New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-03-11
gsh 9rlsans 9aiIp Grst,ut.
FRIDAY MORNING, MARCH Ii, 1859
Nsu ORLEANS Nloutr gtlarkst.


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The tenor Of the Money market to-day was marked
with the usual feeling, which have noticed daily
for week past. The offerings for discount with the
banks to-day were nothing over moderate. With the
discount brokers there very little offering. Some
small sums Of factors good and fair signatures were
placed at 81 q Q get. Money is free and abundant
Inc deposits with the banks show falling off, which
VIII not be recovered this season.
Inc Arabia from Liverpool of the 26th ult. was
nounced about noon to-day, as having arrived at
Halifax, bringing Strengthening accounts Of cotton
though the sales for the week ending the 2et are re-
ported at 1900 bales, which Is about the average
weekly consumption. The war news, such as came
under our observation cannot be regarded az 90 emf
nenty peaceful as to Danish all fears Of contest on
the continent. The predictions Of change in the
British Ministry are not yet verified, nor do we learn
anything to lead US to expect that there will be
change for the present. The cotton market was SEN
sbly affected to-day after the receipts of the dis
patches-that is if the large sales are to be CON
sdered as having influence. Details Of the transac
tons will be found in the usual column.
The Exchange market moved along regularly to-
day. The counter rate for checks on New York was
steady at dis. Outside there were large sales Of
double Al bankers bills at dis in round sums, End
good commercial drafts at 9l6 Short siQht-that
is, three and five days, "a 4 dis Sixty DAYS sight
was not offered freely. Good bills were taken at IA
that is frstclass and good to fair at from II "a II
dis. The supply keeps pace with the demand. Two
or three of the banks do not evnce any desire to in
vest at the present asking rates. for good and well
established reasons, viz there is no money to be
made by it, and scounting long paper at the rate Of
Get. pays better, and there is probability Of
larger supplies Of this kind of paper ere long. In
Sterling Exchange there were several transactions
one of which was for about EDO 600 clear bills at
1855, and other lesser operations at 10sa a 1851
and 1881 This latter figure cannot be called quota
BILE as yet though sales are made at It, and even at
higher figure, reaching up to 100. Document bills of
good names sold at los "a 1854 We ouote 1073 m
1881 Francs without change We onote them at
52l4 al STA and SIS for small Gums for remittance
purposes only. The last adyices from New York
quote Sterling bankers bills at l09l "a ITO. and
francs 5.I3l.
In Stocks to-day there were sales of 800 shares
Louisiana State Bank at IT'S 1856 shares Bank Of
Louisiana at 10; 1000 shares of ST. Charles Hotel
Company stock on private terms 10 shares Crescent
City Bank l042, and IS 900 Mortgage Bonds Of Jack
| son Railroad on PIT.
| Messrs Palfrey & Co. will hold sale at the Ar
cade Saturday, the 18th, at which will be offered
Bank and Railroad shares. Also, 1853 shares Gas
Light Company This latter stock is to close an
estate and it is presumed will be obtained bargain
if there are any such things as good bargains nova
days. r.,D
| The panic of 1857 was followed by an immensity
of litigation, particularly in Great Britain The
failures of the Western Bank of Scotland the Liver
| pool Borough Bank, the ROYAL Bank caused great
CONSERVATION. The failure of the Borough Bank has
resulted most dsastrously. This bank being located
| in the town of Liverpool was more intimately con-
nected with the trade of the Southern section Of the
United States than any other Two Of its directors
and managers were highly respected and well-known
| citizens of New Orleans, and enjoyed the highest
confidence, as they do at this time, notwithstanding
the mssive shafts of the London Times towards one
Of them, Mr.. Joshua Dixon. OF course, we cannot al
this distance fully interpret the many reports and
marks regarding the Borough Bank but suffice tt
say, it has sunk into hopeless insolvency, and suit
were brought against Mr.. Dixon by two stockholder
for reclamation the ground that he had said thu
bank safe, Gas it was in high credit) which re
mark was made months previous to the suspension
The turning point this important question, which
will apply to all stockholders and managers O
banks under the general banking law of our State
the declaring of a dividend, which, when paid
amounted to than the profits, encroached on thu
capital of the bank from which it was in part paid
Mr.. Dixon was overruled by his colleagues, thu
dividend was declared. Unfortunately for MI. D.. he
did not publicly protest against the proceedings and
by not so DOING rendered himself liable for damages
which resn,ted in su;t heinz brouobt hv two nettv
$1,000, AZ ,uo,,r;otas, 90 e. -
| snarehoioels' sne propr'e'ors u one hundred anu
forty pounds OF stock or shares to that amount The
decision of the suit, however. has established pre.
cedant IN be visited on tbosa ,nonoosrs who ORC On
seue'' W W '''.u w 'no'o "'i' "'e ~
fortunate as TO occupy pecuniary personal respon
sibty On the final decision OF this suit against our
fellow-citizen, the London Times came out in full
colnmn of romorl,s cr;,;o;sir,r sharl, tho
ooiunn y, ms '.i''o.is s"aip'y 'ie l.aa"se
ment OF the bank, rejecting hafshly on Mr. Dixon
and sneeringly inclined to exult in the decision Of
the CONT II was not without effect but mot tn the
be made liable for by the Sentence, is is only 5000