New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-08-14
rbe variations for the week are as follows
The general Exchange market for t.


given evidences Of q strong downward tendency,
Sterling outside Of bank declined to i00@lG2 and
lo5. The banks hold at much higher rates, say 100
ITO. We do not learn of any movements in francs.
We continue the selling rates at the banks at 80
15.05. Ignoring all Northern transactions, we
have no quotations.
There has been no movement in Stocks. The
dividend season is over. There are buyers of all
dividend paying stocks, but holders do not appear
inclined to sell at the offers made from day to day
III our review Of the money and stock market,
under date of Monday, the 18th inst, we alluded to
intimatons Of transfers Of stock at the Canal Bank
and suggested that the President Of the Roard of
Currency call at the bank and inspect the transfer
book The President Of the Board took different
view Of the case from ourselves that it was clear
to his mind that he had no right to demand a sur
render Of the books Of the bank into his hands. We
did not say that be had in this instance. We merely
suggested that he should call at the bank and re-
quest the transfer book to be shown him to ascer-
tain whether certain laws and acts, with the laws
and rules of war, had not been transgressed. He
took different view Of the powers of the Board Of
Currency as conferred by the act of 1912. This act
gives the Board Of Currency unlimited authority to
examine and inspect the books of any bank when
and time of expedency the President Of the Board
Of Currency and ourselves differ. But if the Beard
Of Currency had no right to inspect the books
alnder the suggestion and charges, how comes it
that he recognizes the proposition of the President
Of the bank to inspect the transfer book? Will
Col. Hunter inform Us whether the transfer book
III the late agents hands in Newly was exhibited
OF him We have, however, ELECTED considerable
information regarding the Canal Bank, which has
hitherto been hidden from the public, on which it
depended for support. We know how the division
of stock now stands. But the public are not salts
fed. 1t is desirable to have the transfer book and
4 al papers and documents from New York placed
in the vaults Of the bank, even though the Presi-
Y dent Of the Board Of Currency considers it clear
IN his mind that he has right to look into them.
We will ondeayor to get law framed and passed
4 to cover sueh cases.
4 President Hunter says the Canal Bank was among
the FIRST Of the banks Of this city to close its bust
ness relations with the North. On this point there
4 is room for doubt, because we know that some of
our banks closed their accounts as early as the
middle of the month of May. The firm Of Matthew
Morgan Sons, New York. have been agents of
the Canal Bank for several years. Some parties
are SO very nquisitiye as to ask how the exchange
account of the bank stands with Messrs. Morgan 81
Sons; whether they have or have not any control
of the 81 ,457 ,055 of exchange now debied to the
London account or foreign exchange account. 1t
IS a subject of coDgratnlation thatW have at last
4 obtained some little inkiing of the secret move
ments of the Canal Bank. If the President of the
Board Of Currency will only aid US, we will pro-
pound other heterogeneous relating to the bank in
question, which, if answered, will be instrumental
IN placing the institution in its proper light.