New Orleans daily crescent., 1859-11-15
Neh Orleans Dailp Crestent.
TuEsDAY MoRNING. NoYEMpER Is. 1a5e.
Ufn 0rltans Htonep AlarAet.
cREsoEs1 oyyIce. No. 10 Camp sire


AS usual on Monday, the transactions were on
the iniintesimal order. There were very few sales
Of paper the street. and it is about time for can
italists and holders Of money to understand that
everybody does not desire tn he shaved or nar
extra interest. The calls on the banks d;scountnp
to'day were as much as they could conveniently
accommodate. If there is a superabundance of /
money on the street, or outside of the hanks an |
| Inuch tine better for borrowers. We publish be- !
low the Dill imposing penalties on Presidents and
Directors of Banks so it will be observed that thev
cannot at all times, accede to the wants Of appIi
cants for discount They are, as it were, pinned
down to the law; and as of our prominent
banks has been thrown out OF line by discounting
paper and investing in Exchange, during the last
week, to the extent Of one million of dollars, the
| rejection of paper can be readily accounted for.
The recentvery remarkable change in the weather
has had sensible effect on our great product,
Sugar. 1t is hoped that the deficiency in crop will
| be made up by corresponding advance in price
! Of what may be made.
| The Exchange market, the great fncrum of our
trade, presented nothing important this morning.
As we intimated in our last, some strong parties
would advance their drawing notes on New York
to dis, we have only to say that the figure was
realized. and that the counter rate for checks was
dis. There were sales to dealers Of Sight drafts
on New York at dis, and on Boston at dis and
other street negotiations at 7-l6 dis. There were
sales of five days Sight on New York at dis
thirty days Sight at i dis. and sixty days Sight
at II to 1902 get. dis. A round sum was sold at
the latter figure In Sterling, the transactions were
not large, but equal to any Monday of the season
for it must be understood that unless something
vt frrnc in n
business really transacted on Mondays. The move
ments to-day form no exception. We have to quote
some limited transactions in Clear Sterling at 109,
dealers buying rates, and other small transactions
at 1854 to l09|, which is rather below the last
actual sales for remittance. We quote Clear Ster.
ling at 1os3 to lo9@lO94; Document Bills at all
sorts of prices-say from 1919 to 1os, 1Os4slosa.
Francs inactive and dull. We have the follow
ing figures to quote: Say on Paris direct $50 to
5.l73 and on the Atlantic ports 5.264 to 522 l5l7
There were some few movements which resulted
in the sale of few shares of Southern Bank at liz
There were transactions in Bonds. In Insurance
Scrip there have been some transactions. The
recent fires have been productive of considerable
increase to the Golfers of our insurance offices
Every property-holder beyond vacant unimproved
property appears desirous of being insured. We
iSpc"e W eSSly oilt having ally tllnS
insure-even to the small sums of $50 and 500.
we suggest that the excessive modesty of many
parties will not interfere with applying for in.
surance, even for these small amounts, which will
i be readily taken by our associations, and if lost
will be promptly paid for.
The question of place of deposit and security
for all parties, or folks who have few dollars has
been satisfactorily demonstrated in the working.
and management of the New Orleans Savings Insti
tution on Canal street, where the amount of one
dollar will be received at all times on deposit an6
interest allowed at the rate of get per annum
l. as appears by the dividend lately declared, o
? get. for the last six months, payable to all de
positors demand, and if carried to the credit OF
each depssitor it draws something of compound
interest. The Company is managed and conducted
6 by our most worthy, wealthy and benevolent citi
J, Kens. We are gratified to learn that the deposits
and general weekly movements of the Bank in
: crease and advance from day to day.
/. The banking system of the State of New York i
defective radically defective 1t has no real basis
1t could not withstand an ordinary run, if carrie,
/ out. We will take some of the most prominen
k banks Of the city of New York as an example, ac
cording to the sworn statements of the executy,
officers on the 9Th of the present month"; (Nov.) say
the Bank of Commerce, with its $40 900 900 of capi
tal The circulation is non est, because it has none
g but bastard circulation is made up in the shape
!. of certified checks. But to figures direct:
Circulation. q o.
deposits ssisss
? ? Total immediate cash liabilities -. 6so56l
about 10 Get
This is called one of the great banks of New York
n According to the banking system of Louisiana, thi
y bank should have had hand 2,2Gs, 600 in coin
We will take another bank, the managers of which
have not the Free-Soil and negrophisttic pro
clivities of the Bank of Commerce-say the ole
= Merchants Bank, which exhibited as follows:
pssoait. fssolHion Sss sss 81
Immediate cash liabilities 1899 So
l and the Louisiana laws Si,3l3,Oo0
+ We will now take the dry goods association
otherwise called the recipient of all the uncurren
! bank notes, or share of it, of the State = thu
: Metropolitan Bank:
r The circulation which was 46s
Total immediate cash liabilities 4s75ol
or faction over 70 fsc 'le'-' -
! The Bank of America, another prominent bank
1t makes strong exhibit. Say
Specie in vault 81 "a
: Immediate cash liabilities as follows:
Il Tnrenaton Sls 5
4s7272
say nearly 80 per dollar in every dollar
II cash liabilities
e This will do very well !; but, then in the case
press, it would have many weak institutions
around it, it could not render any great assistance
t. to the public.
As there have been several inquiries relative to
. the Bank Act regarding the penalties of the old
banks, in not maintaining at all times sufficency
n of specie, we append the law applying to the
t. matter:
AN ACT imposing certain penalties the Presidents and
Directors of the Bank of Louisiana the Louisiana Sta
Bank, the New Orleans Canal and Banking Company ant
the Citizens Bank Of Louisiana
y SEC. l. Be it enacted by the Senate and House
, General Assembly convened, That in all cases
from and after the passage of this act, wherein i
shall be made to appear that the Bank of Louisiana
g the Louisiana State Bank, the New Orleans Cana
!; and Banking Company, the Citizens Bank of Louisi
ana, either of them shall have failed or refused t.
comply with those conditions provisions of thu
act entitled An Act to revive the several charter
(. of the several Banks located in the city Of New
Orleans, and for other purposes" approved Feb
ruary 9TH, 1912, which require each and every one
of said banks to have the whole of its cash liza
bites represented by one-third of the amount
of such responsibilities in specie, and at least two,
in in fnll Of