New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1855-11-22


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We have dates to-day from New York Of the 18th
Money in rather better supply at 10 to per ct On
first class paper which when compared to to sk in our
market seems high. Foreign Exchange was abundant
and sales made for Sterling with bills adpg ut JOG
Bankers bills for the steamer that day for Liverpool
sold at 1903 TO 10Sh We learn that telegraph dispatch
of the 10th quotes first class bills at los dull Francs
sold at $50 to $40, which is great decline chief
sales being about 5.23A. .s oa#mn .. =
II reported days since that considerable sums
in gold to be invested In grain been received by the
Baltic from Liverpool three weeks since 1t turns out
that quantity Of post bills issued by the Bank Of Eng
land had been received and forwarded the West and
got back again to New York to be Sold They are drawn
at sixty days and sighted by the Bank England the
day they bear date so says the New York Times Post
notes form mischievous currency for any country Our
old merchants have not forgotten the post system Of
the Bank OF the United States and Mississippi Banks they
ought to be dscountenancsd whenever and wherever
they appear.
suit Of some Importance and to test the value of
obligations and agreements is in progress before the
Fourth District Court entitled the Bank of New Orleans
James Connolly Co 1t lie fresh in the memory OF
readers that the Banking House Page Bacon has
been before the country nearly twelve months that their
business extended to all commercial in this Union
Their connections and operations with city large
and extensve though known at the time of their
suspension in January last that parties in New Orleans
were largely involved yet it not generally known tina,
Of our Banks held forty thousand Of their paper
which appears to have been discounted through the de-
PENDANTS In the suit progressing There were two
notes given to the Bank for 800 each ons dated Dec
!, 1854, at six months date, the other as follows:
$4,000. NEw ORLEANS Dec. %. 1874
Six months after date payable Mt Dnncans Sherman
Co, New York; promise to pay to the Bank Of New
Orleans order twenty thousand dollars for value re-
oeved with interest at the rate of eight per ct
deposited with the Bank collateral security with
authority to sell the at the Brokers' Board or at
public or private sale, otherwise its option on the
non-performance of this promise and without notice.
sight hundred shares Of the capital stock Of the Ohio and
Mississippi Railroad Company.
(sgned) 4 PAGE a. BAcoN
1t would bs supposed that this obligation was pla;p
enough 80 that there could be any question raised
hut what the plaintiffs fully authorized to sell the
stock, which, it appears effected about thirty deys
after the last note mstured The proposal having been
rendered through the defendants they being in GOOD
credit and high standing proposed to the faithful
performance Of the contract follows Whereas the
said Bank of New Orleans the day agreed to said
position on the nonpaymen of the notes and the COLA
when sold as directed not being sucien. to nav
the amount interest and expenses That we bind our
selves when properly notified Of said payment and
amount Of said deficiency with interest and all
including Exchange which we hereby bind ourselves tn
do (signed) JOE co.
Agreed on 18th Dec., 1854.
The eight hundred shares of the stock of fifty dollars
each were sold and netted about $4,000 eaynp bannca
due on the two notes of $4,000.
The Ruarantors make very novel plea to relieve Them
selves Of responsibility, which, sustained would be
establishing precedent not sanctioned by commercial
usage and placing at defiance all implied faith which
regulate mercantile communities In the answer the
plead peremptory exception and aver that
they advised that the obligations sued on in this case
stous, null and void of effect and the action
cannot be maintained They that in point Of fact
said obligations or notes dated and signed in New
Yorkthat by the laws Of that State moneyed obligations
to pay interest at the rate of eight per Of are usurous
null and void and the respondents that the notes
governed by the laws of New York.
This is singular defense of Msssrs Page g. Bacon
1t Is presumed the real defendants after receiy
ing $4,000 at time when the business of New Orleans
required all its syaabe capital give note dated New
Orleans and in which place the negotiation contract
made refuse to iqudae the balance and carry out
the original agreement then oooy assign as reason
that the debt usurous and plead the laws of another
State to eyade payment Page Bacon have had the
reputation OF being honorable and minded men, II
they desire to retain the good name recommend them
to settle this debt Immediately. We may refer to ii
| again.
We give below an extract OF money circular forwarded
| by the steamer from New York the 14th inst
| NEW YoRE, Nov 13, 1866
To the condition Of depression in which our Stock
Market has fallen at the date of adyces Of 5th
inst has succeeded during the week marked reaction
upward, which has been almost rapid has been the
decline The low prices to which most Stocks fallen
have attracted messuraby the attention of capitalists
whose purchases beside those made speculation have
contributed in producing the movement which we notice
and which has naturally been sensby felt upon
such stocks has been particularly depressed The
rates Of Exchange Europe which heavy down
ward, tend to alay the constituencies of market as
regards gold shipments. The movements of Spece NJ
well to the interior for export closely watched
one Of tho bearing most directly upon action
of Banks who still continue to contract their lines
| discount
| GS-WANTED.-Three copies Of the CRESCENT,
Of date 4h October 1885, Any having speea
favor and be suitably rewarded by leaving