The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-17

ss,se35'o SeSs So 800 $40 SIs AZ So $50 sol
with the Spanish West Indies and Brazis there
parently what is called uniavorable trade, because
balance il to b. paid in money or bills against pro-
dnce sold in Europe Now argument is that because
the Brazils do not buy worth of produce of
u.s. that we We will sell her 81 900 600 worth What
difference does il make if the cotton and flour is sold d.
recty in the Brazls and coffee received in ment OF
that they sold in Europe and coffee purchased with
the process Is wise policy because the Brazhans
sell their coffee to the United States and take bills drawn
against -four sold France England to lay heavy
tax upon the of coffee in the United states
such tax would be penalty inflicted upon the farmers,
for finding market in Europe instead oil South America
The only result the sugar tax is that the farmers get
less sugar for the same quantity of -four under it. The
planters of the south, already suffering immense
ly from the immediate operation Of the tariff
which is to cheok imports until the trade
shall have forced into its channels the north
ern border. There is loss on bills drawn at New
Orleans equal cent per ID cotton, which the
whole export from that city, would involve loss of
s2OOOo0O This arises absolutely from the same cause
which the splendid packet ships of New York to
come home empty. The prohibtive tariff keeps out mer
chandize the packets loose their eghts the importers
having nothing to remit, have demand for bills and
the surplus depresses the price the loss
The fall in bills will produce import of specie and
already doing 50 to some extent but heavy loss falls
lille, upon the producers, who are
compelled to pay higher prices for all that they purchase
All this violent arrangement serious loss and ssgnation
trade is brought about by the absurd vagares of egsa
tors. f rff
Correspondence OF the Herald.l
New ORLEANS, October 8, 1912.
Opening Of The Cotton Markell Banks = Erchange-
Wrecks.
Since my last, three days ago, Cotton market has
remained In very languid the transactions have
been exceeding small and at still declining prices
The stock increasing day by fresh arrivals from
counts of the sh ult. by the British Queen" at New
York but they have not affected markets in the least
Flour has been quite dull Cotton the demand
had last week for export having ceased The receipts
lave been light for few days past and the price remains
sag. In articles produce scarcely any thing
has been DONE What has ed Off has been forwarded
to the eastern markets. account of the in the
country Nothing arrest the decline of produce
not be executed on letters OF credit andwil
buy our produce. Exchange finds few buyers, at
count to per cent premium New York, 60 days, to
per cent discount and sight per cent to per cent dis
The the Mechanics 'and Traders Bank are now
at discount OF only half cent being ed
deposite from the customers of the bank specie This
bank intends to resume payment every thing in few
days In the notes OF the other banks there but little
change.
The president cashier eleven of the last directors
OF the Achaalaya Bank have been sued in sodo by the
commissioners, for alleged deficiency of $s6 2e5
teller in April last. The commssiouers aere in thes pe
ttion that the president and directors violated the
charter and bylaws in many instances, and that the
has been guilty of remssness in the discharge of
his duties But instance of this kind has occurred be-
fore in louisiana and that in the of the old Plan
tiers Bank, which blew up think in 1918 1870 and
years AFTER stockholders brought suit against the
directors for decentralization Of their affairs and after
proracted suit OF eight years. recovered Judge
ment against of hem who paid large sums
ofthein, think much as $4,000. The commissioners
oil tho Atchafaays have recently filed in court an ac
count OF their doings, praying the might be
hrmed but many Of the stockholders including Of
the directors who sued have filed their objection to it,
decla ing the commissioners have not performed their du
ties in proper manner, and have made payments they
should not have made. They all appear to be making
business for lawyers and inclined think that is all
they will do All the gentlemen sued, far above the
suspicion OF wrong do not the bank single dollar
and lost suppose all the stock they have owned in
The weather is very fine, we hear nothing Of yellow
levers the sugar cane ripenng fast and planters
have commenced grinding, and from present appearan
ces they will receive this price fol- their sugar.
which will remunerate them for their labor and capital
sample OF new sugar brought in yesterday, which
looked very well. We have late from Texas
Mexico Wehave just heard the wreck of the
Merchant on her voyage hence to Galveston attended
with some very distressing crcumstancesan account Of
which, however you will see in papers this morning
aa LOUISIANA.