New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-08-28


OF Finance. 1t will help the citys credit
to apply remedy to the difficulty, and, il
that connection, we are glad to notice in The
New York papers the announcement of the
ARRIVAL, per the Pereire, on Monday last, al
the Southern Hotel, New York, of Mr.. Cava
roc, President of the Bank of New Orleans
Administrator of the Floating Debt. Now
1t will be possible to put all these bonds
upon the same footing. Let them all be
assigned to MIR. Cavaroc, as $4,000, 600 Of
them have been, and procure his assign
ment to bearer. That seems the readiest
way out Of the dilemma, but better may
suggest itself to the authorities at the City
Hall. The best course should be chosen
and acted on at once.
| -Four thousand dollars new State war
rants sold at zee $500 more changed
hands at IS, and $500 at 49,. These sales
show an improvement upon the market OF
Friday.
Fifty shares OF Levee found purchaser
at 81 50. This stock, if We can call the
certificates afoat by that name, had not
been heard of before for a considerable
time. Speculations as to whether Gov
I'ernor Warmoth would or would not sign
the bill attempting to incorporate the
Mississippi Valley Levee Company have
entirely died out. Some of our sanguine
friends. who hoped against hope with
reference to executive intentions, have
had time enough to get over their grief
since the last of the bets on the subject
fell due.
Two shares Of Mexican Gulf Canal were
disposed Of yesterday at 50 25. This ell
terprise is generally regarded as a sound
and well managed one, and is pushing
forward with every prospect Of speedy
completion.
Five hundred dollars St. Bernard parish
scrip was sold at As. Two and a half
shares of the Arkansas and Delta Rail
road realized the modest price Of 81 per
share. Fifty shares of Slaughterhouse
brought SIS so, the ruling rate for day
or two. There is scarcely any interest
manifested in this stock at present. Some
absentees must return before speculation
in it can become at all lively. Just now
it seems laid upon the shelf. 1t will
keep, however, while the Algiers abattoir
continues its operations
The gold business of yesterday was an
improvement upon that of Friday. We
heard of sales to the amount of $40, 600.
From ten o'clock until noon the rate in
New York was 116s. Til toward the
close Of the day here dealers bought at
1164 and sold at quarte4deetter. The
three o'clock Wall street telegram an
nounced a fall to 116I. AS in duty
bound, our brokers followed suit, buying
at 11G and selling at 116!.
Since writing the above five learn that
Mr.. Cavaroc arrived yesterday morning in
this city, and that the city government in
conjunction with Mr.. Cavaroc, are ready
to make the assignment referred to on all
the bonds that may be presented to them,
by those who may wish to have them thus
assigned, SO that there will be no differ
ence hereafter between the bonds of this
issue. The fact is there never was any
difference in reality, but the natural over
care of capital has caused one class to be
preferred to the, other.
We also learn that tomorrow, and here
after, the Bank Of New Orleans will be
authorized to close on bids at S21 without
the formality or delay Of submitting them
to the city authorities, the latter having
agreed to take that rate for any or all bids
in certificates. It is also understood that
hereafter the bank will be ready to make
exchanges for bonds at the counter, so
that holders may bring their certificates,
and take away their bonds at once, with
out making two errands Of it. The COM
putation will take but moment or two,
and the certificate holder will be informed
what balance is to be paid in favor of the
city where, as in most cases, the amounts Of
certificates and bonds do not exactly
agree.
The amount of bonds for which bids
have been accepted, is now about $3.50, OOO
This is large for the short time during
which they have been acted upon, and it
will be much augmented, now that bids
need not go through the circumlocution
Office, from the bank to the, City Hall, and
from the City Hall to the bank again,
with four several notices to holders. The
city expects to maintain its position of
exchanging at S2l, at the option of the
holders, notwithstanding the mandamus
prayed for in the Sixth District Court. The
ground assumed is that the city is the owner
of the bonds; they are its assets; it does
not consent to any inferior rate, and it
takes two to make bargain. It, there
fore, is confident that the mandamus will
be refused. The act of the Legislature
does not compel the city to take any par
ticular price, but only restricts it from
selling the bonds at any greater discount
than %. Even if the act of the Legislature
were attempted to force the city to sell at any
set price it would probably be decided to
be unconstitutional. The fact that so
many have come forward in so short
time to exchange at the rates accepted,
shows this to be the general impression.