New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-30
ON CARONDELET STREET.

Gold closed yesterday at about twelve
and halt, sale of twenty-five hundred
dollars having been made at different
rates, the highest being an eighth in adj
vance of this quotation, the New York
price being twelve and an eighth. A bet
ter inquiry seems to reign for city and
State securities, which are both quoted
at slight advance. Sterling is still
steady and seems fixed as adamant, i'm
mutable as stone"
There is too little animation on the
street to expect that it shall continue.
The turn in affairs can not be far off,
Speaking of turns" the downward
movement of Levee stock was freely COM
mented upon. In the morning hours it was
sold for twelve and an eighth, two hun
dred shares going off at this rate. Then it
fell to twelve, and ran rapidly down to
eleven and three-quarters, half, quarter
and eighth, stopping only at eleven, at
which rate many seemed at three o'clock
willing to sell. The rumor that two of
the parties who should be most interested
in holding the stock had authorized their
agents to sell out, probably contributed
to this feeling, which, however was not
extensively shared. On the other hand,
the fall shows the traces of bear ele-
ment, which began to work on Friday,
and as Saturday is usually unfavorable
for high figures, an excellent opportunity
was afforded for speculation. We report
all the different sayings upon this sub
ject, letting the reader select his own con-
clusion,
AS General West is soon expected, the
real nature of the contract upon which
the fate of levee stock seems to hinge,
will become apparent.
The unfavorable advices from Liverpool
brought to a standstill the slight move
ment in cotton the week had afforded:
buyers offered rates which no factor,
although anxious to sell, would receive.
and so neither the bull or bear element
accomplished anything to be relied on as
basis for quotations.
The supply of the high grades of flour
is not full up" to the demand, which
neglects the lower grades entirely.
If the business is slight, it is from no
lack of interest on the street. Let a
change be reported in stocks or bonds,
and back come the interested parties from
suburban and from cool retreats s'to see
about this" showing how carefully the
papers are read and contents noted"
1t seems strange that the stock of COM
panies whose franchises are what might
be called kingly, should be worth so little;
that city bonds, bearing seven-thirty, as
well as city tens should both be valued
below par. Can any instance be men
toned where paper of any institution
that bears ten per cent is below a par
valuation?
There have been no great sensations
during the week. The purchase of gold
is quietly made at the same rates every
day, and almost the same amounts
are bought. Domestic sight still rules
at three-eighths, and has made no
change for some time. Sterling is as its
name indicates, interchangeable" In
nothing are there opportunities for specu-
lation. The slightest attempt at an inha-
ton by holder anxious to unload, and
all his efforts fall dead, or like the frog
who tried his best to- swell as large as the
OK whom he envied-the word 'sbusted"
is written over his remains. There are
great number of dealers who sneer upon
the idea that there is any money in the
operations of the street. The stocks and