New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-06-17
Nsh 0rleans Bully Grestent.
FRIDAY MORNING, JUNE II, 1859.
Nem ORLEANS monep Markst.

4
Thursday Evening, june 49, 1889. 5
The Money market moved along very quietly to-
day. The calls on the banks were moderate. The
advices from Europe per the Europa have caused
remarkable change in some circles The cotton mar
ket recprocated the intelligence by large sales, and
at considerable advance over figures of last week
In the tobacco line there were some transactions in
favor of buyers. In Western productions there was
very little done. The tremendous frost accounts,
which were received last week, though doing great
damage, did not amount to one-half as reported.
1t is gratifying to learn that the overflow of the
Mississippi this season did not do much more than
one-haf of the damage as reported. With favorable
weather the oyerowed lands will produce large re-
SUITS therefore, paper drawn by parties connected
with the submerged districts, has good pretensions
for solvency.
There were some sales Of cotton factors paper to-
day at s3@9 Get, which are the current rates for
choice and good; and as lenders of money have had
the call for some days past it will be some time be-
fore the market recedes in favor of borrowers. There
were some small sales of paper to-day 1t cannot be
accounted for if there is any press for money on the
market at this moment. The seasons operations
nave been large, and count up large amount beyond
previous years; with $4,000 bales cotton now ac-
counted for at this port and good crop of sugar and
moasses it is something Of chmera to suppose that
there would be any enlarged demand for advances on
crops to grow nevertheless, there appears to have
been just az much paper made this in previ
Gus seasons brought about by the enhanced prices of
land, and the unequivocal advance in negroes
The Exchange market to-day had tendency in
favor OF buyers and remitters. Bank checks on New
York ruled steady at prem. over the counter Out.
side the range was from l@9-16 prem. The differ
ence in the rates at bank and outside will not in the
aggregate compensate the banks for trouble in buy
ing and selling. In time bills on New York there
were sales of sixty days sight at 7, E11 get dis
extreme rates ranging from {, 1@l4 dis In Sterling
there were transactions at 1899 to dealers for clear
bills, and 1903 for document bills. We quote clear
Sterling from 1895 @l09E and llO@1lO4. The latter
for the purpose of remittance In francs the move
ments were on the infnitesimal order commercial
drafts, which by the by very scarce on Paris d.
rect command 5.l64@5.l1}, while bank drafts are
taken at 5.07a@505. The extreme range of the
market being from 5.lsiG1505, between which fig
fair amount of business for the season is daily
concluded.
There were no movements in Stocks to-day, nor is
there any probability of transactions being entered
into at the rates now demanded by holders. If hold
ers cannot realize their views in the way of dollars,
they will in all probability, hold for the present ru
ing figures. We have not heard of sale of stocks
this week.
1t has been the pride and felicity of the mercantile
community of New Orleans, that it has been sup-
ported by sound and strong banks, and sustained in
its large expectations and operations for foreign
account; that it has been SO well supported by its
local companies and associations, organized for mu-
tual and special benefit, known as Insurance Com
panies. All the appliances of security and preyen-
tive of losses from fire, gales hurricanes, with the
tmnlts and dangers of the great Mississippi river,
are provided against, by the Insurance Companies of
New Orleans We have noticed the movements of
these companies heretofore, and now the public can
ascertain the strength of the Star Insurance Com
pany of New Orleans, which can boast of only a
brief existence yet, the last statement of the Presi
dent and Directors, denotes that it may be deemed
an additional pillar of the colossal fabric of New
Orleans finance and commerce.
The last statement being of the second year of ex-
stence of the Star Insurance Company represents
its condition as follows:
Premiums earned for the year ending 3lst Nav,
sl46,599; losses paid on fire risks s25 4l6; ma
rine risks 81, $50; river risks, $3.50. The divi.
dends Of the profits have been divided, say 10 get
on amount of capital and 10 t3ct. on amount of pro-
fits. The capital and assets of the Company are now
$3s9572 forming safe capital for all DESTROYS Of
being protected from the hazards of destructive ele
ments. 1t is conducted and managed by the follow
ing Board of Directors, all old and wellknown cit
Zens of our emporium Messrs. Placde FOrstall
President; P. A. Giraud, active merchant Andrew
Foster Elliot, active merchants A. j. Watt, active
merchant of Jno Watt & Co.; W. c. c. Claiborne,
retired capitalist ]. E. Beylle, merchant; G. W.
Logan, cotton factor; E. Duplantier, and J. B.
Plauche, Jr., merchants; Emile Debuys, Secretary
The New York Enquirer of the 10th inst. says:
Many of the drawers of Francs and Sterling bills
have advanced their rates since the arrival of the
Africa, in consequence of the diminished demand for
gold in the London market advised. The range for
bankers Sixty day Sterling bills is llOt@ll05 and
for Sight bills llOs@lll. There is very little doing
for tomorrow's steamer, and we do not hear of any
considerable amount of specie being engaged for
shipment.
Money is in better demand, but the reluctance to
take long paper continues Paper connected with
the cotton and sugar trade is operated in with ex-
IRENE caution. We quote as current rates to-day: