Wednesdays and Saturdays. Offering days, Tuesdays and Fridays.

The New Orleans Savings Bank, really then a branch of the Canal, was this year opened at No. 55 Camp street, with Beverly Chew president, and Jos. A. Maybin first Vice-President.

Gibson has this to say in 1838: "New Orleans has been rated as the third city of the Union; but she is in reality the third only in population, and second in a commercial point of view. Her imports are exceeded now only by New York and Boston, and her exports are nearly triple any port of the United States, except New York, which New Orleans exceeds one-third."

WONDERFUL PROGRESS PERIOD.

"New Orleans is yet in her infancy, and has had to contend with many obstacles that have retarded her astonishing growth. When New Orleans was ceded to the Americans, 1803, it had scarcely 8,000 people. In 1835, the United States Census reported 70,000 resident population, and the transient from forty to fifty thousand.

"Since this period it has increased in size, population and wealth most astonishingly, and proportionately more than any other city in the world. Its present population is no less than 90,000, and as the depot of the great valley, she is inevitably destined to be, as this vast and fertile region becomes densely populated, not only the first city of the Union, but the most populous and richest in the world."

This directory, with 384 pages, contains much information; it has many wood-cuts of the prominent buildings of the day with descriptions.

There were four theaters, six churches, a sugar refinery with $500,000 capital, four markets, including Poydras and St. Mary's. Two arcades, one with baths in twenty-four rooms, the other, "Banks," is still standing as the Board of Trade building.

The Merchants' Exchange running through from Royal to Exchange Place, served the purposes then of club, exchange, post office and auction room for slaves and real estate. Here were piles of newspapers, and the world's news was discussed at tables, upon sanded floor, and here was the home of the Roffignac, as well as the birthplace of the cocktail. Today it carries on a part of its original service, spiritual comfort still being dispensed at possibly the oldest laboratory for the rejuvenation of the tired business man, that is still left in the South.

Two great hotels, the St. Charles, the largest then in America, and the St. Louis, with three other first-class smaller places, and more than twenty-five good restaurants, besides lodgings of all kinds, took good care of the forty odd thousand transients who came hither each year to spend the winter.

There was a period of great activity and interest, in fact, during the decade 1830-1840, New Orleans was the point at which money could be made with more rapidity than anywhere else in the United States. Commission merchants made thousands, where they had to be satisfied with hundreds after the Civil War.

There was then a live Chamber of Commerce, S. J. Peters, president. There were five morning papers and one evening, besides the Commercial Bulletin, the New Orleans Price Current, and two other journals.

Eight packet lines serving trade to New York, Boston, Charleston, Philadelphia, Baltimore and Texas, had daily sailings. There were fourteen Volunteer Fire Companies, and a hook and ladder organization. Altogether, New Orleans was, at this time, as well equipped a little city as any in the United States.

1840.

In 1840 Maunsell White & Co. had moved to No. 102 Gravier, near Magazine. Exports had reached $34,236,936.

Imports $12,864,942. The mortality had averaged for several years about 4,400 annually, in a population of about 100,000-44 per 1,000.

1841.

All banks this year suspended specie payment, although there had been a general resumption with all charter rights restored previous. This condition lasted but a brief few months. Crops were good and banking conditions in the latter part of 1841 and 1842 improved very much. The Canal bank notes circulated throughout the South, suffering little discount and at but a few points.

The banks having resumed specie payment, the General Assembly reinstated them in their chartered rights; it also endorsed the idea of a United States National Bank to regulate the issue of currency and to maintain a stability in its value. It was not until 1863 that this idea was carried out.

The exports at this time, 1840-41, of New Orleans, exceeded those of New York. 2,000 sailing vessels and 1,600 steamboats arrived in the port this year. There were sixteen banks doing business. Population of the State, 350,000.

1842.

The chief matter considered by the Legislature in 1842 was remedial laws looking towards the control of banks; prohibiting them from violating their charters, and providing for the liquidation of such as were insolvent.

