The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-22
MONETARY.
OFFICE NEW ORLEANS BULLETIN, |
Friday Evening, May 81, 1875.

We have again to notice an extremely dull
Money market. The demand for money,
both at the banks and on the street, was linn
tied. The bank clearings show about the
same volume of business as at this time last
wear. This is an encouraging circumstance
in view of the fact that during the active sea-
son of the past winter, the amount of business
compared by the same standard exhibited
considerable shrinkage. We hear of con-
tipued applications from the country for
money and supplies, which, SO far. are eau
tiously met by factors. who, as yet, are indis-
posed to advance freely
The losses suffered from former advances
upon growing crops have taught factors a
lesson which inculcates the most rigid eau
ton, and however DESTROYS they may be of
accommodating their friends in the country,
they feel confident that the more prudent
policy they are pursuing will be the best for
the common interest.
The movement in Gold, Foreign and Do
nestle Exchange was limited to-day, and, as
will appear below, with little or no variation
in rates
Stocks were again inactive, with few trans
actions reported.
CITY and State bonds were inanimate, the
latter being quoted q fraction lower than
yesterday. In other securities the transac-
tons were immaterial.
In the Supreme Court to-day q decision
was rendered in the case of the State ex rel
j. Z. Macauley VS.. Charles Clinton, Auditor,
sustaining the refusal of the lower court to
issue q mandamus to compel the Auditor to
estimate and collect tax for interest on GER
tain bonds issued by the State in 1866, '6S and
20, as provided by act of 1870. The petition
er had attacked the constitutionality Of
the Funding bill, as impairing the
contract of the State with the hold
ers of bonds previously issued. The
court declined to decide the constitutional
question on the ground that the State was
mot party to the suit, and the Auditor had
no interest in the solution of the question. .
A similar decision, it will be remembered,
was rendered by Judge Woods, in March last,
upon an application for injunction against
the Governor and others, made by the same
plaintiff, as holder of these same bonds.
We learn that the representatives of tho
foreign holders of the bonds declared ques-
toned and doubtful by the Supplementary
Funding bill, have determined to bring the
matter at once before the courts, and that the
Attorney General, in accordance with the
published instructions Of the Governor, will
facilitate the proceedings so as to have the
matter decided al al early day. In addition
to testing the validity of the bonds, we learn
that it ii proposed to make an issue upon the
constttutionality of the Supplemental bill,
which it is claimed, conflicts with the Fund
irg bill.
It will be source of much qualification to
the public to know that this vexatious ques-
ton is soon to be disposed Of, and that the
authorities are inclined to lend tn cir aid to
such contamination.
We continue to quote first-class sixty days
PAPER and collateral loans at 500 p cent per
annum: AL do at 1O@12, and second grade at
1908. First-class mortgages still rule at
96lO - cent per annum, while second grade
are entirely nominal.
Gold opened at 115s@116s against 116s
at New York, and after q limited business
closed at 116@116s against the opening rate
n that market. where it reached 116 during
the interim. The sales included $1,000, $1,000,
5000 and $1,000 at l16s@l164.
No sales Of Silver were reported. American
half dollars are now quoted at 1Oo(9lO9,
and Mexican dollars at 96@963, gold.
Foreign Exchange opened at previous rates,
and after giving way lilo u cent Tor Sternng
and for francs under the lnnoence OF the
dispatch quoting gold at ll6 at New Iork,
subsequently recovered under tne lally ~
New York and closed about the same as yes
terday. o,oo
The sales were confined to e13. 5OO. COM
prising $4,000 Al clear at $50, 9lOOO bill OF
fading at 562&. s2500 Al clear at o.65' ana
s8OOO bill Of lading at 5.63@5. 6S3.
The only transaction reported IN francs
was Is, 600 commercial at =
At the close Sterling bills were quoted al
s. 62@5 631 for bill Of lading and Al clear,
and S 654 for bank, and francs at 4473 for
commercial, and 43a for bank.
New York sight continues scarce ana ~
moderate demand at previous rates. LIE ne
NJ ~1~r~ <