New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-08-10
ON CAR0NDEIET STREET.

| TUESDAY upon CarOndelet street, was
almost an exact repetition of Monday
at that rendezvous of New Orleans finan-
cial enterprise, and we can hardly look
for anything better until we become some
what accustomed to the reception of war
news. A great many Of our leading bust
ness men and their employees are of Euro
pean birth OF extraction, and the conflict
waging in France attracts and absorbs
their almost undivided attention.
For the nonce, speculation, as to every
thing but the war, is given up, result
attained all the easier by reason Of the
ightness of the money market, and the
absence Of most Of our stock-dabbling
capitalists.
Slaughterhouse has improved slightly.
We have no sales to report, but SIT was
bid yesterday for the stock and S1Sasked.
The bears apparently have not made very
much by crowding the stock down, for
not much has been put upon the market
at the reduced rates. If their intention
was to buy in, they have not found great
opportunity to carry out their views. In
the manipulations of Slaughterhouse, it
has been curious thing to notice how
readily the bulls of yesterday became
bears to-day, and rice rersa. The late
bear movement was promoted by some Of
the warmest supporters Of the corpora
ton, and hence it is only natural to infer
that the object of the active depression
was a further accumulation of the stock
in the hands of it's friends at low figure
The Ship Island stood yesterday at the
old rate. 500 shares sold at COZ cents,
and 500 more at 62}.
The stockholders held meeting yester-
day afternoon, and under the influence of
the new management, took most impor-
tant step relative to the future prosperity
Of the corporation, and one that can not
fail to affect its fortunes favorably. 1t
was unanimously voted to reduce the cap
ital stock of the company to one million
dollars, and to open books Of subscription
for such new stock at par, and to receive
the one hundred thousand shares now
issued at the rate 81 so per share. The
meeting was very fully attended, and the
action entirely harmonious the feeling
prevailing that the company has at last
found the road to certain success. Par
ties were present who volunteered the
means requisite to complete this great en-
terprise.
The rate of reduction provided for in |
Ship Island stock is something very ur-
usual. Two hundred shares of the old
issue will pay for three shares of the new;
and vet this puts, as value upon the old |
stock, more than twice its ruling rate. In
for the new stock, each old
share represents 81 so, while on the street |
it is worth no more than 629 cents.
The old stock will 60 up under the in
fuence Of this action; for while its old |
value will be more than represented in the
new shares, the natural increase of popu-
lar confidence in the corporation, resulting
from its highly judicious and conservative
actien, will have its due weight. But it is |
m immense reduction of face value The |
100, 600 shares out, at the companys own
represent in the new million |
dollars Of stock, but $50, 900, at the face |
value of the latter
The Mayor can not be compelled to in |
lorse the Jefferson City contract upon the
$500, 900 of Ship Island bonds until No
Tember next The Supreme Court has
ssued an alternative mandamus, returna-
Die in November, instructing the Eighth
District Court to show cause why the city's
appeal should not be allowed This may
operate to retard the progress of the COM
'any's interest but the good sense of the
as manifested in their yes
erday's action, will more than counter
balance the impolitic course of the city in
attempting to evade the provisions Of a
positive contract
Fifty shares Of Sugar Shed sold yester-
lay at S2G. Two dollars were offered for
ALLEY Navigation. Sixteen hundred dol
ars in old State warrants brought soc
londay, and S223O of the same changed
ands at the same rate yesterday.
But little was done in gold during the
ay.
The New York World DemOcratic) |