcript of this evening announces the following recent failures: W. Greenough & Co., hardware dealers; J. M. Holden, furniture dealer; Geo. Forsyth, chair manufacturer; Keeth & Thornton, clothiers; J. W. Carter & Co., grocers; W P. B. Brooks, furniture dealer. We have no change worthy of notice in money matters to-day. Sr. Louis, Oct 19-11 P M. Fesson & Daujer. bankers, closed to-day. The Legis.ature met to-day. Childs, of Jackson, was chosen Speaker. NEW ORLEANS, Oct 19-P M Operations in Western produce nearly suspended. The Bank Presidents have agreed still to take certified checks of the Citizens' Bank in payment of debts. The Citizens' Bank redeems her circulation, but not checks of depositors.
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Financial Indelitigence. NEW YORK Oct. 20. Money continues stringent Best class paper still selling for 8 per cent per month Business however continues to revive gradu ally Specie stands at from 1 per cent to par, and has a downward tendency. The amounts held by our city banks is no less than ten millions. and compated with their liabilities, they are in a stronger position than they have been for years past. The Grocer's' Bank to-day voted to go into liquidation, and the Bowery Bank having for feited its rights under the banking law will likely have to follow the same course. It is rutuored that several of our banks are preparing for an early resumption of specie payment. The announcement in a morning paper of the suspension of Sampson & Baldwin iron merchants is ustrue. New ORLEAN, Oct. 20 The bank President have agreed to still take the certified checks of the Citizens Bank in payment of it. debt-. The Citizen- Bank redeem- it. circulation but not the checks of depositors. The banks lost over $2,000,000. ST. Louis, Oct. 20 The State Savings Institution has opened a depository for the currency of adjoining States. also New York and the New Eng land States, and the banks of Philadelphia, Pitt-burg and Baltimore. A large number of the heaviest merchants have advertised that they will receive currency at par. PHILADELPHIA Oct. 20. Messrs. Farnam, Kirkham & Co., dry goods merchants, suspended and ask an ex tension.
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Bills of City Banks Taken at Par. FASHIONABLE CLOTHING, SHIRTS, -ANDFurnishing Goods, -ATLEIGHTON & BARBOT'S, Corner of St. Charles and Canal streets. Weare selling our select stock of FALL AND WINTER CLOTHING, SHIRTS and GENT'S FURNISHING GOODS, of every style and quality, at very moderate prices. We respectfully solicit a call. All our goods being made up under our own inspection, we can warrant them to be of the best material, and finished in the most careful mannes. Our stock of UNDER GARMENTS adapted to the season, is very complete. 00 Remember, we are selling very low for cash. LEIGHTON & BARBOT, . corner Canal and St. Charles sts. ol6 2p6t Notice. THE NOTES OF ALL CITY BANKS Will be taken by us in payment of Debts due or for Goods, at the Lowest Cash Prices. PRIESTLEY & BEIN. o16 2p6t Clothing for Bank Paper! The Bills of ALL the New Orleans Banks will be received this day, at PAR, for CLOTHING, at regular marked prices, at ALFRED MUNROE & CO.'S One Price Store, No. 34 Magazine street. o16 2ptf Notes of Suspended Banks RECEIVED AT PAR FOR GOODS, -BYF. STRINGER & CO., FASHIONABLE CLOTHIERS, 016 2p6t No. 35 Camp street. Bills of Suspended Banks TAKEN AT PAR. For all amounts due us, or for Cash sales made, we will take the Notes of ALL the New Orleans Banks at PAR. H. W. REYNOLDS & CO., 016 2p6t No. 3 Magazine streetBills of Suspended Banks -Received forMILLINERY AND FANCY GOODS, -BYMRS. S. G. FABIO, Chartres street, corner Hospital. MRS. S. G. FABIO offers to sell a great assortment of MILLINERY AND FANCY GOODS, comprisingFALL AND WINTER BONNETS, CLOAKS, MANTILLAS, SHAWLS, EMBROIDERIES, ARTIFICIAL FLOWERS, TRIMMINGS, GLOVES, etc., etc., all kinds. All Notes of Suspended Banks received in payment. NO INCREASE IN PRICE OF GOODS. MRS. S. G. FABIO, 016 2ptf Chartres street, corner of Hospital, N.O. Notice. CITIZENS' BANK NOTES," LOUISIANA BANK NOTES, LOUISIANA STATE BANK NOTES, CANAL BANK NOTES, Taken in payment for any articles in our store. FAURES & NORMAN, 016 2p6t 33 and 35 Royal street. Notes of Suspended City Banks.
