The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-23
COMMERCIAL MATTERS, Etc.
The Recent Great Boston Failure.

house of Freeland, Harding & Co., of Boston,
as follows:
The news of the great failure at Bosom Of
Messrs Ffeeland Harding q LOOMS was
most disagreeable surprise, and threw
gloomy air over everything, especially in the
are but meagre, but it is thought the debts
will aggregate fully 100000, and that large
number of the heaviest creditors are in this
market. The clothing trade is now one of
the principal interests of Boston, if not the
chief and the suspended house has been re-
garded as head of the heap" Their credit |
was undoubted, and Chas. W. Freeland, their
special partner, who was interested, other |
than his Endorsements, to comparatively q |
small amount, has been believed to be worth |
at least 50 600, 900 If such people 60, it
would seem difficult to judge the solvency of
anybody, and trade, already dull enough, as
Of course at this season with first hands and
iobbers, seems to have been paralyzed for the
moment
1t is rumored that the lately collapsed dry
goods firm OF Wallace, New Orleans, can pay
only 25 cents on the dollar.
Bills Of Lading and Time Drafts.
One of our bank officers calls attention to an
important case in the Supreme Court Of the
United States, in which it is decided that it
is the duty of collecting bank to surrender
bills Of lading upon the acceptance Of time
drafts. The question concerns the interests
of every merchant and banker, as it applies to
transactions of daily occurrence and reverses
principles heretofore widely accepted as cor
rect. In the case referred to, the National
Bank of Commerce of Boston was the plain
tiff in error, and the Merchants National
Bank of Memphis was the defendant in error
from the District Court of Massachusetts,. The
decision OF the court below Judge Shipley)
has been overruled by the Supreme Court,
and the law settled that it is the duty Of tie
collecting bank to surrender bills OF ladlng
upon acceptance of time drafts, unless orders
are given to hold. After reviewing the au-
thorities cited for the defendants, Judge
Strong gives the opinion that a bank can be
b ii liable TO the owners of drafts for breach
Of duty in surrendering the bills of lading
on acceptance Of the drafts only after special
instructions to retain the bills until payment
oil the acceptances.-N. I. Commercial AdUer
tiser.
Activity in the Ten Trade.
IN. \. Bulletin, 18th inst.
For several weeks past there has been an
active business in tea at steadily advancing
prices. This has lately been increased by
the ommendation of the President and the
Secretary of the Treasury that the duty be
restored. This, previous to its repeal was 10
cents per pound for all descriptions. So brisk
has been the demand since the beginning OF
the month that nearly 0,OOO packages have
Ieen sold by the importers in invoices, to say
nothing Of the quantity sold in lines IN job
bling way OF which it is impossible to give
exact figures. OF the invoice sale mentioned,
14,10O pkgs were Japan, Is $50 pigs green,
is, $40 pkgs Oolong and 1900 Congou. This
large quantity has been disposed of for the
most part to iohbers, though we are not pre-
pared to say that there has Been an absence
of speculation.
Previous to the activity of which we speak,
trade had been slow for some time, and i'm
porters therefore formed the opinion that the
supplies in the interior IS result must needs
show considerable falling off. This opin-
ion, it would seem, has within short time
been fully con frmed, for before the duty
question had been agitaied better demand
had sprung up. The usual working supply
of the country is calculated at 10000, OOt
pounds, distributed among the jobbing houses
of the country.
There have been no large arrivals of late
and the considerable increase in the sales has
therefore effected an important reduction II
the supply.
As estimated, the actual supply to-day is al
important item smaller than on the LIST inst.
when the last official statement was made l
is difficult to arrive at any accurate idea
the supply at present in the country, but 1t II
certainly no larger that at this time last year
and for the season it appears probable tina
there will be falling off in the aggregate
since it is being reliably demonstrated tina
the Weld of Oolong this season will not b.
much over 100000 pounds, where last sea
son it was l3, 200, 900 pounds. 10 give som
idea of the magnitude OF the tea trade, IL ma,
be stated that our consumption approximate
10000, 900 pounds in some years, while II
others it is not so much. Last year the de
iyeries were IS, 2S2 25S pounds; in 1873, 81,
972 2O5 pounds, while during the last halt G
1872 they reached 100000 pounds, whlc
would indicate very considerable quantlt
for the year AS regards importatlens, las
wear the aggregate at all ports was DO, 10 20
pocnds; in 1873, 55,317, 1876 pounds
.ome of this was exported, mainly .
Canada. The total exports last year Te1 We,
5.792 554 pounds; in IT'S 4, 500, o3O. On 5ui
/. 1872, when the duty was taken Oft, the stoc
in bonded. warehouses in the United state
was estimated at 80, 600 900 lbs; on Januar
4. 1875 without any duty, the total suppl
mas 81. 259 24l pounds. Prices are at present
little higher than a. this time last yea
though rather lower in comparison Win tno'
of January. The following are the line prlc'
with comparisons (there is generally suppose
to be a difference OF &c per pouno Derives
invoices and jobbing lots):
4,
Screen per h. a5c1sl 20 26cdsl 20 soc@si
Biack.i.. 70 a 95 80 q 80 "a a
japan "a rs ~ a 50 "a a
The tea trade has been SO long depress'
that the revival Of business which has OF Ia
taken place, AID which appears 70 Dc large
for actual consumption, ls matter Ior GU
graduation.
Consumption of Coffee and Tea
The American consumption OF tea and &C
fee, keeping in view that we drink, compal
lively speaking. but little peer anu ai n0S'T r.
any vine at all, is remarkably small.
estimates, based upon the reports OF t
Board Of Trade. OF the total imports into :
United, are: For coffee, 100000 tons;
tea, 10000 pounds. small proportion
these imports is again exported to Canaa
But assuming even that the whole apo
quantity is consumed in this country tne
figures would give on Al 600, 600 lnhaoltai