New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-28
stances are rare If the certificates have
anvintrinsic worth whatever. theydeserve

stances are rare. If the certificates hav
any intrinsic worth whatever, theydeserv
to bring more money. The history of thi
stock has been curious one.
There is nothing new about other far
cies. They are probably sealed up hel
metically and packed in ice, that they ma
keep during the hot weather In this elias
we do not place Louisiana Lottery, whic
has now an assured position as substan
tial and permanent security, and is held
a stable and profitable investment
| Private dispatches from New York, date'
ten o'clock yesterday morning, gave tn
price Of gold at the figure quoted by US a
the rate at P. NJ. Tuesday-122. Tn
usual ten o'clock dispatch did not come t
hand, but the half-past ten telegram an
nounced the price then on wall street a
1919 At the same hour our rate was
from 121 to 1911. At noon there was NJ
change in either market. At three We
learned that gold was worth 121 in New
York, while here it sold for from 800!
to 121.
The days business in gold was light
It becomes more and more clear that the
floating debt holders will gradually absorb
the bonds of the three million issue
Bids are being received either in cash o,
in certificates, the City Council reserving
the right of accepting the latter to the ex'
tent Of pro rata on their face. This does
not mean that the bid must be made
partly in certificates and partly in cur
rency, for the bonds can be paid for en-
tirely in certificates, only the city does
not agree by this means to discharge more
than the due pro rata on each certificate.
This pro rata, it seems, Will run on
a margin from seventy-eight to eighty-six.
But if the doubtful claims on the debt are
rejected, such as have been denounced as
fraudulent, or illegal and unauthorized,
then the pro rata may be heavier The
calculations have been made on the basis
of assuming the validity Of all claims
whatever presented.
Probabilities are that the time for bid
ding VIII again be extended to ten or if
teen days beyond the first Of August,
by which time, if holders of the
debt have not generally bid, it is
supposed the Council may fairly
accept bids that have been made to the
extent Of the full face Of the certificate.
The propriety of doing so is urged by
some Of the creditors, and if fair warn
ing shall have previously been given,
there is plausibility in the argument.
1t is understood that bids Were made by
the Firenen's Charitable Association yes
terday, but the terms have not transpired
Allowing all the claims, disputed and
undisputed, the bonds if sold at so,
will.pay Sc per cent Of the certificates if
sold at -, they will pay.7S4 per cent Re
jecting shout s25O,OOO Of disputed claims,
which will probably have to 60 to law
to get judgments, if even they can
then, may improve the situation to nearly
full payment at par. Unpaid portions of
certificates will remain a privileged debt,
bearing seven per cent.
Something approaching daylight has
been reached under the present city ad-
ministration with regard to the aggregate
debt. N fact, for the first time IL years,
the citizens have an opportunity Of know
ing it with very near exactness. The fol-
lowing is an analysis showing the subject
in brief:
Old funded debts New Orleans .:l4, 654. 80
Debt Of city OF Jefferson (bopds
and notes .................... 20 GOO
New bonds 70 pay floating deb, 3.000U00
Excess OF floating debt at highest
estimate. ..................... 2oo.Uu0 /
Claims entitled 10 seven-thirty
certificates. .................. 3U0.090
Total debt ...................slS us. 1892
The administrators have accomplished
the placing Of the city government on a
cash footing as to all present expenses,
md the pUnctual payment of interest on
the above. Back interest on the seven
per cent and ten per cent bonds has been
fully provided for. The ten per cent
bonds and the seven-thirty certificates are
% have their interest paid semi-annually
Until redeemed. The arrears of interest
N the various branches of the debt,
amounted to hundreds OF thousands |
The purctual payment Of interest thus
accomplished, and the non-increase OF the
lebt hereafter by payment of cash for all
expenses Of the city, must soon
work their results in enhancing the market
'alue Of al classes Of city bonds as they
lave already in improving the city credit
as in matters of contracts, the
educed cost Of improvements and sup
lies furnished under proposals, etc.
Tie following list shows yesterdays re-
orted sales:
$50 Crescent City slaughterhouse Co. al ST. %
81 Crescent Ci:v Slau9hterhouse Co. IA Il Is
- Crescent City Slaughterhouse Co. at !. Is
~" Crescent City SlaughterhOuse Co. az Il 31}l
so Crescent City Slaughterhouse Co. at II 3. y.
100 Crescent City SlaughteIhousc Co. at j. 80
geo Crescent City SlauShterhouse Go. at j. 81
$40 Ship Island Canal Go. at ............ to
~ Snip Island Canal Co. at............. IS
20 Slip Island Canal Co. at ............. s.
Is German. National Bank al ......... 49, 90
$500 State Warrants new at............ 20
2000 State Warrants new at............ 20
: 500 State Warrants new at ............ .0lt |
: 500 state Warrants tnew) at ......... 70. |
: 800 metropolitan Warrants at........... 90
: 100 Metropolitan Warrants (St. BernaId) IS
Durant DaPonta, whose successful edit
rial charge of this column Of the REBrB-
IcAS, has added to his very high reputa-
ion as Journalist, and his fdNs Qchates.