New-York tribune., 1882-04-12
have generally given the increase Of 30 cents day and
only eight hours work on Saturday.
THE FRAUDS IN THE CHINA Trade

fOGEB ~ CO.S OWlND
DOUBT AS To WHERE THE LOSS WILL FALL-A
STATEMENT BY CARL yoGEL-How THE TRADE
Is CONDUCTED.
The swindling operations of yogel & Co. were
much discussed by hemp dealers yesterday in fact
little else talked about by those interested IN
the trade. It was said that the firm had always
been regarded as unsubstantia and reckless Dut III
was never Thought that they were especially us
honest until last spring when they sent cargo or
Manila hemp which was damaged and every bale
of which was six pounds short. A claim was made by
the importers for the value of the shortage ana TINS
was allowed and partly paid by Vogel q Co. Carl
VOge who has acted as the agent OF Vogel X Co.,
yesterday made the following statement:
was for thirteen years clerk for yoge Co, and
then came out to thie country as their agent came
here in 1s79and until last October everything was salts
factory AT that time discovered certain Irregularities
which could not overlook as their representative
thereupon went out China by the next steamer with
the intention of bringing matters into a different
shape. or this I informed most of my business
from of the failure Of voge Co.
and also informed that Emil yoge the only one OF
look very favorable Tor me. When 1 arrived at Hong
Kong was advised not to mix with the affair l. how
After q very short stay returned TO New-York While
in Hong Kong 1 discovered that lower grades OF six
there could be Of silk .alsepacked The statement
that voge Co. received orders for 10000 bales OF SIX
Is absurd They may have received ORDERS Ior I1oO DS
even thai would be very large order Therefore the
statement that French and English merchants had been
syindled TO OF $4,UO0,OOO Is preposerous
by rough estimate should say tnat the entire Liabilities
OF yOgel ~ Co. would amount to Sl,OOO,Oo0 would
in the case the ship Richard Robinson was possible
The amounts for which letters OF credit were advanced
were as foil uws Barring brothers Co. "A oOO; Brown
Brothers Co., $780, Bank OF Montreal - SOD; total
$4,000. Ny connection with the firm Of VoSel Co.
ceased the 31st OF January last.
Mr. Vogel said fur her that he did not believe
that the bales purportng to be SILK IN the cargo or
the Richard Robinson were filled with shavngs
but thought that the contents inferior KIND
OF silk.
The manner of conducting the China trade is as
follows: An importer sends TO his agent In China
any firm he may select dong business there-1nd
orders his merchandise. Then he goes TO banking
firm in this city and they issue letters OF credit,
authorizing the Importers agents In emma 10 draw
on London against certain amount of specified
merchandise When the shipping documents have
been properly made out and signed, the Chinese
agents draw a bill of exchange Oil London anu sell
it to some banking firm in China These bills OF
exchange are bought by the banks in China when
they are presented together with the shipping
documents and letters of credit. The banking
houses issuing letters of credit for the part of the
cargo of the Richard Robinson shipped by Vogel *
Co.. were Brown Brothers & Co, Morton. Bliss *
Co. Barring Brothers aud the Bank Of Montreal.
The importers and the merchandise ordered by them
were as follows: Rechnagel IL Co., OF No. 40
Beavcrst., about 23OO bales OF hemp; Ira Bursey,
of No. 90 South-st about 200 bales OF hemp; ID.
g. Bacon IL Co.. agents for Wakefield a.
Co., of Boston, about 1000 bales of hemp; John
L. Walker. Son x Co., of No. 81 Pine-st., 80 bales
of silk The question OF who Is to stand the loss Is
the one which now agtates the minds of those who
have had dealings with Vogel ~ Co. Ihe bankers
say they will not, and the importers are equally
certain that they do not want to do 50.
Mr. Waterbury, of the firm of l.. Waterbury 81
Co.. of No. 1}9 FrOnt-st., said to lEiBUN re.
porter Yesterday that his firm were not interested
I'm the transaction any further than this: They had
ordered a certain amount OF hemp from one OF the
importers interested. The terms OF the contract
we're, no arrival, no sale" From an outside point
of view," said Mr.. Waterbury, should say that
the banks responsible If the letters OF credit
were issued many bales OF hemp or six. and
the bills of exchange were hOnOred on shpplng
dozen which
dise.W -
Mr.. Watson, one of the agents of the Bank Of
Montreal said that all the bills of adlng OF NOgel
Il Co. which he had seen were accompanied by an
invoice swOrn to by them before the American
Consul ut Hong Kong, stating that the merchanS
disc referred to in the bill of Ltding consisted OF
SO many bales of hemp and so many OF silk lhe
idea that the banks would have TO bear the loss he
regarded as absurd A member of the firm OF
Rrown brothers & Co. said that that firm would
not lose anything anyway, for NOgel ~ 20. drew
on the London agent of the firm against one credit
which had been exhausted and one when had seen
cancelled and returned, and the London agent
refused to honor the drafts. One OF the hrm OF
Morton, Bliss * Co. SAID that the importers would
undoubtedly nave to bear tho loss he declared
that if importers chose to select such people as
VOgel Il Co. as their agents, 1t WAS no affair oil
banks issuing letters of credit.
The importers Interested were all very retIcent
about the matter not caring 10 reveal the weak or
strong points of their case One of the urn OF
John +. Walker, Son X Co., the house to when the
silk was consigned said that the value OF the Dales,
If they had contained silk, would have been about
S3O, ,OOO Some of tine bales had been tonnd TO con-
tam on the outside an inferior kind of sk and to
be imposed internally OF shavings. H. II. Crocker,
of the firm of ii. II. CrOcker IL Co., OF NO. l31
Pear-st., said that it would be impossible to tell
how much the loss would bs until all ;he cargo of
the Richard Robinson was discharged, as the Oales
Lad no marks, as they usually have. by which the
property of the different importers could be dlstln
guished. The rolls of mating which were shipped
in place of the bales of hemp were, he thought
worth about S3 apiece. A bale of Manila hemp
was worth $50. He thought that it was question
whether the officers of the ship were not cupably
negligent III taking rolls of mating when the bill OF
la,llng called for " bales of merchandise" The
whole matter he said was unprecedented so far as
he knew, in the annals of trade. 1t will be a week
before the Richard Robinson is entirely discharged