New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-12-11
Increased Facilities for Southern Credit.

Now that the Southern States are gradu-
ally. but surely emerging from the disas-
trous effects of the late war, it is gratifying
to know that the facilities arising from
Northern enterprise and capital are more
and more coming to their aid. And the
effect will be, provided the business CON-
munity in the South properly appreciate
ana avail themselves OF these facilities, thai
the South will, in no short time. attain a
state CT prosperity f;G greater than 1t ever
before experienced-a prosperity that must.
in the nature of things. have a continual IL
crease.
1t is with no small pleasure We learn that
the banking house Of Jay Cooke d Co., are
taking an interest in the business of the
South, from which, if properly responded
to. our section will reap almost incalculablc
advantages.
The first step has been the establishment
Of q banking house in London, which will
be opened or the first of January, 1871.
Hon. Hugh McCullOch, well known, not
only in the United States, but in banking
circles in Europe, as late Secretary of the
Treasury, will be at the head of the Lon
Mr.. McCulloch is well known, also, to
financial and business men in connection
with the Indiana banking system, which,
under the State laws, has been admins
tered with such consuInmate ability and
success.
a. ,,.,
of the establishment of the London house,
and the extended facilities that VIII be thus
afforded. it is the purpose of the house OF
Jay Cooke j. Co. to bring to tie notice of
the banks and bankers in the Southern
States. the great facilities that can be
afforded them for the transaction Of their
business, more especially by means Of the
London house to open on the first proximo.
For this purpose. an agent Of the American
house, Il. ". Latham, Esq, is at the present
time on a tour through the Southern States,
to carry ont the purpose of opening eXten-
siye business relations with Southern hank
ers and financial men.
In the letter of instructions issued by the
house OF Jay Cooke & Co. to their agent IN
| the South, they say:
We have not heretofore sought Southern
| accounts, chiefly for the reason that large
! portion of them consist of sterling exchange,
| which We could not advantageously handle
| without an European agency Of our own.
| This want will be supplied by the London
house. under the style OF Jay Cooke, McCul-
| loch & Co.. the Hon. Hugh McCulloch
| being the senior resident partner.
With the cooperation of the new house.
| and such continental connections as we shall
| form, we Will conduct a general European
| American business, including the purchase
| and sale of exchange, the negotiation OF
| securities, and the issuing of travelling and
! commercial credits.
Our arrangements here for the execution
| of orders in government securities, stocks
and gold are second to no house in the
street. In all business of national banks,
| including the establishment of new instItu-
| tions, and the exchange of securities, We
| have had very large experience, and can
| make most favorable terms.
| 1t is to offer to Southern banks and bank
ers competent share Of all the advantage
| resulting from extended facilities, that Mr..
Latham is now visiting the South. None
| more competent than this gentleman could
have been selected for the purpose, and for
| the furtherance of the financial resources OF
| the South, based upon her agricultural de-
velopment, it is hoped and expected that
| his mission will be successful to tie fullest
| extent. This success, too, will be aided by
| the circumstance that Mr.. McCullOch, pcs
sessing the highest order of financial talent,
| with g business reputation as extensively
European as American, takes the position OF
| managing partner in London.
Unquestionably the service to the South
from the financial facilities offered by the
house Of Jay Cooke & Co., increased as
these facilities will be by the establishment
Of the London house, can hardly he over
estimated.