New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-06-16
Neh Orleans Bully Gresttrt.
THURSDAY MORNING, JUNE 1s, 1859.
Elem 0rItans Hloneu Hlarktt.
CREscEyr OrFICE. No. 70 Camp street,
Wednesday Evening", June is. lsS0.

CREsCEyT OFFICE, 70 street. }
Wednesday Evening" June Is, lsS9.
There wss very little done in the paper market to
day. The offerings in bank were light, with some
up to the income with others less The most marked
feeling to-day was among exchange dealers, brought
about by the highly encouraging intelligence received
by the Europa, quoting an advance in cotton for the
week ending the 4th Of @9sd and large sales. This
advance, with other commercial and financial fea-
tares, such as the good business doing in Manchester
with the reported reduction in the rate Of interest by
the Bank of England, had very enlivening effect on
parties to bills now running to maturity The stock
Of cotton has low in this mart that an ad
vance or improvement will operate only a few thou
sand bales. There was more rain to-day. The bene-
fits derived from the light showers which have fallen
within the last ten days have been very general so
Ear as we have heard.
The Exchange market had a dow lward tendency
to-day. Sight drafts and bank checks on New York
were under very little inquiry The rate for checks
was prem. and though some banks held at I; it was
equivalent to declination to sell. Drafts outside,
though not plenty, were in slack demand at 2Gst
prem. If the next advices from Liverpool sustain
the quotations, G5d) great proportion of the cot
ton now on hand here will in all probability be closed
up, and good basis for exchange be within the
scope of the market Sixty days sight was sold at
dis. for choice l@l get. dis. for good, and 1l@1l
for fair. Buyers and dealers are however, very eau
tious in regard to signatures We did not learn of
any transactions in Sterling, and quote 1891, lO9iM
ITO for clear bills l0ss@lO9 for documents Francs
5.lsl5.123 with bank drafts on Paris direct being
held at 5.O6{95.05, according to sums required
Stocks were quiet and likely to continue SO for
some time.
Notwithstanding the large losses which it were
supposed our Insurance Companies suffered or paid
for the great conagrations of last spring. it is gra
tfyng to learn that dividends of scrip on the last
years business have been made and that the redemp-
ton of outstanding scrip has not been passed over.
The Bears in the scrip market have been disappont
ed. We can congratulate our commercial community
that the great bulwarks of commerce (our Insurance
Companies) unscathed from the large losses, as
will appear by the annual statement (the fifth of
the old Merchants Insurance (now MUTUALLY Com
pany. The amount of net earned premiums of this
Company for the year ending the 3lst ut. was $780,
335. The losses paid were as follows for the year :
on fire risks, s423,4lG; on river risks, ST. OBS on
| marine risks, STA ,3s5-total, $6Os,s4O. The net
profits for the year. after pay ing these tolerable large
losses sl9 79l The available resources of the
Company now, including sll9,792 in cash, are
sl,o76,259 subject to reduction of $l7sl75 to re.
deem the scrip 1857 and interest on that and scrip
of 1858. dividend of Is sact. in scrip out of the
profits Of last year has been declared, which puts
veto the assertions of the Bears and croakers that
that the losses of the Company have impaired its re-
sources endangered its capital In fact the Mel.
Giants Insurance Company has wthstood the brunt
casualties and vcissitudes of too long period Of
years to be effected BY the disasters of this present
year. Dating its existence back as far as the year
1922 thirty years ago, it be regarded as one of
the pillars of our commercial future. Organized and
| brought into existence by Matthew Morgan now of
New York who never entered on an undertaking but
what resulted favorable-vide the old Union Bank
| Of Louisiana, and his investments in real estate
The Merchants Insurance Company has, therefore,
always been attended with prestige of fame coeval
with the sounduess solvency, and punctuaty of its
| original founders.
| The present managers of the Company are Messrs.
| Jno. Pemberton, President; S. o. Nelson j. n New.
ms, Geo. Connolly, Pierre Maspero, Cuthbert q. Slo
comb, B. O. Yignaud, P. Poutz, B. P. VOORHEES, G
Honold, G. Miltenberger, and Charles Lessassier
Secretary all permanent residents and closely iden
titled with the prosperity and welfare of our city.
Moreover, for the information of some fastidiou
folks in New York, desire to state that the Com
pany has no connection with Office of the SAINT
name in that city, did it ever have branch there
| The return of the banks of the State of Soutl
Carolina which indicates those located in Charleston
for the last month (May) show the following figures
which indicate low specie reserve for Southern
banks, though the larger balances of exchange may
be termed an equivalent to specie. The immediate
demand liabilities of the twenty banks, say crcula
ton, deposits and amount due banks count up SIS,
Ala $40. According to the banking laws of Louisiana
this Indebtedness to the public would have to be re
presented by 5,4sl ABB whereas, there are only il
the vaults of the twenty banks coin to the amount
s2766,so3. The circulation of the banks is only re
presented by thirty cents per dollar in coin.