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New Orleans Daily Grescent. THE COMMERCIAL DEPARTMENT. New Orleans Money Market. Friday Evening, Oct. 30, 1857. CRESCENT OFFICE, No. 70 Camp street, } The movements to-day in both commercial and financial circles are hardly worthy of recording. Some few transactions in exchange were consummated, but the change in business for the week offers no new feature for remark. The private telegraphic dispatches do not encourage us to hope that large operations in exchange can be realized for the present. Many parties in New York are waiting to learn the effect in England of the suspension of the Banks in New York. The steamer to leave Liverpool, to-morrow, the 31st inst., (the Arabia) will bring the results. If the London discount houses shut down on American bills of exchange, it will not be unexpected. The present feeling, regarding sterling exchange, may be in part attributed to this expectation. The discount line of our Banks seems to be the great object for remarks at this moment. As we have before observed, all this community has to do is to restore the coin drawn from the Banks and relief will follow. We do not suppose that any one will deny that if the Citizens' Bank had not been ruthlessly assailed and depleted of its coin, but what it would at this time be discounting at the rate of half a million of dollars per week, and purchasing and selling exchange correspondingly. Out of the many millions of dollars invested by this Bank in exchange, not a dollar up to this time has been lost. If the public desire to know why the Banks at this time are 80 chary, and so very strict in exchange transactions, we can in part relieve the prevailing feeling. The sterling exchange purchased in September, based on cotton at much higher prices than now ruling, say at from 101@105 is in great jeopardy. To this may be added the great difficulty of selling exchange in New York. There are 80 many bills offering in that market, based on flour and grain, and the wants of importers of foreign merchandise, SO restricted that a very moderate amount of bills answer all purposes at this time. Our general paper market is a blank, a perfect blank. We are rapidly approaching that spoch when will be manifest how small an amount of money will answer for daily, social and commercial requirements. We do not learn of any sales or negotiations of paper whatever. In exchange there were sales of sight on New York at 5 per cent. discount, payable in currency, and 41/4@4/2, payable in gold. There were some sales of sterling at 92@94. Francs we quote at 6.10@6.50. As for sixty days sight on New York, we have not met an individual this week who has alluded to such a thing as a time bill on a suspended city. The telegraphic dispatches to-day brought some very queer accounts. One was quoting sterling at 106@107, without any affixture, and another the same figure, but with the affixture nominal. Then another dispatch says that the Persia brought out a large number of certificates of deposit, made by the Bank of England. Well, though a paper expedient, this may answer, and if such certificates have actually been received, they will be available-they will of course purchase cotton and breadstuffs. They are reported to be held at 7@8 per cent. premium. If they are forwarded here for investment, the question will be, can our factors use them as coin? though they will not command any such figures as asked. This is a paper currency we do not much approve. It pertains too much of the post note system of the Bank of the United States in 1838-'39. There has been 80 little done in stocks and bonds this week that we are forced to omit quotations. A sale of 30 shares Bank of Louisiana at 120, and a resale of Jackson Railroad Stock at an advance is all we learn. There is nothing doing in uncurrent money, nor in land warrants. Some few land warrants have been offered without meeting buyers. Everything relating to uncurrent money is nominal. The Mint is receiving all that offers for recoinage. There have been no further receipts of coin since Wednesday. The steamer Philadelphia has not made her appearance-consignees begin to feel some anxiety regarding her. Possibly she may have been detained at Havana, awaiting the arrival of the steamer from Aspinwall.
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THE BANK PANIC AT NEW ORLEANS.-As the telegraph informed us several days ago, when the sis" reached New Orleans and the banks commenced crisuspending, there was intense excitement, which has since died away. The Crescent, describing the scene says: on the occasion of the run on the Citizen's Bank, When the door opened a scene of the wildest confusion followed. The crowd acted like Bediam broke loose-scrambling, fighting, shouting, losing hats and coat-tails, and densely jamming the interior of the bank in an instant. The bank officers, fin. ding themselves besieged by a secured the vaults and mounted the crowd from scrambling over. tried to clamber in at the windows but were hurled back. Intelligence of this being sent to the chief of police, that officer dispatched all his specials to the scene. They arrived, fought their way through the crowd to the counter, and then turned against them. They got an iron door-bar, with which they faced the crowd, having to fight. freely with their fists at the belligerent. same time, some of the besiegers being highly "Finally the mayor had to send down sixty additional policemen, who managed to preserve something like order, when the work of redeeming the notes commenced. For several hours was the rush kept up, and the panorama of faces-men of all class. es and colors, women ditto, and boys-was variegated in the extreme. Anxiety, fright, grief, and in some cases the wildest despair, were visible in the faces which streamed into the bank. We never witnessed such a spectacle. Everybody seemed to think he or she was just a little too late. By one o'clock the rush had subsided considerably, and when the bank closed at three-having paid ont about erate. $150,000-the calls were comparatively modOne man with $120 in silver, purchased of his acquaintances in the fourth district, $380 in notes on the Louisiana and Citizens' Banks. Another bought $400 on the Louisiana with $50 in specie, and $200 on the Citizens' with $18. Another man bought a check on James Robb for $37 with $3 in cash Many others permitted themselves, in the excitement, to be swindled to the same extent.-One man in the crowd had his coat-tail, containing $1,000, cut off by some wary sharper, and another had his pocket picked of $600.
