New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-08
ON CARONDELET STREET,


ON CAR0NDELET STREET.
Some of the coffee-houses on Caron-
delet street and elsewhere are paying
out small sums In specie for change. The
idea is a good one, as it attracts custom
and gratifes the natural curiosity of g
good many persons who want to expert
ence the sensations caused by the jingllng
of few dimes in their pockets, but it by
no means proves that a specie basis has
yet been reached. Nevertheless, gold and
silver are no longer the precious articles
that they were short time ago, and it is
by no means certain that they will not
soon come out OF their hiding places and
come into circulation again. People who
have been boarding up small sums OF
coin with view Of having something to
fall back on, in case the currency should
go to smash, are beginning to regret that
they did not sell when they could get a
fair price. Greenbacks, which not long
ago were spoken of with something of
contumely and contempt, have risen
greatly in the estimation of their de-
tractors, and are now regarded with
great respect. The gold brokers,
who made a living by
buying and selling gold from day to day,
are becoming mournful over the turn
that affairs have taken, and are casting
about for some other source Of brokerage.
With gold at 1l2 the premium is not
large enough, and The fluctuations are not
sufficiently great to make traffic in it either
safe and profitable, and Of course,
as the premium diminishes, the
trade will measureably cease. The
large houses, however, declare that
their business will not be injured, even if
gold should fall to par with greenbacks,
but that on the contrary, they will be
benefited by the change. At present there
is nothing TO indicate speedy reaction
in the market. The cotton receipts and
exports are Unexpectedly and enormously
large, in proportion to the anticipa-
tons Of the earlier part of the season, and
the influence of this excessive export will
probably, be felt until the opening of sum-
mer. 1t is true that our imports are I'D.
wise large; but these are met
by en- unusual demand for govern
ment securities, 90 that our
gold imports actually continue to be in
excess Of our gold exports. Were it other
wise, the expectation Of gold would
probably recommence, and TINS the pre-
MUM might be sustained but the en-
hancement of the national credit and the
advance of government securities in Eu-
rope obviates this effect. We, therefore,
see nothing in the existing situation to
warrant belief in the imminence of
reaction, and hence the country, especially
business men, should prepare for the inev-
table and general reduction of prices,
which is sure to come, sooner or later, from
the fall in gold.
Ship Island stock yesterday received
severe and staggering blow. On motion
of Mr. Braughn, the various drainage
bills were referred to a committee COM
posed of the Senators from Jefferson and
New Orleans, and this committee is under
stood to be hostile to the Ship Island pro-
ject. On the strength of this action tie
stock fell to 100, and was scarcely saleable
at that price.
There was slight improvement in
Slaughter House yesterday. The bear
which was conducted with
great vigor and apparent success last
week, has probably come to an end, and
it appears that the "shorts" are trying to
cover. Whether they will succeed in re-
placing the stock which they put out SO
remains to be seen.
Pneumatic is looking up again, sales
having been made yesterday at $40 per
share. 1t is suggested that at the next
trial sails be rugged on the car in order
that advantage may be taken of any favor
ing breeze, when the air tanks decline to
work properly. To see street car sail
ing majestically down Thoupitoulas street,
under full press of canvas, would be q
lovely spectacle to the shareholders.
Petroleum stock does not seem to be in
much regard lately. The Vaccinations of
he Calcasieu sulphur bed, do not appear
70 attract purchasers so strongly as when
t was presumed that the Legislature
would generously grant the aid of the
State for the development of that mine of
:econdite wealth. The bill providing for
IN appropriation for that purpose still
:eposes quietly at the foot of the calendar
n the House, and the prospects of its final
passage do not seem very brilliant.
The following were the transactions at
he board last night:
crescent City Slaughterhouse. % 10
.hiD Island canal Company. l30 100
Jackson Railroad. minimum. 5i4
New Orleans City Rairoad.... 1852
crescent City Bank. ............. 1a 27I
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