, 1872-12-27
MONEY AND COM MERGE,



now, IS they always ere in the last week of tho
year. The January interest on rast amount Of
State. city, town, county, and railroad bonds is
payable in New York and Boston, and the money
is going forward now to pay it, which helps to
diminish funds in bank that have been available
FOR short loans in this market.
CHAMBER OF COMMERCE STOCK.
The Chamber OF Commerce Association of
this city Increased the amount Of their capital
stock en- Dec. q to total Of $500, 1000, being
an increase Of S150,000. The capital stock of
tho Association in 1870 was s5oo,ooo full paid.
After the great fire OF October, an increase OF
525o,000 was made for tho purpose of
rebuilding, and the new stock taken by
the old stockholders at 70 cents
The stock would pay 10 per cent on the par OF
the s75o,00o On the last increase of sl5O,0
the stockholders pay in rs per cent, which is all
that will be required. dividend of 2 per cent
on the $780, 900 payable in January was recently
declared, and it is expected that the stock will
now pay per cent quarterly dividends, or S per
cen: per annum On the total Of $500,000.
stock reasonably certain to pay 8 per cent per
and this will probably be the average price Of
this stock.
sURENDER1SG BILLS OF LADNe.
The question Of liability of banks to shippers
OF goods who hare forwarded to the banks bills
of lading accompanied BY drafts on tho consgnee
OF the goods, is still boing discussed. Notwith-
standing the recent decision by the United
States Court at Boston, which makes the bank
liable to the shippers if it surrenders the goods
to the consignee without tho actual payment of
the draft the Philadelphia bankers have boldly |
taken the stand that they will not be made le- |
Eauy liable under 3irnilar circumstances and |
have issued to their correspondents the follow
Ing circular in accordance with resolution |
passed ct meeting Of Presidents OF the banks |
OF Philadelphia, Dec. 2:
Time drafts frequently cent to the banks Of this
city acceptance By the drawees accompanied by
shipping receipts bills OF eding for goods shipped
to the drwee without instructions whether the bills
OF lading shall be surrendered to the drawee upon his
accepting the draft not. We advised that upon
such drafts being it IL the duty Of the bank
to surrender the bill Of iaang to the acseptor q the
To prevent any nisapprehenson arising in this
Of business transactions in these matters, have
respondents state that We viii il, all such cases
deliver the bills Of lading to the trawee, upon his
trory By correspondent at the time Of eenlng us
the draft and bill OF lading.
mind that We shah be governed by tho nboye stated
rule in all case1 20 Which 1t Is applicable.
The Philadelphia bankers specify tiree drafts
only, and the language Of their circular seems to
imply that their legal advice extends only to that
class OF bills In connection with this resolu-
ton of the Philadelphia bankers, letter appeals
in one OF the Philadelphia papers, which argues
that it is the duty of the bank to surrender the
upon this t:,aacr Of acceptance BY the consigneo.
The writer cf the letter says:
Hence it rns held, as far back as Lord Manshelds
DAY. that where the drawee accepted, in consideration
1nent, received snd returned the bi Of ladine, he
therefore, to hold on to the bill Of 1ad:ng without
express instructions to do so, puts itself in q
chaser on credit and wishes the goods, he can take
them on rendering acceptance, or he chooses to let
sank the rial Of fluctuations while tho properly NAV
be changeabe or peEishablehogs the hoof, butter,
eggs, peachcs or, the other hand il it be not the
interest Of the drawee to accept refusal to accept the
bill Of lading would Justify him in refusing acceptance
ind resembling his contract Of purchase It may be
added that the continent, the law is well settled
that the bill Of lading must always be surrendered
acceptance Of a bill Of exchange; and In England,
control possession Of the goods, special letter Of
hypothecaton in snch cases al8ays accompanies tho
bills Of exchange and lading.
The Boston decision which has upset all these
customs evidently takes the view that the goods
are to be held by the bank as collateral for the
payment Of the draft. Whether this view is to
become the rulo cannot bo determined until the
higher Court. In the meantime, it is believed
that bankers can avoid any liability they do not
wish to take BY giving due notice beforehand, es
has Just been done by two bankers Of New York
and Philadelphia
ACCEPTANCE OF DRAFTS.
In connection WITH ihe technical acceptance Of
draft it may be mentioned as rule, which We
believe has been established by Judicial opinion
coptance retains it without response for more
than the twenty-four hours allowed by law, thu
law deems that he has accepted the draft ant
hos lin If tSo dl T. 9uef
ceptance is sent by the bank to the draweo, will
notice to accept or refuse. it is considered
equivalent to the presentation OF the draf
itself The New York Economist says: "Day
nf ytnc f1orf hnr Tarr, mn
paper in the States Of AIaine New Hampshire
Massachusetts, North and South Carolina, Ohio
and Wisconsin,. New York allows grace upo
time paper, but not upon sight drafts"
ADVANCE on Bills OF LADlSG.
In connection with bills Of lnding there
another point on which the opinions Of bot
shippers and bankers hnve been good dea
Some reccut decisions, however, seem to settl
this point, THAT the first advance bill Of lad
ing becomes lien on tile property which can
not be escaped. A case is cited by an Easter.
paper, in which Smith i Co., of Oswego, bougl
grain in Milwaukee; their agout there turned
over to tho Wisconsin Fire and Marine Insu,
ance Company, which advanced On it and sent
time draft on Smith l. Co., and also the bill {
lading, to the Merchants Bsuk OF Watcrtowr
without specific instructions, as it appear,
That bank cent the draft to Smith j. Ct
foE acceptance, a., and also the bill ~,
tho grain Was to be placed in elevator at 0sweg'
On the contrary, after accepting the draft an
before it natured, Smith q; CO. shipped tt
grain to Now York and obtained an advance fro
David Dows & Co. on the new bill Of landing
Smith l. Co. did not pay hence tho Compal
which first advanced on the grain sued the las
named firm and obtained judgment for So, SO
pAsT-DUE TAPER.
Several OF the Eastern commercial papers B.
discussing the question as to wllothor the il
dorser OF note can be held, if the bank e1tene
the paper. Tho general opinion is that the e
tension of note to any time after maturi
lakes new contract, to which the indorser
not party, md therefore releases him fro
liability after maturity.
THE LAST OF AN OLD LOAN.
Washington letter enys that Oh the Esd the
was presented at tho Treasury for payment, Il
lust outstanding bond, amounting to St, 500,
the loan Of March 81. 1913, Of which the who
amount issued was ,900 and which matur
July !. 1863 The amount just paid ceased
lear interest Oh that date. This loan will he1
after disappear from the public Gebt stateme1
TAX ON DIVIDENDS FOR 1870.
The New York journal Of Commerce sho'
that the question of payment of income tax