New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-05-19
MONETARY AND COMMERCIAL.
MONETARY.
NEW ORLEANS REPUBLICAN OFFICE,
NAV ~ 1XfS

NEW ORLEANS REPUBLICAN OFFICE. /
SuxeDAY EVENING, Nay 49, 1873.
| A better demand for money is noticeable at the
| banks. and more inquiry upon the stret Inc
move mt mt appears come from he general trad
nrOyisiop aud produce dealers chiefly. with few
~ ct balances At tn. ban in any able
degree. Tho prospect of increased activity, now
ever. appears TO be encouraging, and bankers IN
| ticipate at All early 6Ay q sufficient demand fol-
money to ioduce 1T least an active and stronger
market. ~
| Cod continued 10 advance to-day corresponding
to the Use il New Yorh. The anticipated squeezr
appe ora to be developing. Private advicss from
New York fOrw srded come i've days ago express
appreh+ nsiors Of the formation Of Q new clique IN
thu Gold kO< n aLo AL anticipated ADVANCE III
rates.
The movement in foreign and domestic exchange
limited, the fol mer ruling sha de higher Az
to the latter there appears to be 9 Discrimination
on the part Of buyers 10 pay the rates asked and
some OF the banks are shipping currency by ex-
press
stocks continue quiet. with scarcely any de-
mand except for f. " favorIte siarce. No Trans.
actions reported in city bonds. In relation to
city finances, it viii be seen fiom the proceedings
of the Council published in another column, that
the plan for he sale OF the revenue to private
parties assuming to pay the wharf bonds etc. re-
c-ived The approval of that body and the plan Tor
the premium bonded fuLd was referle ed 10 the com.
init ee OF the wi OLE Some excitement WAS creal ed
on the street this morning by rumor that cert
foreign holders Of old city cOnsols were about TO
comm. nee proceedings against the city In the
Unite states court praying for an injunction ttIs
pOraiy restraining the city from paying inter est
upon la,er issues. Comment upon this subject
would perhaps be premature as no such petition
State bonds were active, and nearly y cent
higher than yesterday. Met opolitan Police war
Other securities wese Reported unchanged.
The publication Of the Governors ietter to the
Attorney General informing the latter that he
had signed the supple nentary funding bill, caused
more than usual sensation in financial circles. 1t
will be observed in reference 10 the letter that
the Governor spprehends that the provi
Kin at he II.
ferert series OF bonds "qu. STONED and doubtful"
audprohibiting the ISSUE of consolidated bonds in
IL funded until their validity shall have been de.
termined by the courts, will work hardship to
many innocent holders or valid bonds. The Gov
ri lor therefore quests the Attorney General to
institute test case 10 bring the legality of these
Obligations before the courts, and 10 AFFORD every
facility TO any bOndhoder bringing SUIT. SO that an
early decision may be arrived at.
large number OF the bonds the funding OF
which has been thus suspended are held abroad.
We are not advised of the precise.sum. but under
stand it is OF sufficient magnitude TO renGer it
probable that the faint cast upon them. and the
probable anxiety of holders to realize even at ma
terialy lower prices, VIII cause heavy decline in
the foreign market, enabling speculators 10 buy
them up at great depreciation: On the
of the consolidated bonds. and by diminishing
the supply materially enhance their market
price. Hence, while it actually iIlfiicts upon
tho innocent holders the hardship tho Governor
appIebends, 1t gives an unexpet ted and material
advantage 10 all Others and especa ly to this hold
ers of the consoIs. Under such circumstances tits
quie natural that while the latter should regard
this measure with favor the former should protest
against it as uneauitable and uDjustifisbie con.
tending that subse uent legisa ion can lev
the fundamental clauses of the original funding
act. and that if any illegal or doubtful State secu
ri les have been funded it has been by the legiti
mate action of the State Off cials and that innO
cent holders ought not to suffer therefrOm ROld-
els OF old bonds abroad have been advised by
cable not to sacrifice them, and formal protest
v III BIZ made by their representatives tomorrow.
We continue TO quote fret class sixty day paper
10 at lh0l2 and second grade at l5dl3 First class
mortgages still Iue at 9al0 p cent " annun
v hile second grade are entirely nominal.