New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-26
ON CARONDELET STREET.

Carondelet street has succumbed. 1t
has given up, for the present, all attempts
to do business. The brokers look as mel
ancholy as though preparing for an uni
versal funeral. During more favorable
seasons they find people out Of whom it
is by no means difficult to make money
enough for comfortable subsistence. The
advent Of warm weather sent their GUS
toners away from town, and for while
the bulls and bears tried to make an
honest livelihood by preying on each
other, but that agreeable occupation is
pretty thoroughly played out. The Kill
kenny cats style of fighting is all very
well for an occasional diversion, but as
steady line of business it don't pay. Ac-
cordingly, after vigorous effort to reap
fortunes by skinning each other, in the
absence of more profitable work, the fra
ternity of brokers have, apparently, con-
cluded to cultivate amity and the entente
cordial among each other, and to rest and
recuperate until fate throws in their way
sufficient number of confding capitalists
without the fear Of Valley Levee, Ship
Island and Slaughterhouse before their
eyes. Then the desert of Carondelet
street will again blossom as the rose, and
cheerfulness will find home in the breasts
of all our fnanciers.
Who can tell why Slaughterhouse stands
where it does? There is great lack OF
public confidence in the stock, just when
the company is making all the money daily
that its most enthusiastic promoters ever
hoped for it. The shares went to S35
when the company was doing nothing out
side of the courts. Now that the monop-
oily has full swing, the price is down SO
low that to merely mention it looks like
an attempt to bear the market. Some
few parties have been compelled to put
their certificates upon the street for
what they would bring; but though
there is very little money stirring out
side of gold operations, that fact can
not be regardedas complete explanation
of the very low rate ruling for the stock.
Perhaps there has been too persistent
effort to bull Slaughterhouse, which has
not been sustained. Perhaps the commu-
nifty is thoroughly afraid Of the United
States Supreme Court; but no matter
what that tribunal may conclude in the
matter, its decision is some distance of,
and, meanwhile, the company is picking
up the dollars from the butchers at
marvellous rate. For the time being the
stock ought to appreciate, but it don't,
and it doesn't seem likely to.
Ship Island remains in the slough of
despond. Valley Levee is about as badly
off. Lottery is in fine feather, but holders
generally design to remain holders and to
keep their shares as a permanent invest
ment, so that the stock seldom gets upon
the street.
Gold yesterday was rather quiet. 1t
opened in New York at ten o'clock at
1909, and was held here at the same hour
at from 1909 to 121. At half-past ten the
position of the Gotham and Crescent City
brokers concerning the precious metal
had not altered. By noon the price in
both cities improved an eighth, and at
three o'clock both markets decided that
gold was worth 121. For considerable
time there has been pretty wide margin
between New York and New Orleans rates
for gold, the price having been good
deal sitter in New York than here, but
the two markets have at last agreed on
the matter.
Certificates Of the floating debt issued
by the Bank of New Orleans, generally
maintain their standard rates the same
as before the pay-rolls were ordered on to
the list by the Eighth District Court
This is in consequence Of the certainty
felt of the ultimate and early extinguish-
ment of the whole debt and the present
realization Of seventy-ive to eighty-six
per cent of it. If the bonds maintain the
figure of the first negotiation for the ex-
change of them, the rate of pro rata will |
be as high as eighty-six. 1t is certain in
all events to be over seventy-fve, and |
nearly as certain to be over eighty. The
remainder unpaid will be retained by the
holders by keeping the certificate bearing
seven per cent, the amount of the debt |
discharged being written on each obliga-
ton.
This unpaid remainder will be debt
having peculiar claims upon the city au-
thorities and upon the Legislature of the
State which will, if necessary, issue addi-
tional bonds to make up the deficiency.
The fact that the city administration