New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-12-03
ON CARONDELET STREET.

| 1neIe was more anlm1tlOn III CafOnde
let street yesterday than has been wit
messed for some time, caused by the neal
approach of the long expected Slaughter
house crisis. At comparatively early
hour, a number of brokers began to in
quire for Slaughterhouse stock. Wherever
they could find o person suspected to pos.
sess the desired article, they would take
him mysteriously aside and inform him
that it was remarkably good time to sell
that the stock had gone up little in con-
sequence of some ridiculous rumors set
afloat by the bulls, who were anxious to
get out, and that Is, or thereabouts, might
possibly be obtained. The search was not
very successful at that figure, holders not
seeing clearly why people should be so
willing to make bad investment. bat
some lots changed hands at 18s, 1871 and
49,, before the rise became fairly estab-
lished. One large house in Carondelet
street bought several hundred shares, pay
ing 25 for one lot of twenty-five. At the
Board, the bidding started at q, and
ran up to "a at the close. Several
lots were sold at 21, % and 22i. After
this, holders seemed to be unwilling to
part with any more. Inquiries were rife
in the street as to the cause of this sudden
advance, but no one seemed willing to
confess to any knowledge on the subject.
1t is undoubtedly true, however, that
dispatches were received from Wash
ington during the day, stating that the
case had gone in favor of the company;
but as yet We have no definite informa-
ton. Still later reports were circulated
that the court had decided, with only one
dissenting opinion-that of Judge Brad
ley-that the writ of error does not
operate as a superse,leaS, and that. conse-
quently the injunctions must stand. If
this statement is we'll founded, We look
for Still further rise in the stocks.
The Calcasieu bears, after beating the
stock down to IS, seem to have left the
field for the moment. Their movement
appears to have been successful, for the
stock was offered and sold yesterday as
low as IS. Five shares even changed
hands at 81. The assessment levied will,
when paid, bring the price to S12 or S13,
which is two points below the point from
which it started on its downward career
The news from France did not cause
much excitement in Carondelet street, for
the simple reason that it was not believed.
There is pretty general sympathy with
France. but very little disposition to
credit dispatches announcing French vic
tories. The statement that General Du-
crot had succeeded in breaking the Prus-
sian lines was disbelieved, and it was
urged in opposition that nothing is heard |
of Communications having been opened !
with the outer country. Without this no |
movement for the relief of Paris can be
permanently effective.
The Chicago Tribune gives the follow
ing interesting statement of the situation
of the Great Western Telegraph Company:
has never paid a dividend, and as to the
the prospect that it ever will, and also as
to its general character and standing as a
business enterprise, we can only state the
following facts: The capital stock of the
company is $3,0OO,000, in 10000 shares of
$25 each. The company" have now two
lines in operatiOn-One from this city to
Milwaukee, and one from here to Omaha
we believe they propose to construct other
RI nj |
they can get the stock taken. OF the $780,
900 shares constituting the whole of the
stock, III 1897 shares were subscribed by one
Selah Reeve, and by him conveyed to
Josiah Snow, in t1ust for tho company" to
sell the same and pay the avails back to
Reeve in fulfllment of a contract made by
the company with Reeve. to construct
1000 miles of the company's" line.
In accordance with this, the stock is being
sold by the company throughout the
country. One of the bylaws of the ''com-
pany" provides that no certificates of stock
shall he issued until forty per cent of the
whole shall have been paid in, and as it is
left entirely optional with the company"
as to when and how much the assessments
under forty per cent-on the stock may be.
it seems probable that those who subscribe
for stock on these conditions are likely to
wait some time before they have any voice
IN the election of directors, or the manage
nent of the company" This is the con-
lition of the stock and property of the
company The names OF twenty-five Of
he most respectable business gentlemen of
his city are published as directors. and
hough these have been formally elected by
he company" it is alleged that none of
hem have been qualified as directors and
hat they know nothing of its business
Recently, suit has been brought by some
PERSONS in this city who have subscribed for
took. They file a bill alleging fraud in a {
Ontract made by the company" with Selah
reeve. in which it is agreed to pay him at
he rate of $500 per mile for line of poles
furnished with one wire, and an additional
100 per mile for each additional wire, viz:
400 per mile when the poles are furnished
1ith two wires, $500 per mile when fur <
ished with three wires, and $500 per mile c
,hen furnished with foar wires. 1t is al a
eyed that line Of poles with one wire can :
e erected for from $l25 to $3.50 per mile. .
his last allegation is sustained by the testi-
lOny of at least half dozen telegraph
alton. If then the company" should pay
eeve at the rate of $500 per mile, it would
ave a net profit Of $4,000. and when
e had furnished the full complement
four wires, making the total cost to .
le company 5000 per mile, the net profit 8
n his contract would be about seven hun
red thousand dollars. The forty per cent
money which the stockholders are to pay T
before any certificates Of stock are to be
sued to them, would amount to 81, 200, 900.
his corresponds to the amount Of the con-
ructiOn contract to Reeve at $500 Der
lie, which amounts to just 81 ,2OO, 900. The | T
instruction contract and the payments on | u
10 stock are arranged so that the money
i'd in shall be paid out to Reeve before the