New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-05-15
MONETARY AND COMMERCIAL.
MONETARY.
INV ORLEANS REPUBLICAN OFFICE,

NEW OkLEAN0 hBfUbLlCAN
FRIDAY EvxsISs. May u. 1878.
The market presents no decided change from GU,
last report. There is a slight increase IN the de-
naud for money, and a little better feeling in
financial circles, owing perhaps TO the prOsp-ct OF
tho commencement OF operations at the mouth Of
the river which 1t is hoped will afford mploym
to q number OF laborers. and give an impulse 70
general trade.
fair movement is reported in gold and foreign
and domestic exchange Sterling, checked by the
falling off in bills New Yoi H. did not respond 10
the rise ia gold and remains at unchanged rates,
while francs were higher. Do nestle exchange was
without variation. Stocks exhibited more aniina-
t on and q better demand for favoIite shares
Bonds are STRONGER. metropolitan warrants show
an advance OF la2 y cent Other securities are
unchanged.
Inquiries having been made concerning
the New Orleans, Oh cago ard -. Louis ralfoad
with reference TO certain notes OF that COMPANY
recently protested, at liberty to state upon
The authority of the vice president that me dIn'
culies considered only TEMPORARY. The earn
ings of the read have been more than suihcient 10
meet the interest the bonds but not Bill OF Inc
other Indebtedness The directory are now en-
deavoripg to make an arrangement for the fund,
ing of the floating debt, which, it is expected,
will be accomplished in Inonth or two, ana whlLe
not prepared to publish All elaborate statement
efforts at the result will he entirely satisfactory
to their stockholders and the public.
From the proceedings of m" City Council, pub
lshed in full in another column, it will be seen
that the committee of the whole reported adj
veisey to the resolution to asses 50 T. cent upon
the interest fund. IL is now more confidently
hoped that the bOndhOders viii come forward
with propositions which will be acceptable 10 the
Council and at the anne time promote their own
interests. The resolutions offered by Messrs.
Brown and Burke the former u re guate the cur
rent expenditures by monthly pr rata standard.
aud the latter requesting the Administrator OF Fl
nance make an exhibit Of the financial condi.
ton Of the city from January TO Nav l. 1875 and
an estimate of receipts and expenditures for the
rest OF the year, and requesting tie Mayor to in
vite o conference with the city's creditors, are
well calculated to xhioit the embarrassing Goa
dtiOD OF the finances. and the tarlestness Of the
official, to secure what relief is possible.
The ord nance to provide fol- bui ding and re
pairing The wiIarves and levees and for the pay
meDt Of The debts contracted on account OF them
by Transferring the revenues of T. same for q
limited tine, which was referred to the commit
tee OF the whole, proposes sale of the revenues
from wharves and levees, under existing ord
nances, upon all water craft of any description,
the purchasers to assume all Obligatisns and du |
ties VI the city with regard to wharves and levee5
aud spec ally to me the payment of The |
amount OF outstanding WHAT bonds, $682,01O be |
the cly amounting $50 % pay able in monthly |
inst ailments to ain owners of steam boats, and
10 assume Ali expenses OF p0hc", gas lighting, pay
nent of officers aud employees connected with the
Wh8rves and evees.
Sealed proposals are TO pe made to the Adm MIS-
traitor OF Commerce alter the publication, and the
sale to be awarded TO the party assuming dis |
charge the obligations in the shortest time. The |
party to whom the sale is awarded is to give bond
for the faithful rfOrmance of the cont act and is
bound 10 keep the evees and wharves i'll thorough |
repair, under supervision OF city officers 1t is
peeled. should this scheme be adopted, that after
the expiration OF limited humber of years, the |
city wlil receive back the wharves and levees i'll |
thorough repair and relieved OF the present fnan-
cal burdene.
An orc nance providing for the lease Of the
Water works upon sealed prop sails, will probably |
be introduced before the Council at early day.
We continue to quote first class sixty day paper
and collateral loans at 8a9 = cent " annum, Al
mortgages still Iule At 90l0 y cent y annum, |
while second grade are entirely nominal.