New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-07-10

II New York, with an improvement in flu
| lures also, and q steady market at Liver
pool with sales of 10000 bales, but the de
maud was confined to q few parties, 49,
bales OF the 525 noted above being taken b,
three brokers. Nothing transpired to indi
cate any variation in prices. Good ordinary
sold at l31sc, and strict low middling, will
good staple, at l4zsc. The movement wa
checked by the want of freight room fo
Havre. A large portion Of the stock OF
sale 10 held by factors who ask about Z,
above the ruling rates, and refuse less L
is consequently difficult to fill orders fol
good cortons at our quotations, but at tn
same time when sales are pressed undel
instruction to realize without further delay
! factors are compelled to make concessions
The following decision of the arbitration
committee of the New Orleans Cotton Ex
change, in the case Of Meyer. Wels e. Co
vs. John Phelps g. Co., will be found OF
| general interest to our &C numerical friends:
| Members spreseut-R. M. Walmsley, cot.
| ton factor, chairman; H. A. Frederic, cotton
| broker: D. A. Given, cotton buyer; G H
| Shaeffer. cotton buyer.-1n this case Messrs
! Meyer. Weis & Co. make reclamation on
| John Phelps l. Co for cotton found to be
| mixed and fraudulently packed. after it
had been Examined, received and passed
| upon by the broker"
Messrs. John Phelps & Co. acknowledge
their liability, go far as the cotton is fraud
| ulently packed" but deny any liability for
| mixed packed under the rules Of this
Exchange.
After close examination of the rules of
our Exchange, bearing directly upon the
subject of mixed cotton, we find in rule No
that the buyer shall have the right to reject
mixed packed cotton. But it is evident
that this right is limited to the reception of
the cotton; for rule No. 9 says: after
cotton has been examined, received and
passed UPON by the broker or other agent
of the buyer, no claim shall be made upon
the seller excep, for false or fraudulent
packing" and rule No. II defines falsely or
frauduleptly packed cotton as follows:
"Such bales as may contain any foreign
substance, water packed bales, or bales
containing damaged cotton in the interior,
without any indication of such damage
upon the exterior of the bale, and such
bales as are plated, or composed of good
cotton upon the exterior, and decidedly IN.
ferior cotton in the interior of the bales, in
such manner as not to be detected without
opening the bales" 1t is, therefore, per-
fectly clear, from the foregoing. that if the
buyer or his agent, in consequence Of neo-
lect or want Of diligence, loses the D "
lege of rejecting the mixed cotton at g
time Of its reception, he has no recourse on
the seller.
We therefore unanimously decide as fol-
lows:
First-That so far as the cotton in ques-
ton is ascertained to be fraudulently or
falsely packed, John Phelps q Co. shall j
take the same back and pay for it in accor-
dance with rule No. Is of this Exchange.
Second-That Meyer, Weis & Co. have no
claim against John Phelps & Co. for the
@ mixed packed cotton" in question.
r. NJ. WALMSLEY,
A true copy: Chairman.
r G: KERR, Acting Secretary.
The sales for the past three days sum up |
$50 ba'es 1875 ON Wednesday, $50 yester- |
lay and 525 today, making, with the adj |
aggregate for the week of 5000 bales, |
against 1900 last week and 5000 the week |
before.
Weeks receipts 2i2O bales. embracing
$50 from other delivery ports tof which |
0l8 from Mobile, from Florida and 53l
rom Texas), and so proper, against $50 |
roper last week and 2l40 last year. Total
roper since August 81, 293.043 bales,
'gainst l,2lO,O77 last year-decrease 2l7. O34
The exports comprise 1925 bales, EN-
racing 6260 to Liverpool, l64l to Havre,
80 to New York and IS to Philadelphia. to
Which we have added IS by rail.
The Exchange kilograms make the receipts
t all the ports from IL NJ. yesterday to
M. to-day 846 bales, against 623 last
7eek. and 1916 last gear. and since Fri
ay $3.50 bales, against COLI last week and
~ last year. Total since August 81,
Az, GAG bales, against 37l9,l73 up to
thursday noon, July 9. last year Excluding
BE above lS46)-decrease 1854.
Exports Friday to Thursday inclusive)
} Great Britain 1910 bales. against 5000
ast week and Ia, 1879 last year, and to the
ointment 13l2 bales, against 3I06 last
eek and 1879 last year.
Stocks at all the delivery ports made no
} II NJ. l64 352 bales, against lS6.9lO last
eek, and 2l7 SOC last year.
The weeks receipts at the interior towns
nbrace TAG bales, against 866 last week
i'd 1908 last year: the shipments 2O95
ales, against $3.50 last week and 1865 last
'ar. and the stocks Is 81 bales, against I
600 last week and 36.497 last year, I
ompared with last year, this shows
ling OF of 862 bales in the receipts, 1870 a
the shipments and 20,54O in the stocks.
The amount on shipboard not cleared, | q
ing on board, and engaged for shipment, l
As set down at the opening this morn d
at 300 bales, embracing 500 for
verpool. 1000 for Havre and 1000 for the ! n
'ck on hand by our running state l
mt last evening, leaves $4,000 bales
represent the quantity at the landing G
IN presses unsold or awaiting orders. o.
The Exchange reports: 'Sales 800 bales, II
'rket steady" h
COTTON STATEMENT. et
Bales. S %
exc On hand September J. 1s74.....:, 1888 y
lved since last statement...... go
wed previously. ......l 1882 "
1ltlOnal bales from city gin. M
nings intens and loose. II 963-1l5:6, ~
'............ .o93 ~
'io3 eOuty..;''. ''.'.'........ 30
'red previously. .............I Il $50 ID,
tumed at Lehman Abraham %
l. Co. q cotton mill - llsO-l I,3 Ols ~
X on hand and on shipboard not cleared. 285.s G,
X same time last year.. ............ 81 1873 ~
O-day 50 bales we're forwarded by rail.
eceipts proper since last evening I6l y.
IS, against 1870 on last Friday and 37i last ="
r. ~
or comparative totals for the past three s Ur
s and tor the year and for the three w
g exports and receipts, see above report. nv,
oBAcCo-The sales to-day embraced II 81
8 Is and 9 at -. This makes total for sh n!
week Of only q hhds. The amount on GIL
is estimated at 1850 hhds. Some authori-
quote lugs at 9allc, instead of our