The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-03-21
FINANCIAL AND COMMERCIAL.
The Stock Market Active
and Feverish.
Government Bonds Quiet States Active
and Railroads irregular.
MONEY ON CALL TIGHT AT6A7 PER CENT.
WALL SrREHr.
THURSDAY, March 20---6 p. N.
1.-The weet6outh."

"The sweetsouth."
which Shakespeare pictures as breathing
upon bank OF volets. stealing and giving odor,'
created rather stencil than perfume In financial
circles this morning when it was known that the
New Orleans banks had virtually suspended pay
ments. 1t appears that something has gone wrong
In bank circles in the Crescent City There has been
observation Of the satellite fractionally devoted
to Diana. and eclipse Of bank credits to such
extent that depostors have gone incoming about to-
day with checks in their hands and money obtain
able to meet them with. As well can be gathered
from teegraphc reports. semi-money panic
developed itself in New Orleans yesterday which
threatened run" upon the banks to-day 1t is not
clear whether the fight. grew out of the dcprecia-
ton of the State credit manifested by the decline
Of levee bonds. or from local causes; but it pre-
vailed nevertheless To prevent any senseess panic
however, the Clearing House banks have taken what
appears to be most prudential STEP in refusing to
pay out to any depositor q greater sum than
$780, There appears to be question to the SOL
vency of the banks. and no desire upon their part
to guard against anything but inconsiderate raid
which would be simply disastrous to the institutions
themselves and to the business community at large
We understand that the banks in question deter
mined by resolution to maintain this state Of quasi
suspension for the period Of ten days, within
which time it is expected that sufficient funds
will be received from the North to relieve them from
oil pressure. Exaggerated sccounts circulated early
this morning. reporting general collapse among the
New Orleans banks, had the effect of lowering the
prices Of shares to considerable extent upon the
stock market here. After midday it began to be I'M
derstood that the reports were characterized by .
great deal Of cry and very little WOOL and that there
was really nothing in them to depress values. Ac-
cordngly prices responded promptly the latent tone
to the market answered rs it is prone to do: to the
promptings of bull movement, and quotations were
advanced throughout the list. The grsngers were
strong and advanced particularly the st. Paul prop
critics. Upon the preferred shares Of the latter div
idend of so per cent declared to-day out Of the
earnings of last year. and after deducting the
same balance of undivided profits for the year
1875 amounting to $677 S. is carried to the credit
Of the current year. The report IN eztenso will be
found below. Western Union advanced to 1861 at
one time and at the close sold at 10S. dividend
of per cent. Although hardly up to the best fg-
Of the day prices generally firm at the end.
partly because spectators are getting their
scare any serious tghtness in money and partly
because the innate elasticity of the market asserts
itself in the direction Of improvement every oppor
tunity.
The opening, highest. lowest and closing prices Of
stocks at the New York Stock Exchange to-day were