The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-04
MONETARY.
OFFICE NEW ORLEANS BULLETIN. !
Monday Evening, May 3, ISIS.
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Msv1 si.5ii.757 s. :2s5'iss os
Ma. 3............... 1,597.t97 d lG7,se9 30
same time i...-t week 2,20a,s3l II 2s0,l13 ~
Total laat week. ..... 7105, 1913 st 976190 50
Total week before 49,. 1851 90 SCI s43 50
We have no change to note in the Money
market, which continues quiet. The move
ment in Gold to-day was limited, attended by
slight decline corresponding 10 the New
York market, in consequence OF which For
eign Exchange fell off slightly, while New
York sight remained unchanged Stocks
were quiet; no Improvement in the demand
was apparent, while the quotations are gen
orally unchanged.
:. State and City Bonds were also inactive,
with declining tendency. The principal
feature in securities was the rapid advance IN
Metropolitan Police Warrants, caused by the
decision Of the State Supreme Court, that
those issued anterior to January LIST, 1874 are
receivable in payment Of city licenses Upon
| the announcement of the decision the market
rapidly advanced, aud the closing quotations
were 7Ot175, against 5O@52 on Saturday. The
amount of these issues outstanding is esti-
mated on the street at 100000 to $4,000.
case was decided to-day in the United States
Court involving the liability Of the City Of
New Orleans for the interest upon certain
bonds issued by the City Of Carrolltoa in pur
suance Of a contract made in 1871 with the
jefferson City Gas Light Company.
| 1t appears that according to the terms Of
the contract the city of Carrolltcn under
took to pay the interest upon these bonds,
while the Gaslight Company guaranteed the
payment Of the principal SUIT Was brought
BY one Freeman Clarke against the company
and the city OF New Orleans for interest
/ ,1,,o tU Oh Nf N1Dntb fhn off
raised a question Of liability, OIL the ground
that the ordinance creating the debt was III
valid, the means of payment not having been
specially provided for, as required by law.
The court, however, held the city liable for
the interest, the Legislature, in the act con-
solidatng the two cities, having specified
these bonds as among the debts to be assumed
by the city of New Orleans.
| Intelligence was received to-day that the
suit which has been pending in the United
| States Supreme Court for some years. between
the Mechanics and Traders Bank and the
Union Bank, Of this city, had been decided in
favor of the latter. AS some misrepresentation
appears to have existed on the streets in re-
gard to this matter, we give the following
statement upon reliable authority. After the
surrender OF this city to the Federal forces,
military order was issued fixing the time at
which the circulation of Confederate notes
should cease. About this time the Mechanics
and Traders Bank rendered the Union Bank,
in payment of certain balances, considerable
amount - some S70 600 - in Confederate
money, which the latter declined to receive
| on the ground that the time prescribed
by the military order had expired.
The matter was carried before the military
provost court and in obedience to the decree
OF that tribunal the Mechanics and Traders
Bank paid the amount in United States cur
rency. Subsequently, however, this bank
brought suit to recover the monies paid with
| interest Cne case has had several hearings
until trial has been reached in the United
States Supreme Court with the result above
mentioned.
! We notice that the coupons OF the FIrss
Mortgage Bonds, and of the Consolidated
Mortgage Bonds, issued by the Mississippi
Central Railroad Company, due May l. are
| being paid at the office OF The New Orleans,
| st. Louis and Chicago Railroad Company. III
l. New York, at No. 20 Nassau stree; also that
the third dividend Of SO per share of the
Delta Insurance Company, will be paid on
! and after the 9TH inst, ut the Office OF the
Company.
| We also learn that the interest due on the
| Crescent CITY Slaughter House Company
Bonds drawn on last Saturday, will be paid
on presentation. and the full amount OF the
Bonds drawn will! be paid il currency on the
| 1st Of July.
The following were to-day elected directors
! of the Hibernia Insurance Company: Messrs.
p. Irwin, John Henderson, Thos. Markey,
Thos. King, Il. NJ. OErien, John G: Ryan,
Thos. Gilmore, ". J. Cas.eil, John T. Glib
bons, James A. Girdner, VIM. Hart, E. Con-
cry, Jr., and Emile Gauche.
We continue to quote ir5t-cIass sixty days
paper and collateral loans st 500 p cent per
annum; al do CT loGll2, ana second grade at
i5G0!S. Flrst-class mortgages still rule at
go 70 y cent per annuin, While second grade
| are entirely nominal.
Gold opened n u.s. a 49,, against is at
New York, and after moderate business
closed at 115lG115i, against 1l5l in that
market, showing a falling off Of from Satur
day close in both markets. The sales summed
SO. 900, embracing $1,000 At lis, $1,000 at
IlJt, $1,000. 5000 and $50, coo at 1i5l, and
$4,000 and $1,000 at 1l5;.
No sales Of Silver we're reported. Ameri-
can half dollars are still quoted at 1OSlglOo1,
and Mexican dollars at 9G0o6I gold.
Under the influence Of the decline in gold
| at New York. Sterling was 2-1O q cent lower
f0i com ulercill and 40 for bank. The
| movement was limited, being confined to
Gil 500 comprising e3000 bill Of ladirg and
~ clear at $50, c2O0O AL clear at -, and
Gl5O0 and c20UO bank at 5G3.
Francs were also ! = cent lower. The
only sale reported was $4,000 Commercial. at
ALL.
At the close Sterling bills were quoted at
5 59C15. 80 for Bill OF lading and Al clear.
and - SO for bank. and francs at 4.5l
a. for commercial and 446l O. for bank.
The offerings OF Domestic Exchange were
limitet, and with moderate demand rates
were unchanged. The sales of New York
sight were confined to $4,000, embracing
ct - cant
$4,000 DO at 8 30, and $4,000 and $4,000
do. and $4,000 private bankers at 5-1G
We also noticed a sale OF $4,000 commercial
on Providence at par.
The banks continued to check on New York
at 6 p cent premium, and commercial sight
was still quoted at -(95-16.
Stocks continue quiet and. owing to the
falling off in the demand, holders are less
stringent in their pretensions. The only sale
reported was u shares State National Bank
at S72 30.
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