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[Reports Furnished by the Associated Press.] PITT-BURG, Nov. 3-The stockbolders of the suspended banks have resolved to accept the provisions of the Legislative relief bill. NEW YORK, Nov. 3.-The Arago brings $200,000 instead of 200,000 pounds specie, as previous ly reported. The city vote is small. The State is doubtless Republican The American ticket falls off most; the Democratic next. BOSTON, Nov. 3.-N. P. Banks is elected Governor of Massachusetts, by a large plurality. The Republicans have a larg- maj rity in both branches of the Legislature. Caleb Cushing is elected State Representative from Newburyport. HALIFAX. Nov. 3.-No signs of the steamer Canada yet. [It was the Indian arrived at Quebec to-day instead of the Canada.-Reporter.] DETROIT, Nov. 3.-The Democratic city ticket is elected. CINCINNATI, Nov. 3.-Judge Carter delivered the three slaves to their master, who carried them to Kentucky. BUFFALO, Nov. 3.-The entire county Democratic ticket is elected by a largely increased majority. NEW ORLEANS, Nov. 3 -Cotton, sales 8 500 bales, prices unchanged; sales for 3 days 15,000 bales; stock 136,500 bales; decrease in receipts at this port 130,000 bales; decrease at all ports 242,460 bales. Flour $5 50; Sterling 94a95; N. York sight drafts five per cent discount. The American majority in New Orleans is nearly 2000. Returns from country parishes show increased Democratic majorities. HALIFAX, Nov. 4.-The steamer Canada with Liverpool dates of the 24th has arrived. Cotton, inferior and middling qualities declined one-eighth, closing with a declining tendency. Orleans fair 91, middling 9 1-16, Mobile 9 to 91, upland 87,91. Stock in port 360,000 bal 8. Manchester advices unfavorable Prices weak. LONDON.-Consols 884:88]; money unchanged; bullion in the Bank of England decreased during the week 585,000 pounds. LIVERPOOL -Breadstuffs, wheat and provisions dull and declining. HAVRE-Tres Ordinare 1 25 f. LIVERPOOL-Flour-Inferior declined during the week two shillings. Corn advanced one-shilling Beef and Bacon quiet. Lird and rice heavy. Sugar declined one to three shillings. Coff declined slightly. Rosin steady. Spirite Turpentine dull. Baring & Bros., report money slightly easier. France allows the export of breadstuffs. LONDON.-The money pressure has considerably abated. NEW YORK, Nov. 4th.-The New Jersey Democrats have carried both branches of the Legislature BALTIMORE, Nov. 4.-The election is progressing quietly. The taverns are closed. NEW YORK, Nov. -Additional returnsmake the State doubtful; but it is claimed by the Democrats. The Star of the West has arrived from Aspinwall. Her dates were anticipated. The steamer City of Baltimore and Cahawba have also arrived. LOUISVILLE, Nov. 4.-The Depot of the Illinois Central Railroad and engine house, with 4 freight care were burned Sunday night. Loss $200,000. CINCINNATI, Nov. 4.-Flour active, 4 50a4 75; Whisky 151; Barley 65; Money easier. No protests of any consequence to day. Bank rates of exchange on New York are declining. Further Per Steamer Canada. NEW York, Nov. 4.-LONDON, WednesdayFunds improving; money, good supply, at 5}. The advance in bank rates has greatly checked the flow of gold to New York. The Hamburg bank rates have declined. Ten Broeck's horse Pryor is dead. It is reported that the Governor of the bank of France has asked for a decree giving forced currency to bank notes. Bullion in the Bank of France has decreased thirty-five million franes since the monthly return. Three per cents closed at 66 francs 85 centimes. SPAIN-The Cabinet is unorganized. The Banks of Belgium and Demark have advanced rates of into rest to 6 per cent. AUSTRIA.-The lull of the financial pressure is supposed to be only temporary. Turkey persists in claiming the Island of Perim, and refuses indemnity. It is rumored that the British Cabinet has arranged for the recall of the Governor General of India. The India Company have commenced large remittances of silver to India. A serious conflict occurred at Frankfort between the garrison and the Austrian and Bavarian regiments. American stocks active, chiefly for railroad bonds and shares. NEW York, Oct. 4th.-The "Star of the West' brings one million four hundred and sixty-four thousand dollars treasure; of which $174,000 is to Robt. Hallett & Co. Fremont has purchased the Mereed and MaΓipo3e Canal. NEW ORLEANS, Nov. 4.-Cotton sales 3500 bales. Dearer: 97 a 101; Sugar better; fair 5} a 5% Molasses 25; new Corn 50 a 70. Sight exchange on New York five discount with a tolerable business. The Citizens' Bank will resume fully to-morrow. It is thought that the three suspended banks will fully resume in a few days. Albany, N. Y., Nov. 4-Fuller returns indicate the succese of
