New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-05-27
ON CARONDELET STREET.

Transactions yesterday were on th
most limited scale. Neither buyers no
sellers make any active exertions to re
lleve the market from stagnation. Their
is plenty Of talk, but it amounts to nothin!
practical. The sales of the day can b.
summed up in very few lines, and the,
indicate but few changes in market val
ues. We did not hear of a sale O
Slapghterhouse, but saw no signs of any
| alteration of views as to the merchandise
worth of the stock. Levee stock hold.
its own, and in fact has improved ovel
last quotations, if single sale can bt
taken as evidence upon the point. Twen
ty-fve shares were sold yesterday at Sill
Considering the present position OF
the bill upon which these shares
depend for future value to very great ex
tent, there is something curious in the
standing of this stock. Amid late fuctua.
tons it has stood firm, and now percepti
bly, gains, while other more pretentious
securities are on the wane. It IS we'll
backed here, in the first place, by men who
can afford to wait for results. The move
ments in support of the levee scheme at
Washington have conquered a strong DO
sition in its favor, and if Governor War
moth would sign the local bill in its be-
half, the stock wo1ld 60 up with rapidity
enough to satisfy the most sanguine
holders. But there are no indications
known to the street of any intention on
the part of his Excellency to affix his au-
tograph to the "solemn expression of
legislative will" and the "levee bill'' is
no law now, and may never be, the Civil
Code of Louisiana to the contrary notwith-
standing.
Ship Island Canal stock is fat enough.
One lot of $50 shares, and another of 1000.
were sacrificed at 81, and second parcel
Of 1000 went at 81 OBJ. At the board
81 o.! was bid; SO it is perhaps fair to
say that the stock has not gone down very
much during the last twenty-four hours;
but it is certain that some movement in
its favor must soon take place, or the
public will doubt if it has any value at all.
Petroleum seems to have gone out OF
sight as completely as though all the stock
had been sunk in the deepest hole bored
by the company. Popular feeling inclines
to doubt the perfect justice of the judicial
decision that gives all the benefit of the
important sulphur discoveries, made by
he Petroleum Company, to the Cacasieu
Incorporation; but it may be regarded as
/ difficult matter to overcome the legal
points made by that same decision.
We can report sales of other stocks as
ollows: 100 shares of Levee Steam Cotton
Press at $40, and so Navigation at IS. $40
yer share was refused for Lottery.
The Picayune in an elaborate editorial
pom banking in the South, commenting
nth good deal of justice upon the
aucity of circulation allowed to our Sec
ion under the present national banking
ystem, suggests as remedy for the evil
Of that our cotton planters
houid sell their cotton for nothing but
old, and that on the spot and that other
lanters should adopt the same course.
his, the Picayune thinks, would secure
Official and commercial independence.
4 this article We do not discuss politics;
ut is the proposition of the Picayune a
rong one in business point of view?
Greenbacks seem to have well ascer-
lined and tolerably we'll fixed value at
lis time. Gold at New Orleans is worth
lis season, week in and week out, from
IA to 81 u in legal tender or national
INK notes. The fluctuations in paper
lown by the price of gold, seem to have
city much ceased, and we are gradually
,proaching the time when the paper
,llar will always bring its face value in
in. Under these circumstances, the
eat drawback to trading on greenbacks-
e uncertainty of their value, as COM
red with standard money, being
is any class to gain !
: insisting on dealings upon gold basis. t
10 time has gone by when the change +
opposed would have produced any real c
form in the mode of doing business. To
augurate the Picoyune's plan now would, b
it were practicable, merely unsettle the '
arket for a time, and, if it succeeded,
i've US no better off than we were before, Il
er the furry Of the transition had sub d
led. But the scheme is not practicable g
ho could afford to begin, break the ice, 81
d in the face Of the trading community, Il
'ist upon gold prices? Esop s.
Is us that the rats and mice 6
CO met in consultation over measures Ii
protect themselves from the cat, and it
5 unanimously resolved that a bell a
ould be fastened to her tail to warn u
nm of her approach. The idea was IL
lliantly conceived, but difficulty soon o. o,
scented itself. Who should bell the ir
!? The undertaking was too dangerous, az
the plan was reluctantly abandoned. D D
W, what cotton factor here would bother v
III two sets of bank accounts, two sets j.
accounts with his country customers, N
d at the same time face. Carondelet tt
eet with the announcement that he in
uld sell cotton only for gold? How ~
g before he would discharge his book
spers and start for rustication over his