New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-10-05
ON CARONDELET STREET.

!
Business was better yesterday, and that
without any apparent cause. Indeed, so
tight was the money market, harder and
tighter than for good while, that one
naturally would have looked for q consid-
cradle falling off in trade, had it been
possible to have any large diminution of
so small traffic as that which has occu-
pied Carondelet street lately. Perhaps
the demand for money was what made
trade rather better, parties putting their
securities upon the market to raise funds
to meet pressing liabilities. However that
may be, more was done yesterday than for
many days past, with some. but not very
great, alteration of prices.
City securities have slightly weakened
under the prevailing stringency. $500
seven per cent Fiscal agency certificates,
miscellaneous dates, sold at sSI, and $1,000
of the same, August and September, went
at the same rates ; $500 and $4,000 of
these certificates, dated July and August,
able on the fifteenth instant, found pur-
chaser at 80. Quite early in the morning
$500 new seven per cent city bonds sold
at 49,. Later, so, 500 of the same were
disposed of at rs: $1,000 at TAI, and
$1,000 at 74l. Fifteen hundred old seven
per cent city bonds changed hands at 72aa.
al ~, II ~
at II.
The price of new State warrants was
quite unsettled yesterday. A round
amount was disposed Of at u; $3.50 in
small warrants brought %, and $1,000 sold
for 73I. At the Board 7ls was bid with
no offerings.
in Metropolitan Police warrants. We
quote small lot at 90; $40, $780, $500
and $4,000 at 9s1; $1,000 and $4,000 at
9Ss.
Very little was done in stocks We
notice sale Of so shares Bank Of New
Orleans at the reduced figure of S3S; -
shares of Lottery were reported sold at
SS5, but against this we know of a refusal
of that price by leading capitalist for
round lot Of 200 shares. Fifty shares Of
St Charles Street Railroad sold at sos, at
the Board $63 SO WAS bid for the stock.
Twenty-eight shares of Valley Navigation
brought 81 per share. Amid all these
depreciations it gives us sincere graifca-
ton to report Ship Island as standing
firm. We record sale Of 400 shares at
Is cents per share, and $50 at the ad-
vanced rate of 80 cents. Two thousand dol
lars United States hve-twenties of 1867
sold at 110l.
A meeting of the stockholders Of the
Union Bank of Louisiana has been called
for the eighth proximo, for the purpose of
deciding upon the project of converting
the corporation into national bank
Such a movement would undoubtedly be
of benefit to the stockholders and to
the community. While we are de-
prived of the benefits of our old
State banking laws, under which as
sound financial institutions prospered as
were ever organized, the advantages of
by the national banking system should
not be lightly disregarded.
Under the general State law number
of we'll known citizens of New Orleans
have organized a stock company for the
purpose Of developing the cultivation of
the ramie plant. The company has leased
a large plantation in st. Bernard parish,
where they have already broken ground
with "a view to planting on large scale.
Machinery has now been perfected, that
can be readily used upon the plantation
for properly preparing the fabric for the
market in a condition fit for spinning.
This product is regularly quoted in Liver
pool under the name of China grass"
bringing in that market about s7O per
ton. The fibre has been declared by the
United States Patent Office and by emf
nent French authorities as the strongest
known from which textile fabrics can be |
manufactured. Should the company sue
coed in their new enterprise (and we see |
no obstacle in their way) we shall soon
have new and probably immensely pro-
ftable Louisiana staple.
The capital stock of the company is |
100000, and may be increased to
$500, 600. The shares are 500 each. |
Two hundred shares are preferred stock.
This has all been taken. Such practical |
movements In behalf of the solid interests |
OF our State deserve general encourage
ment and support
At the Brokers Board last evening, the
following were the offers and bids: