New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-03-22
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FINANCIAL AND COMMERCIAL DEPARTMENT
Nsbt 0rIsalts Hlonsg UIarkst.
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------>>-- No. 1
wedaesdsy Esenns March IL issa
The general Money market moved along quietly
to-day, considering that the offerings for discount
in the most prominent bank discounting to-day
we're about three times the income. In other
banks there were calls beyond the resources and
We can well come to the conclusion that the daily
requirements ON the banks cannot be met. They
1.-THE banks in the aggregate) are to the extent of
tne'r fethsr for this season. They can return to
the public every day just as much as Is paid to |
tneHi- Inc specie reserves, or general basis, win
NOT allow OF any expansion consequently If there
should pc many reflections II will be due To the in
ABILITY OF the banks to grant all requests 1t Is |
Drulted about that the banks have been discount
ing Tor parties called capitalists. who have been
endeavoring to anticipate some Of their purchases
Oh paper 70 move ahead again. These folks cannot
be called capitalists. We do not regard any owner
OF money who purchases paper one day and offers
it in bank for discount the next day as capitalist
or owner OIL money. He may be considered some
thing Of betweenity. He buys paper to-day at
certain rate, with the expectation Of having Il dig
counted in few days at lower rate, thereby
making something if he has to endorse it. The
question is propounded, what are capitalists who
are they, and how many have we in this good city
Of ours who can invest from one hundred thousand
dollars to one million of dollars in paper or com
mercial securities and mot call the banks for re-
discounts ?-how many such capitalists have we in
our midst2 QUEEN sabe We have several hsur-
ance Companies which can take paper now and
then; but cannot take loans Of q long date, even
with the best of security, though several of them
do invest their surplus in long dated commercial
paper at reasonable rates, thereby enabling them
to be of more or less usefulness to the body COM
mercial and financial beyond the important feature
of insurance; which, of course, must be regarded
as the fundamental basis of commerce and trade,
because if there were no associations for these pur
poses, there would not be any safety nor protec-
ton. Although two or three of our Insurance
Companies have lost heavily this season, particu-
larry on marine risks say the ship Eliza Mallory
with cargo Of cotton valued at SIS 900 ship
Heidelberg; Brig and cargo of molasses ship Silas
Holmes, with the several fires about town. foot M
a considerable amount of losses for the season.
/ The proposals and desires Of some Of the Mutual
Insurance Companies, that is to increase the capi
tal may be attended with good results but il these
companies, which are intent ON increasing their
capital should take into consideration that the set
ting aside as it were of share Of profits to aug
ment capital for Interior business, that it will be
and is done at the expense Of old original stock
holders, if share Of the profits of this OF last
years business is retained to increase the capital
it is done at the expense Of the patrons of the re-
spective years who may have disposed Of their in
terests or stock. However, that is question that
assigners must take into consideration. We do not
how large the capitals Or resources of our In
surance Companies may be. If they can make
them two or three millions of dollars each, 80 much
the better. II every company has few hundred
4 I-, .f-71~t93S, '.Nt- &C. ~ Y ssi -
respohoehtla OF mortgage, ana can anu IN erectlng
| v. M sy !, -I -E-, -I,, s- 7. H
tne Uetler, ana we SnOuiu welcome IL Us u prelude
Il Al,
| Markham interesta "
| m. ..s -. -. = ,.--. :, Il.
III 1neIp "eft soHe salos VI INSURANCE scrip re'
ported to-day, but as there are only few knowing
II -. 4. Al -, j. =: ..,s n I. !. n &
In Stocks we learn Of the sale of 25 shares Rank a
Louisiana at l79, and 20 shares Crescent City Bani
n n, M ~ +
OH FL, WHICH Ii all we nearo OF.
III The Exchange market was firm so far as North