The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1875-12-21


December ls......t...s 2,t35.3aa ~ ;si9.Tss 90
December ao,.t-.t..s 2o'2,iS2 ~ io''o" -
Thus far tha week @ i.7G5 ,5lG 81 5oJ,3s5 II
Same time last week. AGO. $40 90 32s,GG5 s2
Total Inst week. ..t... i3,31bf1S ~ 1,35J32b NJ
Total week before 80. l3.3l5,3Ii Dc i,233,oss 70
The opinion OF Judge Woods, deliv-
cred to-day in the United States Circuit
Court, in the case Of the Maenhaut heirs
against the city at ais, upon motion
by the compIninants for y preliminary
Injunction and for u receiver, will be
found in another column, and will be
read with general interest. II will be
seen that the Court decides that 80 much
OF the 29th section of the act Of 1862 as
provides for the manner In which the
tax to pay the consolidated bonds Is to be
collected, and the safeguards for its levy
and collection, Is ~ contract with the
bondholders, who are entitled to exact
its substantial performance. The money
specially collected to pay this interest
Is declared to be the fruits or contract
between the city and the State, and the
bondholdcrs. held by the city In u tiduci-
ary capacity aud subject TO the trust to
apply the funds TO the object for which
they were collected. The Judge consid-
ers the funds In danger of being applied
to other purposes, and orders that tho
Injunction issue TO restrain the defend
ants from such diversion, permitting
the complainants to renew their motion
for a receiver in case of further default.
This decision, however, does not apply
to those holders OF the old consolidated
bonds, who consented to the terms of
the "haIf-pay" ordinance. The opin-
ion Is confined mainly to the discussion
OF the vepoints, rs the only issues
presented I'm the motion.
The following were to-day elected Iii
rectors OF the Peoples Bank Il. M.
Davis, Joseph David, Geo. w. Dunbar.
J. j. Reiss, A. Socola, NJ. Berwin, L,
Jaufroid, U. Marinoni, J. Il. Solari.
The New Orleans City Railroad Com
pany elected tho following Board of
Directors il. Biscoe, J. W. Burbridgc,
j. M. Demarest, II. CALI, G. ". Heck
p. Irwin. James Jackson, Charles Man
son, II. nj. O'Brien, Thomas Simms, J.
N Stauifcr, f. Wintz.
The market was quiet and without
any material change. The demand at
the banks was moderate, and on the
street offerings were limited and money
easy. Gold and foreign exchanges were
lower, while New York sight was in
better demand ut higher rates
New State consols and city bonds
were quiet; the former quoted al u de-
cline.
We continue TO quote exceptional pa
per ut --(d9 per cent. per annum dis
count, Al do. at IOMIl, and second
grade ut 15MlS. First class mortgages
still rule at 90l0 per cent. per annum,
and second grade continue entirely
nominal.
Gold opened Mt iIsiM1l3a. against
113s at New York, and after moderate
business, closed at 1I3sWI13s q lower
than on Saturday, against 1I3s in that
market, where il touched 113S during
the interim. The sales summed up
$4,000, embracing $4,000 at l13s: $4,000
5000 and $4,000 mt 1871; 5000 at 1873
$4,000 at 1l3sM1l39, and $4,000 at 1l3a.
No sales or silver were report. Ameri-
Acan half dollars were still quoted at
100 ITO and Mexican dollars at 95. gold.
Under the decline in gold at New
York foreign exchange ruled mt much
lower rates, and showed a falling off at
the close fully &c for sterling, equal to
about 40 per cent. and Of ] per cent.
@for francs. The movement was mode
rate in both. The sales OF the former
comprised Ei5,0 embracing e2o00 Al
clear and 10000 bill of lading Mt 545I,
E2l ,009 bill OF lading ut 5i4 $40, gS0OO
do. at 545a SAC, el500 do. and G1500 Al
clear at546 and $1,000 bank at $50
The sales of francs comprised $40, 900
NtlhiiNltiti, SilibtdtiilS lobNWV at
1901 at 462a 1915, and 200,0o0 at i615 IL
1907.
At the close sterling bills were quoted
at 54i 545 for bill of lading and Al
clear, and - a $40 for bank counter
rate ~ 5i9al, and francs at 1859 u 1924
for commercial and nominal for bank.
The oifcringe OF New York sight were
al fair extent, but meeting with good
demand closed nearly per cent higher
for commercial. The sales comprised
1882 900, embracing Sa5, 900 commercial
and $4,000, S25 900, 81, 900 and $50. 900
private bankers at ] per cent discount,
$4,000 and $4,000 private bankers al
l5-32, and $1,000 and Sl5, 200 commercial
and $4,000 and 100000 private bankers
at ZIG
The banks continued to check on New
York at per cent discount, while com
merclal sight was quoted at TIC a Z.
against on Saturday.
The only sales of stocks reported
were % shares Peoples Bank at $50 so
and 80 Factors and Traders Insurance.
Co, at $40 so.
Under the prevailing uncertainty with
regard to the decision mentioned above
anu conflicting views of its tenor. city
ponds were unsettled and nominal. The
only sale reported was $4,000 city gold
bearing seven per cents at 27a.
New State consols were dull and
lower, being quoted at the close at 5if a
oct, against "a ssh on Saturday. The
sales comprised $l20 900 at So, sic. 900 at
bSS, 81, 600 at 55t, and 5000 at $50
Owlng TO y better demand city scrip