New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-24
ON CARONpELET srREEr.

The business of CarOndelet street r,
mains dull. Few orders come tc buy stool
the class Of men who usually give the1
having better use for money. In the lat
'slide,' as it may be called, all stocks, tina
of banks the most valuable, OF insuranc
companies, chartered and dividend-payin
| corporations, mechanical corporations, 0
those institutions having for their obiec
the application of machinery-all have gon
down. Nor will we except railroad stocks
whether tramways or other routes. Ii
several of these stocks they sold on dc
cline flush on the payment Of an expected
| dividend. In this one sees the evidence 0
driblets in October, when obligations 0
every hue were thrust upon the marke
with directions to sell almost at any price
but with strict injunctiOns to sell. Ava,
went the money into the countrywide tn,
tills Of piney woods storekeepers, whose
signs are nailed on to tree; into tn.
pockets Of cotton travellers, who wander
about promiscuOus to spy out ''the leading
staple" in the field, in the gin house, o.
under the triangular arrangement styled q
three months never ceases.
Cotton men in the city have put thcil
surplus cash into stocks with glorio GUS ideas
of profit, and had taken it cut with the re
solve that they woHld "never do so any
more" They had put 1t in State bonds
levee bonds, penitentiaSy SKIES and sevens
and in almost every other kind. They took
it all out, or tried very hard, and supplied
the country with the object of moving cot
ton. At varying intervals this sort OF
thing" has been going on for three months.
Men with money to lend rise to the dignity
of nabobs. Instead of twiddling their
thumbs they stick them in the arm holes OF
their vests, and accustom their mouths to
money that has gone for cotton has fetched
it, Taking the form Of receipts it is sold
for cash, but the money SO supplied goes
back into the country again, to penetrate
swamps. through bride paths more de-
vious. to navigate prairles in pair of sad
die bags. and - moving the cotton that is
advancing on it, to take the same old route
again. This is the business and the only
kind which is transacted. Pledges are for
gotten, and, as a consequence, must be
slaughtered.
The blood of the victims is scented from
afar, and forthwith more sheep are brought
to the shambles, ana the stock SO pledged
goes down. down. down. until it touches
bottom. Where such has been the history
of one it is the record of nearly all; and We
point to the brokers tables as proof Of the
decline in all representatives Of money
during the three months to which we allude
Currency is scarce. 1t has gone to make
change" in the country. Gold or silver is
wanting: it is out in Texas. Such is the pc
Rod in which we now are at full stop on
the street in all transactions among the
..tlimsies
We design, in these few remarks, to bring
in review and array the principal causes of
decline. We have no alusion to couple
with this descent that has been owing to
the inaction Of the companies themselves.
Where there has been no cause in the com
panies themselves. the stocks have descend
ed nevertheless The rate of descent is ac-
CELEBRATED by the character Of the obligation:
fancies do down hundred. two hundred per
cent, or 90 out of sight, even with a telescope.
While the merchants have been so bothered
for want Of money. expenses are cut off and
reduced, employees subsist on plenty OF
work and scant salaries. The wolf at the
door must be appeased. and 4le pawn
broker receives all surplus trinkets. As a
consequence. these cthces have done more
business than for long time. and late cata-
logues of sales is another evidence TO show
So how the money goes"
Bat the reaction has already set in. and
the money is coming back rs it went-by
driblets-which will soon swell 70 a steady
stream and then drain until the country
will be swept clean. 1t is TRANSMITTED into
supplies. 1t takes the shape of dry goods
and importations, not to mention the vast
piles that are melted down into liqnor
and smoked away in cigars
IL Is UeIlcNtA tual We are HeaI tNe emu VI
the dull season in stocks. Money is the
soul Of speculation. and it will not he long
before orders from considers" will require
to be filled with purchasers. The eagles are
their beaks; the feast is near at
hand The HOLIDAYS over, money will be
found without scarcity, if not in plenty, and
the stocks will once more join in the dance
where now they are simply walltlowers.