The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-10
COMMERCIAL MATTERS;

COMMERCIAL MATTERS.
The schooner Foam, from New Orleans, a,
nved at Sunderland on the 5th inst.
The present able financial editor of th
Philadelphia Ledger wrote the first "mone.
arucie which appeared 10 that journal OF
July !, 1910. and has remained in charge Q
the department ever since. Referring to hi
labors he says:
"When our labors began upon the Ledge
we had no lines of magnetic telegraph, M
ocean steamships, no Photographic pictures
no steam fire engines, no gun cotton, ne
nitro-glycerins, no electro plating no spec
troscope, and few of those delicate scientific
instruments now so common and so impor
tant. We lived to see in that comparatively
brief period the introduction into general use
of the mower, the thresher, the horse rake
and the sewing machine, besides which q
thousand timid, hesitating suggestions have
ripened into demonstrated facts. In the &C
complishment of these results we scarcely
realize the stupendous greatness Of this par
but we fail. utterly fail, in full realization oil
Its importance"
Duty ON Sugar and MeIado.
The special agent who has been investiga-
ting the method of classifying melado and
sugar at Boston under the new revenue act,
has returned to Washington. The present
practice at Boston is to adhere to the old
classification, by which melado and sugar
were kept distinct. In New York, however,
the law is SO interpreted that sugar is i'm
ported as melado. The result of the investi-
CATION thus far is that sugar which will polar
lze at less than seventy-fve is to be classed as
melado, and at seventy-five and more as
sugar. The loss to the government under the
previous constructions Of the law has been
from one-quarter to one cent and a quarter
per pound, according to grade.
Retirement of the Fractional Paper Currency.
On July the total amount of fractional
currency outstanding was $40, l29, 900, against
$40 1896, 900 on January l. At this rate we
shall soon begin to feel the scarcity of some
thing to make change, and the Secretary will
De obliged to pay out the fractional silver at
which the minis are working SO rapidly now.
1t is probable that the real amount Of frac-
tional paper currency in existence is really
much smaller than it is set down in the
monthly debt statements, because very large
amount has unquestionably been destroyed
and lost. The reduction of So, 26l 900 in the
last six months is larger proportion of the
whole amount that was in existence six months
ago than it appears, and the experiment Of
substituting silver for it will probably be made
this fall or winter.
Hard Times in New York.
New York Correspondence Of the Philadelphia
LEDGER
The various labor bureaus of this city are
overrun with applications for work, with an
urgency rarely. if ever, known before, and
not only from one class of persons. but from
all trades and all industries. The decline in
foreign immigration for the time being is
positive blessing, otherwise the evil would
have been immensely aggravated. The causes
of this state of things are we'll understood
and have their proper explanation in the
stagnant condition of commerce, trade and
manufactures which still prevails. An effort
will be made to forward to the West and
Northwest as many able bodied laborers as
are competent to perform farm work and to
assist in gathering in the coming harvests.
There is said to be good opening in this
way for thousands of work people, especially
young, unmarried men; but even those with
families, it is believed, would, once there, be
infinitely better off than staying here in the
city.
Cotton Ex hange Decision.
The following will be found of general in
terest to our commercial friends:
New ORLEANS, July 3, 1875.
Decision of the Arbitration Committee of
the New Orleans Cotton Exchange in the case
of Meyer, Weis l. Co., VS.. John Phelps & Co.
MEMBERS PRESENT.
r. NJ. Walmsley, Cotton Factor, Chairman,
FL. A. Frederic, Cotton Broker,
d. A. Given, Cotton Buyer,
c. Fl. Schaeffer, Cotton Buyer.
In this case Messrs. Meyer, Weis & O.
make reclamation on John Phelps & Co. for
cotton found to be mixed and fradulently
packed, after it had been examined, received
and passed upon by the broker"
Messrs. John Phelps & Go. acknowledge
hair lioht itv for 10 -. De-,
lently packed" but deny any liability for |
mixed packed under the rules of this Ex- |
change. |
After q close examination Of the rules of |
the Exchange, bearing directly upon the sub |
iect of mixed cotton, we find in rule No. 4 |
that the buyer shall have the right to reject |
mixed packed cotton But tits evident that this
right is limited to The reception Of the cotton; for
rule 8 says: "Atter cotton has been examined,
received and passed upon by the broker, or
other agent of the buyer, no claim shall be
ulent packing" and rule No. II defines false
ly or fraudulent packed cotton as follows:
'tSuch bales as may contain any foreign
substance, water packed bales, or bales con-
tanning dam aged cotton in the interior with
out 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 inferior cotton in the
interior Of the bales, in such manner as not
TO be detected without opening the bales" 1t
is, therefore, perfectly clear from the fore
going, that if the buyer or his agent. in con-
sequence OF neglect or want of diligence, loses
The privilege Of rejecting the mixed cotton at
The time OF its reception, he has no recourse
On the seller.
We therefore unanimously decide as fol-
lows:
l. That so far as the cotton in question is
ascertained to be fraudulently or falsely
packed, John Phelps & Co. shall take the
same back and pay for it in accordance with
Rule No. Is Of this Exchange
2. That Meyer, Weis & Co. have no claim
against John Phelps Il Co. for the ssmixed
packed cotton in question.
R. NJ. WALMsIEY, Chairman.
true copy:
r @. KERR, Acting Secretary