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

Gaslight Company, published in the daily
papers, notifying the holders Of old stock
that 4J7 shares OF the old stock heretofore
held by the company, and 145 shares OF the
new, will be ready for distribution on Non
day, May II, 1875, at the rate OF l share
OF old stock to every 81 shares OF the same,
and share Of new stock to every l3i shares
Of the old; also, that 1875 shares of the old
stock and 70 Of the new will be sold fer cash
to settle the factions under this distribution,
sealed bids for purchase to be received up to
II NJ. on Monday, 10th inst.
We understand that at the meeting of the
City Council to-day, the proposition to lease
the city property was discussed without q
definite result, but that plan of this kind
will probably be perfected at an early day.
The judgement of the State Supreme Court
rendered yesterday in relation to the re-
ceiyability of Metropolitan Police Warrants
for taxes orders that mandamus issue
against the city Administrator requiring him
to receive certain Metropolitan Police War
rants rendered by Edward Lube, in payment
Of licenses due the city, and to receipt for the
same.
The Lower Court had enjoined the Admin
istra.or from receiving these warrants on the
petition of the Louisiana National Bank. A
creditor of the city to large amount for
moneys advanced as fiscal agent, Lube hav-
ing rendered the warrants in payment for q
license, and been refused under this iDjunc-
ton, prayed for the mandamus above referred
to. the petition was dismissed by the pre-
sid ng judge, and the matter taken up on APP
peal 10 the Supreme Court, and submitted by
consent, briefs being filed by counsel.
The act OF 1874, which was reviewed by the
court in its decision yesterday, provides that
u Metropolitan Police Warrants issued by
the Board of Police Commissioners for the
payment of salaries and expenses Of the Po-
lice Department incurred prior to the year
1874, shall be receivable in full tor all taxes
due the cities OF New Orleans and Carrollton
and the town of Kennerville, and the par
.shes Of Jefferson and St. Bernard prior to
Est January, 1874, except taxes for interest on
the bonded debt, the public school tax and
the city park tax, and (2) tor all Licensees and
debts other than taxes due the said cities,
town and parishes composing the Metropoli-
tan Police District, due or to become due, as
provided by existing laws, until the said out
standing Metropolitan Police Warrants shall
I'll be absorbed"
referring to this act, the Court says: g In
precise terms this statute makes Metropolitan
Police Warrants receivable for license
throughout the Metropolitan Police District,
and the relator clearly has the right to pay
his license to tho city Of New Orleans in the
warrants rendered by him. Prior to the en-
actment of this Law, these warrants were re-
ceivable for licenses, taxes and debts due to
the city, town and parishes comprising the
Metropolitan Police District; 'Prorided, the
Of warrants so received in each
current year shall not exceed the apportion-
ment made by the Metropolitan Police Com
missioners upon said parish or city for that
year. In the law before us, however, there
is no limitation upon the receivability of
metropolitan Police Warrants for licenses
,th7oug bout the Metropolitan Police District,
and the court can not decide that there is a
Limitation where the law has imposed none.
~ regard to the plea of overpayment made
by the city, the Court decides that the city is
responsible therefor, but can, like any other
holder Of these warrants, present them for
payment to the Board of Police Commission
ers 1t will be seen that the mandamus
applies to licenses, the question OF the receiva-
bility Of the warrants tor taxes prior to 1874,
no. being directly at issue, although the deci-
sics appears to comprehend this also. The
Judgment docs not become final, however,
until the expiration Of six Judicial days.
The following were yesterday elected direc-
tors of the Commercial Insurance Company:
xessrs. John r. Hardie, J. N. Beadles, Joseph
v est, George 0. Sweet, Joseph ii. Oglesby.
w. T. Elakemore, p. Poursine, C. H. Dolsen.
J. j. Irby, Theo Berkson, G. r. Preston, ).
q. Parharn, E. H. Fairchild. julius Wels,
Chas Peasants. T. Alcus, j. S. Copes, L. L.
t.i.ey, G. p. Harrison, George Weightman,
Henry Abraham, II. b. Post, George +. Sears,
z S. Keep, and Alex NJ Bickham. Aud the
following OF the Louisiana Savings Bank and
.sase Deposit Company Messrs W. =.
schmidt. James Jackson. Ed. Conery, }. Il
Keller Frederick Wing W. H. Thomas and
Z. c. Palmer.
We continue to quote first.class sixty days
paper and collateral loans at S@9 p cent per
lnnum: AL do at 1O@l2, and second grade at
l5GlS. First-class mortgages still rule at
1(Gin ~ cent per annum, while second grade
are entirely nominal.
We have but little animation to notice in
.lio,d. The market opened at 115i6115s,
against ISL at New York. ana after a limited
business closed at ISL &, ll5s, against 115s
IN that market, showing about &c advance in
18th markets over yesterdays close. The
sales were confined to $4,000, embracing
$1,000 at rs, $1,000 at ll5l, $4,000 at u.s.
and $4,000 at 1l5a@ll5s.
The few transactions reported in Silver are
= trflipg lots. not requiring special notice
When any large sums are accumulated the
brokers shin them to New York for sale in
that market. American half dollars continue
"a rule at 1880 100, and Mexican dollars a
'6(a 96!, gold.
In sympathy with the advance in gold a
New York, Sterling Exchange ruled lilo {
cent higher. The movement was limited, thu
sales comprising only el5,0Oo, embracins
elooO Al clear at 59s. $1,000 and f2OOO d.
at 5 60, $1,000 bill of lading at $500, , 6o4
$1,000 do at i. Cos, and elOOO bank at 5.63s
Francs also responded to the improvement
in gold at New York, closing q cent highe