New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-06-14
Neh Orleans 1ailu Cresttnt.
TUESDAY MORNING, JUNE IA, 1859.
Neiu ORLEANS Mlonty Nlarkst.


nothing beyond ordinary wants solicited from the
banks. Our bank managers having placed something
of an interdct paper has checked the ardor
Of making our position ktng post. Some folks do
not appear to be well posted up in the definition of
kites. Messieurs johnson and Walker rather old |
fogies, however, to assume as standard, define |
kite: |
bird of prey that infests the farms and steals the
chickens; name of reproach, denoting rapacity;
fictitious bird, flat paper instrument made to fly in
the AR, las well as in the money marke) attached to
string, made OF paper.
As regards the foregoing definition of kite it ap
plies most forcibly to many operations which have
come to our knowledge recently. A great many
kites, which we know Of, have superabundance Of
appendages, which may be termed endorsera They
soar high under good breeze-that is, flush posi-
ton and general ease of the money market helps
them along amazingly but an ordinary squat or
commencement sets them all aback and causes some
CONSERVATION among those who have scared too high
or got off soundings.
The street transactions in paper to-day were very
limited. There were no changes in rates. Good and
fair commercial paper be placed at the rate of
@l0 yet, and choice names at s@s1.
The Exchange market moved along quietly to-day
The counter rate for checks on New York was
prem, with an occasional asking of I, which met
with no response, the market closing for checks at
and double AL drafts outside at A0s.l6. Some of
the banks were willing to sell at GIG. In time bills
there were sales of sixty days sight at dis. the
range OF the market being from 30f to l, 1.0l3 dis
The European war has effect on good and regular
drawers In Sterling there transactions in clear
bills at l093@ll0, and bills with documents at 1O9
and other transactions at lower figures but not Of
sufficient Importance to give tone to the market.
We did not learn of solitary transaction in francs
and have only to quote the last sales at .1s4@5l1
There is no stock market. The most important
transactions transfers of $50 shares Ponchartran
Railroad stock on private TERMS
Last week it was announced by telegraph that
house engaged in the great cotton trade, and con-
nected in some degree with New Orleans had sus-
pended payment. This house Though there are
other suspensions) proves to be, as reported on
change, that Of Mr.. Calvin Durand. If our memory
serves us correctly, Mr. D. was formerly copartner
of the old and wealthy firm of Goodhue Co., New
York, which withstood all the vicissitudes and
changes in commerce during the eyentful epochs of
the present century.
But what renders it the suspension of Mr. Durand
or of other merchant) very surprising is that his
liabilities were only 1925 900 and assets 1896 O0O in
Guiding seven thousand bales cotton. There are the
figures before us, and it much surprise that
with 1000 bales cotton on hand under control suf-
cent could not be realized to save an old merchants
name for the trifing sum of 1925 900. More than
this amount could have been raised 1000 bales of
cotton in this good city of New Orleans, provided it
was cotton instead of leaves and sand 1000 bales of
Middling cotton would this day in New Orleans COM
mand s350,OO0.
We also learn that the firm of Hargous Brothers.
New York, has been dissolved. This augurs very
unavorably for the bill holders of the Louisiana Te
huantepec Company.
We continue to receive accounts of large losses on
shipments of sugar hence particularly on purchases
made in Cuba and shipped to Northern ports
The steamer Empire City arrived this morning,
bringing $205 900 in Mexican silver coin and bullion
from the West coast of Mexico via Panama We hope
to have receipts of this nature to record Our
Branch Mint offers every encouragement to facilitate
| ingress The dollars that came by this conveyance
were sold at lO64-a tolerabe high figure.
The system of certifying depositors, or customers
checks in New York has been largely permitted II
has never grown to any extent in New Orleans It is
most convenient in New York, and undoubtedly facil-
itates bank business. It has often been wondered
why the banks Of the city of New York should have
so diminutve circulation. The report of last week
| represents them to have $s427 642, which is yery
moderate for ftyfour banks having paid up capital
of $6S $4,000. The great business however, of New
York, throwing aside the currency or issues of the
country banks, is conducted by means of certified
checks, which, however, is Of great convenience now
and then but is liable to abuse as occurrences have
recently transpred, where bank officer was induced
| to certify check for 100000 without a deposit.
| These certified checks have at all times been
regularly current, but they amount to nothing more
than bastard currency, the system has been over
and over again abused.
The New York Courier and Enquirer, of the 18th
inst, in abiding to this certified system mentions
the following as case which has recently come to
light which illustrates strongly against the system of
loaning on call, when the most undoubted secur-
tiles are lodged as collateral:
The recent case of the Union Bank, which was
made known this week, throws credit upon either
side. II such cases are numerous, it is time that
stockholders examined more closely into the ability
of their directors and that directors enquired more
closely into the character of all such loans and the
character of the borrowers.
But we conceive that, as general principle, call
| loans are decidedly injurious to the community,
They tend to bolster up prices to fictitious figure,
and, whenever revulsion occurs to make things far
worse than they otherwise would be- We think there
s'not bank in our city that has not full demands
from its legitimate customers and friends for all the
loans it can grant, upon bona fde and short CONNER
cial paper If a bank has surplus capital it can
always find paper maturing in TO- 20 and 30 days, of
an acceptable character for discounting instead of
loaning $4,000 or 100000 to any party what.
| ever, on call
According to the last quarterly report of the Union
Bank they had surplus Of slos, 3o4, making the
shares worth about l07.52; but such is the want of
confidence in its management that the shares sold to-
day at i9ct. dis.
1t appears that one Edward Belknap, who kept an
| account with the Union Bank, and was an intimate
friend of Mr.. Deming the late President, took up
loan for 100000, which he had obtained from the
bank by giving check to the late President last De-
cember in the bank paror receiving back his secur
ties On his way out he presented another check for
$4,000 for certtcaton at the bank counter to which
certiication was given. This was unjust mode OF
obtaining his securities without payment of the loan
| for his account became overdrawn
The failure of G. Durand in the New Orleans trade
is reported.
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