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FINANCIAL. The aspect of affairs in al. parts of the country are rapidly improving. Gold is declining in premium, and is in less demand. In New Orleans money matters and business generally has much improved, and the Citizens' Bank was in full resumption-"all right." The Cincinnati Gazette says an improved feeling was observable in every branch of business, financial and mercantile, but this has not yet led to relief in the money market. The St. Louis Republican says: We have few changes to note in the condition of money affairs. Gold is more plentiful, and currency not in as good supply as it was. The Chicago Press says: There has been no perceptible change in financial matters since our last report. Of course holders of money are very careful as to investments, and rates among outside operators rule high. We hear of a few loans made as low as 2 per cent. per month; but 3 to 5 per cent. are the ruling figures. Indeed, it is by no means plenty at any price. All things considered, the business of the city is active. The streets seem all bustle and hurry, and a stranger could searcely believe there was any room for complaint in this regard. The Baltimore papers say there is more ease in the money market and confidence is strengthened. Banks are discounting to the extent of their ability, and good paper is negotiated on the street at 1½ to 2 per cent a month. In New York there is obviously an improved feeling in the market, accompanied with better facilities for obtaining money on moderate terms, upon collaterals of a satisfactory character. Loans on stock range from 1½ to 21/2 per cent., and occasional transactions at 1 per cent. per month upon State Stocks or Securities equally strong.The banks are more inclined to lend on first class paper. The resumption by Messrs. Winslow, Lanier & Co., is mentioned in the following paragraph by the N. Y. Tribune: "Messrs. Winslow, Lanier & Co., whose suspension was announced on the 17th inst., have resumed and are now engaged in the transaction of their regular business as heretofore. This intelligence will be received with gratification not only by their correspondents and others immediately interested. but by all who have been acquainted with the high character uniformly maintained by this house since its commencement. The business of the firm has been but slightly interrupted, for although the suspension was announced two weeks ago, the embarrassments continued only two and three days, having originated chiefly in misaprehension. occasion ed by the delay of letters of advice from Western correspondents. At no period has there been any distrust as to the ability of the concern to comply satisfactorily with al its engagements, having ample resources which, under any ordinary circumstances could have been readily converted into cash Notwithstarding the recent tomporary difficulties, the house has been honored with the f concurrence of his correspondents generally receiving daily remittances and bills for col lection as Leretofore. With its undoubted capital and reputation for integrity the friend 1 of the establishment have no hesitation in believing it will speedily regain position in credit and influence it has long enjoyed.
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New Orleans Market, NEW ORLEANS, Nov. 4,-night. The money market, which we noticed in our last as being under a state of amelioration, continues to improve. The good feeling in all circles is grow ng stronger hourly. The Citizens' Bank having completed the arrangement with the other old Banks, will to-morrow resume active operations. We really congratulate our community upon the consummation of the arrangement, and the cordiality and amity with wh ch the Banks will aid in sustaining the fai h, honor and punctuality of our city; and the harmony now existing, we hope will be continued. So long as the old Banks pull together, the demon incarnate-the gentleman is black-is defied to force them into a suspension of payments. The Crescent City now occupies the highest niche in the financial and commercial fame of the world. The Exchange market was more active to-day; large sales of Sight funds on New York were made at 5, 5½ and 6 per cent. discount. The Banks sold checks at 2@2% and 8 # cent. discount. Gold is coming for investment in both cotton and ex change. There is, however, very little doing in foreign bills. The Banks have not moved as ye; but affairs are working round, Some sales of Sterling were closed to-day at 99, 92 and 98. SUGAR-Prices have improved again, with sales of about 100 hhds, at 6c@7c for fully Fair to Prime, leaving none in first hands. MOLASSES-Some 200 bbls have been taken, mostly at 25c for prime, and some half b Is at 27c per gallon FLOUR-The transactions have been rather limited, includi g 400 bbls Superfine, at 5.25@5 HTX; 700 at $587%, and 600 bbls St Louis Superfine, not subjected to inspection here, but guaranteed by the sellers and receivers, at 85 * bbl; also some Extra at $1@6.25. CORN-The supply consists almost entirely of the inferior descriptions, and We notice sales of about 2500 sacks at a wide range of 45@70c; according to quality, including 500 green and inferior at -, 800 at 56c; 230good at 68c; ond 800 White at 70c P bushel. OATS-277 and 574 sacks St. Louis at 42, and some sma ler lots at 48@ 44c P bushel.
