The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-05
New Orleans.


Correspondence of the Herald.1
New ORLEANS, July 25, 1912.
Affairs IN New Orieans-Banks-C Currency old
Ben Story-Ne,c Financial Movements Trade
Heahh-Wsather.
JAMES GORDON BENNETT, ESQ. -
My DEAR SIR
We are nearly week now without the sight of
your valuable paper; should say more than valua-
be for, unless that is received at the Merchants
Reading Room, and put on the Bulletin board, the
mail is considered as failure, and brought no news
whatever. For the last five or six days the mail
has failed regularly beyond Charleston, which is
now satisfactorily accounted for, it appears
that there has been a great rising somewhere IN
North Carolina not of the people, but of the water
which destroyed part Of the railroad beyond Will
mingon.
Our State election is Just over, and the demo-
Gratis have elected their Governor by about sixteen
hundred majority, but the wings console them
selves with the idea that they will have majority
in joint ballot of seven to nine. Of this they are
not so sure, as many of the old wings that have
been returned in the upper parishes, are more de-
mocrats than wings One thing is certain, the banks
have now got to pay or liqudate, one or the other
This community will not bear with them any
longer. Since the resumption, on the 10th May
last, the people have got taste for the Mexican
castings, and you might as well try to pay debt
with cord wood, as to offer them the suspended
bank paper. ] do not believe that we will be
troubled with more than three banks here mex
winter, viz Bank Of Louisiana, State and Me-
chanics' and Traders, for unless the others have
(Which they will nO specie, or Its equal, for every
dollar of paper liabilities, it will be useless for them
to make the attempt to resume, as the run will be
tremendous.
Old Ben Story is about to resign the presidency of
the Bank of Louisiana, and start private banking
business, in connection with the agent OF Brown,
Brothers Il Co. here Their business will be prin-
cipally buying and selling bills of Exchange. They
will receive deposites and issue certificates for the
amount charging q small per centage for the
trouble. England and France will have to send
large quantities of gold and silver here this fall for
it will be impossible to negotiate bills of exchange
to any extent, unless at ruinous discount;
auently, if they send orders for cotton, tobacco,
&c they must send the coin to buy with, and by
this course we will soon have plenty OF specie and
sound solid currency, and every thing will sell
| for what il is actually worth, and no more. This
community is not to be humbugged very soon again.
and no new institutions will receive any credit
whatever, unless il Is so managed that they can
keep themselves in such a situation, that, let come
what may, they will always be ready to toe the
mark whenever it is demanded of them. have
not the least doubt all Of one million OF dollars has
been lost by the paper OF the rascally banks and
sh,nplasters OF the municipalities, since the 10Th OF
| Nav, in the way Of discounts.
New Orleans is and will continue to be place
| for some time to come yet, unless the Mississippi
| concludes to occupy the ground, but at present
there is no danger of that, as II Is helping itself to
Algiers much to the annoyance OF the lnhabitant
| over there-the loss will not be much, however.
| Business with us is very dull, which in general
is the case here this time Of the year; but anti
| cipate a fair fall cash trade The West has LOST
nearly all ofscyedt wi us since the recent troubles
| in ST Louis The sales OF Cotton are small, say
about 25OO bales per week at the following prices
Middling fair, 81 a 81 fair, 81 a 10; and good
fair 1Ot ii cents. Tobacco dull sales last week
$50 hhds at IL cents for ordinary, 81 81 for X
| fair lots "a a Al cents Sugar dull, with a ligh
stock, at q a Al cents. Molasses, ii IL cents
Flour S4 $4a, dull about 300 barrels new arrived
here Yesterday from Louisville. Whiskey, IL Is
| cents. Corn, SO 36 cents demand good, with
| large orders for the northern markets. Wheat, 81
| to IS cents. Pig Lead, SO $3i, with fair de-
mand for expectation to France and England. Ex
| change on New York at sight, "a per cent
discount for specie sixty days sight, u pei
| cent. ditto.
| But few persons in town at present, large share
of them having left Tor the north, and great many
are to be found over the Lake, where the hotels are
| crowded The weather is very warm, but we are
| "a vet perfectly free from Yellow Jack he Is no
expected here this summer
| In INV next may chance to give description o.
| some OF the performances of our celebrated sheet
| iron band. and little of the doings at sngins
school In Julia so look out, Mr.. Clark, how
you talk TO rhose ladies. More anon.