New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-13
COMPLAIN OF A LAW.
1T WILL INJURE THEIR BUSINESS, THEY
SAY AND WILL, PROTECT swINDLERS.


The diamond merchants and jewellers OF this city
are becoming considerably aroused over new law
which will go into effect which, they assert IL
aimed against the system In vogue In their business
known as memorandum sales This new law wlich
goes into operation September l. IL entitled CON
tons and reservations in contracts for sale OF go0ds
and ctattes." and reads as follows:
Except as otherwise provided In this article, all
conditions and rcserva tons in contract Ior my
conditional sale Of goods and chatteIs accomPanr9
by immediate delivery and continued possession OF
the thing contracted to be sold to the thsct .r rs
main in the conditional vendor or IN person S G' fr
than the yendes up nIr neg sy@ are or
tngency shall DE void az against subsequent pui-
f o ,sa the e or sna Be deemed S"e
such contrsct Of sa ,r op Hereof be Ied as
directed In this article.
This measure. II IS asserted BY many prominent
jewellers will result disasirousy TO their 'rade Inc
method Of doing business on the "memoranduin
system, which is system whereby goods are IN
trusted to customers agents subject II sac, anu
are not sold outright IL adopted extensively py
New-York merchants. Heretofore when agents VINO
have thus been intrusted with goods have refused TO
make nm accounting the jeweer has been held TO
be justified In resorting to criminal on
pledged the merchant has been enabled to recover.
Now. however, according to the PROVISIONS OF 'ne
act. Jewellers cannot recover goods pledged ny
a conditiona! vendor nor will they have any ground
for action unles. record OF the agreement Is ed III
Paul Wilcox one OF the attorneys for Marcus &
Co. who ere now prosecuting william beilWooI, OF
Baensi. he IL held to he. on charge OF paWnins
$500 worth Of tewelry given TO him on rnenipfan-
da. said yesterday that under the new law
Marcus d Co would not be able to recover goods
pawned under c'rcumstanees similar TO BGliHoois
case The law. Mr.. Wilcox added. made II 10
soutcly necessary for every jeWelirr giving SOouS
on memoranda m to file that M morandufn. ,
In the course of interviews Outlined win seNerii
Maiden Lane dealers yesterday Tribune reporter
ascrrtainod that the prospect OF Hing records or
memorandum sales was extremely oDnoX!Ous 10
them for the reason they asser; cd tat IT would
mean the voluntary disclosure OF their business 70
competitors Oliver VI. Farrand one OF the largest
diamond merchants IN Maiden Lane. was extremely
Indignant over the passage OF the new statute
watch ne said seemed 10 have been framed ior the
svpcial INDULGENCE and benefit OF thieves. IL was
Impossible he explained. for memorandum agree
ments TO bc iled. and ne added that the new law
while giving protection to thieves and pawnbrokers
would have greatly detrimental erect upon jewel
lers ana dealers in precious gems. .
Il. August Ncrcshcimcr sad that bc'ore the
passage OF the act buyers of jcwelry on the memo.
rlndum system constrained TO live up TO thelr
agreement because of the fear OF criminal action
being taken against them. According TO the new
at however he thought that agents might surrep-
titiously dispose goods without dread of serious
consequences The effect Of the act, Mr.. Neres-
heimcr thought. would he to restrict the t"weiry
business and 70 make merchants extraordinarily
cautious IN their dealings in future