New Orleans daily crescent., 1860-12-06
1f6 Orleans 1aiIp Gresfent.
FINANCIAL AND COMMERCIAL DEPARTMENT
Nfu 0rlfaas mglltp markd.

FINANCIAL AND COMMERCIAL DEPARTMENT
gfm 0rIeans Hlontp Harhtt.
CsEscEsT OFFICE, No. 10 Camp street.
Saturday Night, Dec. /. 1860. !
The calls for money to-day were not in excess OF
what they have been for days and weeks past.
True, there is no paper market apparently, and
the great thunder which was to reverberate after
the LIST and 4th of December, has died away in a
mere echo. A great many citizens have been much
more frightened than the occasion called for, and
| when reason resumes its empire it will be found
that there has been much unnecessary agftation-a
great deal more excitement than the crisis calls for
In the year 1887 the Indebtedness of the community
through the banks Of this city was on the 20th Of
December Of that year s51, ,422 600. The same
| position assumed makes the Indebtedness at this
time s29,000oo0. In 1887 the receipts Of cotton at
| this port were 742000 bales and of sugar s5 900
/ hogsheads. In 1887 the Indebtedness through New
Orleans was fully $3.50 900, and with only lit
tie over onehaf of the amount at this time and an
increase in crops Of sugar and cotton it is remark
ed by many merchants that such times were never
| before experienced in New Orleans, which at once
1 betrays ignorance and lack OF information At the
commencement Of the crisis in the year 1897, the
sixteen banks Of our city (at that time in exist
ence) had in vault only s2,72s,000. It will be as
well to drop comparisons hereafter, for the two
periods ds37 and 1860 have no analogy whatever;
in fact, our good city and its merchants, one and
all, are in perfect Paradise at this time when
| compared to 1887.
The general paper market moved along $3.50.
Some few sales were made at the rate of 2tl431 u
ct. per month, but there is really no outside paper
market. The banks discounted something to-day !;
"A hava haan do; hat o1,n
newing paper by paying only light curtail. There
is no trouble with the banks about liabilities and
debts due them; they have been renewing are re-
newing, and will continue to renew, with the same
means and securities and so with outside capital
lists, they doing the same, all on fair and liberal
terms. 1t is the outside paper forwarded here for
collection that is making the trouble 1t is beliey
ed that many parties are not aware that private
capitalists are willing to all factors paper
on liberal terms. But some factors have delicacy
of asking favors. and resolve at to let their
paper go by the board without making any exer-
ton to go through, as the phrase is.
/, Under the present position Of affairs there are
very few capitalists in fact, scarcely one of note
and respectability but will renew the paper they
hold on very liberal conditions. The holders of
the paper can be very readily ascertained by in
, quiry.
There was some intmation to-day that fully q
million Of pounds sterling in gold (say S. 900 000)
would be received by our banks and leading ex-
change dealers and bankers direct from London
before sixty days passes This will be the opening
| of direct trade with Europe
e The general exchange market opened dull this
morning, moved along sluggishly and closed under
downward tendency. The demand over the
counter for checks on New York was ght-th
rate held was 3@2 dis. Outside double Al drawers
sold at ] S3ct. discount; other good bills were
taken at lt0l{ to u dis. Sixty day bills without
any inquiry. Dealers and remitters in general do
not seem disposed to trust New York the time a
sixty day draft twill be maturing, and at 414a
discount there are very few buyers. Sterling
Jagged rather heavily to-day. There were buyers
of clear bills at 80, which may be deemed high
. quotation, thoughwe might quote from 950sT, and
T document bills at 906193. Remittance rates ars
rather higher Most Of the banks dealing in ster
ling and francs prefer to order their funds, boil
sterling and francs, back in gold. We may expec
\ = the Bank of Louisiana to be receiving ere Ions
'r gold equivalent to half million of dollars from
London and Paris, and quarter Of million from
n New York.
= In French Exchange there were sales TODAY Al
Q 6.75 on Paris direct for AL, and other drafts nj
from 5.90@5.s0 making extreme rates range from
6.9595.76-broad enough for all buyers.
I The banks in New York (the associated banks1
, have taken nmbrage at the Chemical Bank. be.
cause the managers did not turn their specie or
coin and join the general fungus OF association to
expand The Chemical Bank has, therefore, been
excluded from the clearing house. Now the Chem.
: cal Bank happens to be perfectly independent
was in existence long before fifty out of the fifty-
i've banks in New York were ever thought Of:
J never suspended specie payments, makes and has
divided for several years past d Ssct. per annum
that is, get. every three months Stock is worth
in the New York market 1925 per share Of 500, OF
about four times the par value
This bank was started and organized in the wear
1922, or about thirty years ago, by one John
@. Morrison, chemist and druggist in New York
from which it derives its name 1t struggled ALONG
for many years without attracting much attention
from the public. Mr.. Morrison was the first Pres
dent. 1t has never faltered in its engagements ana
it is really laughabe to think that the other fifty
nine banks, or rather the fifteen direct associations
should have the vanity to think that they could in
Jure or check-mate the now great Chemical. bu
!, which was in times gone-by known under the
soubriquet of the Little soda.n As well might
) it be attempted to take Gibraltar with pocket
3 pistol. By.the-bye, the inquiry is made, What
has become Of Mr.. Morrison, the founder Of this
: bank ~
If we mistake not the Chemical is the agent OF
the southern Bank of New orleans-tolerable
strong teams in the banking way separately il
they pull together they will make something of a
. double or quadruple team.
New fork IS great place, as we shall probably
know in few days.
Wisconsin, or oisconsin, which was formerly the
| mn ,vb; =