New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1856-07-11
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European mails by the Canada through to-day viii
regular Liverpool Tire evening Of the 10Th nit
Commercial political and social the contents indicate
acontinpance Of present ancabe feelings between Gle
English and American governments are
regarded as particularly favorable There is nothing oeger
i our market 1T which these accounts
Influence. Xxi 58s;st 'a 9,7F
There rather today On the streets
in February negotiated ut the rate Of
per TIE calls the Banks rather beyond the
income. & N @S84 g55t IA lS3
IN Exchange there doing Some Bank checks
on New sold Mt premium and sixty days sight
from TX n per discount Drawers very firm
rates. eypce disposition whatever TO recede Sterling
firm at 10 to 1917 for private bills and 0 to 0s for bank
drafts though for Investment buyers not disposed
9 for the best Francs firm and held on Paris direct
5l35 5 with two private signatures being held
510 without any sales being made 5l4. Nothing
doing in bills Of ladng. We
dull well be imagncdtough there
plenty Of buyers at decline from last Sales stockholders
generally very easy financial matters and there nothing
offering for investment a. this moment induce changes in
stocks bonds Among the several departures of leading
merchants and bank managers notice that of Mr.. john R.
Marshall whose temporary resignation in the Canal
been filed by the election Of Mr. j. n Rhodes opartner in
the house of j. r. Marshall Co.. to supply the vacancy
the season is well advanced there will be few other
changes The President of tile Union Bank takes his
departure in few days We shall then only the President
of the Citizens Bank the President Of the Canal Bank the Pre-
sident of the Louisiana State Bank and the President pro
former Presidents however, went last whilst the Pres
dents Of the Bank of New Orleans the Union Bank re-
manned here So financial matters generally will be well repre-
aented during the summer interresnum.
We alluded two days since the last dividend the old
Union Bank and give items which we believe will
be perlsed with interest.
The Union Bank Of Louisiana organized and into
operation in the 1892 under charter granted by the State
with capital Of millions Of dollars which
raised by the Issue and sale of bonds the State The
authorized by the chare-ey mortgagn and pledging real
estate security for stock subscribed The bonds granted
by the State sold in Europe and the Bank under the Pre-
sidency Morgan business In the
1892.
The Bank required to establish eight branches in different.
parts of the State. This incubus its movements
though by good management and the popularity Of banking
stitons that time the results proved satisfactorily
anticipated On the removal Of the public deposits from
Bank of the United States it selected of deposit
banks for the otherwise called the banks The
connection with the government in the Of the CONNER
ca Bank resulted in general advantages In 1887 its full
Of loans and discounts exceeded ST Co.,
million than its nominal capital for actually the bank
organized without dollar being paid in cash by stockholders
The State Bonds having furnished capital which sold
Europe through Messrs. Barring, Brothers Co. at profit Of
four hundred thousand dollars this house continued
for the bank for the whole period of its charter
The agricultural interests of the State particularly sugar
interest received immense benefits through this nstition-s
popularity with the mercantile classes great 1896
York Mr. James H. Shepherd succeeded him in office, and
proved jealous efficient and skul officer During the year
1886 the of expansion and initiation commenced all
the country rather the effects thereof became manifest
felly the germ of speculation and overtrading
towards the close of the 1884, and followed through
1896 reached its eliminating point the early part 1887
and TIE Union Bank experienced the evils which attended
general trade of the country large majority of its stock
holders clnmoroIs for loas had The
discernmen and sagacous Of Mr. Shepherd the
would proved disastrous the the Bank
and the State Mr. Morgan left the bank highest
prosperity and popuaritys stock having reached twenty
| cent premium.
Much great the favorable returns
the sales Of the bonds its incpien reorganization work
ng and from the rapid development of the gescra
the country for the five years following the year 1880 par
cay with those sections Of country of which city t
natural market and outlet. True, it predicted during t
year that the action Of the general government thu
finances of the nation would runou particularly to
good city. 1t is evident the city has survived those gloom
predictions, and still onward safely and surely It
during the first five Of tire Union Bank its popular
became entwned with the community and its prosperity estA
lshed This led to the incorporation of the Citizens Bank
| the principles a Stock Mortgage Bank.
The general results Of banking bonds, mortgages
pledges Of real property have in part this coneerac
proved satisfactory. In instance where Bank has bee
organized these securities has its obligations tina
the old Union Bank Of Louisiana stands without parable
During all the chunges md cvulsions Of
all the financial gales which carried devastation the
mercia world, it alered in promptly meeting the int
the bonds which it had assumed pay, and when
went into liquidation in 1913 commenced paying the princip
aud relieving the State OF all liability. In order the il
bonds in London, time premium of fee
per paid for exchange for remittance for that
But The grand Gna-te pleasing sequel the liquidation of III
Bank that every dollar of bonds and interest has
ceed and there has been paid the State the of SO6
being one-sxth share of the profits in the Bank
dividua stockholders the Of 81 400 80 making two mi
lions eight hundred md nine thousand eight hundred and fort
dollars profits of the institution without having advance
dollar The capital being raised before mentioned by ii
bonds of the State and the stock secured by individual
cages real property which gave the real
gagged higher value than ii otherwise would could have
tanned, and with this happy result before us
encourage give banking the basis
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