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the Common Council of this city, are taken very readily as currency. Several of the Bankers receive the orders, but, we believe, only on special deposite. About eight thousand dollars of these orders have already been issued. The N. Y. Evening Post says that the Troy City Bank, which suspended business onthe 23d ult., has resumed. In regard to the condition of this bank, we are permitted to copy the following extract from a letter received in this city, from John E. W ARREN, Esq. The letter is dated Troy, Nov. 2: The Troy City Bank has resumed. and will not be forced to go into liquidation. Its bills are now received by all the New York Banks, and are at par all over the State. As consider able of this money has been circulated in Min nesota, I am anxious to have people there know that any Troy City Bank bills which they may chance to hold, are perfectly good. My father has. however. resigned his post as Pres ident of the bank. A new President, with abun. nance of available funds. has been appointed, and after this the bank will go on without trou. ble. It has always been a perfectly solvent in stitution, but has been under temporary em. barrassment, on account of the difficulty of raising money at the present time, even upon the best securities. Please explain all this to the good people of St. Paul A bill has passed both Houses of the Legislature of Missouri, authorizing the sus pension of specie payments until the 1st of November, 1858, being one year from the 1st inst. The bill also suspends the operation of most of the provisions of the bank ing law of the State. The bill legalizing the suspension of the banks of Missouri, until November, 1858, passed the Missouri House of Representatives on the 3d, by 15 majority. A despatch from New York, dated the 4th, says: Money market dull and inactive. Business generally quiet. The announcement of the steamer suspended operations. Business at the Clearing House fell off considerable to-day, the clearing being little less than $10,000,000. The balances less than $8,000,000. We takethe following from the St. Louis Republican, of the 3d inst We have few changes to note in the condition of money affairs. Gold is more plentiful, and currency not good supply as it was. Missouri and selected Eastern bills are at from 2½ to 5 per cent. discount. Kentucky, Ohio, State Bank of Indiana. 5a6, and Illinois and Wisconsin free banksfrom 5 to 10, according to the banks issuing. Kentucky and New Orleans bank notes are oceasionally exchanged for Missouri at par, but may be quoted at a difference of from 2 to 5. New Orleans notes are in great demand. Currency is still forwarded to Chicago to make exchange. Rates of discount will probably rise, as the uses to which it has been put gradually cease, which IN discharging of debts. Considerable sums of gold are sent direct to the East by our merchants to meet their payments there. We see that the Boatman's Savings advertise time exchange on Boston, New York and New Orleans. There are but few transactions in sight, which areat irregular rates from la discounta's premium. The amount of gold and silver deposited in the Philadelphia Mint last month. (Octo ber) for coinage, was over three million eight hundred thousand dollars. The total amount coined that month was three millions, three hundred and eighty-three thousand and ninety dollars The Chicago Times of Tuesday says: The money market is as easy to-day as it has been at any time for a month past. The demand for money has been active, but we have heard of the negotiation. on reasonable terms. of several pieces of really good A No. I paper. But the banks, as a general thing. are not discounting. and it is extremely difficult to get paper discounted Eastern exchange is selling at from 4 to 7 per cent., 5 or 6 being the usual rate. Gold is selling at 6a7 per cent Western currency is abundant. We find the following financial news in the Chicago papers of Friday New ORLEANS, Nov. The Citizens' Bank resumed to-day. As considerable specie came in yesterday, engagements were met. PITTSBURG, Nov. 5-A full and satisfactory settlement of the dispute between the Merchants and Manufacturers Bank, and )'Connor, Bro. & Co. has been made. The latter have given bonds, stocks and real estate, of the nominal value of $215,000 to secure 8188.174. O'Conner, Bro. & Co resume their banking business. NEW YORK, Nov. 5.-The gold and other remittances of Messrs. Tallan & Wilder, of San 11 raneisco. have been handed over to Mr Robt. W. Hallett. in consequence of the late steppage of payment by Robert Hallet & Co. The Journal of Commerce announces the suspension of Messrs. John Gideon & Co., who will. however continue business under another name.
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$10,470 400. The meeting of the Clearing House this of ernoon was much more barmonious than was anticipated, and the questions under discussion were satisfactorily settled. Every bank in the Clearing-House was represented, and the importance of the occasion fully demanded this full attendance. The time for changing the present State currency system was postpored to Wednesday, so that the banks will continue to receive State currency at par until Wednesday inclusive. This will give the State banks an opportunity of completing their arrangements with the Metropolican for redemptions as before the suspension, and, with few exceptions, such arrangements will be made. Responses approving of the action of the ClearingHouse have been received from some seventy-five banks. The meeting also voted almost unanimously to continue to use the Metropolitan certificates in settlement of Clearing House balances. A motion was made to use specie only, after Wednesday, for this purpose, but the voices in favor of this motion were only four or five. This settles the question of bank resumption for sometime to come. The only strenuous advocates for immediate resumption are the Commerce and the National, but they would scareely resume without the support of the other banks, and appeared disposed to conform to the sentiment of the meeting. The final disposition of the State currency certificates appears to be yet unsettled, and some banks are getting rid of them by buying gold, and by throwing themselves debtor of the Clearing House purposely. The arrangement for consolidating the Buffalo and Corning and the Buffalo and Hornellsville Railroads has finally been consumated, and the new company, under the name of the Buffalo and New-York and Erie Railroad went operation on the dinstant. Owing to the refusal of the Central to sell the branch from Batavia to Attice some ten miles, at what the other company consider a fair price, some little time must elapse before the Corning road can be connected with the other road at Attica. The new company have surveyed the route, and are now getting the right of way, and will construct the ten miles at an early day. It is to be hoped, however, that