New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-04
MoaSINa sEssloi

TEanF
sISS0 City Consolidated Bonds, December ~
q. s. GovENRARET SALE OF SOUTHERN RAILRo AID
STooK.-A Geographic statement from Washing
ton relative to the sale Of railroads and railroad
stocks in Southern States by the quartermaster
general, says that the amount of such sales for
cash was 81 403 402 22 and for credit 81 AIS 962 3d.
Gen. MoCullam says the greater portion of this
property had been on hand In use along time, and
though the prices obtained were below the cost,
with some exception they are believed to be very
favorable to the government The sales on credit
were better than those for cash. In order to Sc
cure the payment for sales on credit, companies
purchasing were required togiye bonds in double
the amount of property transferred to them.
These bonds are all on file IN the war depart
ment. They give the government lein upon the
property and require prompt payments OF all in-
stalments of purchase meney great number OF
companies have failed to comply strictly with the
terms of their bonds, but owing to the PROSTATE
condition of the roads, and the expense of repair
ing them, it is believed that they actually una
Bile to meet their obligations 1t is thought thatan
attempt to enforce an immediate payment would
arrest the operation Of the roads and defeat the
very purpose had in view in making credit sales.
The roads all manifest willingness to meet their
engagements, and 9 large proportion Of the pay
ments already made have been cash. All moneys
accrung to their credit for transportation of troops
supplies and the mails, are stopped against them
and applied in liquidation Of their indebtedness,
and it is confidently believed that in this manner
the whole amount will ultimately be secured
The New York News, of Saturday, remarks as
follows:
Aswe intimated yesterday, the wool men, both
growers aud manufacturers, have been showing a
strong hand at Washington, to procure If possible
further protection for interests which, as far
as the manufacturers are concerned at least, al
ready pay enormous profits. The attempt was to
introduce the leading feature in the bill before
laid over for the session by the Senate, and the
result has been difference between the two
Houses, which, fortunately for the public, may
result iii the utter defeat of the measure.
In regard to The bill for funding the public debt,
as it i styled Of Senator Sherman, 1t is a matter
OF curiosity in financial circles to know what will
be left Of it when all the amendments proposed
shall have been acted upon, and the differences
between the two Houses reconcied. The provi-
sion that hereafter no commissions shall be al
lowed or paid by the secretary of the treasury to
any party for the purchase, sale or exchange of
bonds or treasury notes. proposed by the House,
is remarked as being an Indication that the gov
eminent treasury is becoming strong enough to
set along and negotiate its necessary loans with
cut the assistance Of the patriotic banker Of the
quaker City, and more recently of this city, Very
possibly the banker has also become equally in
dependent by this time.
u Is also asked, with some degree of pertinenee,
Why the proposed amendment does not prohibit
the payment, by the treasury, Of commissions on
the sale Of gold The sub-treasnry establishment
al this city having volunteered to make itself the
custodian Of the precious metals held by the public,
and been TO the expense Of getting up certificates
diihcult 10 see the necessity for the government to
employ p broker TO make sales on the Stock Ex-
change, ana thus pay out large commissions for
what should come into the regular business Of the
sub,ireasury, unless tbe that the government gold
broker deserves as much prosperity as the distin-
guished banker from the Quaker City, who does
not q present need any such small fayors.
the speculative spirit in Wall street to-day was
fuily equal to that manifested yesterday. There
are three general causes which would seem to in.
dictate large speculation for some time 10 come.
The abundance Of money which ia everywhere
seeking Investment at low rates of interest; the
absence OF any especially disturbing cause ii tht
European prospects, more than we have alread,
experienced, by which The gold market IS likeiv
to be seriously affected; and last, but not least
the probable early adjournment of Congress
trade may be subjeetto no further disturbance far
few months from threatened inimical Legislation
Added to these are the special Inducements 10
investment presented 10 the more favorable u
ports of earnings on all the railroads, and "
have the basis on which rise is confidently Of,
dicted.
IN government securities there was fair bus
meas this morning, and prices fully up to pTevioI
quotations. The market closed at 1O9l@l09T +,
SIS of 'sl lOSl@le4 for all descriptions of $780,
and 9846D985 tor registered and coupon l0-4Qs.