New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-11-30
Netu 0tlsaas 1ailp Grestsrt.
FINANCIAL ED COMMERCIAL DEPARTMENT.
gsb 0rItans IIontg IIarkst,

Thursday Evening, Nov. 70. 1900
Thre was holiday feeling to-day, although the
banks we're opened for business but it was more to
accommodate the public. Thanksgiving day, not
withstanding the prociamations of the Governor Of
the State and the Mayor of the city is not legal
lied holiday, and under the present position Of
affairs, a part Of the great public did not respond,
or rather did not recognize the solicitations of
| the authorities. Nevertheless, there were many
responses and many respects given to the sugees-
tons. Several Of cur private banking houses ex-
change dealers, closed at very early hour though
the banks did not respond as unit to the procla-
nations Of the Governor and Mayor IL was no fault
OF theirs. Some Of the banks we're very DESTROYS
of closing, but there is no statute Iegazipg day
Of fast or Thanksgiving and every bank had to be
prepared to meet the demands of the public. But
| there were some parties who stood on their pre-
surDed rights, arguing, as it WERE that the banks
had no right to close, but they had right to re-
| spect the Governor and Mayors request, which
| was fully carried out by enc bank, which gave
public notice that it would be closed and suggest
ed to parties to tranact their business the day pre-
vious. This suggestion was net carried out. The
Bank of Louisiana, or the President and Directors
gave public notice, but it not responded TO- as
it appears that only about one half of the payments
to-uay Stie SotH1 were PROVIDED yesterday
OF course the bank in order to free itself Of all
accountability in the premises had to ahrogate the
resolution, and keep doors open through the dag.
| But very novel question arises, which mag be
talked of in this way The old Ajax gave public
notice that the bank would be closed in conformity
| to the recommendation of the executives of the
State and city. It invited its customers and the
public in general to respond by paying up on the
day previous, but only about one-half of the pay
ments due to-day were covered yesterday; the
others seem determined to question the action of
4 bank to close general day. The banks, or
i the mandators, have not disputed that they do
not pretend to say they have right to close their
doors on any special occasion, or any proclamation
emanating from the State the city executives.
If we were to say, however, that party having
| obligations maturing to-day and refused to take
| them up yesterday-might be considered as not
4 very strong-it would be thought strange. Mais,
a'Mtpone the banks were opened to-day to
meet the demands of the public, and to receive
anything and all things in the way of payment, me-
gotiations Of exchange, selling of checks, etc.
There was no paper market, most of the note
brokers, following the course Of large bankers,
closed at an early hour and retired from the flags
As regards Exchange, there was very little done.
Some small sales of sight on New York (good
drafts) were placed at an ii dis The counter rate
for checks ranged from 3t03 discount according to
sums wanted, and round amount of bank checks
was sold at discount. Sterling opened languidly
moved along dull, and closed under very strong
dormant tending. We quote clear sterling at 1000
l0l bills with documents at 97@99. Francs were
sod-frst class at 5.5T3 @5.60. The extreme rates
were from 5.70@5.5Ta. The market receded largely
and closed heavily under material decline, so
that 5.70615.57a may be considered as extremes.
The general exchange market closed under
heavy feeling. We have further to add, that it
is of no use for bank President to say that he
would sell checks on New York, say on Morgan 4
Sons (good as gold, however) at II J9et. discount
in preference to ordering gold from Wall street.
This friendly disposition towards his friends in New
York to obvate the calls for coin will prove abor-
tive at this moment. NewYork has got to respond
to the demands for gold, if it is wanted, and ex-
change has to go below present rates. Our banks
have to maintain their standing. If New York
owes New Orleans, New York must pay in gold.
We are tired of the oftrepeated expressions
!" Don't press NewYor Fudge and fiddlesticks
Has NewYork any more feeling for the South than
to protect its own interests2 Not silver, accord
ing to the report of the selfconstituted Board of
Currency. We dislike to see so much saueamst-
ness about the transfer of gold from New York to
4 New Orleans These tender-footed friends of South
ern interests and welfare will please understand
what we mean. If our planters send their cotton
to market, they want gold its equivalent for it ;
| they do not want to hear anything about the New
York money market, Col. WIS cotton circular or
about the price of sterling exchange; and if the
cotton is wanted, it is presumed that ways and
means will be provided or carried out to pay for it,
The Richmond (Ya) Enquirer has the following
comment on the recent suspension of the Virginia
banks:
The intelligence of the prompt step Just taken by
our bank directors cannot fail to receive the entire
appreciation of every Intelligent thinker in the
Commonwealth In the present condition of the
commercial interest, none can doubt that con-
tinuance on the part of the banks to issue Epecie
would have resulted, not only in the entire removal
OF all the specie from the vaults of the banks and
the consequent serious danger to all our property
interests but in the entire transportation of our
specie to the vaults of the Northern banks, which
would undoubtedly suspend so soon as our deple-
ton and their repeton should be fully effected,
thus catching us completely under the dead fall of
Northern absorptiye predominance. 1t must also
be remembered that there arc grave political as
well as purely financial and commercial reasons
operating at present to forbid the propriety of per-
hitting an entire transfer of Southern specie to the
vaults OF Northern banks.
We have expressed our opinion freely that the
| New DIRK banks would be forced to suspend The
late expansion, or agreement to expend, is only
involving them deeper, and rendering their posi-
ton more precarious =s #
A Boston writer, under date of the Gath instant
says as follows:
| The New York banks may vote as much as they
please to extend their discounts to five or ten mil
lions, but they can perform such promise unless
they also suspend; and then, with the domestic ex
changes disordered and sterling so low, and with
few purchasers, they will find it difficult to obtain
| much paper that will be safe for discount wide
t9a Pe mgr required dpr and 9 losses
it is idle to suppose that anything like the amount
of currency and credit can be kept afloat in times
of civil commotion which is perfectly safe in peace
full times.
There is no mistake in the above remarks, the
New York banks are in helpless condition.