some arrangement will be made with the Central 80 as to obviate the necessity of a new road. When the connection is made we shall have & broad-gauge road from Baffala to Rochestex which will give increased facilities for the transportation of grain to the millers. The new company will have some advantages over most of the roads, not even excepting the Central. This company form the connecting link between Rochester and Buffalo and the New-York and Erie road, and they have & certainty of freight both ways over their roads which must be profitable. Thus, Rochester supplies a large amount of flour for New-York. This furnishes freight to Corning. There is a large demand for the Blosburgh coal, which comes in to Corning, both at Rochester and Buffalo, and along the line of the road, SO that the return cars can always go loaded either direct to Rochester or to Buffalo. From Buffalo they can load with grain to Rochester, 80 that they have a local business in freight that can keep their cars busy at a fair price. This is independent of a good general local business both of passengers and freight. The basis of the consolidation we have not seen, but presume the new company takes the two roads at probably not far from $20,000 per mile, including all the real estate, rolling stock and fixtures for operating the roads to almost any extent, and representing a capital of some four millions. There are nine banks in the city of New Orleans. Four of them-the Citizens' Bank, the Canal Bank, the Bank of Louisiana, and the Louisiana State Bank -are banks with special charters. Five are working under the general banking law of 1853, viz.: The Bank of New-Orleans, the Mechanics' and Traders' Bank, the Union Bank, the Southern Bank and the Bank of James Robb. Five of these nine banks, viz : The Bank of Louisiana, the Louisiana State Bank and the Canal Bank, among the chartered banks, and the Southern Bank and the Bank of James Robb, among the free banks, have never suspended on any class of their obligations. The Citizens' Bank pays its circulation in specie when demanded. The bank did not pay its deposits for 8 season, but has resumed, and pays all its obligations now, in fall, on demand. There are, therefore, three only of the nine banks in a state of suspension. The old Bank of Pittsburgh, the Honesdale Bank, the Monongahela Bank, the Chester Valley Bank (new), and ore or two others in Pennsylvania, continue to pay all their liabilities in specie. The Farmers' Bank of Bucks County, at Bristol, has refused to accept the Relief Law, and will at once resume. A meeting of the creditors of C.H. Mills & Co., was held at Boston Friday afternoon, and a statement, which presented rather a complicated state of affairs, was made. A proposition was made by the firm to put their property into the hands of Trustees for the mutual benefit of creditors. A committee, composed of Ignatius Sargent, Samuel Hooper, and Nathaniel Thayer, was chosen to investigate and report at an adjourned meeting to be held next Friday, giving their views upon the best manner of winding up the concern. The Auditor of Illinois says that the Hamilton County Bank, the Bank of the Commonwealth, and the Hutsonville Bank, having failed to make good their securities within the time required by law, will have to be put in a course of liquidation. The deposits and coinage of the branch mint at New-Orleans, for the month of October, were as follows: GOLD DEPOSITS. California Gold $10,746 00 191,982 Gold from other $206,728 00 Total gold deposits SILVER DEPOSITS. $61 77 Silver parted from California gold 875,953 98 Silver from other sources $376,015 75 Total silver deposited Total bullion deposited $582,743 76
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THE BANK REPORT. We take from the N. O. Picayune, the following a. condensed summary of this report. begins with a rapid sketch of the tracing it to its sources in a commercial The report convulsion. recent system of credit, to the final failure of all 3. to postpone the day of and the attempts vitiated payment, general explosion, of which the effects over It takes pride in the with which both continents. New strength spread d Orleans, alone of all the great commeron cial. cities, breasted the storm, and the readiness with which her institutions and her merchants recovered from the damaging effect. The strength of New Orleant is attributed, primarily. to her geographical h. position as the great depot of the immense staples and, secondarily, to the prodence the West and foresight, firmness which guided the counsels of those who presided over her moneyed institutions. The report then reviews the condition in which the criss found the banks of this city, and attributes the way of the three free banks, and the of the Citizens' Bank, to an unreasonable and giving suspe nsion partial totally unfounded panie; and. it adds, that no bank in the world. except one purely of deposit, could meet. at once, all the demands of bill holders The committee, in offer the that the people, in their run on the comment, and showed depositors. passing, banks, their preference for chartered over free their distrust of the opinions entertained in financial tifying testifying the latter--thus quarters bank- "jusof high repute, as to the unavailability of bond ded issues." posits to secure the immediate convertibility of hank The report proceeds to state the figures, with which our readers are familiar, showing how thoroughly solvent the banks were during the crisis week. by what steps and with what aid from the community they rapidly recovered position, and the proofs that tegrity. they were managed with firmness, discretion and inIt is admitted that in their recuperative efforts the banks violated some of the restrictions of the laws. but the committee hold that these were done invo luntarily or from a pressing necessity. under circumstances which, regarding the spirit of the laws, would make it neither wise nor politic to visit on them the penalties they may have incurred. eral They think the banks might have been more that in the distribution of their accommodations. genit is hardly to be wondered at that the directors. but being ly one hundred and six persons members generalthe of commercial firms. should have had liabilities banks as drawers and endorsers to the amount of to one third of the entire discount line. The committee have several amendments to propose to the banking laws of the State. The first has referrence to the suppression of small notes, which they recommend as a corrective in degree of the tendency of paper to banish gold some and silver, in and thus derange exchanges : but principally, a social point of view. as a protection to the working classes. who under any monetary revulsion. how. ever ultimately safe a bank note may be, are always losers by a depreciation. bank They recommend therefore, the suppression of all notes under twenty dollars. The power to compel the banks to withdraw smaller