New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-07-20

Neb 0rleans Dailp Crescent.
fAeb ORLEANS ytloBsu Hlarkst.
Crescent orreE, NJ. 70 Camp street.

CREscEsr orrlcE rs. 10 Camp street. 4 I
Thursday Evening, July w. 1901 /
There was no change in the general money mar.
.st to-day The offerings for discosnt at the pro-
mTnent bank disconnting to-day were about doubIe
the income, but the income was on TIE infinitesis
NAL order. The calls for specie gra suay fail
ing OF, and sight exchange on New Ycrk has q
dropping tendency. 1t is about time for some let
up in the exchange market: our community has (
been paying ont at the rate of three quarters Of
million of dollars per week for the last seven I
weeks for exchange alone; in fact this amount
can be increased largely by adding in the SENS
taken by the cosmopolitan population and The, |
travelling community.
There has been some eoTamotion in financial cir /
Giles; that is, talk in financial circles in regard to
notification emanating from the Board of Currency
to the Bank of Louisiana, indicating to the mana
gers of the bank that under the act of 1872 they
had been ont of line for some weeks. Under the |
first section of the act, which says. that bank
shall increase the investment in its dead weight
SO long as the whole of it's cash liabiiities-whch
| means and covers deposits, circulation and bal
ances due distant banks-shall not be represented
| by onethird of the amount of such responsibilities
in Specie and at least two-thrds in satisfactory
paper, payable in full at maturity, and within 30
days.
| 1t will be seen how very exacting and rigid are
the banking laws of Louisiana But there appears
to be difference of construction regarding the
privileges granted by the Legislature to the Bank
of Louisiana in fact a very broad difference.
| The sth section of the act of 1916, says:
That the State stock to be bought ~ The bank il Of
nstent Il he debts proper Of the State Shall not be
and considered dead weight, under the first section of said
act of 9Th of February lei2
| Under this very express authorization to the
bank that the 1000 shares Of stock (bought for
ST 200 0O0 shall not be considered as forming part
of the dead weight, the managers have consider
ed it as forming part of the active movement, be-
cause they are authorized to sell the same any
part thereof as appears reference to the third
section of the act of 18th March, 1s44 which reads
as follows:
Provided moreover said bank shall be permitted sell and
transfer aid steek o. any @ hsteef Snd the sap'a 2" aa
ship of said stock ~ mid bank nness majority Of the stock
bank proportion to he stock purchased by them
The President of the Beard of Currency, presum-
ed and believed to be well versed in law, con-
srues the sth section of the act Of lS45 as not to
modify or impair the positive obligations of the 1st
section of the act of 1912.
We differ from the President altogether; that is,
if it is conceded that Legislature has the right
to amend acts passed by previous Legislature.
II the II 900 shares placed on the market, or
any part of them, and the proceeds, say gold or
| ninety day paper, placed in the active movement
of the bank, what sort Of figure will the opinion
of the President assume? What is the difference
whether the managers of the bank, by and with
positive agreement with the Legislature, choose to
consider these IL 900 shares as active movements
S But, according to the dietum of the President O
Board of Currency, these shares must hereafter bt
: considered as forming part of the dead weight o
the bank: consequently, the bank will be restrict
ed in its operations and its activity to grant dis
counts and act in exchange be greatly curtailed
It will make very sensible difference in more re
spects than one in the money market at this juno
ture that is, SO far as this bank is concerned
IS whether 81 200, 900 shall be considered activ
16 movement or whether it shall be cassed as dea
weight, curtailng the discounts fully one hundre
thousand dollars every discount day say twice pc
n. week.
IN The action of the Board of Currency shows til
90 sensitiveness of our authorities in regard to on
- banking statute, and confirms the high encomium
which have been passed upon our SYSTEM an
e. strengthens the confidence, great, in &C
a. a. mirable and superior banking statutes
paper. The calls for money are decreasing an
it is hoped they may continue to decrease. Stock
Bonds and other securities are quiet-no bargain
to be had, even under tight money market.
: The Exchange market has downward tendenc,
aT In fact, New York funds were weak to-day. TIL
II banks or most Of them, were selling checks ove
the counter at prem, though two or three wei
: squeezing at 4. But 4 is becoming obsolete, an
| ,lou oca bara e.,
M, Outside there were sales of sight at prem; thr
si days sight at 5ls, and five days sight at PREF
In Time Bills we did not learn of any movemef
+ but quote from f@ll dis. for good TO fair six
: days sight. In Sterling there were transactions
- lO6E "a 1908 for clear bills The banks hold at Il
A. 0llua Francs were sold on Paris direct at 81
;. a5.IO: extreme rates being from 5.I56D5.05. q
IN The following remarks, from the commercial 8
= ticle of the Manchester (Englandl Examiner
AZ not confirm the highly favorable reports which
5d2 have been receiving every week over the tel
graph. However, the Geographic dispatches a
81 one thing to-day and another tomorrow. We
e, ", gin to regard the telegraph real machine.
,dl ports and reviews can be manufactured to 81
II every market and every cline.
ID It is manifest that serious fears enertant
- in England regarding the harvests of that counr
III weather in Manchester the last days Of la
'ai month. Short harvests in Great Britain, with
~, bghted one in France and other parts of the Co
A. tinent will exercise an important bearing on tt
"a "a great cotton trade. We only hope for Il
al best.
MtScuTsrER, Friday, June 2a-The dulluess of yarns
goods eased since Tuesday aud, large
1d2 pces somewhat of unfavorabIe biz
The positions aud views Of producers occasion
i2 Of irlcgluty in The quotations and pnrtcna
NJ the difference in value between rsl
6d2 qualities Than it Water twist cOntnt
ld2 than there is exceptional rmnes5 in low
II of water and IL IS and COS hos Iwofuds.
CD The business going in and CLOTH whether for sh
OBJ home consumption, is eedingly small Yet go
3D. many made principally by China merchants,
2d2 4Onch Shrtn weighing ID and
little allowance Of time for delivery however and
- seems 4 of than I'D. Sd. pie
merchants and producers stands i'll the of
certainly, after fall Of I0ed.
- I'D, that differ hing of moment.
destroy the home trade in articles of dress for
that AS people sill need fires in their rooms, IL
winter clothing And the hen threat ened
are buyers for foreign markets are restrained in their actions
money lenders unusually KNOWN
to they how would be affected by conscra
"a harees Then the letters just received from
only influencing The merchants connected vi