The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-22
MONETARY.
OFFICE NEW ORLEANS BULLETIN,
Wednesday Evening, July q, 1875.

The Money market presents no material
change. The demand for discounts continues
good at some Of the banks and limited at 9TH
ers. On the street collateral loans and first
class commercial paper are in request. but the
offerings are moderate. We hear of occasional
transactions in mortgages, but nothing that
requires any change in quotations. In SYM
patty with the continued decline in Gold at
New York the quotations of Foreign Exchange
show material falling off, but owing to lin
tied offerings operations are Of trihing extent.
Little or nothing doing in New York sight,
the banks finding it to their advantage to re-
NIT by express rather than pay the quoted
rates. As will appear from the report of
transactions given below, Stocks continue
dull and City Bonds inactive and nominal,
while New State Consols are still advancing
We have already noticed that a vote had
been called for by the Directors of the Mu-
tual National Bank on the proposition to re-
duce the nominal capital of the institution
from $500, 600 to 100000. More than two
thirds of the shareholders having voted in the
affirmative, the object has been accomplished,
and its future dividends will be computed on
$500, 1000.
Of course this does not affect the assets of
the bank, the volume and value of which are
undiminished; but the dead weight, which,
although inert, consists Of real values, such
as real estate, etc., is separated from the &C.
tive capital, which is represented by the
$500, 900. Working upon this element, the
administration will no doubt be able to make
regular Sc mi annual dividends satisfactory to
the stockholders, who will also enjoy the
fruits of whatever may be realized from the
suspended assets or suspense account
We continue to quote frst-class CONNER
cial paper and collateral loans at S(99 p cent
discount per annum, AL do at 10@12 and
second grade at 159lS. First class mortgages
still rule at 9910 p cent per annum, while
second grade are entirely nominal.
Gold opened at 11349113s, against 113l at
New York, and after limited business
closed at 112s@113a against 1929 in that
market, where 1t touched 1929 during the in
term. The sales were confined to $1,000
embracing $4,000, at 1l24, $4,000 at 1l3,
$1,000 at 113t, $4,000 and $4,000 at 1131
and $4,000 at li31.
In sympathy with the decline in Gold at
New York, American half dollars fell off fully
3 p cent. being quoted to-day at 104@1O5
against 107a(010S. Mexican dollars continue
to rule at 93@934 However, there is no
market here for either on which to base any
thing but nominal quotations. Most of the
receipts continue to be transshipped to New
York.
Il,
sterling fell off fully $40 p cent and francs E.
The market continues very dull for both. The
only sale OF sterling reported was e2500
private bankers at 5 SO.
No sales Of francs were reported.
At the close sterling bills were quoted nomi-
nal at 5.47d)5 48 for bill OF lading and AL
clear and -05 So for bank, and francs nomi-
nal at % for commercial and 4 60 for
bank.
The movement in New York sight continues
very limited and rates are unchanged. The
only sales reported were 5000 and SIS, 900
bank at SIG p cent premium.
The banks continue to check Oh New
York at 1 fp cent premium, and commercial
sight is still quoted at -(05-l6.
The only transactions reported in Stocks
were Is shares old Gaslight Co. at 81 20, and
- new do, of which the price was withheld.
City Bonds continue dull and nominal
New Currency Seven Per Cents are still
quoted at -(933, City Gold Bearing Seven
Per Cents drainage series) at 33i933a, and
do administration series) at 344@34a.
There are but few New State Consolidated
Seven Per Cents offering. They continue
in request, and are quoted at 542@55, about
l y cent higher than yesterday. The sales
$4,000 at "a and $4,000 at 541.
City Scrip is without any apparent move
ment, and is still quoted at 38@39.
No transactions were reported in Metropoli-
tan Police Warrants, which continue to rule
at 65M6S.
No sales we're reported in State Warrants.
Issues Of 1874 we're still quoted at 43@45 for
large, and -G47 for small; 1873 and previous
years, fundahIe, at 35(036, and do, not fund
able, at -@29.