New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-10-20
on CARONDELET STREET.

ON CARONDElET STREET.
> Large sales Of Levee stock took plac,
yesterday as follows: Before meridian 20,
shares were sold at 81 %, 300 at 81 i2la
In the afternoon 200, 400 and 800 shares a,
-, 100 and 100 at 81 l2la, 500 at s. 50. Al
extraordinary circumstance happened con
corning the transfer Of this las. lot The
purchaser, it is averred. was not able tc
have them transferred, because they were
part Of the 10000 shares issued by Mr.
Williams. president Of the directors-s5OO
Of which had been taken in. When this
news came upon the street, it had the im.
mediate effect OF creating a lack Of conf
dence III the paper. Hence 500 shares were
sold shortly after at g. and the stock
closed as far as could be ascertained q.
g % as 80. A mandamus is talked OF.
bringing the company into court on this
matter at the instance of the purchaser in
whose favor the transfer was refused.
1t may we'll be doubted if stock is nego-
table if not transferable and the burden
OF opinions upon the street was that such
policy of company going back" on its
own stock was suicidal, 80 tar az CONNER
cial and financial usages extend At any
rate. such proceeding is something new,
and for that reason is well entitled to atten-
ton. There are numerous names upon the
stock for sale, and ii such distinctions are
made it will not have the effect to condemn
any particular kind OF paper. but will make
the whole lad. Wild ru,uors soon tioated
abou: the street. and everything was once
more N a state Of uncertainty. Il is now
generally believed there are few Shorts
III Levee. and that any rise il tie stock is
owing to its merits whatever they NAV bel
alone. and not to any locking up OF shares
to put head on" tie unfortunate shorts
There are loud alticipatious OF another
panic. and indeed. BUYERS have greenbacks
in readiness to pay two dollars for the stuff
when it will go down to tina: figure. which
may or may not be seen. just as the reader
may think. ION his own hook
City certificates are floating slowly down.
AT the close Of the preceding week they
were reported at seveuty-three cents. de
cline of five cents on the rates during the
week before, while now seventy cents is
actually looked upon as good price toy
these securities. This amounts to great en-
barrassment among those who hold them,
and who, under the presen: circumstances,
lose thirty cents On every dollar made and
paid. Indeed. brokers' agents now hawk
them about the street, which fact NAV be
taken as good evidence of temporary de-
probation. against which the city is power
less to afford relief
State warrants are quoted lower. for the
reason that the momentum OF money con-
veys it in another direction. Such securities
are unquestionably the best investment for
spare funds. Their depreciation is but
The State is bound to protect
these obligations at all hazards. while with |
the paper of private corporation there
may be profit, but less security against a |
fatal tumble. The quotation for warrants
is located between forty-sevep and forty
eight cents, and their condition on the mar
ket is indolent. Nearly all transactions
are, however. on the spot.
Cotton is the only tributary stream in
the current Of general business in which
there is any real activity. Sales of the
leading staple have been large for the
previous five days. Notwithstanding the
small lots offering. the purchases are large,
md all are made on the same understand.
ng that starving soldier ate more than
lis share Of condemned rations, because in
l little while there would he no rations at
III. The cotton tor sale is soon gobbled at
he advanced prices, because the present
ates Will be considered cheap to those we
will have in the future. The short crop
lemon hobs up row and then like a Jack
n-the-box. Worms still figure largely in
conversation. Cotton is treated with a
hake Of the head and a sigh. and ..bettcr
ct it alone" tone Of voice.
One of the strangest among strange
hings is the lack Of confidence in whatso
yer opinion may prevail on cotton. The
ruth either way is looked upon as born to {
influence prices and as having no other end {
o gain but to change the rates. A new
cement is now entering into the felG, dis !
uting with cotton ravages the situation, l
AA~A sAAAs 49, 49, ~" "otCA l'AOu uCluy a reap
earance OF bars, and the price Of fre;shts
nd supplies which, when higher, always
,tiuence the moving Of cotton to greater
: less degree. Money has gone cut on its
'rand OF good deeds to bring hither the
APPLE, and between borrowers for cotton
imposes and lenders there is not near 60
ght fit. The shoe pinches here no longer.
eantime planters are exciting much
tention by their evident DISPOSE
IN to hold back the crop. As e
ual in such cases, producers 20 in a BODY
ID will all come to the same conclusion at
Q same time. Then, when thew all find
i they should send in their stock. andJ
goes down below what may be called a v
nimum rate, it will be too late to recover
I'm serious error. Wary producers are b
eady seeing the state of the case in the t.
lie light, and are realizing every day a. a or Or
cd price. Yesterday. transactions were Of
,nOuN cod in faynr If hux,or, <,,o.-.. A., |