Two were paying specie-the Canal Bank and the Citizens. During the year seven went by the board, leaving only nine in sound financial condition, with a reserve of $4,565,925 against a trivial circulation of $1,261,514.

So severe had been the lesson, that even with this strength, the banks would not venture the usual aid to commerce. There was a general scheme of financial retrenchment from now on.

In "Pitts and Clarke's Directory" of New Orleans, 1842, ten banks are apparently doing business still, despite the panic of 1841: The Union, capital $7,000,000, C. Adams, president; The Consolidated, Royal and Toulouse, capital $2,398,000, Hugue Lavergne, president; City Bank, 13 Camp St., S. J. Peters, president, capital $2,000,000; Carrollton, Canal near St. Charles, G. C. Duncan, president, capital $3,000,000; Bank of Orleans, Canal corner Exchange Place, capital $500,000; Gas Bank, capital $6,000,000, St. Charles street opposite the Verandah; New Orleans Canal and Banking, with Geo. A. Prevost, Wm. M. Goodrich, James T. Kelly and Glendy Burke added to the Board of Directors; Bank of Louisiana, Benjamin Story, president, capital $4,000,000; Improvement Bank, $2,000,000 capital, J. M. Ducros, president; Citizens' Bank, Toulouse between Royal and Chartres, capital $7,088,000 "paid," W. C. C. Claiborne, president; Louisiana State Bank, Conti and Royal, capital $2,000,000, J. B. Vignie, president; The Commercial, the Merchants, the Exchange and the Mechanics and Traders.

Bank statement of the Canal Bank of Nov. 4th, 1841, shows circulation $564,765; less local bank notes, $247,125; and due to banks, $6,005-$241,120, $323,645. Specie, $114,156. New circulation of stamped notes and others, double the amount, $228,312. "Porte feuille," $3,703,282amount to be paid in cash $370,328.

In all the banks there were $2,931,892 in specie and $5,853,784 circulation. The Canal Bank ranked with three others, Bank of Louisiana, Citizens and Union in resources, and in the credit of its outstanding notes. The ten other banks reporting, about equalled these four.

GLENDY BURKE,

Probably the greatest crisis that the Canal Bank has met in its history, was during the panic of 1841. Every bank in the city had to suspend specie payment; this was done by mutual consent. Mr. Glendy Burke had been made a

director of the Canal Bank. That year the dissolution of the bank became a matter of discussion, when the new Board of Directors had been elected. Mr. Burke himself, in a pamphlet, tells the story:

"Upon taking possession of the bank, an examination showed the deposits to be extremely small, with eighteen thousand dollars in the vault to meet a circulation of more than $60,000, as appeared from the books.

"Scarcely had the new Board organized, before a clamorous crowd of hungry note holders were besieging the doors, 'demanding specie. After a protracted session, the then President, (Mr. Ogden), felt himself justified in declaring that there was nothing to be done, except to 'let the institution go.' Everything was dismay and confusion. The hour for opening the bank had passed; there was no helping hand, and the first unpaid five dollar note would, under the law, bring with it the forfeiture of the charter.

"The then President, seeing no hope of assistance, and justified by the concurrence of a majority of the Board, proposed to resign his post. Believing fully in the eventual solvency of the bank, and desiring to have its integrity remain unimpeached, I volunteered to interpose my personal means and resources between the bank and ruin.

"My offers were accepted. Withdrawing from other banks a sum necessary for the purpose, which was standing to the credit of my house, I returned with their notes to the bank of which I had so recently become a director. Not having time to obtain the specie, I exchanged these notes for those presented at the counter, until the run was stopped, everybody satisfied and order restored.

"The interests of the stockkholders, and the gratification of a natural feeling of pride for the character of the institution with which I was connected, formed the sole inducement, as they did the only compensation, for the responsibility I thus incurred."

There followed an administration of the Canal Bank's affairs by Mr. Glendy Burke as president of eight years,