The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-30

The decision of the State Supreme Court
in the suit known as the Forstall bond case,
which was announced by telegraph last night,
apparently removes all impediment to the
funding Of the levee bond issues OF 1867 and
1870. Referring to the Governors message
approving the Supplemental Funding Bill,
we find that of the issue of 1867, the whole
81, OO0, 600 were outstanding January l, 1873,
OF which S265, 600 had been funded at the date
of the approval Of the Supplemental Bill, and
that OF the issue under the Act OF 1870,
50 go, 0l0 were outs auding January l, 1873,
Of which SITS, 900 have been funded.
The amount of both issues now fuudable
may therefore be estimated at S6,4I7,0 900.
These it appears were the only classes of
bonds practically at issue in the Forstall
case. The one million issue of levee bonds
under Act 35 of 1865 had been withdrawn
from this case, their validity we are informed,
being at issue before the same court in the
case of Moore vs.. Clinton ct al.
1t appears that the bonds issued under Act
No. Is Of 1866 had been rejected by the
Funding Board, under the impression that
they were included among the issues declared
questioned and doubtful by the Supplemental
Funding Bill, but that since discovering the
mistake they have admitted this class Of
bonds to be funded without question.
We presume that the full text of the deci-
sion will arrive in time for publication in this
issue.
The money market to-day presented no
material change. A fair demand for money
was reported at some of the banks. but
generally the movement was moderate, and
on the streets the offerings we're limited. AS
will appear from our report below, Foreign
Exchange under the influence of the fuctua-
tons in gold was unsettled and lower. Very
little was doing in Stocks
City Eonds were dull and nominal, while
new State ConsoIs were reported weaker.
We continue to quote frst-class CONNER
cial paper and collateral loans at 809 59 cent
per annum discount, Al do at 10912 and
second grade at 1908. First class mortgages
still rule at 9010 fp cent per annum, while
second grade are entirely nominal
Gold opened at 1124@l13, against 112l at
New York, and, after a limited business.
closed at the opening rates, against 1l2S in
that market, where it touched 112a during the
interim. The sales we're confined to SIS 600,
embracing $4,000 at 1l24. $1,000 at 1925,
$4,000 at 1927, and $1,000 at 113.
No sales OF Silver were reported American
half dollars we're still quoted nominal at 1049
les and Mexican dollars at 93@93I gold.
Under the continuance of the fluctuations
in gold at New York, Foreign Exchange
was unsettled, and quotations were nominal.
At the close sterling was 6-l0 u cent lower
than yesterday, and francs J. Not single
transaction was reported in sterling, while the
sales of francs were confined to $4,000 pri-
vate ban kers' at 4 60
At the close sterling bills were quoted
nominal at 5. Hoo for bill of ladipg and AL
clear, and IS 80 f1r bank, and francs nominal
at 4 664@465 for commercial and AGO for
bank.
Nothing was reported in New York sight.
The banks continue to ship currency to meet
their limited counter demand.
The banks are still checking on New York
at 4 79 cent premium, and commercial sight
still rules at -@5-16.
The only transaction reported in Stocks
was SO shares Carrollton Railroad Company
At s79@SO.
No sales Of City Bonds were reported. |
They continue dull and quotations are nomi-
nal at unchanged prices.
New State Consolidated Seven Per Cents |
were dull, and we're quoted at 53@53 a little
over at the close than yesterday. The sales
included $1,000 at $751; and $4,000 at 533.
Nothing was reported in City Scrip. It is |
still quoted nominal at 5000.
Metropolitan Police Warrants are quiet. |
No sales are reported. They are still quoted
It 65@6S.
State Warrants are apparently without any
movement Issues of LA are still quoted at |
L0945, 1873 and previous years, fundable, at
'5@36. and dc, not fundable, at -@29.