New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-02-18

8f6 0rltans DAILY Grsstent.
FRIDAY MORNING, FEBRUARY ls. 1s5o.
Nsiu Orleans Hloafv Hlarkst.


-~-
oH'; ssa..s ey1 Essa &C. F. S'Ep ,s
The money market was exceedingly quiet again
to-day. The calls on the banks for discount were
very moderate. On the street there were sales Of
long dated commercial paper at the rate of 81 @9Y
ct. for good names, and 10 get for fair The move
ments in cotton were free, but not large as they
ought to be frem the stock on hand. Fears are en-
teaned that there may be large quantities Of cotton
prevented from reaching market on account of low
water in the rivers Arkansas Ouachta and Red river.
How far this may influence the general market re-
mains to be ascertained. There is, however, plenty
of time for rise Of water, unless nature changes its
functions, and ceases to follow what has occurred
every year since the year 1906, excepting one year.
viz an annual rise of the river Mississippi and its
tributaries. rise in the water Of the Mississippi
was looked for with as much confidence as the daily
rising and setting of the sun.
In Exchange to-day there was not much activity,
take the market all round, only in sight and short
sight funds on New York, which were very firm at
the rate of yet. at the banks and 9l6 a outside,
with marked dullness in time bills. Sixty days
sight ruling from IL @ Il tolE a. fect. discount.
There were, however, very few sixty day bills offer
ing. The banks are ready buyers at the foregoing
ant transactions and have quote clear bills at l0sa
q 1Osa-that is, dealers buying rates. A fair amount
was placed at l0st. For small sums for remittance
the rates range from l0sa q 1Os The outside figure
is, however, an extreme one at this moment but as
there is little exchangein fact, none at all max
ing on shipments of breadstuffs bills based on cot
ton must supply the vacuum to pay for the importa-
tons of foreign merchandise, and remit the many
hu off of6 for in4ar
great debts owing by the United States at large to
Europe, and If cotton cannot pay the Indebtedness
gold mus: make up the difference. There was moth
ing of moment done in francs to-day. We have only
to quote the asking rates, say from spy a 5.l7a
and fraction over in some instances The banks
that are drawing ask 5.l2a @ $40.
There were transactions in stocks to-day to our
knowledge. The convention of the Stockholders of
the New Orleans Insurance Company was held to
day, and resulted in determination by large ma
jority to quidate the Old Company on the first of
October next. It is believed that the assets Of the
Company will be sufficient to return the capital and
surplus of 1875 q $50 get. If only the ordinary
losses intervene this company will be recognized on
the mutual or progressive SYSTEM and all arrange
ments are made for the continuance of business The
old charter was perpetual one The opponents of
course things are taking. 1t is not discerned how
the present state of affairs can be changed, and those
who have been stuck" will not lose anything.n
We learn that the members of the Committee APP
pointed by the Police Jury of the Parish Of Carroll
embracing the authorities of the town of Providence
La, who were authorized and delegated to raise one
hundred thousand dollars to be appropriated towards
the levee fund the protection of the evees have
been in the city and laid their proposals before
few merchants and citizens and returned without sue
cess. The question of parishes or counties, towns
and cities raising money by borrowing or selling
bonds has been so much entangled of late that CAPT
talists and dealers in bonds and mortgages are be-
coming very shy. During the past year there have
been many regulations and refusas on the part Of
counties and towns in different States to meet in
terest and contesng the legality of the issue of such
and such bonds or securities Many normalities have
arisen from the negligence inattenton Of the au
thorities to comply with the statutes authorizing
loans and mortgages, putting holders of bonds and
coupons to the trouble and inconvenience of resortine
to law to assert their rights and enforce their claims
A contract may be entered one year by parish and
town authorities, the next year change may take
place, and proceedings and obligations entered into
the year previous may be dscountenanced and repu.
dated. So many vexations have been thrown in the
way of local authorities in many sections of the coun
try, particularly in the North and West and Pennsyl-
vania that dealers in securities and capitalists do not
know in whom and on what to confide. So much
litigation has arisen that very few local corporations
can now realize or anticipate in the usual mode.
Capitalists when asked to invest in bonds and mort
cages, do not like to be put to the trouble and ex-
pense of investigating or examining the provisions
of laws authorizing such bonds and mortgages.
Whether vote has been taken of the property hold
ers or tax payers interested, and whether the voice
of the people has been legally taken, whether it was
voted interest and capital should be paid in federal
currency or in London at SO much the pound sterling
dealer in securities has time to go into any such
examinations He looks to the face of the bond ana
when coming through respectable parties, does not
hesitate to invest.
We are not acquainted with the provisions of the
law authorizing the authorities of Providence or the
Parish of Carroll to raise money. We, however, can
intimate that it is useless for any corporation or body
in the interior to realize money without city guaran
tee. There are many solid merchants of our city
connected commercially with the Parish of Carroll
With their assumption and obligations at short
dates, say one, two and three years. Carroll Parish
could have been accommodated. But this case is
similar to many others-what concerns all, is of no
interest individually to any one.
The following iS the return of the banks of South
Carolina for the month of January It does not
show too little specie on hand for cotton-growing
section Circulation large, and other cash liabilities
too heavy for the resources. The banks in the South
must work under laws based on the Bank Act of
Louisiana. 5..
LIABILITIES. RESOURCES.
Capital .slAsas45l esspecie. 2so o5
Circulatton.... 1858 200 81 Real Estate 677 TAI IL
PITS on hand -. l63e 1876 76 sank notes 1928 90
due Banks $3.50 SIG 81 Due from Banks 2,3ls77 IA
deposits 656 05u a DISCOUNTS IL 60i SO IS
Due State 3H730 90 Dom. Exchange rs
Other itens.... l35309 OIL For Exchange. Ala 1852 81
Bonds. l,l59 SOS &c
Stocks ............ /, 9s7 794 ps
lSusp. Deht........ ,62s 1863 81
Branches l,a635lu IL
State ............. 46S72i 50
!Other items. 1857 092 60
Az III al NJ