New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-11-23
ON CARONDELET STREET.

the weather, yesterday was not much
more lively than its predecessor, so far as
Carondelet street was concerned. Every
| thing was at stand-stil, the street wait
ing-some for money to become easier;
some for orders. which, o. late, have not
to the Slaughterhouse case, and others
for anything that might turn up. In
few days we may anticipate more activity
and life to be infused into financial and
! stock operations. Money remains scarce.
but well informed dealers predict an
/ early relief from the present stringency.
houses Of late, but the effect Of the war
on this branch Of trade has not been so
disastrous as might have been expected.
The present price OF cotton Is low, con-
sidering the expenses which the planters
have incurred, and had there been even a
partial failure Of the crop, much distress
would have been entailed on the cotton
States; but many planters with whom we
have converssi confess that their success
in producing large crop this season will
save them from loss.
As to sugar the prospect now appears
to be much less favorable. There was
one freeze last week, which did much in
jury along the coast, and, on Monday
night, ice formed in this city. Such o
phenomenon il; very rare in this latitude
during the month of November, and the
sugar planters are generally unprepared
for it. OF course the freeze must have
been general throughout the State, and it
must have inflicted serious damage on the
standing cane.
Yesterday gold sold in this city at l12
, against III in New York. The higher
! price here was owing to the scarcity OF
cash gold. This scarcity may be, in q
measure, relieved tomorrow by the sale
| OF 100000 United States gold, an adver-
| tisement Q. which will be found in this
mornings RpUBILcAN. During the day
100 shares SlaughteIhouse sold at SIT, and,
at night, after the Board, - shares at
ST %; a. at SIT so, and s. q, SIT 50. At
! TIE same time one share Barbarir sold at
$500.
At the meeting .: the Directors o: the
! Union Bank. held Oh Monday evening,
the committee eppointei to report on the
condition and prospects o. the bank,
made the following report:
TO TIE shared ollers ci the U1ioa Fam:
Your committee beg leave Sreport IS fol
, lows:
An examination, OF the affairs 81 this bank
from the standpoint afforded by the state
ment furnished at the recent meeting. and
accompanying this report, we have arrived
at the following conclusions:
First-lt is idle 10 continue the present
system of banking with any hope Of I'M
provement either in relation 70 the profits OF
the shareholders, OF advantages 10 the pub
lie.
Secord-T-he condition OF tie institution
will at no future time present a more favor
able opportunity for etfeoting a change than
the present affords.
From the premises youy committee re-
commend the adoption the national bank
ing system.
An opportunity is nov offered III coniunc-
ton with the New Orleans National Bank,
an institution proposed to open for business
or the beginning Of the year with sub
scribed capital Of S3Oo,Or0.
4 conference with the president and di-
rectors of the New Orleans National Bank.
leads your committee directly 70 the con-
clusion that both parties being agreed,
their best interests will be subseryed IL the
adoption OF plan Of combination. The
ONLY question is. how to do il. the cmer-
gency is pressing. and the advantages are
commensurate with the time and labor in
volved in its contamination.
| Yonr committee in conference were
agreed as to the financial basis OF union, as
follows Your shareholders to receive q cash
dividend OF siV and one-Nuarter per cent.
So 80 per share-S31 800.
ITEMS IN BANK STATEMENT:
Real estate, $1,000; exchange in surplus
$3.50; notes, old, etc, SOC ,O0O-$ lul 900
to be held in reserve and transferred to
the new bank in full compensation for all
contingencies that may arise i'll the suits
now pending against the Union Bank. The
residue of capital and assets. $4,000. be
| converted into new shares OF 500 each, al
$35 on the par Of $40.
| This arrangement gives TO our interests
q full and fair consideration. and is pre-
Dictated on the correctness OF the statement
furnished by your board of directors. and
we believe, on examination, will be fully
justified.
This plan being approved, minor consid-
crations as to name and location are simply
questions Of experience, upon which we de
| sire to make no argument. ii the New Or
leans National Bank, with a charter already
in the process of completion, furnishes the
readicst mode of ettccting the coveted
| union, your committee are agreed in recon-
mending its adoption rs the most direct and
| available.
A variation rs to the capital OF the con
solidated bank may be discussed as the
work progresses, but with 10 disadv anita re
| to your interests
In conclusion, your committee feel that
the time has arrived when We can consist
emily ask the Jealous cooperation Of yo'Il
Board OF Directors, as q clearly ascertained
expressions of the wishes Of the sharehold-
ers has been manifested at this and previous
meetings: therefore, be it
| Rcsotre6, This report be transmitted to
the Board OF Directors. with the request it
be the basis OF action. immediate and
, prompt.
Resotced. The comTnittee be continued
with advisory functions, and full power to
| convene the shareholders for consultation
at such time. and for such purposes, as in
their judgment it may be expedient.
NJ NJ. SIMPSON.
PLACIDE FOXSTALL.
T. r. LAVILLEBEUNRE,
CARL K0HN,
WALTER PUGH,
Committee.
| TIL ,,,,,o,, y,-au odopta1 u;t|, tho CIV.