The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-15
MONETARY.
OFFICE NEW ORLEANS BULLETIN, I
Friday Evening. May IA, 1851

Total week before 49,. 7,Ios,79s 81 976,lso So
The market presents no decided change
from our last report There is slight in
crease in the demand for Money and little
better feeling in financial circles, owing, per-
haps, to the prospect of the commencement
OF operations at the mouth Of the river, which,
it is hoped, will afford employment to q num-
Der of laborers and give an impulse to gen.
eral trade.
A fair movement is reported in Gold and
Foreign and Domestic Exchange. Sterling,
checked by the falling off in bills at New
York, did not respond TO the rise in gold, and
remains at unchanged rates, while francs were
higher.
Domestic Exchange was without varia-
ton. Stocks exhibited more animation and
q better demand for favorite shares. Bonds
are stronger. Metropolitan Warrants show
an advance of 1@2 p cent Other Securities
are unchanged.
Inquiries having been made of us concern
ing the New Orleans, Chicago and St. Louis
Railroad, with reference to certain notes Of
that company recently protested, we are at
liberty to state, upon the authority of the
Vice President, that the difficulties are con-
sidered only temporary. The earnings Of
the road have been more than sufficient to
meet the interest on the bonds, but not all of
the other indebtedness. The directory are
now endeavoring to make an arrangement for
the funding Of the floating debt, which it is
expected will be accomplished in month OF
two, and while not prepared to publish an
elaborate statement, they confidently hope,
from their resources and efforts, that the re-
suit will be entirely satisfactory to their
stockholders and the public.
From the proceedings of the City Council,
published in full in another column. it will
be seen that the Committee of the Whole re-
ported adversely to the resolution to assess
so per cent upon the interest fund. 1t is now
more confidently hoped that the bondholdels
will come forward with propositions which
will be acceptable to the Council and at the
same time promote their own interests. The
resolutions offered by Messrs. Brown and
Burke, the former to regulate the current ex-
penditures by monthly pro rata standard,
and the latter requesting the Administrator OF
Finance to make an exhibit Of the financial
condition Of the city from January lst to
May LIST, 1875, and an estimate of receipts al
expenditures for the rest OF the year, and re-
-auesting the Mayor to invitea conference with
the city's creditors, are we'll calculated to
exhibit the embarrassing condition of the
finances and the earnestness of the officials
to secure what relief is possible.
The ordinance ito provide for building and
repairing the wharves and levees, and for the
payment of the debts contracted on account
Of them by transferring the revenues of the
same for limited time" which was referred
to the Committee of the Whole, proposes a
sale of the revenues from wharves and levees
under existing ordinances upon all water craft
of any description, the purchases to assume
all obligations and duties of the city with re-
gard to wharves and levees. and specially to
assume the payment of the amount OF out
standing wharf bonds, S682,0O becoming
dee December LIST, 1880, and also debt OF
the city, amounting to $4,000, payable in
monthly installments to certain owners OF
steamboats,, and to assume all expenses OF
police, gas lighting, payment OF officers and
employees, connected with the wharves and
levees.
Sealed proposals are to be made to the Ad-
mnistrator of Commerce after due pubilca-
ton, and the sale to be awarded to the party
assuming to discharge the obligations in the
shortest time The party to whom the sale
dis awarded is to give bond for the faithful
performance of the contract, and is bound to
Keep the levees and wharves in thorough re-
pair, under supervision of city officers. 1t is
expected, should this scheme be adopted
that after the expiration OF limited number
of years. the city will receive back the wharvet
and levees in thorough repair, and released O
the present financial burdens.
An ordnance providing for the lease OF thu
=" 8Ler WOEk6 UPON bcdAou pAOPOo"AO 49, PAS
ably be introduced before the Council at al
,early day.
we continue to quote first-class sixty days
paper and collateral loans at 8@9 y cent pei
annum; AL do at 10@12, and second grade a
l5@18. First-class mortgages still rule q
.9@lO ~ cent per annum, while second grade
are entirely nominal.
Gold opened at 115t@115a. against 1!54 a
New York, and, after moderate business
closed at 115Sf9115s &c higher than yester
day, against 1853 in that market, where !
so1ched 116 during the interim. Some hold
ers seem to apprehend another squeeze II
gold at New York, but we could ascertain NJ
particular foundation for their fears. Tn
sales summed up $50, OOO embracing $4,000 9
a15s; $4,000 at 115l; $4,000 at 1l5a; SlOO'
and 5000 at 1863, and $4,000 at 1l6.
Nothing transpired in Silver. American
half dollars were still quoted at lOS(9 1888
and Mexican dollars at 96@964, gold.
The advance in gold at New York beint
a,ounteracted by q decline in bills in tina
market, Sterling was unchanged. The move owe
ment was limited, being confined to 9l6, 3oO
comprising $500 Al clear at 5.62, 92oOO an
$4,000 do and $4,000 bill of lading at 5.623
1850 Al clear at 5.63, and e3OOO bank
t5!65.