The New Orleans daily Democrat., 1877-06-27

AT regular meeting OF the Directors of the
Citizens Bank to-day, Mr.. John q. Gaines ton
which being accepted, Mr.. q. l.. Oarriere was
unanimously elected president pro tenn.
In noticing this retirement OF Mr.. Gaines from
the presidency OF the bank, we cannot but revert
to the valuable services rendered by him to the
| institution during the many years In which he
| has presided over it's admnistt alton, nor can we
forget the benefit that administration has been 10
our commercial community, and especially to the
| cotton interest.
| Unless we are mistaken in our recollection. st
one time when prudential considerations com
PEELED the agents Of foreign ta1ke q and our own
banking institutions TO temporarily withdraw
from the market, the Citizens Bank, under Mr..
Gaines administration. boldly met the emer-
genoy and continued TO purchase bills drawn on
cotton shipments, thus preventing the paralysis
which must have followed the inability 10 place
exchange. In fact, IL would be difficult to desg.
nate any individual who has done more to fac-
itate tho movement OF the crops and the com
mercia movement generally than the President
OF the Citizens Bank.
We cannot overlook these services, nor cease TO
regret that the unfortunate complications Of bis
commercial business have finally compelled him
to tender his resignation. We are gratiied to
learn. however, that the institution will still have
the benefit OF his long experience and financial
sagacity as 3 member OF the board.
We learn that at the meeting of the directors
on motion Of Mr., Hensbaw, seconded by Mr. Mil.
er. the resignation OF Mr.. Gaines was accepted
by the board, and his letter ordered to be spread
on the minutes, accompanied by unanimous OK.
preston OF their sympathy and regret for the
misfortune which rendered his action necessary
and the hope that ere long circumstances would
permit his resumiDg the functions now Hurren-
dered.
The demand for money continued light to-day
both in bank and on the street. and commercial
paper WAS unchanged. Under the decline at New
York. dold gave way 14e. Only q few sales were
reported. Foreign Exchange followed the course
OF Gold. elospg1%o lower for sterling, and 1aG0L
per cent for francs. o My two sales Of the
former were reported New York sight was un-
changed.
Stocks we're quiet. State Oonsos were lsdlss
i8 cent higher. Premium Bonds were stronger
Oity Scrip, Half Paid City Coupons and State
Warrants were stronger.
We notice the following semi -annual dividends
to-day: The New Orleans National Banh, 4 III
cent, payable on and after the second proximo;
yesterday, tho CANAL Bank, III cent, payable on
and after the I'd proximo and on the twelfth in
stant the New Orleans Gas Light o.. N cent.
payable on and after the sixteenth proximo. We
also notice that the New Orleans Railroad %.
has declared dividend Of ~ cent, payable on
and after the fifth OF July.
We continue TO quote: Exceptional commercial
paper SO III cent per anuum discount AL do.
100; second grade do. 12Di5; collateral loans
--01S; first GLASS mortgages 80bDls, and second
grade do. 10Goi2.
Gold opened at 105tsnl057s. against 1861 at
NeW f6rH. and alter limited BUSINESS closed a.
against 1051a in that market.
The sales we're confined to 90 900, embracing
$4,000 at 105, $4,000 aud s15, 900 ut 1861, $4,000
at 1861, and $1,000 Mt 1059S
Foreign Exchange followed the course Of gold,
closing 11so lower for sterling, and ts604 u cent
for francs.
The only sales of sterling reported was f2500
bill OF, lading at -, and fi200 AL clear at b0ols.
Nothing transpred in francs
AT the close sterling bills were quoted at b08D
900 for bill Of lading and AL clear. aud --0t5l3L
for bank (bank counter rate -015l4), and francs
4 g42s00lD3s4 for commercial and nominal for
bank.
Now York sight was unchanged. The sales
comprised s20, 0O1 and f25, 900 bank at par.
The banks continued TO check on New York nt
q " cent PREMIUM and commercial sig ht was still
quoted nj par,