New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-04

had fallen 1, and stood till noon at 115s.
Our market commenced with the rate at
from lis to 115}. Atthree o'clock, under
the influence Of European dispatches con-
tirming the news Of the Emperor's cap
ture, the New York price had gone down
to 114S, while our dealers talked of prices
all the way from ia to 114s. There Yves
more desire displayed to buy than to sell,
and some parties left the street at the
close of the day who would have been
richer if they had not attempted either.
As usual, there was considerable bust
ness done, the particulars of which did
not come out. It is useless to complain
of reticence on the part Of the brokers'
They have, of course, a right to manage
their business in accordance with their
own sweet wills, but il is annoying to gain,
after diligent search, only en- indistinct
idea of the real condition of the market,
with reference to some securities, to lay
before our readers. The want of informa-
ton is more the public's loss than ours.
however, and certainly the brokers have a
very courteous way of refusing to disclose
their operations.
We reported sale of Lottery in yester-
days paper, on private terms. The sale
was consummated Fnday-10O shares
at $50. This low figure is explained by
the condition of the money market The
great majority Of holders would laugh at
such an offer, for they look forward with
confidence to the stock reaching par be-
fore the close Of the year. The company
Is making money, and carried over sur
plus after dividing sSper share as the last
semi-annual dividend.
Taxpayers have still little grace
allowed them at the City Hall. This is q
hberality on the part of the Seven Wise
Men, for while it saves heavy penalties to
the people, it results in very large in
crease of the current income of the city.
The more the real burdens of taxation
are lifted from the peoples shoulders, the
greater their ability and willingness to
pay, and after all, the citizens are the city
itself. AS consequence Of this extern
sion of time for paying taxes the price Of
Metropolitans is sustained, and, as
samples of yesterdays business, We quote
lots of $500, $500 and s17OO Metropoli-
tan warrants at SO, and $1,000 at 9S].
$1,000 were sold Friday evening late, de-
liverable to-day, at 974. Eleven hundred
dollars city seven per cent Fiscal agency
certificates brought S45.
Some buyers have their clerks on Canal
street near the doors of the Bank of New
Orleans, where they endeayor to buy the
floating debt certificates. A good deal of
ingenuity is manifested in the endeavor
to hear the price as we'll as to induce IN
willing sellers to part with them. Mes.
holders decline to sell at the current
price, preferring to await their chances to
realize in cash or to exchange for bonds
before there is danger Of their being all
gone. 1t is thought the close Of the war,
if it shall prove to have arrived, will give
an immediate impetus to city securities
including bonds.
No doubt seems now to exist that the
city government will maintain the ground
to which it has hitherto firmly adhered,
in fact there is no probability, that they
will. by any act Of theirs, ever consent to
the sale or exchange of any city security
whatever, at a rate less than eighty-two
and half. Most citizens and business
men sustain and sympathize with them in
this, however widely varying with them
on politics and other matters Of opinion.
The Legislature gave them permission,
not instructions to issue bonds. The
right to issue or not issue of course in
cludes the right to not issue at an unsatis-
factory price.
The Legislature only forbids the rate
to be less than IS, and requires the nego-
tiation to be through and by the bank.
This was in accordance with old time pre-
cedent, made necessary by the corruption
in previous Councils. But the bonds are
owned by the city of New Orleans, rep
resented by the Administrators, and it
does not consent to their sale at 70 with
out such consent the negotiation would
be void, or else it does not take two to
make a bargain Bonds issued without
consent would not be valid or binding,
and could be repudiated if issued
without the city's authority. Besides,
the exchange Of one city debt for another
at an advance of 335 per cent would be
scandalous and unnecessary. Floating
debt holders have their rights, but are not
entitled to such sacrifice Of city
assets as this. Much of the floating
debt, perhaps two millions, represents q
grand speculation, and is certainly not
entitled to have itself increased to near
three millions for the sake Of efecting
immediate payment at an unfavorable
time. City notes and registered bills,
bought on speculation at sixty cents on
the dollar, are pretty well replaced by
bank certificates bearing interest from
issue, on which the city will pay all &C.
crued interest at first December. At any
rate disinterested business men and