New Orleans daily crescent., 1860-06-19
Heh 0rIealls 4aap Crsstent,
FINANCIAL AND coMMERcIaL Department
gsn 0rIeans Hlonsu Warkst.
eHraozsr ,, o.ne.. ] Ee. 70 Camp ssysss, !.

555 GsEsuEKf oFyIcR No. 10 Camp strest, /
Monday Evening, june !8, 1880 /
The week commences as many before in this last |
decade, with the summer lethargy. In moneyed |
circles there was very little doing; down at Gen
sral Moderator's, southeast corner Of Royal and !
CONT Streets the calls for discounts were beyond
the income. Outside, the brokers, both note and |
bill, were very quiet. They had, however, some
thing to offer 1t is very seldom that dealer in
paper securities; that ia, those useful members Of
the body financial, and perhaps we might add body |
tonsorial have not something to offer capitalists
and dealers in paper. Bank managers scrutnize
very closely all paper that come before them,
whether it is simulated business paper or not. The
calls for the West continue large, and II is well
known that the greater part of the proceeds of
paper for Western account to be placed in New
York The low rates Of transporting coin or specie
via express are against New Orleans However IL
our banks will continue to discount accommodation
paper, or time drafts drawn in the West and which
Of course confirms impressions heretofore current,
that our city is very good post, and strong post
at that, and the coin is called for. It Is presumed
or believed that ere long there will be curtail-
ment, perhaps an ending Of the mode for only q
brief period. It will be observed by the bank
day. that there is an increase in the item of amount
due distant banks of nearly quarter Of million
Of dollars. This must be considered as so much
increase in the general Indebtedness of our com
muniy; for it may be asked, how s it that the line
Of Indebtedness Of cur community, at the close of
most highly prosperous seasons business in our
chief product, should be increasing? It cannot be
controverted that that over two millions and one
hundred and Fifty Thousand bales of cotton have
been sold in our market within the last nine and
half months that 1t has been paid for by the buy.
ers; that planters and growers have received the
money for the same, and instead of having In the
vaults of our banks at this time an excess of coin
over last year. we have actually $3.50, 600 less,
with prospect that the next return will only
cover o5O0O 900, when the amount should be fully
sl5,OoO,ooO. Admitting that this latter amount
would be unwieldly nevertheless, we are not
strong, with only ten millions of coin that is what
we consider strength in Louisiana, strength and
impregnability yet, we are stronger and sounder
than any other financial market in the commercial
world. A strong, and possibly bold assertion, but
a close examination Of the figures and returns of
our banks will confirm the expression.
Old systems of banking, such as have been fol-
lowed in foreign countries for years and years,
have been often pointed at as criterion, yet
foreign banks have failed, suspended and gone into
liquidation, which is not a very favorable sequel.
We find on looking over some of our exchanges
the statement, which we publish below, of the
Bank of Montreal, Canada. A tolerable heavy
footing up this bank makes, say s12 600 ,800 yet,
to meet immediate cash liabilities, say deposits and
circulation, say 81, 600, it has only $942 1868 in
gold and silver on hand, or say fraction over l72
J5ct According to the Louisiana system, this bank
should have on hand 81, ,796 900 in gold no silver,
because it is mere rubbish in bank balances.
The Exchange market was under holiday to-
day. Bill dealers have gone fishing; though there
were some few on the street to-day, they were
quiet The counter rate for checks at the banks
was uniform at I prem. Outside rates range from
S@2. Sixty days sight a@a and I dis. for choice
and good, and 2@1 asct for light offerings We
did not hear of sale of sterling francs, and re-
fer to Saturday nights review for quotations
POSITION OF THE BANKS OF NEW ORLEANS ON
Saturday Of eperg lretk commencing teih the financial
commercial year Of te city on de l day Of September 1859