New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-27
ON CARONDELET STREET.

up throughout the city, our Carondelet
street friends didn't show yesterday the
least evidence of animation. There were
few transactions, it is true, but there
was nowhere any token that our little
| financial world had come to knowledge
OF the fact that the time had arrived when
trade ought to be on its active legs, and on
the Qdt ciCe for all sorts of contingencies
The busy season comes on very slowly,
and if anything should occur to force it
upon us with anything like suddenness,
1t would startle the street out of all pro-
priety. There is nowhere any evidence
that Carondelet street would be up to the
management of any reasonably good
scheme of bulEng or bearing without a
long notice. The sales made now
may be regarded as purely legiti-
mate, and as fairly indicative of
the present values Of stock. It is too bad
that this state of things should exist If
business should continue in its present
state, though increased in volume hun
bred fold, there would be no great diff
Guilty to prevent an outsider from learning
the real market price of any stock that is
put up for sale. The brokers have only
one adequate remedy. Let them shut
their mouths and the doors of their board
to all press reporters. With these pre-
cautions taken, they could easily manage
prices SO as to render every transaction
eminently profitable.
The municipal authorities, finding that
they had collected more of the consoli-
dated loan tax than vas requisite to pay
the maturing coupons on that class of the
consolidated city debt, recently offered to
buy $4,000 of the consolidated bonds
with the surplus. The following offers
have been made:
A. Casard, $4,000 at 1924, fat: F. C.
Brottman $4,000 at 7423, fiat; c. Morineau,
$4,000 at Il 94-l00, fiat; Moore, Janney &
Hyams, $4,000 at 1914, fiat; c. E. Alter,
10000 at 80, fiat.
The total of offerings, it will be seen,
amounts to $4,000. The three bids
first NAMED above amount to $50, 900, and
the rate the city must pay to redeem the
amount Of bonds proposed to be Cancelled,
is very easily reckoned. S25, 000 new city
seven per cent bonds were sold yesterday
at private terms $1,000 of the same
brought 80; $4,000 changed hands at "a,
and SS5Oofound purchaser at 74l. These
figures disclose a considerable advance
upon recent rates, and clearly indicate a
growing confidence in the present admin
istration Of city finances. $4,000 city ten
per cents, ex-interest, sold at par. $500
Metropolitan warrants went at 954. and
$1,000 at s6l. $3.50 seven per cent fiscal
agency certificates, dates averaging Au-
gust /, br,ught S63.
$685. new State warran is sold at ISL,
and s1000a and s2500 at 753.
Ills shres (old stock Ship Island
brought 30 cents. The same lot was re-
sold at 1921 cents. What under the sun is
it that keeps this stock active? 1t can
not be the good intentions of the authors
and present promoters Of the scheme. A
certain phce We have all heard of was
said, by renowned theologian, to be
paved with good intentions The COM
pany has offered to take the old stock in
subscription for the new-S10, 0C0, 900 old
stock for $500 new stock; but where |
is the evidence that the new stock will |
have any sound value We pause for q
reply. Possibly the Ship Island Canal |
may be built some day, but where are we
to look for any evidence going to show
that sucha contamination is likely to be |
reached? It may be that the present
purchases of Ship Island are in pos
session OF exclusive information, proving
beyond doubt that the canal is to
be dug. the Jefferson bonds indorsed |
by the New Orleans city government,
and the drainage fund and machines
handed over to the company; but !
the publir is in the dark upon these |
little matters, and until pretty strong
light is vouchsafed, and that light
discloses sound bottom for the com
pany's operations, We expect to see
reasonable men refuse the stock at any |
price.
We heard yesterday of sale of five
shares of new Barbarin Gas at par. This
is somewhat above recent quotations: but
the stock is growing in favor.
The following list shows what the
Brokers Board did last evening: