New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-08-06
ON CARONDELET STREET.,

The slight movement in such stocks and
paper representatives of cash, yesterday,
is unaccountable, dilligent inquiry failing
to unearth the hidden secret which pro-
duced the commotion, stimulated prices,
cast up levee stock, and gave to everything
much better tone. For one who, with
out special interest desires to see things
look encouraging, there was abundant
satisfaction to find inquiries travel over a
wide field, and transactions, though few,
all to be consummated on basis improv-
ing from the previous few days of the
week.
| In cotton there was little talk at the
Exchange or on the street that did not
recapitulate all the evidence of unfavora-
BILE prospects of the new, and add to it
such testimony as was received either
from new arrival or the coming of a
commercial letter. Prices were stiff.
| Sellers made no use of the "soft persua-
sive eye usual when hard to sell, but
held themselves on their dignity Many
sales were, however, made on the same
terms mainly, and where there was a
difference the same was more in favor of
| the sellers.
The late arrivals of flour have somewhat
altered the condition of things in favor of
buyers. A full supply of all grades is re-
ported and the demand for the higher
qualities, which for some weeks has been
brisk, has either fallen off, or else has SUBJ
| sided, only waiting more favorable op-
portunity for investment. The sales made
do not show that superior kinds are more
sought latter than the inferior and amount
ed to two thousand dollars or more.
The late decision of the Commissioner
of Internal Revenue as applied to bank
ers' capital was topic on the street. By
| this opinion, the law should not be con-
strued to impose a tax on borrowed
capital which may be used by bankers.
The assessors are, therefore, instructed to
assess the tax hereafter upon the basis
of the capital owned by bankers and en-
ployed by them in banking business,
| subject to exemptions accorded in the
statute" This was talked of as tending
to modify the existing custom of the in
ternal revenue officers.
In Levee stock sale of five hundred
Shares at eleven is reported as made on
Friday evening, and one of the same
number of shares at twelve was COM
pleted yesterday. Another broker sold
one hundred at twelve dollars, one hun
dred at twelve and an eighth, double the
last number at twelve and quarter-in
all four hundred shares-showing that the
stock is improving, and hopes are freely
uttered that the stock will 'touch fifteen
before three days, as what are known as
outsiders are seeming to take an inter-
est in it, three of these sales being made
to this class.
There is no demand for accommoda-
ton made upon the street that is not
readily met where the collaterals are IN
questionable and the mortgage first inn
proved. Money can thus be had, and is
loaned every day at from eight to ten per
cent-the per cent growing larger in pro-
portion as the time grows longer or the
proportion loaned increases beyond the
customary half value.
The rate of gold in the chief city being
twelve and a quarter, it was quoted here
at an advance of from one-eighth to one
half, the sales being confined to a price
within this limit.
Domestic exchange is without move
ment, the rate on New York standing at
three-eighths.
Leases still continue to be made, and
where the price has been increased is
owing to some change for the better in
the property, that is, the rate is regulated
by the demand. The late movement of
business out to Baronne street has pro-
duced rise there, between Common and
Perdido, a building having been rented
lately for $4,000 year as an additional
carriage depot. But such are exceptions,
the prevalent disposition being to stick to
old rates, modified, as such general dis
positions are, by whims and caprices, for
which tenants are willing to pay.