New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-01-30

consuls were in somewhat better demant
! and quoted stronger.
! We continue o quote exceptional paper q
as y cent v annum discount; AL d,
at go 10, and second grade nominal. Firs
| class mortgages rule at 90l0 y cent Y
annum, while second grade continue On
tirely nominal.
| NEW ORLEANS CLEARING HOUSE.
January % Glssi,asA So s Ss5e Sc
Same time last week. ls,I l3s q d5s s"s o o
| Gold opened at 1928 O Il3h, against ii:
| at New York, and after moderate business
except in speculative way, closed at the
opening rates in 10th markets. The sales
summed up $4,000, embracing $1,000 a,
| 1924: $4,000 at 1925; $4,000 at lis; $4,000
at ll3 1875; $4,000, $4,000 and $4,000 q,
1875. and $1,000 ut 1874 The sales or
| speculation were not reported.
| No sales of silver were reported. Ameri-
can half dollars were still quoted at l04h
| q 1852, and Mexican dollars at 81 n gold
for new and 9234 gold for old.
The movement in foreign exchange was
| of Moderate extent, and the market was
| firm at previous quotations. The sales
| of sterling comprised f67 500, embracing
| $4,000 and $4,000 bill of lading at S. 43;
s2O 900 do, and f2O 900 do and AL clear at
IS 1915 A.; 10000 bill of lading at IS 4a
as Al, and f3500 bank at s 4619.
The olly sale OF francs reported was
100000 commercial at 4.62le.
at S. 42la a 5 1917 for bill CT lading and AL
clear. and bank at ats 46le, blank
counter rate a IS Al, and francs at 4. 90 y
for commercial. and nominal for bank.
The offerings of New York sight were
of moderate extent, but meeting with q
good demand, the market closed y per
cent higher for commercial and the bank
checking rate on New York. The sales
amounted to s33S,O0 comprising 100000
private bankers at SIG y cent discount,
$2S.o00 commercial and $4,000 private
bankers at 9-32, $4,000 and $3.50, 600
private bankers and bank at SIG, and
$50 900 commercial, and $50, 900 bank at Y i.
The banks checked on New York at u y
cent discount, against "a v cent yesterday,
and commercial sight was quoted at 5 160
u, against SIG yesterday.
The sales of stocks outside of the Stock
Exchange included shares Merchants In
surance Company at SIS so; SO do at $50 so;
20 Crescent Insurance Company at SIS;
Railroad Company at $73 %; 25 Carrollton
Railroad Company at SIS so, and Canal
Bank at S94 also, at the Stock Ex-
change, 5 shares New Orleans Insur-
ance Company at $2l 25; also, at
auction BY Messrs. Hey & O'Connor,
10 shares New Orleans Insurance Associa-
ton at $40 so; by Mr. c. E. Girardey, 1000
Louisiana Levee Company, preferred, at
3d. and by Messrs. Macon, Ellison & Co.,
9 Louisiana Mutual Insurance Company At
Sc, Delta Insurance Company at 50, 20
Home Insurance Co npany AZ so, 100 State
National Bank at 500 so, 100 Crescent In
surance Company ~ $73 25, 5Sun Insurance
Company at $S7 IS, GO Factors and Traders
Insurance Company 1T $50 so, l do at $9l.
5 Canal Bank at 500 80. 5 Bienville Oil
Works at 800 SO, 50 New Orleans City rail-
road at SIPS. 9 new New Orleans Gaslight
Company at $l26, and 33 old do at $3.50 so.
City bonds exhibited a better feeling, but
were without quotable variation from yes
terdav's closing of the Stock Exchange.
The sales included $4,000 premium issues
at 81; $4,000 do at 80 Y $4,000 past due rail-
road Issues at -; $1,000 new currency seven
per cents at 32A; $4,000 gold bearing seven
per cents, drainage series, at 1914; $4,000
and $4,000 do at 33ls; also, at auction, by
Messrs. Macon, Ellison & Co., $1,000 new
currency seven per cents, with the June
Mr.. c. E. Girardey. $4,000 old currency
seven per cents at 1871 II; $4,000 new do at
81, and q WaterwOrks at 3224
On November 10 the Stock Exchan ge
officially quoted old city currency bonds at
q. against 26 for new; on December 81, O Id
at q " 028le, against q 028 for new; on
January 7, old at 271a, against q for ne ";
on the fourteenth, Old at 2S13, against %
for new; and on the twenty first, old ct
81 against 81 tor new. Prominent u m.
bers of the Exchange attributed the preler-
ence indicated by the above to more inter-
est being due on the one than on the other
which we mentioned in our report; but feel
ing some doubt on the subject, on Friday
we applied tor an explanation to the presi-
dent Of the Stock Exchange, who wrote for
us the following:
"The ruling of the Stock Exchange is
that where any coupon is partially paid, Of
is, taking. for instance city bonds, where any
coupon is half paid. the bid or offer is upon
the basis of that coupon being of entirely
Therefore gold bonds, Administration
series, sell with January 1875 coupon off;
drainage series, with it ON. Ten per cents
sell with October 1875 coupon off; old city
sevens currency, since the city commenced
paying half September coupon, now sell ex
that, coupon having only March 1876. attach
ed, while new city sevens currency sell with
December, 1875, on. Under this ruling the
new sevens carry three months more inter-
est than the old. and in funding for premium
bonds holders OF the new sevens will re-
ceive one months interest in cash, while
holders of the old sevens, bought under Ex-
change rules, will have to pay the city two
months interest.
If the old city sevens, therefore, are
selling for more than the new, it is through
some preference on the part OF buyers, and
net for any advantage in interest, that ad-
vantage being on the other side"
This was written for Us at our special re-
quest, but being properly reluctant to give
the information exclusively to one reporter,
the president furnished q copy of it to q
That which was intended
for us failed to reach us this morning, and
we now give it verbatim, the copy pub.
!ished by our contemporary slightly differ
ing from the original before US. Yester-
day evenings quotations put the old bonds
ut 81, sgainst 81 y 032h for the new.
The offerings of new State consols being
more moderate and the demand better, the