notes is too doubtful to be exercised. the Committee, therefore, propose to concede certain The vileges to the banks, as a consideration for their pricepting is to the restriction. What they have agreed acexempt the free banks from upon the privileges of the two regard to interests. by and banks, tered to banks in equalize municipal allowing classes taxation: the char- of free to take the same rate of interest free banks, for all loans over ninety days, as the banks to take the same interest as and the on over one hundred and the banks withdrawal loans twenty the chartered days notes to be gradual-namely five dollar notes, after the first of October next: and ten dollar after or rather all notes less than twenty October 1st, 1859. It is to be dollars, very stringent provisions accompanied by denoand circulation of bank notes against of these the smaller introduction minations. from othet States. recommend In a subsequent part of the report the an amendment to the 20th committee law. by which a receiver general pointed, banking section may of the apbill. on application of any holder of a be more They think this section might be used protested that it harassing and serious injury of the to the of being used by the bank and the the public. They therefore to the jury law of is be capable recommend bank. that inbe instituted so amended as to allow no interested for a forfeiture, but by persons proceedings to may and that when once commenced directly of law. not be discontinued except under the they October, in The action of the Bank of New sanction pointing taking the lead of its creditors Orleans, in tion a receiver for itself, is quoted and apbut which had no improper motive or as evil a transacof recurring. from was a precedent that ought to be prohibited effects. which Another Dr. recommendation of this committee, dissented, is, Delony, that the no member more banks from East Feliciana. from law. They hold the of the to be sufficient for the banking the free capital banking commercial be created present under have State, and that if increased, the wants do not the power to give special charters. Legislature But the state that a special charter must they banks, constitution," the "deposit" feature have, of "under should and the proposition is only the free clation be close corporations and not one open that to banks assounder general law. W eral The committee further recommend that if the H individuals law be not suspended, the clause which genDa done to bank be expunged. It allows Th without trouble, as there is no individual can now bank be existing under the law. Jo Ga The report contains a careful review of the condi-
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The month of November commenced with a general better feeling in all circles, though on the 3d of the month money was hired at the rate of 5 per cent. a month. The banks confined their transactions to renewals only. The 3d, however, was an Important day in bank circles, The Citizens' Bank resumed business in full, and from that date all work well and harmoniously. Yet exchange ruled low ; for, on the 3d of November large sums, reaching in all $250,000 sight on New York, were sold at 5@5%@6 per cent. discount, payable, however, in New York, in the degraded currency of that city. Our banks also sold checks at the same time at 2@2% per cent. discount. Confidence in drafts on private houses was not fully re-established until at a later period in the month. In the meantime, the low rates of foreign exchange led to shipments of coin hither, and hundreds of thousands of dollars, which had been withdrawn from the banks during the panic, were returned to them in the way of deposits. The increase in specie for the first week in November, was one million and seven hundred and fifty-three thousand dollars the increase in deposits was eleven hundred and ninety-four thousand dollars, The banks, however, declined all paper offered for discount, but continued renewing everything under discount, by the parties paying five, ten, twenty and twenty-five per cent., and on some they received forty. Stocks and bonds receded to low figures. Canal Bank went to 99%@100; Bank of Louisiana 115@12) Union Bank 723/2@75 Mechanics and Traders' Bank 78@79 Crescent Mutual Insurance Scrip, of 1857, to 40. Much other scrip not saleable. Sugar, in the first week of the month, sold at 3@3½ and 4 cents. Cotton down to 9@016, but recovered quickly, and advanced to 11@11114 cents, About the middle of the month we began to receive accounts of the action or effects of the American crisis (so termed,) in Europe. The decline in exchange on England had already led to shipments of gold hither: £240,000, or nearly a million and a quarter of dollars was received in New York by one steamer, on the 28th October. The general course of the cotton trade seemed to thwart all calculations. The failure of the Borough Bank In Liverpool on the] 28th October, forced a decline at once in cotton from ½ to Vd. per pound. This failure also brought down one of the ol est mercantile houses in existence, that of the Messrs. Dennistoun & Co. We also received advices this month of the failure of many large houses in Europe, the panic extending to the continent, carrying most everything before it like a sirocco. The Bank of England raised the rate of interest on the 5th of the month from 8 to 9 per cent., and on the 9th from 9 to 10 per eent.; on the 10th and 11th of the month the pressure on the Bank of England became 80 great as to demand the action of the Government, and authority was granted to suspend the charter of the bank, but the Governor and directors did not avail themselves of the privilege. It was supposed the course pursued by the ink would have afforded great relief; but the panic faltered not, its intensity not being experienced till after the order in Council relating to the suspension of the charter was promulgated. In the meantime, it was progressing on the continent, showing the rottenness of some districts, and the over-trading and general instability in others. Much of the mischief, trouble and depression of the cotton trade occurring during this month in Liverpool was attributed to the failure of the Borough Bank. It began to be apparent from the intelligence received towards the latter part of the month (November,) that cotton was to bear a great part of the share of the calami ties. The great losses that attended the sales subsequently had, however, very little effect on our community. The last week in November witnessed an active business in our market, in face of & decline in the Liverpool market. Middling Orleans cotton commanded Money continued to increase in quantity. The banks returned to discounting
