The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-23


The weekly statement Of the associated
banks, published above, shows q decrease in
deposits of S29O.OO0 against decrease of
$35, 900 last week. and decrease in currency
of S270, 600, against decrease Of $40, 900
last week. Loans have increased $40, 600,
against decrease last week, of SIZE, 900,
while specie has decreased $780, 600, against
an increase of $4,000. The falling off in
currency and deposits, however, is not near
so considerable as that shown by the state
ment of the week before last. While this
showing may indicate slightly increased
activity, it is not deemed significant OF any
decided increase in the movement.
A falling off in bank deposits and balances
is usual and is always expected at this season
of the year. The cause is not attributable to
a demand for money from mercantile sources
alone. Some part of the balances consists OF
the proceeds of sales of crops and consign-
ments, which are withdrawn. A very con.
siderable amount, too, is usually taken away
about this time, by parties leaving the city
for the summer.
The Sock market during the week has been
very quiet and the record Of tt transactions has
been marked by no event of special interest.
The demand has been slack, except for lead
ing stocks. and even in the latter few trans
actions are reported. Some favorite shares
generally the quotations are little changed
from last week.
State bonds have exhibited some fuctua-
lions under the influence Of the PRONUNCIATION
Of the Supplemental Funding bill and the
Governors message concerning it. The
effect was to stimulate new State consols,
and corresponding depression was appre-
hended in the bonds declared questioned
and doubtful by this act. At the close OF the
week, however, we notice that the new con-
soils have receded to last weeks quotations,
while in the other bonds no transactions are
reported, as they are not generally on the
market and are principally held for funding.
Prompt measures have been taken to test
the legality of the bonds questioned, by
bringing the matter before the courts with as
little delay as possible A petition was fled
to-day in the Superior District Court on the
relation Of Oscar j. Forstall, holder, as agent
Of certain bonds named in the petition, pray
ing that q writ of mandamus be issued order.
ing, directing, and commanding the Board OF
Liquidators organized under act No. 3, (gen-
orally known as the Funding Billy Ito re-
ceive the bonds herein presented by relator,
and issue therefor the consolidated bonds of
the State of Louisiana to the full extent
authorized by law" and also, 6" for such
other and further orders as the case may re-
quire etc"
The petition (the full text Of which we
have before us( represents that act NO. 8, OF
1874. makes it the duty of the Board OF
Liquidators to cause to be prepared and to
issue the bonds known as Consolidated Bonds,
and to exchange them "for all valid outstand-
ing bonds Of the State, and all valid war
rants" ETC. The relator shows that the bonds
presented by him "are not of that class desig-
mated as questioned and doubtful by the Gov
Is koto 10 oil that
No. IL, of 1875 known as the Supplemental
| Funding Bill, sis in conflict with act No. 3,
of 1874, to which it is supplemental and Is
an attempt on the part of the Legislature to
control the action of the Funding Board and
tdeprive the holders of bonds and other evil
dences Of debt of their rights as defined by
act No. 3, and is to that extent violation
Of the compact between the people of Lou
isiana and the hondhelders, and to that ex-
| tent unconstitutional, null and void"
The issues specified by the relator as held
| by him as agent are bonds OF the State, known
| as the New Orleans, jackson and Great North
ern Railroad Company; New Orleans, Opelou-
sas and Great Western Railroad Company;
Vjcksbure, Shreveport and Texas Railroad
Company: Lsvee Bonds issued under Act 80,
1851: I,eyee Bonds, issued under Act lis, ap-
| nroved March. 1867; Levee Bonds issued under
| Act 40 approved February 25th, 1870; Bonds
for the Aid of the Bnlf and Crocodile Naviga-
ton Company, issued under Act LAG, approved
January, Sd, 1870; Bonds for the Relief Of the
Treasury, under Act 277, 1858; Bonds for Pay.
inc Certain Debts, issued under Act approved
18th February, 1866.
It is hoped and believed that the State
authorities will facilitate the final adjudica-
ton of this cause, and that the matter will be
aushoritatively determined by the court OF
highest resort, early in June.
| In the State VS.. Clinton, Sheridan, inter
yenor, a case which was heard and deter
mined by the Sapreme Court about year
s;rcs the issue known as s p cent Levee
Ronds OF 1870, under Act No. 81 OF that
wear was. we learn, called in question, and
is validity expressly sustained BY the court