New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-03-15

gem 0rlsans 4aiIp Gr,sttnt.
TUESDAY MORNING, MARCH Is. 1859.
Nem OrIfans Mlontg Mlarktt.
CKLscEHf oyy1cs, No. 10 Camp sire,
Monday Evening, March "a, 1850,

CKxscrH1 OFFICE, No. 10 Camp street, )
Monday Evening March H. 1850
There was larger demand for money to-day
With some of the banks the calls were very heavy
In all probability the line of discounts will 90 to
$50 900 900. Then it will be time to ponder. The
demand for money in Mobile is, we learn, tolerable
active for the of planters 1t is, however, OBJ
tanabe the same as in this market at low rates on
good and sound securities There is difficulty in
realizing in any part Of the South tangible paper
There is good deal of paper offering, drawn by re-
sidents in the country, and payable in this city,
which, Of course, cannot be relied on at maturity,
though intrnscally safe and sound when the crop is
raised and reaches market. Interruption Of naviga-
tion with other vicisstudes interfere with produce
being in market in time to advances, rendering
imperative our banks to require in all cases city
names, which forms the greater part of the CONNER
cial paper that appears our market from time to
time. We have nothing to note the street ransac
tiona, for we did not hear Of any worthy of note.
The transactions in exchange were limited. The
counter rate for checks New York ruled at dis,
and the same ratio ruled oatsidethat is, sight from
7-l6@3 dis. Sixty days sight lS@15 dis. Sterling
quiet First-class bills l0st@10s3. Seconds from
lOs4@los4. Document bills 1O73@lOs3. The market
for Sterling denotes irmness. The New York market
is well sustained, and some bills of Southern Banks
were sold last Tuesday in Wall street at 1O9t, the
market closing firm at 1893.
The Europas letters were received to-day. We
find the following in Of our communications. It
is supposed to be from the circular of Barring Broth
ers Co.
The same uncertainty as to peace or war still pre-
walls the ornaments of the different powers are
pressed forward necessarily and any untoward COLI
apprehensions predominant and operate most I'M
favorably upon commerce. The pause which has
thus occurred in business has caused money to be
very abundant, and the rates of discount are low,
although there are numerous candidates for loans at
high rates of interest these, however, find favor
amongst the public.
The stock market was very quiet to-day. High fig
ures are asked for all kinds, the only sale heard
of to-day was rs shares Mechanics and Traders
Bank, new stock, at 1929. The large amount, two
parcels, of St. Charles Hotel stock which changed
hands last week amounted to 1880 shares at an aver
age price of SIS y share
In the of our duty public journalists, we
have commented on, written freely on public assoca-
tions banks and corporations we have yet to learn
that we have not been sustained. Weexpect SO long
are connected with Journal to write again re-
garding them and comment with freedom. Last
month we published the first statement of the St.
Mary's Insurance Company, and remarked on it as
we would on any other public association. Our COM
ments on the system adopted by the Board of Under
writers has drawn a communication from one of the
Board, in which we find the following remarks:
But the duty of the Board of Underwriters would be
only partially performed if it merely provided tariff
of premiums without prescribing for the government
Of the companies composing it, such rules and regua
tons as experience and good judgment point out
as necessary adjuncts to make the tariff effective.
Among these regulations is one having reference to
assurances out of New Orleans, which some days
since called forth some denunciatory remarks from
writer in your journal. 1t is known the country
clause, and is applied to all assurances on stores in
country towns limiting the liability of the company
issuing the policy to onehalf of any loss that may
occur to the property insured. Thus, II country
merchant has an average stock of $4,000, he has
only TO insure and pay premium on s5000 that being
the extent Of liability which the underwater is will
ing to incur and if his whole stock of $4,000 is
destroyed by FIRE, he RECEIVERS the whole $1,000,
which he has paid premium-that being half the
amount of his loss. Is there anything fair than
| this?
There were no remarks in our article which can
be considered denunciatory unless they were that
triple mule and team could be drawn through with
ou stopping. We will qualify those remarks and en-
brace the language of distinguished jurst, and call
it coach and four. As member, Or one of the
Board refers to figures regarding the country clause
we wish broad and comprehensive answer to the
following query. A merchant residing in the coun
try has stock of goods on hand at the commence
ment OF the business season amounting to $4,000
He applies for insurance for IS 900, onehaf of the
amount of his stock-he receives policy of insur-
ance, pays the premium In the of the season
he makes his regular sales, and six months atcrward
his stock Of merchandise is reduced by sales to $4,000
or $50O0 He has now the risk of his full stock for
the greater part of the year, promising that he has
received additions to his stock aso His stock is de-
stroyed, and he really and actually loses S. 900 or
$4,000. Now, then, the question is simply this
when he demands the amount of his loss what do the
underwriters pay? or do they pay him the $4,000
insured out of the $4,000 burnt up? He claims $5OOO
the amount insured and though he has lost s6000 he
is referred to the country clause, printed in some
policies in red ink, which reads:
The property herein insured is subject to the fol-
lowing country clause: 1t is understood and agreed
to be condition of this insurance, that in case of
any claim for loss under this policy that the insur-
ances and shall be only liable for one half the
same not exceeding the sum herein insured and that
one-half shall be borne by the assured.
Scrutnizing closely our several remarks, we cannot
find that they merit the epthet of Zone of the Board
that they are denunciatory We have time and time
and over again, received complaints of the mode
adopted by the Board of Underwriters. We have
disregarded them being that the parties were
more or less Influenced by private considerations.
And while abiding to what we have said it is not
out Of place to say that very denunciatory'
remarks has called the attention of the Board to the
subject and that they the Board, resolved to annul
the country clause cotton in country warehouses
and modified in favor of assurers other Objectionable
stipuations. We have not space at this time to con-
tnue the subject, but shall resume it in our next.
Market Report of Drake, Kleinwort & Cohen
LIVERPOOL, Feb. Is, 1859.
Uneasiness about the state of European politics
has again increased and interteres much with COM
merce in general Consols declined early in the week
rallying this morning in London in sympathy with
French Rentes to 95s@95a but closing without bust
ness at 954@955.
Cotton has been bought during the past week more
extensively than for some time previously. specua
their especial attention to Upland and good staped
Gulf Cottons. The market opened buoyant and with
large sales, but received temporary check on Tues
day, upon receipt of the American accounts of I'd