New Orleans daily crescent., 1860-12-11
Ne6 Orleans 9ailg Crescent.
FINANCIAL AND COMMERCIAL DEPARTMENT
Hin @rLsans NLansu gfIarhet.
oarsors4 ogyIon, No. 20 Camp street.

1t does not make much difference how the week
opens in the general or outside money market. The
offerings or calls for regular discount at the banks
were not large, and our bank mandators were not
alarmed, particularly as the calls did not exceed
the income nevertheless there were stirring calls
on the street, that is in the way Of borrowing and
lending. This great question, whether our banks |
should loan or aid a dozen large and heavy houses, |
and then not be able to carry them through, is |
being solved. In come respects the question has |
already been responded to. Large houses or heavy
advances have been made without the desired re-
suits being realized. = It is bruited about and we
verify believe that if half dozen or more large |
houses, who have been pressing the banks for |
weeks past, would come at once to dead halt, not
exactly dead halt, but mere stoppage, if would
be beneficial and rebound to the safety of ten or
twenty times the number. A large amount of the
paper issued by large houses or firms is owned
outside of the city and State. This paper Is now
pressing market and If facilities granted
| to carry it through, our own citizens, merchants
and traders will be the sufferers, because those
outsiders, so called, absorb all the available funds
| of our banks. The question arises, whether our
banks should attempt 1--WE call it attemp) to carry
4 through some six to ten houses which have paper
aoat by the millions, the greater part, as before
/ remarked held in distant places, or whether the
/ lesser houses should receive the advantages. We
admit that millions of dollars of some of the large
| houses are afoat in the hands of only very mode
rate number of capitalists, while there may not be
i half of the of minor parties in the hands Of
we may say of parties-such as our dry goods,
grocers, hardware and other dealers who are con-
| Quoting regular business who would pass the
ordeal or the crisis with only little of the favors
/ granted to what are facetonsly termed the :" big
bugs" Let it be understood that an immense
share of the paper now falling due from day to day
| in our banks is held by non-residents, owned out
side of the State Of Louisiana. Whether it is wise
and judicious for our banks to sustain this paper.
or rather to attempt to sustain it to the prejudice
Of our permanent merchants and residents, is a
question frequently brought up in financial circles,
and one that is open to argument and debate.
= Let us be fully understood this subject. a
heavy house will call on banks for, say $780,
600, s200,000 or more to meet its engagements,
which are held all over the country, the greater
part perhaps north of Mason and Dixon's line. If
our bank mandators, with that intelligence and
good feeling which characterizes their movements,
should favor the call, the money is forthwith for
warded to parts unknown (nobody knows where)
to the detriment of New Orleans best interests,
well as to the injury of our permanent citizens 1t
is difficult to ascertain how much of this outside
paper is held in Northern cities. It will, however,
be ultimately paid; there is no intent Of repudia-
ton in the great Southwest.
There was good feeling prevailing in some cir
cles to-day butit only applied to minor pursuits.
The Exchange market was heavy. The demand
for checks on New York at the counter was free at
S9ct. discount, and at q late hour the rate ruled
higher. Some of the banks were out of the market
as purchasers; others were buying at from 3G1l
and II disceunt-a broad range. In time bills we
did not learn OF transaction worthy of quotation
Sterling opened languidly, and continued sc
through the day. Clear bills Al, considered al
such, were passed at 95. We have to quote fron
94aa6 and 81 1t is hardly necessary to quot
v document bills when some buyers say we Nigh
f touch them at 5000; yet all parties want cotton
will take cotton, ready to buy cotton, take all il
4 market at present prices if they could sell ex
h. change. In francs there was marked dullness
Al bills on Paris we quote at $50, and some sale
m of good francs have been made at the low figure
% of 600. We quote from that to 5.90@5.s5
The annual meeting Of stockholders of the Cana
Bank for the election of directors was held to-day
which resulted in the following stockholders being
g returned as directors %@
!, George w. Jonas, retired merchant
]. H. Stauffer, of Slark, Stauffer Co., hardware
Adolphus Hamilton, merchant.
: George w. Babcock of Kernochan j. Babeoek
It dry goods
n George W. West, of West, Renshaw & Cammack
sugar and cotton factors
NJ. o. H. Norton, of Hewitt, Norton Il Co., genera
merchant.
+ H. A. Rathbone, President @m@
The following is the manner in which the asso
h cated banks in New York treat contemporary in
stituton, if it should happen to act for itself ant
refuse join association to turn all its coin into
general fund to sustain some half.bankrupted in
stitutons g.[z~#
), The following is the official action of the New
/. York Clearing house, in regard to the Chemca
Bank, which we alluded to some days since:
Whereas, The banks Of the city New York measure
hse adopted support and potec
eempshed have yielded whatever advantages position IN
has been and entered into
and Thes Ts a bsh MI Sae aaaS ~ @ %
4 others in the benefits arising from the
Z details Of the Iearng excepona cas-
obigaon duty which has lie great bods d ba
in @ee in this trying emergency which docs not bear equal
p Resolved That while hold It's officers personally, in lg
p ~ S,.ss We ss1 ss h
unite with s whh9d from u e ordinary nerehggs Of bn
Of December nest bank which is purity The ageeHe
= checks upon the Bank and that no checks
that bQnk will be collected by eithe of through The Clearing
house.
Reosed That copy preamble and resolution be sen
7 by the Secretary 10 the chemical Bank.
New York, Nov 81 1860. -
: As the little sodat of Greenwich street passed
e through the ordeal OF 1887 and the panic of 1857
it is believed it will survive the ukase Of the asso
: ciated banks of Wall street association of thu
p present year, or the mandate above. The grea
l. purport of the question is simply this teer
of the supposed or presumed leading banks O
New York find themselves restricted, possibly,
to use the slang of Wall street. they were in 1
tight place. and enter into an agreement to turr
the entire coin in the vaults of each bank into 4
general fund.- to be used, we will say for the bene
of some five six of the leading banks, which
have probably been taken in by Northwestern
grain dealers, as it is well known there are millions
of dollars of this description of paper afioat. The
course of the Chemical Bank ought to command
the highest commentator. We are sure Of one
coin paying bank in the great metropolis.
8ebietu Of tbe Hathets.
CRESCENT OFFICE, No 70 CAMP STREET
Mnrnin naa