The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-25
MONETARY.
OFFICE NEW ORLEANS BULLETIN, I
Tuesday Evening, August "a, 1875.
NEW QRLEANa uI.EARINa.H 0uaR.

As will appear from the proceedings of tn.
City Council published in another column
the Administrator of Finance proposes te
carry his scheme for funding the city debt into
operation at once The ordinance introduced
today provides that the new bonds ex
changed for old shall be dated LIST September
and draw interest from 1st July; interes,
upon the old bonds to be adjusted up to the
LIST July, and to cease after that time
1t also provides that the first allotment OF
series shall take placs on the 10Th September,
or as soon thereafter as possible, and the pre-.
MUM allotments on the 18th January sue
ceeding. The three or four millions Of old
bonds already subscribed are considered suf.
ficient to carry the scheme forward as the
balance of the twenty millions Of new bonds
not exchanged will be represented by the
city at the allotment. After the first allot-
ment all premium Bonds remaining un-
changed will be offered in exchange for old
Bonds to the lowest bidder.
1t will be observed that the old bonds
funded will be preserved until April, 1876,
without being Cancelled. By that time it is
believed that the litigation now pending will
determine the status of the various city is
sues, and that the success and validity of the
scheme itself may be finally settled.
If the allotment be appointed for the 18th
of September, the funding and subscriptions
will probably be closed on the LIST, until after
allotment.
The market to-day developed no new fea-
ture of special interest. The banks generally
reported moderate demand for Money, and
on the street the movement in commercial
paper was limited. There was not much
movement in Gold or Foreign Exchange. City
Bonds showed no change in rate, while new
State Consols were again somewhat active,
but with no material change in quotations.
We continue to quote frst-class CONNER
cial paper and collateral loans at 8@9 %
cent per annum discount. Al do at 1O@12, and
second grade at 15@1S. First-class mort
cages rule at 9@lO R cent per annum.
Second grade are entirely nominal
Gold opened at 113@l13a4. against 113s at
New York, and after q limited business,
closed at the opening rates in both markets,
touching 1134 during the interim at New York
The sales were confined to S14 900 embrace
ing $4,000 at 1929, $1,000 at 1l3l, and $4,000,
$4,000 and $4,000 at 1134.
No sales of Silver were reported. American
half dollars were still quoted at 1860 let,
and Mexican dollars at 94@944. gold.
Foreign Exchange opened at previous rates,
and under the subsequent advance in gold at
New York rose 2.l0 u cent for sterling, and
for francs, but owing to the subsequent
decline in gold in that market the former re-
ceded to its previous position, while the latter
retained the improvement. The movement
was limited. The sales of sterling were con-
fined to e12OO AL clear at $50 $1,000 bank
at 5. SIS and $1,000 do for gold at 4.S9.
The only sales of francs reported were
25, 900 commercial at 4 5Saa, and 40, 900 bank
at 455.
At the close sterling bills were quoted at
S. 49(G@5. SO for bill of lading and AL clear, and
nominal for bank, and francs at 4 5Ss@4 60
for commercial and $50 for bank.
New York sight continues in light sup
ply and limited demand, ruling at previous
rates. The only seles reported were $40, 900
private bankers on New York at 9-32 u cent
premium, and SIC, 900 on Boston at !.
The banks continue to check on New York
at 8 ~ cent premium. and commercial sight
is Still quoted at -@5-16.
The only sale OF Stocks reported was y 8
shares Crescent Insurance Companyat $6S so.
Under the probability that the ordinance
noticed above will pass at the next meeting of
the Council, and thereby define the status of
CITY Bonds, they show little better feeling,
Int are however unchanged, being still
ouoted nominal, as follows New Currency
seven Per Cents, do Old, Seven Thirty Street
Jmnroyements, and do Street Assessments,
all ex. half coupons, at -@324; Gold Bear
mo Seven Per Cents administration Series),
exohalf coupon at -@33; and do drainage Sc
ries q about per cent lower; Jefferson Citys
% cents. ex-half coupon, also at OBS; 6 p
cents railroad issues). 10 y cents and p
cents. water Works., all ex-half coupon, IS
036: 6 - cents Old Consolidated, with cou-
DON. at 45046; and 7-3O Wharf Improve
ment) ex-half coupon, at -@65. The sales
included $4,000 City Gold Bearing Seven Per
Cents Drainage series) at 81, and 5000 do at
32I.
The movement in New State Consols was OF
fair extent. the sales summing up s45, 600.
COMPRISING SIS, 900 at 53i, $4,000 "a resale)
at $50, 5000 at 53ss, and 5000 and 5000 at