New Orleans daily crescent., 1860-11-27
Neb 0rleans 1aiIp Grsstsnt.
FINANCIAL AND COMMERCIAL DEpAaTmEyT
gsn @rItans HIousu 4flarhst.
caEsossT o.rIez. u. % Camr %.

though there was much stress placed on the bank
movements, there was nothing to command special
notice IN the general money and paper market.
| Ihe Discounts at the banks were up to the income
that -, what was paid into bank by the public was
freely returned to the public. With good sales OF
cotton for the day to be followed, we hone, by the
same good feeling through the week, there is 40
reason to suppose that the pressure and tghtneas
in the general money market will increase.
| The most important intelligence received to-day
| was that all the banks in Memphis suspended coin
| payments to-day, which ineiades the local banks
| and the branches OF the three old banks This
| movement was not expected, but II has coEae to.
pass. 1t is not supposed that the suspension will
have any effect here bat IL suggests one thing,
that the shippers Of cotton from Memphis to the
Eastern-changing the old fogy routine of business
to New Orleans-haye not realized their very fond
anticipations New York, Philadelphia and Nor
folk could not help them out, and the one hundred
| thousand bales of cotton which were so pompously
| announced few weeks ago as going to some great
market via railroad to Norfolk and other places.
have not it appears, been sufficient to sustain the
Memphis banks, and they have ignominously sns-
| pended.
| These banks may have had some few thousands
Of dollars of paper or exchange, which may have
been disregarded but we must have full details of
the Memphis banks' movement before we can ad-
init or will admit that their suspension has been
caused by any action reverses on the part of the
merchants of New Orleans, who are connected with
the Tennessee trade With many others, we do
not comprehend this movement of the Memphis
banks. Though money matters are pressing
called tight in our ety-there are no causes, nor
has there been any action to warrant the whole
sale suspension OF the banks in Memphis, which in
formation came to hand to-day about O'Clock p
M. We shall in all probability have many apologies
and explanations of this suspension. If the banks
Commercial and agricultural communities of the
old Western districts of Tennesseel have been de-
pending on New York and Philadelphia, it is sug-
gestive that they change their business return to
their first love, and assist in building up the great
Southern emporium, the Crescent City, and assist
in opening direct trade with Europe, through the
advantages and facilities which nature has granted
through the great outlets of the Mississippi river.
The Exchange market opened to-day rather lam
guidly for sellers and drawers. The counter rate
for checks on New York Ia good omen) at the
banks receded to / prem, with some round trans
actions available at !. Outside there were sales
at 4@s dis, and on pinch dis. would have been
accepted. This is a favorable augury. In time
bills we did not learn of any large transactions
drawers were asking higher rates. We quote from
24t934 and get. dis. Though sight will decline,
there is prospect that time bills will decline cor
respondingly We do not think there was much
room for any declension in good sixty days sight
In sterling there were sales of clear bills at l0l5(0
l015, and documents moving at from 9S@l00.
Francs quiet. Though there were some transac-
tions assr we did notlearn of any change in rates.
and quote from 5.70@5.60 up to 5.55.
AT the several banks, in and about them, there
was very little doing; being Monday, they have
hardly got to work. The mandators appeared to
be in very good humor and gave no indications oil
fright or alarm.
j The Directors Of the Crescent City Bank had q
special meeting to-day to act on the resignation oi
MFR. j. j. Person, President, and Mr.. j. P. La
bousse, one of our oldest merchants and cotton
exporters was unanimously elected to fill the va
caney Mr.. Labouisse will carry into the Office the
advantages and intelligence Of many years devotion
and experience to commerce and trade.
4 There were no movements ia stocks nor in bonds
| today. The dividend season is approaching but
some folks need not be bearing down on stocks, as
our banks will make dividends for the present aix
months; SO holders of stocks will do well to keep
/ quiet.
The pressure in the money market continues to
bear with great severity on those who have ad-
vanced and lent their names for the accommoda-
ton of their country friends. 1t even bears heavily
on those who have ample resources, because it
prevents many from assisting and aiding their
friends. In our issue yesterday we alluded to the
| suspension of two houses engaged in the general
factorage business. To relieve any further inquiry,
we have to state that the houses alluded to were
Messrs. j. j. Person & Co.. largely engaged in the
cotton faetorage, and Messrs. Seruggs, Donegan u
4 Co., engaged in cotton and tobacco the former
connected with the Mississippi trade and the latter
i with Memphis and the Tennessee trade generally.
These are merely suspensions, not bankruptcies as
will satisfactorily appear to all those interested
| before the season closes.
The following were the proceedings of the Drec.
tors of the Farmers Bank of Virginia, preparatory
to the suspension Of coin payments last week:
At meeting of the President and Directors OF
the Farmers Bank of Virginia, this Goth day Of
| November, lsG0-Present: Wm. II. Macarand,
| President; Vim. G. Allen, Joseph r. Anderson, J.
| J. Waggoner, Samuel G. Robinson James Dunlop
Theodorick Robinson, John E. Wadsworth, and
| Richard O. Haskins.
Resozued atadnntously That in view of the dis
trust which prevails of the suspension of the large
4 money trade with the South, usual at this season.
and of the pressure of the law requiring the banks
| of this city to redeem the circulation of their
branches-a law which bears with special severity
on this bank, because Of the large number of her
branches-specie payment be for the present sus-
| pended and that course of policy be pursued
which will prepare for an early redemption.
j. A. SMITH, Cashier.
large meeting of the merchants of Richmond
was held, after two hours notice, last evening, at
the office of the Virginia Life Insurance Company,
to take into consideration the present condition of
| financial affairs. Mr.. Horace L. Kent was called
to the chair, and Mr.. James L. Apperson appointed
| Secretary. The following resolutions were then
submitted by Mr. John Howard and unanimously
| adopted:
[. That, in view Of the unprecedented political
condition of the country, of the present widespread
and increasing financial stringency, and OF the
strong prospect of still greater difficulties it is the
| dictate of wisdom and prudence that the banks of
this Commonwealth suspend specie payment in
| time to diminish or avert, as far may be done,
the existing and anticipated evils consequent upon
| this state of things.
| e. That, in order that such suspension of specie
payment shall result in any material relief and
benefit to the people, it should continue long
enough to allow the banks to discount to an extent
in some measure adequate to the great demand for
commercial, agricultural and general business ac-
commodation.
3. That the suspension of specie payment this
day made by the Farmers Bank of Virginia mani.
tests, on the part Of its President and Directors,
prompt and intelligent appreciation Of this present
| emergency, and deserves the commentator of the