The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-13
MONETARY.
OFFICE NEW ORLEANS BULLETIN, |
Wednesday Evening, May II, 1875.
NEW ORLEANS CLEARINGHOUSE.

The market presents no decided change
from yesterday. An increase in the demand
for discounts is reported in some quarters,
chiefly from the provision trade, but is not
generally noticeable and difficulty in find
ing employment for the amount of money on
hand. is still prominent feature of the stu
alton.
The movement in Foreign Exchange was
limited, closing at slight advance, in sympa-
thy with the rise in gold.
In Domestic Exchange there was little. do
ing without quotable change in rates. Stocks
continued quiet, although few transactions
are reported. We understand that leading
shares hold we'll up to last weeks quotations.
New State Consols weakened somewhat dur
ing the day, and closed at decline, attributed
to current rumors concerning the progress OF
the Board of Liquidation Investigating Com
mittee, in examining the records of the trans
dition to the loose and improper manner in
which the records are said to have been kept,
it is also reported that evidences of indebted
ness have lately been funded. which had been
previously rejected. Enough appears to have
transpired to engender degree OF distrust,
which has operated to depress the rates Of
these bonds.
The result of the investigations of the COM
mittee will perhaps not be ascertained for
several days, as we understand their labors
are not yet completed.
City Bonds are quiet and perhaps q shade
lower, under the influence of the disclosures
made at the meeting of the Council yesterday
with reference to the condition of city finan-
ces. The resolution introduced by the Ad-
ministrator of Finance at that meeting, pro-
posing to make an assessment of 80 3P cent
upon the interest fund collected, does not ap-
pear to have been received with favor by some
Of the bondholders, particularly the holders
OF the old city consuls. 1t is claimed, how
ever, that the introduction and discussion Of
this proposition is calculated to inform the
holders Of the city bonds of the desperate
condition Of the city finances, and to prove
to them the necessity of their making some
concessions with regard to the matured in
terest, in order to carry on the city govern
ment
Now that the city is prohibited by the Con-
stitution from raising means by increasing
her indebtedness, should the moneys received
| from the collections Of taxes be absorbed in
navment Of interest, it is claimed that the
administration would be in danger Of entire
exhaustion from the want Of funds to pay the
ordinary running expenses, and that In case
the public Offices should be brought to q
stand-still from such cause, the result
would be far more injurious to the credit OF
the city, and to the interests OF her creditors
than the operation of the scheme proposed
By applying fifty per cent of the moneys col
lected for interest for the next SIX months to
other necessary purposes, it is believed there
will be sufficient funds for carrying the city
government through the rest OF the year:
We continue to quote first-class sixty days
paper and collateral loans at sos y cent per
annum; Al do at 10@12, and second grade at
15@18. First-class mortgages still rule at
9@l0 p cent per annum, while second grace
are entirely nominal
Gold opened at 1l5s@115s against 1l53 at
New York, and after fair business
closed at the opening rates, against l15s IN
that market. The sales summed up SS7, 900.
embracing $4,000 at 1l5s, $4,000 at ll53,