The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-10-20

IOfaL week D9IOT5..s.. o4vS.osS " oiVo'S w
We regret to announce that the banking house
Of Pike Brother Il Co., which has been con .
Quoted for the exclusive benefit Of he estate Of
the late ". s. Pike was compelled to suspend
apie source that, the liabilities, Of the concern
are almost exclusively to depositors, and
amount. In the aggregate In round NUMBER r.
to only $4,000 Against this the concern hglds
real estate in this city and Baton Rouge and It's
vicinity. including railr2oad producing aah - q
income which at the Lowest c sssn a ss
showing surplus of $4,000.
The above assets are composed 81 city prop
erty and plantations put down OF $3.50. ooG and
the railroad estimated at $4,000 the original
cost Of which to the State was about $500 600. A
small loan would have enabled the bank to con.
tinue its operation without embarrassment
long enough 10 realize upon the whole 81 lis
real estate. but owing to the obleations Oh our
city bapksto aid their customers In the strin-
gent condition Of the money market incident TO
the moving of the cotton crop, they were com
PEELED to refuse the. aid applied for. We learn cal
however that creditors representing sB5.0eo OF
the deposits. have proposed TO give az extern
sion OF six months or longer. to enable the con
Germ to dispose Of its real estate, leaving only
All 900 due to others who 1t Is supposed may
join in the extension. .
In less time, however. than that specified. It
sale for Q sufficient amount in cash to pay OIL
all liabilities and l9ave n handsome surplus Tor
the widow of the deceased banker, It is. per-
haps. Unnecessary for us to add that this un-
fortunate affair, although OF public interest
from the parties concerned. Is too unimportant
to have any influence in our financial eirc es, or
excite tho slightest distrust OF other banking
The Money market has been active and strong
throughout The week both n bank ana on n, me
without bny advance In the current rates for
commercial paper
Under the course Of the market at New York
Gold and Foreign Exchange have been slightly
irregular and closed to-day about the same as
on last Friday. The movement in both has
At the opening of the week New York sight
was easier for commercial, but subsequently,,
under fair demand, the market advanced II t'
cent over last weeks quotations.
We continue to quote exceptional commercial
paper OILS v cent per annum discount; Al do
nominal second grade 90 nominal MOI Ina loans on
ond grade do nominal. "
Gold opened at 1902 ls@1o2a. against 1924 at New
5h in an ta sos marte Thps saes
$4,000, embracing $4,000. $4,000 and $4,000 at 1o2A.
and $1,000 at 102 @@102A.
Sterling was unchanged. but francs were. a
little stronger than yesterday. The sales of the
former comprised 100000. embracing $1,000 bill
of ladng at 4ss. $4,000 do at 1880 $50, E5OO0 do at
4s9. and G2ooo do at 4s9@49o. Nothing transpired
in francs.
Under light offerings and q fair demand. com
merclal sigh on New York advanced about !. f6
sales comprised 10000, emb aeing $4,000 pri-
vate bankers at and $4,000 and $50. 600 do at sic
stocks have exhibited littls more animation
but no new feature or ma, ked variation
State CoDsos and Premium Bonds have been
unusually active, the former, after touching SO
on Wednesday. cloing to-day at s5h@s5M,
against s126@s17S on last Friday, end The latter
at 34ssop35. against 34t@slh. r Q extraordinary
activity and high rates of Bonds particularly
tenti0n. and while some authorities attribute 1t
to speculative movements. others ascribe it to a
demand from strong outside parties, caused by
the imnr we'd and improving condition of polit-
ical affairs.
AS will be seen by tho quotations Of the Stock
Exchange betow City Scrip and Coupons closed
about the same us last week. while State War
rants are quoted about y cent higher,
The banks checked on New York ut d D. cent
discount, while commercial sight was still
quoted Mt 5a@5-16. agains yesterday.