The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-01
COMMERCIAL MATTERS.

In augusta, Georgia, the State Tax Col
lectors and National Bank officers are having
lively contention with regard to the taxa
ton OF shares held by individual stockhold
ers. It appears that the State law require
that the presidents of all banks shall make
aggregate returns for taxation in gross but OF
the other hand Justice Bradley's recent de-
cision, in Savannah, exempts National Banks
from the duty of paying taxes on their capital
The private shareholders endeavor to escape
liability in the matter on the plea that the
State law requires returns of such property
only from bank presidents.
Certain bank presidents have furnished q
list of their shareholders to the tax receivers
under protest The question Of the status Of
nonresident shareholders is also raised by
the bank officers, but the irrelevancy of this
plea, if not Of the whole defense, is shown by
the act of Congress, from which we quote as
follows: "Shares owned by non-residents oil
any State shall be taxed in the city or town
where the bank is located. and not elsewhere. "
Capt. Robinson, of the Engineer Corps,
United States Army, who was detailed to sur
vey q canal route connecting the Tennessee
and Tombigbee Rivers, has completed the
work, and reports the project thoroughly
practicable.
The Responsibilities Of Bank Tellers.
Washington Letter to the New York Times.
While bank officers are not slow to cast sus-
picion upon the counters Of the Redemption
Agency, they never suppose for an instant
that the tellers who put up packages in their
own banking houses may be occasionally
flching note, or q number of notes, from
the remittances before they seal and forward
them for redemption. Bank tellers, charged
with the duty of preparing packages for re-
demption, if disposed to be dishonest, have
opportunity to make the remittance 'short, I"
and would be encouraged to do so by the fact
that there is no check on their count and the
consideration that the responsibility may be
charged upon the Redemption Agency, which
is certain to be done if the bank has conf
dence in its officer.
Very recently package, forwarded by q
New York bank, was found to contain $4,000
more tn IN was claimed in the letter of advice,
or the amount marked on the package. The
bank was notified of the discrepancy, and the
amount of the excess was accepted without
further notice. Shortly after that transaction,
package, forwarded by the same bank, was
found to be $40 short, and by the same
counter who had reported the $4,000 over.
Upon being notified of the 9 short, the bank
replied that they were confident the package
contained the exact amount stated when it
was forwarded. Thus an unjust suspicion
was cast upon lady Of character, and she
was charged with pilfering $40 note in face
of the fact that she declined favorable op-
portunity to abstract $1,000 or $1,000 few
days before from package the exact amount
of which was known only to herself
Here in another instance which occurred
with New York city bank. In a remittance
s'short' of $50 was discovered and reported
to the bank. The teller of the bank imme-
diately made affidavit thath he knew the money
was correct when sent by him, and described
in detail the manner in which he had put the
money up. An investigation at the Redemp-
ton Agency showed his memory to be entire
" at fault as to the manner in which that par
ticular package had been put up. The tank
would not be convinced that the package was
short, and declared that the teller could not
be mistaken. short time after this incident
package put up by the same teller was re-
aeived from the same bank, which was dis
covered to be $1475 over. The fact was tele-
graphsd the bank by the agency, and inquiry
made whether affidavits would be required
from the counters to convince the bank OF the
error in their package. The bank acknowl-
edged the receipt of the S1475, and admitted
that mistake had been made in that case.
Another New York bank was continually
over in the amounts of its remittances. These
s'overs" were always small in amount, but
aggregated over $780, and were excepted by
rhe bank without question. Finally ''short"
of $40 was reported against the same bank,
when reply was received from the officers
protesting that the remittance was correct
when sent, and plainly intimating that the
$40 short had been stolen at the Redemption
Agency, The agency pointed to the previous
ssovers" returned to the bank, and declared
that if the bank was willing to settle on the
basis of its own infallibility, the agency would
willingly join in the agreement. These
instances will suffice to show the character
and groundlessness of the complaints against
the Redemption Agency, and should suggest
to bank officers that system of checks upon
those of their own officers charged with pre-
pairing and forwarding money for redemption
might decrease their liability to loss from
s.shorts" in such remittances.
Kentucky Crops.
We learn from various portions of the
State that the late rainfall has proven Excess
sive, that wheat is in danger of damage, and
that some injuries are feared for corr and
tobacco, the principal danger to the latter
being the risk Of g frenching." These re-
ports are from the lower Ohio and southern |
counties Fears are entertained that in many |
instances farmers have overcropped them |
selves, and the accredited reports OF area
under cultivation, both in tobacco and food
crops, make it appear not altogether improb- |
Able.-Louisuille Courier. Journal 18th uH.
Our Mercantile Honor.
From the Commercial Advertiser
ONA vOAuO 40 w. 0AC 6oeeAA6 CO0A0 "a O~~ ~Ncs !
mercantile houses into bad repute. A year or |
two ago the great house of Phelps, Dodge & /
90. was most outrageously scsndalized in
consequence of what the firm called "irregu- /
larities," but which the revenue officers per. /!
sisted in claiming to be frauds upon the gov
eminent. For these so-called "irregulari- |
ties" the house Of Phelps, Dodge & Co. paid
over to the government and the revenue
officers some $270,000. This very large
INF hv orks vubo o1osv 90 hol
entirely innocent Of contemplating any
wrong doing, rather prejudiced the public
mind against the purity and uprightness of
long established house, that for nearly half
century sustained q stainless reputation.
Censorious people said, if innocent, why
submit to be blackmailed to the amount OIL
$27O, 600?
The same fault-fnding and malicious peo-
pie say of Mr.. Beecher, Well, if he was an
innocent man he would have defied Tilton
and Moulton, but the fact that he temporized
with them is proof positive Of his guilt"