New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-03-16

9eh @rltans Bully Gr.sttnt.
WEDNESDAY, MORNING, MARCH lie, Is5.
Nsm 0rItans Nlontv HIarkst.
CREscBxT OyyIcg, No. 10 Camp street.. ]
Tnesdax Exsninx Msreh m iasa

gtm 0rItans Nlmsu Barkst.
4s:.s., E.:s.. r s e s e
The calls for discounts with the several banks to-
day were fair. Ne hardly know how to construe this
word "fair.' Sometimes it denotes one thing, and
at other times it means something else. With one Of
the most prominent banks, the applications from all
quarters were, in financial parlance, heavy. The
eleven banks of city could have loaned out to-day
sl0Ooo0oo, by only intimating that they would take
paper maturing next season. Under the redundancy
of money there is disposition to enter into invest
ments which have a very meagre basis for support.
OF course all schemes have their supporters turning
up regular every day. The best operation at present
offering is that our moneyed men should come for
ward and aid the mouth Of the Mississippi. It will
prove good investment in the end, as Congress will
appropriate freely if that channel is opened. 1t will
pay something over % centum y month Our CAPT
taists need not be alarmed about any advances they
may come under. The whole country is interested in
the three hundred feet channel at the Southwest
Pass. East West, North and South have more or
less interests What will the North and East do with
its shipping if they cannot come to New Orleans?
What will the West do for cheap outlet for its pro-
duce! What will the Southwest do to get their great
cotton crop to market? There is one thing, the
Mexican Gulf Railroad can be extended to Nine Mile
Bayou, almost opposite Cat Island Harbor, or Proc
torylle can be used as depot, and lighters brought
into service to load vessels in the above harbor at
less cost than via the Mississippi.
It was rather quiet to-day in the general market.
Parties were waiting, seemed disposed to wait for
later advices from Europe. The movements in ex-
change were on the $3.50 order. The banks sold
checks on New York over the counter at discount,
though concessions were submitted to for round sums
at Of the banks. Outside there were sales at
4@s dis. The buying rates at the banks were 4@t
dis. Nothing done in short sight. Sixty days sight
was taken at 1t@ll; street sales at 1902 get dis.
There was very little done in Sterling. Clear bills
ruled at 1881, l0ss@lOs4 Dealers very chary about
higher figures. Document bills lOs@10s4 for good
signatures There is something doing in francs. We
note one sale of 100000 at 5lsl and have to quote
the range of the market from 5.224@517a for sixty
days on Paris direct. For small sums higher figures
are asked.
In Stocks we learn of the sales of 1873 shares Lou
siana State Bank at IT'S 400 do Canal Bank at 1870;
l6o do. Gas Light Company at l49, and 100 do at
l499 so do. Southern Bank at lOs net; 10 do
Crescent City Bank at los. Negotiations going on
for lot Of city bonds to railroads. and lot of Jack
sumed will be closed
The question of insurance, protection from losses
against fire. and all other elements is the fundamen
tai organization of the body commercial and inan-
cal As regards social insurance-that is life insur.
ance, we have no faith in it. If party has money to
pay out yearly for insurance he might as well depo-
sit it in good savings bank, where it is tolerabe
certain to yield an interest. To insure against natu-
lsalo ~,
surance company never take a risk on an individuals
life unless he can show sound body and mind and
not in the habit of INDUCING in socaltes with this,
that and other conditions therefore, when this ques
ton of life insurance is closely scrutinzed it will
prove to have very little solidty We are, however,
DEPRESSING. We have few remarks to make regard
ing the system of our local insurance companies We
have been accused by of the country papers of
favoring the city at the expense of the country.
Zone of the Board {" of Underwriters says, eve have
made denunciatory remarks of the course pursued by
the body of insurers " therefore, as we cannot please
all, we will please ourselves The main argumen,
hinges on the country clause Without noticing thu
high rates of insurance adopted by the Board it il
not supposed that either of our insurance companies
takes risk from unknown applicant, particular,
if the risk is in the country We are perfectly aware
surance purposes in many parts of the country and
of their agents being found in almost every town and
city throughout the United States-that our good
city has had share of branches and agents, much
to the disadvantage of its citizens, and that too
much competition has proved curse instead of a
benefit. That does not, however, warrant or justify
the country clause in the local policies which has
been the theme of animadverson from all parts of our
by one of our city officers as an explanation of the
clause. 1t is weak, very weak, in view, because
no country merchant nor any other prudent man ex-
poets to be protected fully by insurance from one
years end to another.
Protormal rie,c of a Question of Insurance.
Stock on hand $4,000, all lost pays IS 900, which
is half the loss
Same stock $4,000, burnt ss,0O0-policy says
81 900, which is half the loss.
Same stock $4,000, burnt s. ,ooo-policy says
$500, which is half the loss.
In the LIST the policy is a total loss.
In the I'd the policy is four.fifths of loss.
In the Sd the policy is one-haf the loss.
In other words the policy pays half the loss until
it is consumed
We must now append our own figures, assuming
that country merchant in the fall of the year or the
chandise valued at we say costs him, $1,000. He
wants insurance for $4,000. He pays the full pre-
MUM on this sum- In the course of trade he makes
sales and in six or eight months his stock is reduced
to 1000 or So 900. He has, however, stood his
underwater for share of his stock for months
yet if he burnt out at the end Of few months he
loses fully $4,000 of stock. If he claims the
amount of the policy Or amount insured he is in
formed he will only be paid one-half of his claim
which, according to figures, would be s5,OOO-not
witstanding he has been his own insurer for part of
the year. Some of the foreign agencies located here
only deduct one quarter That shows the faacy of
the country clause; and all the arguments brought
forward by the advocates of the country clause will
not relieve it of the impocy and injustice which at
taches to it. However several local associations
can make profitable business without country risks,
and if they intend to insist the clause it will be
the encouraging Of organizing Offices in almost every
parish throughout our State. AS for the success
which attends some country companies we append
the last being the second annual statement Of the