New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-10-16
Nu Orleans 1aiIp Crssttnt.
FINANCIAL AID COMMERCIAL DEPARTMENT,
gtb 0rIeans Hloaeu alarast.
CRESCENT oryIcs. No. 70 Camp ..,est,

p
.M55 Monday Evening, Get is, Is5o.5 /
As usual on Monday, the Money marke. to-day |
offered very little for remark in fact, hardly an
item could be raised If the calls for discounts at
the Ajax had not been three times the income. |
FMS leads to the supposition that applicants Offer
ABOUT triple the amount they expect to receive |
giving tnandators liberal supply from which to
make selections. On the street there were no ne
gouatons worthy Of notice. True, there were |
some tonsorial transactions at the rate Of 1921 ~
ct 1t is manifest however, that preparation for
the worst is in course Of progress BY those who
have large figures in their bills payable.
We observe that the money article Of one Of the
EewYork papers Of the 10th (the Evening Post, an
old federal paper from the time Of its first tissue in
1000 brings the result of the election Of Tuesday
last into its columns. 1t says the 10th instant,
" that the decisive result Of the Pennsylvania cleo
ton the leading topic at the stock market that
day." OF course, the Black Republican Post has
no scruples about saying this that and the other.
The Post would like to create the belief that the
Network stock market had improved after the re-
suit OF the Pennsylvania election was known, which
is all bosh. If some Of these New York writers
would inform the public of the recent great bam-
boozing and swindling in the Rock Island and Chi
cago Railroad they would confer a benefit on the
poor unfortunates who bought in at s0GS2, under
the expectation of 81 get. dividend on the LIST
instant, and passing the dividend forced the stock
down to 70@7l. Such bamboozling transaction
| in this city (New Orleans) wonld cause something
of commoton, and render our flags rather too
warm for such barefaced and bamboozling opera
TONS Wall street is a great place for trickery and
| chieanery. 1t is not of much use to go further
back than the bursting up of the Ohio Life Insur-
ance and Trust Company, down to the more recent
failure of the Artisans Bank. II is no more than
expected that politics would be brought in the
financial arena and Newly rkers may as well com
mence with the result of the Pennsylvania election
any other, but if they do not feel it for their own
woe, then we mistake the signs of the times
The Exchange market opened, as it has for many
Mondays heretofore, very quiet. Operators hardly
| get to work before Tuesday. The counter rate for
checks on NewYork was steady at par though an
| effort was made for an J advance, it could not be
carried through. Outside of bank there were some
sales at parrot dis; sixty days sight 1902 and u
dis. Sterling clear bills 108t@lOs3 and 1851; doc
ument bills l0640l07t up to 1913. Three hundred
bales were taken at the latter figure. In francs
4 there were no changes. We quote from 5.30m
5.25 to 5.232, though 5.22a is the rate with some
4 drawers.
1 There was movement in stocks to-day-not
sale to our knowledge, nor no prospects of any
large sales for the present. 1t is now only two and
| a half months to the dividend season. In bonds we
| have not a sale to quote.
We learn that new tariff of rates of freight has
| been agreed on between the Pontchartrain and
Jefferson Railroad. If the increase in rates will
aid the Carrollton and Jefferson Railroad to remu-
nerate its stockholders, they, of course, will be
satisfied, it is so long since they have received
! dividend, it has been forgotten As for the old
Pontchartrain, it will pay 81 or act. in Decem-
4 Der. The Mexican Gulf and Southeastern Railroad
| is progressing. The repairs on the road towards
Proctorvie are in course of completion. But our
railroad managers do not bamboozle the public as
the managers and controllers of railroads do il
Northern States.
The great thundefer, (the London Times) in it
monetary of the 25th September, is down tolerably
hard upon the manner Of conducting business ii
that metropolis. From the following article thu
course of Messrs 0yerend, Quincy & Co., the dis
tinguished bankers, is greatly censured. If thi
firm continues to move, as they have for the pas
three years, they will become eminent for being
concerned in many bankrupt concerns. Whether
they will in the end lose anything by the gigantic
discounts they make to these insoIyent concerns,
which have been in failing circumstances for years
past, we are not informed. The house has little
business, or few transactions with New Orleans,
though they hate the Institutions one in particular
as much as distinguished parsonage often alluded
to does holy water But read here what the great
Thunderer says:
There could be little dishonesty trade if banks
and We're awas yiiaat Surprising a
encountered would be those Of ditec fraud forgery
The system Of bills exchange which ali our commerce IS
dafy Of disconnGrs 10 guard the eom"aitV ps The
else OF extreme waichnness and adherence the
nete from the circumstances that instead Of representing
nble E6as II enlbi ia IL a. gh6 nj tss bst IN, " = INV,
posed await the Eealaon II properly 80 Gu % days,
satisfy themselves mt only far hcr dyn
gEos9n sgl avoid Re t assistants il e that se
d4y has always een consideed simple that any fashion.
other Under sach circumstances The features majority
tie cases IF sgadS sncs es s AID f9MR f.
Sinclair 20, call for express consideration. Spurious Bills
that is hills drNWn by one lt worth iie upon her worth
and into circulation with the at represent
Of such and the question whether
no oSssr eN or bsast dc sa S e {
f S s'efmas sls points are ssS @ sesqo han
solution It's IT. easy 9,e present day 70 purge The trade
former period Iecd The aciiies Of commercial conm i
ton render easy and although the introduction of
say mpes the sound banker by imparting
ut TO untrnsNoril5 found the Bunk
land and sonC OF The Ages private establishments
can still carry their operations with saiety them
selves and the community The conclusion, then
by whom facilities are fni he'd in
these deficient either dscenment desire
to Id the neNibe
pointed in that drectanthere has been little
OF tho instances yet presented of BhTewdHess
has sen exceed those exhibited the Sreaed case
We thffe the experienced dsconntes
firm that just about stop with liabilities than
tleelaeEs of Million absolutely the ceam Of
an idea that This firm might Ire position
OF its partners had arrived haste
bills regarded with hesitation
and that it could not without asssanee According
to understanding Of business, the advice
der the fantes fancy that the house nsoyH would have
been Ascertain iHsthntly
to all crtdt1 suspend there 10 be de-
fcienry Instead of This, cop e and nnhesang the
confidence that tile prompt exclamation Oh,
not stop p of course If tim likes advise another
because is prepared its risk,
to avert tho necessity There can he objection such
cueding whether there suspicious insolvency other
wise But the affair here directly different The discount
question already held the of the
of about 010 and apparently wond advance
ee upon good scs The insolsents accordingly brought
| G200QU OF their assets, and q 10
They stopped three days afterward and the
were proportonney damaged VIII The few whom the
600 10 distributed obtained exceptional escape
he London J0nlsl0cS Bank tl3DO3 the Liverpool
house CO 600 Herbert, Smith Co G200 Smith, Patient
and Thomas Mortimer 1000 anything less scrlhlons
such distribution The small available
etl body of creditors could hardly be The danger
Of preferences of dis kind beng made always the
mtt, cRref of lis anding would lend itself vnlnnta lily
such possibility, and the blindness which G2OOlU
granted therefore he regarded having
pete. We ny accept eSemnting tgrac-
l -! ~ I