The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-04
COnnERCIAL MATTERS, Etc.

COlNERCIAL MATTERS, Etc.
A meeting Of hard money men was held IN
New York on the 28th ult, and number OF
prominent men appointed as delegates TO the
convention which meets in Cincinnati IN Octo-
ber, to confer about mea sures TO restore spec
payments and to correct evils OF the revenue
system. Resolutions were adopted against
al schemes for an increase OF currency SO
long Is that currency consisted OF irredeema-
BILE promises to pay, end opposing any pohcy
which had not direct purpose to put cur
csncy on convertible coin basis.
The Duty ON Wines.
The Secretary of the Treasury has addressed
Q letter to the Collector Of Customs at New
York relative to the proper rate OF DUTY on
one hundred and sixty cases OF wine imported
By merchant of that city. The question, ne
seys. is one Of fact, to be determined by the
appraisers, on due examination, on the FOL
loving several principles:
Il appears that portions Of the wine were
described on the respective labels as "spu-
msute or foaming wines, and that these, as
veil as others not SO described, were found to
be highly, though not artiicially, charged
With carbonic gas to such an extent in most
cases a. to e1pel the cork. especially upon
agitation of the bottle. The wine exhibiting
the same characteristics as champagne must
be regarded as assimilating to it, and must
necessarily be classified as Sparkling wines, !"
il being immaterial, SO far as the question of
classifi cation is concerned, whether the
characteristics in which they resemble cham
payne are due to natural or artificial causes
The Secretary also says that the proper rate
of duty on vermouth is that imposed by the
oct Of February 8, 1875, on still wines OF the
same cost.
The Trade Dollar.
It was stroke OF policy on the part OF our
government to devise in the trade dollar
coin which should compete with the Mexican
dollar and eventually drive it almost out OF
the Chinese market. After reaching that
country it encounters an ignominious fate
The Chinese send it to India for the purchase
Of opium. They 60 into The Calcutta mint
and come out as rupees, which are stamped
with the native characters on one side, aud
the value of the piece on the other. The
trade of China with India in opium exceeds
that of all other commodities, as Is shown by
the reports Of the Chinese customs service
The amount returned for the last eight years,
exclusive of the amount smuggled, which
would probably double it, is 97,440, $50
rounds The amount of American silver
which annually goes to India from China to
pay for opium is immense San Francisco Call.
The Recent Failure.
The financial articles OF the Northern papers
bear witness that suspicion had been excited
concerning the condition of Duncan, Sher-
man & CO. some time before they failed.
This rad not gone the length of doubling
about their solvency. The New York Jour-
nal Of Commerce says:
There had been whispers of late that the
standing of the firm was not so good as
formerly but none dreamed of predicting the
failure of this house, which has stood the
financial storms of nearly quarter Of CEN
fury almost unscathed.
The New York Daily Bulletin intimates the
same thing:
The endorsements of the house would
make long story, beginning with the Atlantic
and Great Western and ending with unfortu-
nate operations on cotton. The firm have
always stood very high socially, and as bank
ers have until the last two years ranked well.
The Philadelphia Ledger speaks more def
nitely than any of the rest
The truth is, the house has not enjoyed q
very good credit here for some considerable
time. Some four or five months ago the
houses own notes appeared in this market in
very considerable amounts and were hawked
among our principal banks at rates quite too
tempting to inspire confidence. So tar as we
can trace that movement, not one of these
notes were purchased here. It subsequently
became known that the house was operating
largely in cotton, and this, with its reported
connection as carriers Of large amounts of the
more speculative stocks at New York, con-
txibuted to materially lessen the number Of
the firms creditors here in Philadelphia. The
failure, we are given to understand, is abso-
lutte, and quite beyond the equity Of redemp.
ton.
The Sugar Market.
NO FURTHER FAILURES APPREHENDED.
New York Herald, 30th ult.]
he Col - q ovo al
housing Company q slight depression has
taken place in the sugar market. From the
LIST of May to the LIST Of July the price of re.
fined sugar in this market was ten and a half
cents, without fuctuation. On the latter date
it went up to eleven cents, and stood firm at
that figure until the failure of the above
named company was announced. Sugars
then went down from half to three quarters of
. cent per pound in consequence solely of this
failure IS it was known that the company
were large advancers on the crop, but diligent
inquiry fails to discover that any other failures
are attributed to advances in the same pro-
duct.
Sugar men say that the market is we'll
stocked, and that notwithstanding the trou-
bles in Cuba the crop this season will be as
far in advance of 1874 as was the crop of that
year in advance Of the crop of 1873, and that
the Louisiana crop will be good one One
reason given why 50 few OF our American
capitalists speculate in raw sugars, unless
they be refiners or importers, is that the bust
mess is almost entirely in the hands of Spanish
houses, and many Of them are entirely inter-
ested in the plantations from which it comes,
as they make advances to the planters.
Another thing that affected the sugar market
and helped to bring that article down was the
government drawback of three and three
fourths cents per pound, less one per cent,
and the fact that gold stood at III.
These facts, however, stimulated exports OF
refined sugars, and they went up. One large
grocery house in this city, from the LIST OF
April last up to the 26th Of this month. *
ported the enormous amount of 10000 600
pounds Of refined sugar. The New Orleans
sugar that comes to this market does not
probably reach one-tenth the amount that
arrives from Cuba, but it is better quality,
not being so damp. land is the only kind OF
Of sugar that can be used in its raw state. 1t
II also better sugar for refining and brings
better nprice. 1t is rapidly bought up when
il reaches here by the sugar refiners and by