New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-05-16
Neh 0rltars 1ailp Grrstent.
FINANCIAL AND COMMERCIAL DEpARTMEaT
gslu NrIeans Mlonsu a1larhet.
carscrsr OFFICE. No. 70 Camp st.es..

u CREsCENr OFFICE. No. C,apnu Hfyeef. ,
Tuesday Evening, May Is, 1850
The money market was very quiet to-day. The
offerings for discount were said to be heavy, but
many bank managers have been 30 used to the
word heavy that it cannot be omitted In the jargon
Of finance So long as the banks keep above line,
and meet from two-thirds to seveneighths Of the
offerings or applications, that real pressing for
money cannot be said to be at hand or have any
existence. On the street there were very few me-
gotations SO the amount Of paper rendered through
note-hrokers was also On limited scale. The
large sales OF cotton for the past eight days have
been productive Of gradual falling of in the calls
for facilities at all eur banks. True, some bank
mandators say the offerings are heavy, but the re-
mark only applies to the amount Of income to be
re.discounted each successive day
The European mails by the steamer Asia up to
the 2sth ult were received to-day. The private
correspondence does not confirm altogether the
favorable adyices received over the telegraphie
wires. The impression current to-day Was that the
telegraph has been too fast bringing adviees which
have not been corroborated by the tenorof the pri
yate correspondence brought by the Asia. There
was very little life observable in the stock market.
The only sale Of note was 60 shares Of Louisiana
State Bank at sls4. There were some bonds offer
ing, but we did not learn Of any holder being
DESTROYS to sell out at o loss.
The Exchange market opened with some languor
to-day. The rates at the banks for checks on New
York were from s@4 pct. Ten days sight par to
1-16 prem. thirty days sight a@E dis; sixty days
sight from a@s for 6rstchop; s@l and II dis. for
choice and good and l40ls and II dis. for bills Of
the militia cast, which will be paid promptly at
maturity. In Sterling we did not learn Of any
large transactions the market all round was largely
in favor of buyers and remitters. We quote doc
ument drafts at from 1887, 10ss@10s3 and 1859.
Clear bills at from 1904, 1o92@ll0 and 1l0l for
sixty days sight for remittance. Infrancs We did
not learn Of any thing beyond light demand for
remittance purposes. But all kinds Of foreign ex-
| change had a downward tendency. The market in
private circles in respects has been somewhat
exercised and agitated by the return Of some well
known bills on London under notice for MONACO.
ceptance, and followed by non-payment- To what
extent some Of our merchants and traders may be
temporarily inconvenienced and subjected, we can
not say. But as the bills in question and tht
drawer always stood high; in fact, classed as th,
highest Of the high, and were the favorite draft
for remittance by dry goods and hardware mel
chants, it is surmised the amount aloat is large
Az the drawer has been called to that long restin
place from which none return, some delay ma.
arise in the settlement Of his estate.
4 We learn that the Louisiana State Insurance
Company is to be placed in liquidation; being
joint stock company under the old system, tn
managers have found after nine months business
and very good busness-that they cannot compet
with the Offices and associations now working o.
the mutual system; consequently, the manager
have resolved to lquidate and re-organize under
new charter, under the style of the Lousian
State Mutual Insurance Company, towards whicl
new association $4,000 have been subscribed b.
sound and well-established merchants. The cor
slant and yearly increase Of the already great bus
ness of our city, with the great success and larg
returns of our other insurance companies, leads
the hope and expectations that there Is ampl
room and sufficient business for the State Mutu'
Insurance Company to attain relative high stan'
! ing and success with the older associations.
| pnsyTrnN mr. Y,uE R1NES n NEIV ORLEANys %