Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-15

u0,59S
exported to-day ........-----...-- Dos .u.
exported previous : ---".--.----''- 4V9'''- 4t1'u'
stock on hand At s.4S2
TRADE.
Business GUrir g the week has been &C.
tive, except possibly on Friday, when
the weather was 20 cold that very few,
not compelled TO DO so, ventured out of
doors. TIE app1ehensions caused by the
sudden change Ct weather lest the rivers
shove should close suddenly, operated
very seDsibly on the prices Of nearly all
articles, and meats especially took a
upward bound. The stocks IN hand are
very light for the season, and the de-
mand is quite moderate. Fresh dressed
pork is offered IN large quantities, and
the demand is active. Mess pork is duh
and prices are hard to realize, though
equally as low is IL any OF the upper
markets.
The Dry Goods market is firm, and the
demand IS becoming some better IS the
holidays approach. We do not look for
a decline in prices this seasOn-on the
contrary we thinE hat all cotton goods
will advance materially. Manufsc.u-
rers claim that they are losing money
with the raw material at its present
value. II this is the fact cheaper goods
may not be Looked for, as there is nc
probability tina; they will be able TO buy
raw cotton ri any material reduction on
the rates now prevailing. We are now
al the end of t1e picking season, and 20
far ell the Influences brought TO bear in
order to force the market down have
failed. Wooden goods are 6rm and in
demand.
Boots and shoes are firm and stocks
ample. 1t is expected that the demsnd
for the next week or two viii be for finer
work, but so FAR there has been no falling
of in the call for heavy ~seasonsble goods.
A late Shoe and Leather Reporter, in
speaking of the New York market, says
shipments Of goods continue somewhat
than is usual IN the month Of De-
cember in past years the same month
shows very light c~leRTsnces, averaging
for the last eiglt years about five thou
sand cases per week through December
aud January. The total shipments of
boots from snc through Boston to points
New .Eoglsnd for the past year
will foot up over Il million of cases, be-
ing about ninety thousand more tnan
any previous year since 1858. Some few
have bten placed for spring work,
but no general movement has been made
as yet among manufacturers to resume
active operations, but preparatory move
,r,-as - nNffo10kNa ana,n- TaFf.rs
snd dealers in machinery and
materials. TIE jobbing trade is fairly
with prices steady and firm.
goods are now 10 have their sea-
sop, and for the last two weeks they have
been in brisk demand this is not favor
able to the retail trad 10 boots and shoes,
Is rubbers taking the place of a new boot
essentially diminish the receipts Of cash
among retailers.
The troubles now existing in AtkRnsas
have had al effect on the business of
houses trading with that section. The
leaving to-day. will not take
for Augusta, and several mer-
of THAI place now in q city will
not buy until the state Of affairs in that
Of tie State are changed for the
Par iculsrs OF the outrsges per-
petrated by the scoundrel Uphsm and
bis gang will be found in our local col
Imns.
An important suit was tried recently
q the Kentucky Court Of Appeals,
which possesses some local Interest. The
question before the court was whether
Inc delivery of bills of lading as a pledge
to secure Payment Of 2 debt was a suf
dcient transfer Of the property to create
3 lieu for the debt: /
Petit q Co. VS. First National Bank OF Mem
ph,s. From the LOUSY lie Chancery Court.
opinion delivered ~ Judge HaIdlo, Deem
Der ~, ISIS.
A check drawn by Clark, Biglow &
Co. on the First National Bank of Mem
phis, payl be 20 Petit & Co, hav-
Ing been protested for Don-psy-
ment, Petit d Co. brought this
suit IN the Louisville Chencery Court
and attached the fOrty-siX bales Of cotton
st the Nashville depot, which had been
BY Clark, Bgiow & Co. to
Thayer, Bingham & Co., Of Boston.
Ths First National Bank Of Memphis
was, on its petition, made a party, and
tie cotton, or a lieu thereon,
paramount 20 that acquired by the at
tachment, on the grounds that Clark,
q Go. being owners OF the cotton
and desiring TO obtain money on the
thereof, had produced to the bank
bills OIL lsding OF sn express COM
pany undertaking to transport the cotton
10 Tnnyer Bingham Is Co, also q letter
Of said eousignees authorizing them to
draw on ssid eopsignees Tor part Of the
value Of the cotton, and rad deposited
said bills Of lading and letter Of credit
with the bank for the purpose ofstEans.
ferring the cotton to tbs bank aud ca
the faith Of such deposits the bznk had
discounted and advanced the proceeds Of
bills drawn on said c~onsiEnees,
which were protested for non. pay ment
in consequences Of the detention under
attact ment. "a
The cotton was sold by order OF the
court, and the court aojudged in favor OF
the bank.
Held: That the Judgment is right.
Norris was q competent witness,
though he wes at the time a stockholder
In the bank. us B. Monroe, GAL II B.
Moore, 4S.1 The main question is
whether the deposits Of the bills of
fading with the bank, without assign
or ether writing, and without &C.
.ual delivery Of the cotton, was sufficient
transfer to pledge the cotton 20 the BANK
A. security for payment OF the money
advanced on the drafts.
Generally, where there is an absolute
sale OF p rsonai property capable of de-
livery, the possession must accompany
the title, aud to create . valid lien on
personal property by pledging 1t as Sc
eurity foI a debt, a delivery OF the prop
srty muit be- made; but II Is not neees-
sary that the title should be transferred.
Ga the cOntTsry, the title remains with
the pledgor.
By thu, law, merchant bills OF lsdlnQ
are, TO q certain extent, trested as neg0-
liable instruments. Ia the hands Of the
owner they generally represent
title 10 the property, at least until it ]
comes to the possession OF the consignee; {
.ts.. ACKNOWLEDGEMENT ~