New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-28
Financial Gales.


and most reliable IN the city. 1t was, there
fore, with astonishment that the financial
and commercial community received the
announcement, some days ago, that bills of
exchange to the amount of 900 sterling
had been returned. It was understood that
the failure of Oppenheim & Schroeder,
very large London house, had been the i'm
mediate cause of the dlshonoring of their
bills. Of these bills Of exchange sl2,00
mad been purchased by the Citizens Bank,
Ell 1000 by the Union National Bank, and
$4,000 by the Mechanics and Traders Bank.
AS may be supposed, the news that bills
amounting in the aggregate to nearly $780,
900, were coming back to these three banks,
excited quite futter. Subsequent events,
however, serve to show that the alarm was
unnecessary. Messrs. Oppenheim & Schro-
der were the London agents Of Messrs.
Mummy, Schroeder & Co., and Of course
the failure of the former firm necessitated
the return Of all outstanding bills drawn
by the latter house, although said drafts
were predicated upon shipments Of cotton.
GO VI LILO ACsAuAC VI w
penheim g. Schroeder was made in London
on the twenty-second instant, and received
here on the twsnty-third instant. Mr..
Schroeder, partner Of the firm Of Mummy,
Schroeder & Co., who was at the time in
London, promptly made arrangements to
have these bills of exchange accepted by
another foreign house and at once sent 3
cable dispatch informing the house here Of
his action. As the case is represented to
us, it would appear that Mummy, Schroeder
g. Co. have completely rescued themselves
and remain intact. and the banks holding
their exchange are treasured.
We have given the above publicity, for
the reason that many business men and
others who heard the first damaging ru-
mors may have failed to learn of the speedy
adjustment Of affairs.
1t is rumored that another prominent
firm here is threatened with serious disas-
ter, and It is feared that the fourth of June
will bring wreck to many q commercial
back. We sincerely hope that these fore
bodings may not come true, but deem it a
duty to publish the fact that such rumors
are afloat in order to warn those interested
and for the purpose of protecting the inter
ests OF our business men,.
Government Aid in Rebuilding the Levees
The following communication has beer
| addressed to the Governor by the chic.
State engineer. The statements made art
| incentrovertible, and the propriety Of tht
suggestions unauesticnable. We believe
the Governor will take prompt action in th'
matter.
Office Board of State Engineers
New Orleans May n, 1874
To his e1cellency ". Pitt Kellogg, Governor O
| GovERNoR-I have just returned from
| reconnaissance Of; the levees and crevasse
| on the Mississippi river in this State, and
| have found that we will require mucl
| larger quantity of earthwcrk than fer sew
eral years to give our people any promis
of safety from overflow next spring. Th
tax provided to pay for the construction
new levees will not build one-third of tn
quantity actually needed. and l see n
safety for the State, except through tn
| powerful hand Of the United States govern
| ment, therefore l must pray you to TAX
such steps as will present our case to tn
present Congress, as soon as possible, as
few DAYS delay, SO near the adjournment
NAV deprive US of this sadly needed aid TO
another year, and entail upon the presen
su tfering thousands of Our people anothe
year OF desolation and ruin.
The river actually ran over about 3o'
miles of our levees, which will have to b
raised and strengthened, and the yawnini
creyasses of Ashton, Bass Point Pleasant
Buckridge, Hard Times. DisharOOn, Water
proof, Green's, Glasscock's, Old river, MOI
ganza, Morrisson's, Point Manou LobdelPs
Hickey's and Bonnet Carre will have to b
closed, besides the numerous smaller Gre
vases and the additional number Of break
|. that will occur from the caving OF tn
banks when the water falls, which will hav
to be built up, as well as the numeron
works needed on the LafOurche, Atchata
lava, Red river and Ouachita.
The needs TOR the coming levee seaso
will be not less than 100000 cubic yards
and it is impossible for the State to pay to
.O00, 900 cubic yards; and, therefore, thi
| additional amount must either be lett III
built, and the State again flooded, or tn
general government will have to give rs It
mighty aid. l can but believe that an OFT
cial representation Of our circumstance
and necessities from your excelienc,
backed Dy proper actloA VI LILO CAanao.
of Commerce and Cotton Exchange, wi
have the desired effect upon Congress, an
induce the general government to reliev
our immediate want, and probably assum
permanently the construction and contr'
of the levees in the whole valley under or
of the several good bills now before Coz
gress for action.
l have the honor to be, your 0bediel
servant,
NJ. JEFF. THOMPSON,
Chief State Engineer.