New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-07-24
MONETARY AND COMMERCIAL.
MONETARY.
FEW ORLEANS REPUBLICAN, OFFICE,
FRIDAY EVENING. July 90. 1875.

FEW ORLEANS REPUBLICAN, OFFICE, /
FRIDAY EvsSISs. July %. 1875. )
The week has developed no change Of
interest in tho money market. The princi
| pal banks continue to report fair demand
for discounts, but the general movement is
moderate, and as usual 1T this period of the
| year the amount of business doing is far be-
low the capacity Of the banks. On the street
| the offerings are limited, particularly of
unexceptionable collateral loans and first
class commercial paper, both OF which are
in GOOD reqdest and easily negotiated at
our quotations. Gold has been unsettled
throughout the week. aud closed today at
decline of about /: y cent since last Fri
day, and OF y cent since July z. whea
| the break occurred in New York. Sympa-
thizing with the fluctuations in the gold
market. foreign exchange has suffered a
heavy decline, and closed unsettled and
nominal. Very little 10 doing in New York
sight. the backs generally finding i, to
their interest to remit by express. Stocks
are inactive. with very few transactions
reported
City bonds are dull and nominal, and are
quoted at least II. points lower than last
week. New State consolidated, which have
been strong and advancing for some days
past. weakened eighty to-day, but still
show an advance OF about two points over
last Fridays quotations. We regret to
learn that there was no quorum of the
funding board to-day. when an adjourn
ment was had to next Wednesday. This
matter is one of grave public importance
cerns the credit of the State. which is now
sought TO be re-established by carrying out
the provisions of the funding act. Bond
holders who are willing to fund to-day, and
thereafter will have an interest in adyanc-
ing the credit of the State and the value of
their oew bonds in open market. may
change their mirds to morrow. While they
are willing to fund they should be allowed
to do 80 without unnecessary impeachment.
Not only should no delay be allowed
that can possibly be avoided. but
every facility should be furnished them
to carry out their intentions. Under these
circumstances heavy responsibility rests
not only on the Governor, but on every
member Of the. funding board. as we'll as
on every official who has duties to perform
in the premises. No functionary nor any
TO his trust, who without proper cause alb
sents bimeelf from any meeting of the board
or in any way evades the discharge of his
highly important duties. The decision ex-
pected from the Supreme Court now in SEES
sion at Monroe will probably be received
by the Governor on Monday. The We'd
nesday meeting will, therefore, be one of
more than ordinary Importance. and it is
hoped that no one will be derelict in his
duty Of prompt attention to tho bus mess
which will be brought before 10. This mat
ter appears to have been too long regarded |
as one in which individuals only are con-
cerned. 1t is one, on the contrary, of great |
public Importance that requires q prompt |
Sc Element in the interest Of the people.
We continue to quote first class CONNER
cial paper and collateral loans at 500 Y
sent y annum discount; AL do at l00l2,
and second grade at 1913 First cIaes |
mortgages still rule at 900 y cent y
snnum, while second grade are entirely !
aOminal.