New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-03-06
aeD OrIsans 1aitp Creseent.
FINANCIAL AND CotEMEHcrAL DEPARTmEUr
S1&lp GgIeaas mIolIg Nlarhd,
CzzsC-Eq OFFICE. No. 10 Carnn st.est,
Tn. In-- Z, .Ln1li-s-. Marri. :. ~

CRzsC-ET OFFICE, 40. 10 f,sro7 styest. ,
Tues lay Evening. March 5. 1851 |
The general movements in the market were cir
cumacribed. Financie7s and others did not com. \
prehend the manifesto CT inaugural address of him
who has been selected TO rule over Northern |
Confederacy. We can only say to our commercial |
and financial community, prepare (if not already
prepared) for the worgt. Money lenders dealers |
in paper, capitalists they termed, have been !
vaeifsating for weeks, and though March has soHa
they do not appear to be governed by any Sized |
ideas. There was no long Al paper offered to-day,
that Isl paper considered undez that category,
such as dealers would take at 1GGaT79ct.
The amount Of payments, payable yesterday ID |
TIE several barssr was about one-half the amount
on the 18th Of March last year, when she payments
| reae4e1 IS 100000. This shows very great fall
Ing ~ and confF>a the restricted tendencies and
decline i'll general business,
The movements in and about the banks to-day
were comparatively light. 1t is with difficulty that
| some Of the banks caa maintain their usnai line of
| DISCOUNTS they hare to go beyond 30 day paper,
| and take 3G16 months, and even longer dste. as
the general jobbing trade Of the city has declined
vastly the last sig months it is doubtful If the job
bers, dealers and traders, hold at this time one
quarter of the amount Of paper which they dd'last
year at this time consequently the prospects are
not encouraging for full line Of discounts for the
spring business. The Exchange transactions of
some Of the banks will prove profitable, and the
usual dividends for July next may be realized.
| The general transactions in money appear TO be
diminishing from day to day, SO that By the close
of the month of May, (when the usual annual
hegra takes place. there will be no desire, no use
for money. .....
4 The upward tendency in Northern funds, which
- 49,.
demand over the counter for New York checks was
steady and free at discount. Some banks were
asking an later in the day, without meeting with
large calls. There was very little doing outside,
or on the street. One or two large operators with
drew altogether, which encouraged other drawers
to enhance their rates or hold firm at 79I discount
on New York. Sales Of i've days sight bills drawn
: on Havana on New York were effected at get.
} discount. There was no variation in sixty days
sight We qnote from l}@lg to 2 discount for the
very best, and 2l024 to 2I024 discount for the
general run Of good commercial bills, though they
are not abundant Sterling was maintained at
yesterdays figures: lO34@lo5a aud 1G4@lo4l
Bills with documents at from lG2@lo3 The move.
ments in francs were light. aud the market ruled
heavily at 555@5 45-5 524 was quoted as embrac
| ing sales Paris direct.
There is a good inquiry for stocks of the Ok
chartered banks: also sales of Gas Light Compan,
to the extent of 200 shares, at loo. A sale of Il
| shares Bank of America has been made at 1888
and "a shares Louisiana State Bank. We also learl
| of sale OF CIT zens' Bank at $40. dividend o
get is about to be declared by The WaterWork
(aas Commercial Bank) for the last twely'
months.
The following extract. from the annual report o
the President and Directors of the New Orleans
Opeousas and Great Western Railroad, will be
read with interest. The earnings Of the road fol
the last twelve months exceed the estimates near.
s32 600. We learn with pleasure that the interes
on the Mortgage Bonds, issued by the Company
has been promptly paid, and there is no indication
of any faltering for the future; in fact. the carr
ings of the Company for The year 1860 over lS5
were Sill SO, or increase of 30 pct. The e.
.penses aud costs of running the trains and II
maintenance of roadway amounts to a trifle ov
6 Ssh T9ct. of the earnings.
3 1t is not out of place, during the present r
n dundancy of unemployed money, to call the ate
( ton of our capitalists or money lenders to Il
: Mortgage Bonds of this road they bear i3;t. /
8 | terest and can be purchased at so, making got
q and safe 10 pct. investment. The punctual pa
q ment of the interest is provided for by contra
Q with the Louisiana State Bank. Special month
. deposits are made, which cannot be withdrawn f
; any purpose whatever. For the redemption of t
bonds for the benefit of all bond holders, aud wi
Q the Louisiana State Bank establishing a snkil
Z fund.- to commence in 1885, when ss4 eJo of bono
will be paid off or redeemed annually. 1t will |
difficult among the long array of securities ofere
or issued throughout the country TO find tho
? offering greater Inducements to- m3neyed men lht
. the Mortgage CONSTRUCTION Bends OF this Cumpan
The report of the Company to the Legislatur
2 says:
The earnings of the road estimated in our la
: report at $50 900, prove to he $t9t,92l 81.
s The extension OF the track to New lheria-fort
q five mileS-wili pr"pnrt'onally Increase the re
" enue, without adding materially to the expenses.
r There have been great delays in the c0llecIit
of tax stock subscriptions. aud there is yet son
q S7n,OOn as well as considerable. amount -gnt
< and bad-from individual subscribers, long III d
5 fault, in whole or in part.
> The number of bonds sold to the 3lst Decembe
8 1859, WAS 3In, and there have been disposed
- since that late, ZIG total sales, 566; leaving
. hand, 81 ,43I 900.
y The speedy completion of the road being of w
g importance To the commerce of the city. measur
~ were adopted by the board in June last, To inter,
It our merchants in united effort to effect sules
sucn amount of bonds as would enable US
, push on rapidly with our construction. But t
business season drawing to a close, and moneti
matters not being la favorable condition, it "
-, determined TO defer action until November,
NJ are met by a state OF affairs, public and i
10 waite. preventing any movement OF this kind
,e present; although, under any circumstances a
~ changes, there are securities IN which capt.
81 lists can invest with surer guarantees OF prom
payment Of interest, and eveulfus reimburseInt
Of the principnl.
Notwithstanding these hindrances, we have ma
- considerable progress by means derived from sa
Of bonds aud the earnings OF the road without
creasng the floating debt, which will BIZ CARR
ns over u next year. uuyg the interest III adyan
>, We report as follows:
tho, Tnr track of the completed portion OF the ront
so miles, To BraShear-tngeher with the rolf
stock maintained 10 perfect order.
up The swamp work at Berwick, under oontr
Enct with NJ. Knox, nearly flushed.
~"' The graduation of the whsle line (eSccpting c
lido, and half m,les of swamp hetween Berwick II
New lherin. under contract with Mr. Bisbee, 10
, finished in uhiut two months.
w Nearly twenty miles OF graduation comple
- between New IBERIA and D pelousAs.
Ala Four first class pnsseiger car and tw" or sec'
class added to the rnlliag stack; u contract ma
for the Brr~inks Bay transportation stedrnoo
and partial payment there"n; two new harg
,, | paid tur also, paymeut III full "i the Gretna III,
gage debt of S25 81 o; aud pnhGtual PROVISION ina
~ mnnthy in advance tor the interest the htl
o sold aKrpeabty 10 our contract with the Louisi,
. State Bank.
E=,zs The quantity of lands enuring to the Road un
sa the grant If is S. ~ given IN our lat report.
COS, $50 acres Inappendix 10 srrond edtiun. tn
y was added II supplemental iiat "f approved lar
ia u tuf orc