Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-09-27

We hnd the following in the Baltimore Sun
of the22d. What Is said therein as to the hnan-
cial condition and prospects of Memphis We
tndorse correct. We hope Messrs johnson and
Prescott Will be successful:
For the purpose of awaiting of the advan-
taees Of the ordinance, approved by the popu-.
lar vote in the city Of Memphis, Tenn, a short
time since, authorizing the issue OF s5o,cD OF.
gold bonds by the municipality forthe purpose
Of funding its floating debt, including past due
coupons on present bonds, John johnson, Esq,
the Mayor Of that city, accompanied by q. +.
Prescott ESD, Chairman OF the Finance tom
mittee. Is now on visit TO Baltimore, with a
view OF comforting with the holders here Of
the bonds of Memphis. Perhaps at least ST.
I0l Hg3 of such bonds are held in Baltimore, and
e Mayor and Chairman Of Finance give mo-
y hat they will be glad 10 confer Win hold
- ~ 0oom No. 2I Barnum's Hotel to-day
ers ~ row, between the hours OF u noon
ai5 - Under the present municipal aq-
III ? b.ltion Memphis, S~trenuOus and SyB-
iemafic Efforts haNe Deen made 70 bring order
- r. dngncrs ana place the operations or
tie city on a cash basis, dla 20 laI Lle sucoess
has b9en quite eneouraglaE me depf of SSH,
0a0 mas been paid. but in the meantime SlOl0y9
OF Interest for july has accrued on the bonus
~ Exclusive OF $1,000 bonds of ~heniphisand
Ifttle Rock Railroad Company assumed Dy VIC
city, and which is offset by mortgage on navy
yaIu Dloneytv OF memphis Is s2i,7S 100, on
which al Interest tax is laid of S28,uB ~,
,nE- general tax Sl7a,4S2 80, and school TAX sF1-
~ The tax is SION the Sl00, of which 81 Is
Tor Interest Ihe prosperity OF Memphls y ln-
dieatod y ne d iRe z sSn q RoPpi 81 IN SaHsls
81 $50. shown 10 have increased TO D,2D, eX-
elusive Of G85l in thesuburbs eEn
FINANcE AND TRADE IN NEW YORK
We transfer 10 our columns the following
review Of the New York market for the
week closing on the 9th inst. from the New
York Sgapptag List: -a a-
The domestic or d~istfIbutive trade Of the
city with the interior is moderately active,
the shipments 20 some points Of the sOuth-.
west, IS Texas, being, We aps assured, larger
than In any previous season. In TACT the
merchants OF nearly sl the cotton states
are purchasing hberally OF manufactures
adapted TO their wants, owing 70 the I'M
proved financial condition OF hat section.
Five years have now elapsed since the close
of the civil war. Industry and nngality have
regained capital, old railways have been
revived, and new lines opened fertilizers
purchased. and, during the commercial year
ending Slst ult-, mere than three millions %
bales OF cotton have been gathered, and, al
the present rate of progress. An a year or two
more the yield viii equal the average return
before the war. Nor Is this alL In place OF
nine cents before the war for middllng up
lands, the same quality now commands
double that price, and the entire crop now
In gold, In place OF one hnndred and MY
millions anterior to the war. II is this vast
income, together with the product OF other
Southern industries. that is Instrumental In
starting into renewed activity the wheels OF
commerce, The West has also been favored
with good crops, although, from the low
prices Of its great staples, the financial con-
ditlon Of hat section i not 50 strong rela;
our financial difficulties nnQuestionably lies
An the restoration Of the fuH dow OF prOduc-
1ion and accumulation. which was inter-
rupted by a long and exhaustiDg war. II
not 70 be expected that the fearful losses in