The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-11-21
A TALK ON FINANCE.
What We Have to DO Our Trade with
Now.

what We Have to DO Our Trade with
| Now.
The communication published few days age
relative to the small amount Of money here with
which the heavy business OF the city had to be
transacted has created q considerable stir In
commercial circles and has evoked much com.
ment. The figures given by our correspondent
were . surprise to many, and it was at first
computing the amount Of cash in circulation az
q medium for business at s2.500,000. Yesterday
a representative of the DEMOCRAT called upon ].
Il. Oglesby, Esq, President Of the Louisiana
National Bank, in order to learn the condition Of
our capital now available.
Rep.-Mr. Oglesby, the object OF my visit is to
learn, IL possible, how near mathematical accu-
racy are the figures given in this communication,
lshowing him the article headed "The Reas on
Why.)
MIR. O.-After reading the article carefully, 1
| cannot understand why it is that we have to
| trumpet to the world the fact that we are doing
no business. Why
THE TRUTH Is,
sir, that there is no city in this Union on q
sounder financial basis than New Orleans. Next
to New Bedford in Massachusetts, our banks are
the most solid, and speaking for the bank rep
resent it's stock is above par.
Rep.-What do you estimate the amount of
money available here now for the purposes Of
trade?
MIR. OFT would be impossible for one to say.
I can, however. tell you this, that in my opinion
we have ample to carry on Q trade double what
We now have. 1t isn't the lack of money that
harms our business as much as it is
THE cRoAKINa
about our loss OF trade. Look at the press of
st. Louis and Chicago, and look at their mer-
chants. Both cities have kept up ceaseless rail-
ing against one another about business, and each
claim to be the great trade depot Of the West.
Here We take the opposite course. We cry out at
the loss Of trade; we tell the world that there is
nothing but ruin ahead here, and, in short, We
cry over this commercial bugbear instead of let
ting the world know that we are ON sounder
foundation than any Of the Northern cities.
Rep.-Do you think, Mr.. Oglesby, that we
would be able to manage large increase of
grain shipments here?
Mr.. O.-There would be no trouble about that,
but do not see why We should look for that now.
What is the use of
BRINGING GRAIN HERE
and keeping it in warehouse. Capt. Eads' jetties
when they give US deep water, will give us out
let for whatever supplies may come to us. There
is no use whatever in accumulating grain here if
ton, !, myself, had to hold large lot of grain
about year ago until it became damaged, SIM
ply because we had no water. Give us deep |
water and we will get the grain, there is no ques-
ton of that. |
Rep.-To refer again to the question Of our |
banking capital, Mr.. Oglesby, what do you put it |
at2
Mr.. o.-Lets see. The Bankers Magazine
gives it all. Here is the list. make it about
$7,700,000.
Now, although this is the nominal capital, the
stock of some run considerably above par. We
have no debts and we have more money than any
other place, as said before, excepting New Bed
ford. We have been constantly talking bank
Iuptcy whilst ether cities talk up their business.
The reporter then called upon 8. q. Kennedy,
Esq.,, the President Of the State National Bank,
and after pleasant greeting he propounded
questions somewhat similar to those asked Mr..
0glesby
Mr.. Kennedy corroborated the views expressed
~ Mr.. Oglesby, and reiterated the opinion ex-
PRESSED as to the amount of money here required
o carry on our trade.