New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-03
ON CARONDElET STREET.

ON CARONDEl.ET STREET.
One OF those quiet revolutions, which de-
stroy the value of stock previously held al
an lnestlmaole price. took place yesterday
and Ammonia Propelling Company at frs,
drlfted about unmanageable, and then set
tied down from the heights of 40 to the
depths Of 10. Now the stockholders were
told. when the stock began to show signs OF
thinness, that thirty shares were pushed
on the market, you see, to realize cash i'm.
mediately to redeem a pledge" But this
theory was soon exploded, for affrighted
bolders soon came on the street, asking
what will you give'" The stock, within
three days, ending yesterday, sold for $40,
$50. $40, SIG, sl5 and $40. So rapid de-
cline without any rally, SO perpendicular q
descent without going back, produced a
doubtful expression whenever the fall was
attributed to any ordinary event. Shortly
deep intimations and mysterious whispers
about the Ammonia patent being an in
fringement of some tar M ore ancient pat
of fact. and if the stock has not ere this
joined the ''innumerable caravan" to which
host Of shares of other dead and gone
institutions belong, it will not be from
lack Of wind to blow it that way. How
ridiculous appear the hopes, the predic-
tions. the wagers made few days ago in
favor of this stock in the present light.
Every share would be worth $500 was
openly said, but in answer to pertinent
questions as to how much money was paid
in, there were not even then any answers
The body of this article is made up of views
collected assiduously from all dealers on
the street, who generally agree that 1.-The
bottoms fallen out" and the orders for
certificates of stock, when issued, 60 kiting.
Shares were sold yesterday at SIG, and to-
ward the close of the day 500 shares were
sold at $40. the buyer Offering 400 soon after
for sale at sll-no takers. At the Board of
Brokers of last evening only 50 was the
bid, which was not, however, accepted.
But men are not wanting who pronounce
the whole plan 'bear,' and who stake
money with great willingness on this. Now
there were no shorts to this stock whose
covering would start this bear. So this
theory is doubtful. But all opinions are
given from which the reader NAV select
whichever pleases him the best.
Levee stock closed at 50 to 50 2ethe
for mer being bid, the latter asked at the
board. We hear no news. There is fou n
dation for the rumor that negotiations
were pending for a raise Of money, and for
a change in management of the directory,
but developments have not been sufficient
to authorize any announcement
However tight or easy the money market
may be, there is no money for stocks. A
general lack of confidence prevails. There
are no buyers. Selling is now 1.-The upper |
dog, and the business of the street seems
we'll nigh "played out" But for the going
down OF Ammonia, yesterday would simply
have added its record to the history of
dullness that hangs like shadow over all
A sale OF ten per cent bonds was made
yesterday below the market rate, no one
beng able to get the bonds below "a.
though the sale was reported at s21a.
There is no special feeling in city securities.
lnless city certificates Of appropriation
nay be excepted. These will command a
respectable figure until city employees are
'aid of, when they may be expected to 90
lOwn
State warrants are looking up, and sale
t 80 was made for large-a better rate.
ike many Of the chutes of the street. this
, simply inexplicable.
AS if in sympathy with cotton. which
addenly became dull yesterday, 70 reign ex-
hange grew very heavy, after having
layed an exciting part in financial opera
ions within the previous ten davs. It
ttracted no undue attention. and was al
lost deserted. In domestic exchange there
no change.
The quiet OF the cotton market Yesterday
as hard to decipher. The cause of these
hanges may not be visible, but it is there,
nd whether attributable to intimations
'om Liverpool, scarcity of supply, a
earth OF orders to be filled, or the indiffer-
Mt attitude OF buyers, certain it is that the
'arket changed from being in favor of
'ctors on Wednesday to favor of buyers
Sales fell off nearly one half.
ill, prices show more disposition to stick
st than to rise or fall, and they may 90
Their way.
An ex-colonel Of a French regiment of 4
l II