The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-04-08
MONETARY.
OFFICE NEW ORLEANS BULLETIN.
WEDNESDAY Evening, April Z. 1876.


OFFICE NEW ORLEANS BULLETIN.
WEDNESDAY Evening, April Z. 1875. {
NEW ORLEANS CLEARINGHOUSE.
CIearings. Balances
Z pril 3 LIS O34 40 1927 G68 q
spr1l 5............ ,G37 .973 G3 15i, 54 g.
april 6..... zoos, 19G GS O,7E2 s.
april 7.......... 1,73l lad OS 2O0,466 g.
Thus far this week. :. sc, SOB So SO 725,4S3 )
Same time last week 7,2395!S 10 ISL ,3ls B
Total last week ....... 9.96o.5i9 10 1,127, s9i 81
Total week before 1856 OS1 80 8O1,52l 9
Nothing has TRANSFERRED to indicate any per
ceptiblo change in the Money market. A
some Of the banks the demand for discounts
vas very light, while others reported q slight
ly increased business. As will be seen from
the details below, the demand for Foreigl
and Domestic Exchange was moderate.
With regard to Securities, we notice thai
State Bonds showed a fair degree Of activity,
closing at an advance on the opening rates.
An impression exists that the funding of the
bonds in such large quantities as on las.
Monday may be followed by overlooking the
market with an excessive supply, resulting in
continued depression, unless the investment
demand from outside capital improves.
Some attribute the recent decline partially
TO this cause. On the other hand it is held
that the funding need make no extraordinary
while holders in the North and abroad are
funding their old bonds freely, some have put
the'new on the market, while others have re-
turned them to their principals abroad. OF
coutse it is impossible to state the respective
amounts. 1The impression seems to be, how
ever. that the State ought to carry its scaled
debt easily, and that if the coming session 81
the Legislature shall, develop prudent and
economical financial policy, as is generally
expected, more vigorous and healthy tone
in these securities may be confidently an
rlcipated.
As to City Bonds, the same anxiety prevails
which we reported yesterday to see something
effected in relation to the municipal finances.
The proposition to scale the debt is discussed,
but, aside from the question of public honor,
the practicabiiity of the scheme is doubted
aHow is it to be done?' b the question
which the mention Of the proposition gener-
ally meets. The suggestion to reduce the
debt by sale Of the Water Works to bond
holders is favorably regarded by many. The
advocates Of the measure contend that it
would etfec. so considerable a reduction of
the debt and interest as to promote the re-
vival of general confidence in the solvency of
Che city and enhance the market value Of its
securities. This result is "a consummation
devoutly to be wished, and any practica!
measure tending to it would be hailed with
most cordial satisfaction. The great question
IA, How can he actual resources of the city,
including the past due taxes, be realized to
reduce the face Of the debt, and thereby dis
count the annual drain for interest?
We continue to quote first class paper and
collateral loans for sixty days at sos per
cent per aunum, Al do at 1902 and second
Grade at 1511S. First-class mortgages still
rule at 9G1lO per cent. per annum, while
second GRADE are entirely nominal,
Gold opened at 1l45@114s, against 114s at
New York. and after moderate business,
closed at the opening rates, against 1l43 i'll
that market The salesA summed up $4,000.
embracing 5000 at 1853, Sl3 coo and $25, 900
at 115a@l15s, and $1,000 and $4,000 at is.
No sales OF Silver were reported. American
half dollars We're still quoted at 1OS(0 1854,
and Mexican dollars at 96(o)96ac.
The movement in Sterling Exchange was
only of moderate extent, and the market was
shade lower for commercial, while bank
was unchanged. The sales amounted to
.e36, 700. comprising el2OO bill Of lading 1T
) 50, s2500 an9 $500 do at 553l, cl4 900 do
and AL clear, e2OO0 AL clear ana e4O00 bill Of
tading at 80, and $4,000 bill of lading at
,.55(d)5 55..
Francs were also shade lower. The only
sales reported were 100000 and $780, 900 COM
nercial at 4.55.,
"A
5 5fCy5 SIS for bill Of lading and AL clear,
aud -O5.5S for bank, and francs at 5Gl
IA IS tor commercial, and -GD4.5 so tor bank.
The offerings Of Domestic Exchange were
Of fair extent, but meeting with only mod
crate demand, rates were unchanged. The
sales of New York sight were confined to
500, 600, embracing 5000 commercial, $50.
private bankers and $25, 200, and S25, 900
bank at SIG.
The banks continued to check on New York
At per cent premium. and commercial sight
was still quoted at SIG.
We notice that Notwithstanding the good
investment demand for stocks holders are re-
luctant to part with their shares even at the
nigh rates offered for some bank and insur-
ance shares, which are however still much be-
low their estimated value. The only sale
reported was 50 shares CarrolltOn Railroad
Company at S82.
The movement in Bonds was Of fair ex-
tent, particularly in New State Consolidated
Seven Per Cents which opened at 53i Gl534,
and closed at about S.. The sales and resales
summed up $50. 900. embracing $1,000 at So,
$4,000 at 53I, $1,000 and $40, 900 at Sal, 5000
and $4,000 at 81 J, $4,000 at 54ai, $1,000 and
$4,000 at SIS, and $4,000 at So. We also
notice sales of 5000 and 5000 New City
Seven Per Cents At 35, $4,000 City Gold Bear
ing Seven Per Cents at 3d., and $4,000 and
$4,000 do at 354 - the latter closed at
about 36.
City Scrip is scarce and was held higher,
,g,eng quoted at 5000.
Metropolitan Police Warrants continue
without any apparent movement, and are
still quoted nominal at 50@52.
No sales of State Warrants were reported.
Old are quoted at 34@35, and new at 5O@52.
The market is bare OF Legislative Per Diem,
md quotations are entirely nominal.
COMMERCIAL.