New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-18
IN cARoNDELET STREET,

on Ine Occalou'
ON CAR0NDELET STREET.
We have before us, as it passed the SEN
ale, the text of the Funding bill. 1t Is
supposed that the anticipation of this
measure has maintained the depression IN
gold. and it may have had an auxiliary H.
fuence in that direction. Briefly stated,
it's provisions are as follows:
The bonds provided for amount to twelve
hundred millions of dollars, but the three
series Of four hundred millions each bear
different rates OF interest, and have different
wears to run. The first series bear . per
cent interest, and the government can re
deem them at any tine after ten years, and
must do so at the end of forty years. TO
give attraction 10 the second series, "h!ch
bear only a per cent interest, me
time at which they may be redeemed
is fixed at fifteen years; while in the case OF
the lower priced four per cent BONDS. OF
which the Secretary is authorized 10 ISSUE as
mary as he can sell, the time TOR optional
REDEMPTION ia fixed at twenty years, the
time at which thxy must be redeemed at
forty. To populaAze these issues the au-
thority is given to issue them in denomlna-
tions as low as fifty dollars. Thus the con-
soils authorized are as follows:
stn0 600 600 of s per cent 10 10 bonds.
S4OO. 600 900 of a per cent l5-to bonds
$500 900 900 of 1 per cent 20-i0 bonds.
The negotiation of the bonds abroad Is
templated, but the percentage SLOWED to
AGENTS was reduced from one to one-halI OF
one per cent.
The failure of the effort to strike out the
clause requiring the national banks 10 re
ceive the high.priced bonds which they de'
post as security for their Circulation II
exchange for the new funds, was signai.
The protest of one or two national oaphS
was not seriously considered by the Senate
There was considerable movement IN
Ship Island yesterday, and the price tenn
porarily declined. in consequence OF a
large amount being suddenly thrown on
the market, by holders who were ANXIOUS
to realize. Even this, however, did not
force the price below 175, at which figures
bnvers were willing to take all that was
offered. The signing Of the new bill by
the Governor ought to cause the stock TO
advauee beyond the point at which 1t
stood when it was supposed that the COM
pany would come into possession OF the
drainage fund. The present bill, In the
first place, puts an end to the iusation'
and places the fund at the companys dis
posal, so that it can be reached every
three months. In the next place, It's re-
sources are increased by the addition OF
the third drainage district, so that the
available assets OF the company now stand
as follows:
Amount of drainage tax due in
First and Second Districts. -. 81 300, DOC
Add Third District, III which
nothing has been collected ,... 7O0, 00U
sts:e lands 400 00l
Total. I'D, Voo'uo'
This sum amounts 10 nearly one-thlrd
of the whole capital stock of $40, 100000
| In addition to this the expense Of the
work imposed on the com pany has been
greatly lesseued by a change of route
which ought to save at least 81, OO0, 600
We presume that, in very short time
this great work viii be under full Roadway
State warrants and city cash securities
continue TO advance. The improvement
| in city securities is attributed, by th'
knowing brokers of Carondelet street L
an impression that the genial and rotunf
r. NJ. is to be appointed Mayer, and tina
his welI-known financial dexterity will b.
employed in putting our city finances IL
| order.
We do ot.know how much truth ther'
| is in this report; but it has quite as much
probability as many other Of a similar ma
ture, which are in circulation.
| The last sensation in the street. is San
itary and FeItilizing Stock" for wnicl
there is IN active inquiry, but of which
very little is offered. The Legislature ha
granted to the ''Sanitary' company SOM
very peculiar privileges, Of which Qua CT.
liens will be apt to experience the per
sonal effecs. The reason for this sup
positioa are not priori but O poSteriorj
Other fancy stocks seem TO be de
pressed. Petroleum was offered at til
board for SOS, without takers.
Slaughter House vacilIates in the neigh
borhood of %.
Lottery has gone UP within the last feV
days, sales having been made at "a.
| Five hundred shares of levee stool
changed hands at 500.
The following were the transactions a
the board last night:
| ksksd. Bid. Sold