New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-02-25
MONETARY.
NEW ORLEANS REPUBLICAN oFFI0E.
MONDAY EVENING. February "A, 1868.

MONDAY EVENING. February "a 1868. I
The demand for money to-day continued
quiet at previous rates, but in other depart
ments of the market there was considerable
excitement with some material fluctua-
lions.
Geld opened under the stimulus of an erro-
neous dispatch from New York with the
advanced quotation of 1881 and in the ex-
element caused by this false intelligence
several lots changed hands at a correspond
ing advance, buyers paying l4T, l48, and
l49. In one instance sale of $1,000 was
nulllned on payment of moderate differ
ence by the buyers but in others the trans.
actions were confirmed. The old law maxim
of cduedt enlptor may well be kept in mind
by parties who enter the market on the
strength of kilograms, which experience
shows are by no means infallible. 1t is but
short time since that private dispatch
was received making similar error to the
one this morning, but fortunately for
the party to whom it was addressed 1t did
not come to hand until after the receipt
of the later kilograms which gave correct
prices.
Independently, however, of the influence
OF the erroneous telegram rates were sensi-
bly, affected by the political news from
Washington, and ruled higher than the
NeW York figures. Late in the day the
pyeyious buoyancy subsidized, and the
nj set closed weak at l43. The movement
wal Of considerable extent, including
It33i ilso0, $1,000, $4,000, $500, and $685.
600, if.geger Il Sums, at IA; $780, 900 at l44@
l444; $500, s 5000, and $4,000 at l444; $4,000
at l444Nsl0Ot and some other small lots at
las; a n der e amount al las, and $4,000 at
I49. Tn only sale Of silver reported was
5000 Mexl an 3. liars at y cent premium in
gold.
Foreign eSehl age partook of the influence
of the erroneous dispatch referred to above, |
and lie gold ruled at high rates for AL |
aaFrs a4.-N F1ln
grams. Weak signatures on the contrary |
could not be passed without great difficulty, |
the unsettled condition of the Liverpool |
cotton market making the bill of lading re-
garded with even less confidence than last |
week. The sales of sterling included $4,000 |
at l54; $4,000 Al at lbs; $4,000 Al bill of |
lading, $4,000, and 10000 tirstclass clear at |
l553; Els, 900 at l554@l55}; $4,000 and $1,000
private bankers at 1856; $1,000 bank at 1863; |
$4,000 private bankers at l57, and $4,000
bank, on the receipt of the false dispatch,
at 1924, which was refused for $4,000 more:
also, the following sums for gold $4,000 in
two equal amounts at 1903; fl400 at 1921; |
$1,000 bank at ITO, and 92500 bank sight, |
Q000 and 1900 at 1l04, In francs we |
noticed sales of 400, 900 frst-class at 1865.
Domestic exchange exhibited fair de- |
gree of animation. The banks checked on |
New York at tot % cent discount, mostly |
J, and the sales of commercial included |
SIS, 900, S25, 900, $50, 900, and some smaller
amounts of New York sight at ! discount;
$50, 900 at s@}, and $4,000, $50 900, S7O,.
600, and $780, 900 at ll-l6; also $40, 900 bank |
checks, in two sums, at ).
The only sale of stocks reported was 100 /
shares Canal bank at $50. We noticed in /
our last report sale of Pontchartrain rail
road at 500, and have since learned that
1900 shares of this stock have changed /
hands within a few days, mostly at $780, |
but part at little less, and that the demand
has been from parties who intend to hold.
We heard of no further sales 0fcity bonds.
Some negotiations which were commenced
On Saturday were frustrated by the dis,
turbing influence of Gen. HancOck's finan-
cial order. We also heard of negotiation
for state bonds pending on Saturday at As
which was defeated by the same influence.
In fact, to-day it could hardly have been
consummated over at IS, which would not be
considered by the holder. As Opelousas
railroad first mortgage bonds sold at 5la,
which is an advance of 81 on sales reported
last week.
The order of General Hancock, to which
we have referred above, had a marked in.
huenee on the market for state notes,
which were offered during the day as low
as 40c. - dollar, against Tic. on Saturday.
There was no speculative demand for them
even at this extraordinary decline, and
parties WHO desired to sell were compelled
to withdraw and await further develop
ments. $500 sold at 45c. u dollar, and
$250o, Q0O0 and 1901 at 473c. The effect
upon the states issues was no more than
might have been expected from the order:
but its depreciating influence on the small L
city notes was without any reason, and /
could have occurred only under q panicy /
condition of public feeling. The state 1
notes having for long time been at q much |
greater discount than the city issue have /
been almost exclusively used for the payment 4
OF state taxes, city notes being required /
only for the small balances uncovered by
the larger state notes. The dimunition IN
the demand for them caused by the order
must therefore be so trifiing that It is I'M
worthy Of consideration. The order, more
over, was issued foR specific purpose, %
provide for certain emergencv-the nav. L,
meut OF Judges and other state officials. ard
the relief Of the public charities-WhIoh
does not exist In our municipal affairs, and
should mot be apprehended by the most
tinnid. 1t has no relation TO the city finances
or the city currency, nor is there any cause
% suppose that any emergency will sriee
under which an order will be issued which
VII effect the latter In similar manner,
On the other hand, there haa been alreadv =
large diminuti0n Ia the Fnlrme a. ne cur.
rency, and sun more Fsomiss5 b the city
treasurer, and thu 1sfR should, dherefore
advance, rather than xsElins e FaIre.
In the panlcy feeling. hgweFsx, WITCH we
have referred to, holders q tks s.aan biils
pressed them upon the deasefz Who con,-
menced buying at q cent discount but
were subsequently compelled TO success.
lively offer z, ", 8, and 9, and sell At 81. e.and
z. The sales included $1,000 5000. and
Ss0e0in four sums at 6, and some small lots
AZ the deduction noticed above. The sales
o. large bills included $4,000 ct Is discount.
!D.,eaiers bought them at IL and sold al is. /
NE military order referred to created an
nnusAat excitement among the holders Of II
state notes and warrants. It remains TO be /
seen whether II can be executed without /
eeteaLing Its own object or reuuirlne az.
traordinary action Of the military arm.
CO1ENIERcAA1..