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60 days best bills, per cent discount, and commercial, discount, with loans of money being made at the rate of month. ner telegraph hourly brought accounts of the intensity and of the panic in distant cities. Our absent citizens rein numbers, giving dubious and doleful accounts of the financial condition of the country: Cotton arrived but was almost unsaleable, so much SO that factors had for foreign exchange, which they passed to the backs of their obligations. Parties who had been pr d+ denouncing the banks for their incapability of pure' 488change or extending discounts became still more c' amornouncing in unmeasured terms the course pursur d by the which course afterward proved to have beer the salva. our city. Stocks and bonds were almost unsaleable receded to 74 and 75 Bank of Louis Jana stock was 115@120. 13th October, we wrote as follo WS: "There is very be said about the money market this evening a large our community, instead of at sending to its own immeaffairs, are watching the tel sgraphic wires. This is unwe said three weeks "ince that 27 out of the 54 banks of New York, would suspend, and the advices this state 17 had suspended. This was not unexpected, and useless for parties to endeavor to create the im that these suspensions were not expected. We have along that we should receive the most unfavorable acor rather that bank suspensions and failures In Northern night ba considered a fixed fact." minor banks in New York began to close their doors, as their vaults on the 11th of the month, followed on the some of the larger ones. On the 13th 8 general run on all the banks, and Wall street was an excited which resulted in R general suspension of coin paywith the exception of one bank-the Chemical. Thus stood bankrupted, what else could have been expected followed the previous wild course and mismanagement of in expanding discounts to the extent of one hundred venty-two millions of dollars, one specie basis of the trifling of twelve millions of dollars, and then foreing curtailreduction to an amount exceeding twenty-tv millions in the short period of eight weeks, when the produce country could not be used. he meantime, say about the 10th of October, there had slent withdrawal of deposits from some of our banks, of their circulation being presented. This was folwith considerable briskness on the 12th and 13th. On of the 14th, intelligence was received here of the suspension of the New York Banks. And on the same some of our free banks could not liquidate their balwith the old chartered banks, which led to a reluctant rereceive the issues of three. The chartered banks were with a run, which had already commenced on the Bank, the Bank of NewOrleans and the Mechanics' and Bank, which led to a close of the doors of these instiuntil the following day. The closing of the doors of was forced on then by the action of depositors the bill holders at large did not take the alarm till the day. On the evening of the 14th, the run on the Citicommenced, which was continued the following day; day, the 15th, the run commenced on all the banks, Southern Bank, Louisiana State Bank, Bank of Louisiana, Bank and Bank of James Robb. On the Citizens' Bank the peared of the wildest kind, and we might say the poputhose who had a dollar on deposit, or held a note, were The brunt of the run was on this Bank, from what not to this day been learned. Its great popularity, its management, its liberality to the public the great which had attended its course the high value of $160; its connection with the State, through which over of dollars in bonds were to be liquidated its nuquessolvency-all, all were considered as naught, and a and unparalleled run commenced on the 14th of Octocontinued during the 15th, up to the close of which one million of dollars were paid out. The annals of do not contain another such instance of unprovoked and for assault, and one which was met with 80 much and alacrity. Though a temporary suspension to depositors followed, it must not be forgotten that alone was the panic against this bank mainly about. The same remark will apply to the three free which were forced temporarily to suspend. As to the dewe have yet to learn of a solitary indivi Jual who lost a is no doubt but the panic received its chief impetus discrediting of the notes of the three free banks on the was deemed A measure of prudence and safety to the themselves, for it was manifest that they had HS much could do to protect themselves and carry out their duties depositors and it was not known at what hour the burst on our ci y, Coupled with the refusal of the the accounts of the stoppage of the banks of New which came to hand the same hour. So much was said regarding the compulsory action of the old banks, to the course pursued towards the free banks S to, that it is not out of place to remark that some of been in arrears for a week or ten days previous to the a October. D close of the 15th, it was pretty well ascertained that f fear had done its worst. On the evening of that day, in our monetary column, as follows tl panic which started yesterday in our midst, with0 just cause, without reason, without shadow of found. and attained its colminating point to-day. Whatc consequences may be. we have the sincere gratification 3 uncing that the following banks stood the run and e complied with every demand until the usual hour of Citizens' Bank, Canal Bank, Bank of Louisiana, Lou1 Bank, Southern Bank. and Bank of James Robb. 1 Orleans Saving Institution, Canal street, was densely 5. at an early hour. It met all obligations according to and by 12 o'clock there was not a person present. This a The Mechanics' and raders Bank opened, and regular business, with the exception of redeeming So did the Union. The Bank of New Orleans in at the suit of one of its Directors. This is singular. e that the occurrences of the past two days will tend P confidence in the future, is not warranted. We concrisis is now past that the worst has been realized. we may expect tight money market for some di yet the decided action of the New York banks for good, has tended to relieve the general anxiety, and cadvices, received to-day, if they are to be credit to understand that an improvement has already in New York. We learn from Mobile that the banks have no thought of suspending. This augurs well, S have been highly gratifying to us to have had it to all our own banks had manfully stood up to the presT time affairs commenced to improve, confidence be and we might say, reason resumed its empire with e Individuals who appeared to have been bereft of it. di however, no paper nor money market. Some few ta were entered into, towards the close of the month, be aging from 2½ per cent. per month. Cotton came and the prospects for sugar were flattering. Under a J in cotton, factors did not offer the receipts freely, W to sell in large lots at which, thirty days be. D September,) commanded 14%@15c. Exchange was 01 demand only in small sums, large transactions only qt in the way of barter. Sight drafts on New York la made conditionally, that is, payable in the currency on they sold at the reduced rate of 314@ and 5 per CO Between the 20th and 30th of the month, eight