New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-11
gfm Orleans Qailp Crescent.
FINANCIAL AND COMMERCIAL DEPARTMENT
Uetp OrIsans MoNsu Hyayktt.
GD rst1gsT OFFICE, No. 10 eafss,, 4 Il
IIraI nasHbtt L naming III LIZ ~

The excitement prevailing at the close Of bust
ness yesterday was not perceiyable to-day. The
general tenor Of the money market appeared to be
unchanged Though there is q good surplus Of
paper in the hands of note. brokers, the totaiity
does not foot up large. Some dealers decidedly
ofsh in their views, aud desire to wait few days
for the war movements, There were some outside
advices that a great panic had taken place in the
New York stock market. It would be a good
thing if New York wczid STOP wash out at
once. The base dispatches over the telegraph
have their origin among tae penniFess spectators
Of Wall street, and the broken-d down. thrnbIe rig
ged politicians and other hangers-on around
Washington City.
In and around the banks it Fzas exceedingly quiet
to-day. Calls for discounts we're not large, as
General Moderation says they were rsederate
Another great sensation dispatch is going the
rounds of the papers, that is, the banks Of New
Orleans had sterling exchange IN New York for
sale, or on that market, to the amount of three
millions sterling.
If these veracious writer's had simply looked at
the weekly bank statement of the banks, they
would have learned that the banks OF New Orleans
could not have held million of sterling. The
highest amount held at any time this season Of all
exchange, foreign and domestic, has been $40 750-
0O0 At the time the canard ~ Of f3 300 900 was
started, say last week, they held little over sl0
100000, of all kinds of which about 81 $50 GOO, or
100000 was sterling. - .a..-g 5E
The Exchange market to-day was in favor of
buyers and renitters. The demand for Northern
funds was light. Checks over the counter were
dull Of sale at ] premium. Outside the market
dragged heavily at from s14 premium. Sixty days
ranged from 5r9l get. discount. round amount
was placed at Isle discount-extreme rates rang
ed from 5@l{ discount Sterling was dull and
dropped down to lO65@106} and 10Y for good clear
bills. There was no change in documents.
few transactions were carried through at 1053@
LOG and q fraction over. There were no saIes in
francs to our knowledge-the market ranged from
5.37a@5.271. +F ~ aar
The Stock market was fat. 1t has not recovered
from the war reports. Sixty shares of Union Bank
We're sold at 953 worth 100; 80 shares Mechanics
and Traders at 81, and 20 shares Gas Light Com
pany at l66. Some movements in scrip.
late decision of the Supreme Court compels
factors to credit their principals the scrip received
for insurance cotton. But factors are not guar
anteed in the event Of allowing planters the return
scrip that they may have to refund in the event of
large losses, or the call of company to reduce its
scrip, promising that the party to whom, and in
whose favor scrip is issued is answerable, is held
for any reduction. Though no cases have arisen in
our community of this character recently yet they
may arise. -..,. .suz
The new company, now being organized under
the name of the Pelican Insurance Company, will
obviate much trouble that arises among principals
and agents in regard to scrip or return premiums.
We shall in a day or two give synopsis of the
advantages to be derived from the proposed plan
to be adopted by the propretors of the Pelican
Company. .n .s
There is an abundance of business for an addi-
tonal company, as two or three foreign agencies
have been withdrawn and the proposals of the
Pelican command the attention of the insuring
community. nr4,a .#.,H IT, }.s'S ..fa. " ri =
Tue feeling in favor of the loan of the Confede-
rated States increases the time approaches for
the opening Of subscriptions. In addition to the
very great security for the punctual payment of
the interest, nucleus for the prompt liquidation
of the principal arises from the establishment of
| sinking fund. It will be observed that the Secre-
tary of the Treasury the Conederated States has
made all the necessary arrangements for said sink
ing fund, and if any doubts entertained regard
idg the results of sinking fund, organized under
the principle intended have only to refer to the
action of the Commissioners of the Consolidated
Debt of city, who have since the act of CON
solidation purchased up over eleven hundred thou
sand dollars of debts The interest of the sinking
fund of the Confederated States is for the same
purpose, to purchase yearly with the expected
surplus
The security for the payment of both principal
and interest is the very best extant. To show the
basis of the solidity of these bonds which are to
be offered to the public next week, the 18th inst,
we rGpublish the following extract, which we re-
ceved from the Mobile Advertiser a few weeks
since.
The basis of crop is very low, being placed at
the commencement of this decade of years at
4,08S 900 bales when, with only an average season.
the crop of 1861 (ths season. will reach four and
three quarters to five millions of bales. 1t will be
seen, however, that the basis is very low, and on
the safe side, which is not generally the case when
loans are solicited The weight of the bales of two
| and half millions from New Orleans can be safely
placed at $50 lbs, and $4,000 of bales will be a
very low average for the crop of Alabama for the
coming ten years, weighing fully five hundred
pounds per bale. -ess
With these data before US, it is not an eytrava-
| CANT estimate that the cotton crop of the seven
States, during the next ten years, will increase 46
pet. But when to this is added the considerati ton
| that in the event of the border States standing
| aloof from the South, increased emigration
hther of the citizens of those States with their
| families of slaves is to take place, we may
safely disregard the a f}ct. of the crop which is
produced in those States, and base calculations
upon the former entire crops of the United States.
| On that basis, the expectation of future crops in
| the Confederate States is as follows: 3 t-n-
| Bales
lS6lG2 4,OSS 900
|