New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-01

Slaughterhouse has exalted its horns.
The bids of Tuesday of SIC so and SIG u
were followed yesterday by bona Jide sale
of fifty shares at ST. 25. If the bulls are
determined to put the stock up, there
seems to be no obstacle in their way, but
at the same time we fail to see any advan-
lage in raising the price Of Slaughter
house now. The stock is bound to go up,
for it is the only one left of the ''fancies'
| (among which We do not class Lottery,
in which there can be any. real chance for
speculation but what can be accomplished
by rise now, when the street is bare OF
money, it would puzzle one wiser than
Solomon to say. In justice to the
Slaughterhouse bulls, however, We quote
the stock as strong at SIT 25.
Popular faith, one Of the most ineom-
prehensible things under the sun, seems
to uphold Valley Levee. We would not
disturb the amicable creduiity which be-
| friends the certificates, while we mildly
suggest the fact that no chateau en- Espagne
was ever reared on so slight foundation
as the remnant of confidence in Levee
stock. 100 shares found a purchaser yes
terday at 50 Is, and IS brought So. Ship
Island has better show for the future,
but it is overlooked by the most sanguine
| and impecunious traders.
$500 Old Levee warrants sold at IS.
$500 city seven per cents changed own
ers on private terms.
A number of other transactions took
place, the terms of which are withheld
from the public, but the amount of bust
ness done upon the street, and not re-
ported, was not sufficient to seriously dis
turb the equilibrium of our very sedate
market
We take pleasure in stating that the
Louisiana Mutual Insurance Company
has followed the liberal example of sister
corporations in settling its claims against
the Firemen's Charitable Association, by
taking city seven per cent bonds from the
association at S2!, in liquidation. The
claim Of this insurance company was over
$4,000, and by accepting the bonds at the
rate at which they were taken by the asso-
citation it has showed good sense and a
generous appreciation OF the merits Of the
firemen's noble charity. Other insurance
companies have profered the same terms
Of ettlement, and between them and the
city administration. the usefulness Of the
charity seems i'll fair way Of proper re-
cognition.
There is 10 let up in the stringency Of
the money market. While it continues
it is useless for capitalists to invest in
bonds or mortgages. Good collaterals
and heavy interest can be obtained from
really sound concerns, and while that is
the case it is not worth while to assume
risks in handling 'tancies," or even
sound stocks.
Gold at New York ruled yesterday as
follows: At ten, 116B 4; at half past,
11e4; at noon, 1862 at three, III. In
New Orleans it opened at from Isl to
1859, and closed full point better.
The mandamus case relative to city
bonds came up yesterday in the Eighth
District Court An answer was filed by
the Bank of New Orleans and an inter-
vention by the city. Both parties dispute
the power to compel an exchange Of
bonds without their consent to the rate.
The city Of New Orleans claimed to be
the real party in interest; its intervention
was admitted, though objected to by
plaintiffs attorneys, and the case went
over to next Wednesday.
The bank and the city will probably
both take the same broad ground in
argument, using the words of Lord Mans
field: "Fdctatm sine cOnSensu npll,ml est;
and that a compulsory sale or exchange,
as prayed for, would be entirely too uni
lateral contract to be thought of for a
moment. The delay, and the probability
that both bank and city would be likely
to appeal if cast, will probably have the
effect to accelerate the negotiation for
exchange of bonds at previous rates.
The city holds that change of one OBJ
legation for another, bearing the same in
terest, is optional as to rates with itself ;
and the Legislature has simply fixed the
minimum that it will permit. Where no
market exists for cash sales, the increase
of the city debt by twenty-one per cent by
exchanging its form into bonds, it is con-
tended, is as much as can be asked of the
city.
| Private advices from China inform us
| that Colnnel p e Chen0Uath limited