Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-09-28
FINANCE AND TRADE.
OFFICE OF rEx DAILY APPEAL,
ME1PHIss September 81, is7o

FINANCE AND TRADE -
OFFICE OF rEx DAILY APPEAL,l
MEMPHIS. 6eptember2 n, $50 i
GOVERNMENT DECISIONS n ORDERS
Judge Strong, Of the United states Circuit
Court for the Eastern District Of Pennsylyania
has just made an important decision concern
ing the revenue law and the tax on Railroads
The Judge decided that rs the law stood Defors
the passage OF the act Of July, 1870 dividend.
and interest paid by railroad COMPANIES o.
ana anef January 4 i0f1 "e ers ~ Inv Is5e
cou1d not be accepted as a legislative expoSi
ton of the meaning Of the former law 50 Ia
as II applied 10 the present case IL Is under
stood that the Secretary Of the Treasury has
directed that an appeal should be taken 70 the
United States supreme Court by ths internal
decision. 1t is maintained that the Supreme
Court will sustain the construction of law at.
tempted TO be made by Congress.
The Internal Revenue Bureau decides thai
the tax on Illuminating gas, imposed by the
act OF June ~, 1854, is still in force. This IS 3
specific tax of Is, -, or . cents per lOO cubic
feet, according 10 the general average OF the
monthly product, and all gas companies are
still required TO make monthly returns and
pay tax on their products as heretofore.
Tit Acting Commissioner OF Internal heVe-
nue. rules that the emptio OF promissory
500, under section four OF the act OF July IA,
$50, applies equally TO either written or printed
evidence of an amounts OF money 10 De PAID
on demand, or time designated.
The Acting Secretary OF the Treasury has Is
sued r circular to Government officials, direct
ing that proprietOrs of bonded warehouses be
hereafter required TO reimburse the United
States for expenses incurred for such locks ana
other fastenings as may nom time 70 time De
prescribed for that purpose.
NEW NATIONAL BANKS
During the past week the following National
Banks have been authorized:
Iennessee-The Second National Bank OF
Lebanon. John ID. owen, President. Thomas
J.. Stratton, Cashier. Authorized capital SJ0,-
90. Paid in capital SS0,OD. Certificate OF au-
thority dated September II, 1870
nlinois-The Corn Exchange National BANK
Of Chicago. B. p. Hutchinson, President J.
=. Gillette, Cashier. Authorized capital, $780,
90. Paid in capital Sis, 900. Certificate OF au-
thOrity dated September Is, 1870.
Wisconsin-The First National Bank OF
BrOdhead. Ephraim BOwden, President Jo-
siah V. Richardson, Cashier. Authorized caPl-
tai s5O,OOO. Paid in capital 5000. Certificate
OF authority dated September ~ 1870.
MisSourf-The First National Bank of Shell
bina. John f.. Benjamin, President Cashier
not chOsen). Authorized capital SlOO,OO0, Paid
in capital $4,000. Certificate Of authority
dated September q, 1870.
Missourf-The Montiteau National Bank Of
California. samuel II. Owens, President X
q. Reache, Cashier. Authorised capital $780,
OO. Paid in capital $4,000 Certificate OF au-
thOTity dated September p, lS7O.
THE HOP CROP.
The Coopenstown Journal Of recent date
gives some interesting figures Of the hop crop,
which indicate an abundant yield throughout
the hop-growing districts Of the country. II
the estimates 50 FAR made are even approx
mately correct, the crop is larger than was an
ticipated. The total estimated product OF the
season is as follows;
New York ESTIMATED acreage 2SyOO0
$50 lbs. to the acre leI5o,oW
Wisconsin and Iowa, 500 ACRES. 3,6s0,OW
Other Western States l,29,OO
Eastern and remaining States.....---.-- 100000
ls,iSO,OO
Or about sl,OOO bales; 10 which may be added
say 1900 bales of old hops at for use This
gives 10000 bales; with a home demand for
$500 to 10000 bales, according to different esti-
mates. There will undoubtedly be a surplus
a larger one, 1t is possible, than even the above
estimates and calculations Indicate; but it is
barely possible that Affairs in Europe may
take a turn that Will warrant the export OF
some of our choice hops At moderate prices,
in which case our market would be benefited.
BRITISH TRADE REPoRT.
Manchester September 9.-Since the COM |
mencement of the present week q great
3sTSst. II opened with considerabIe eT-
element, owing to the wideiy-entertained
belief that peace was close at hand. spin
ners and manufacturer in many cases en-
tirely Withdrew their productions from the
market; others quoted prices more with the
view Of checking buying than with any
ever, quoted more moderate advances, and
effected fair sales individually, though the
week was small subsequently, the less fs-
vorRble sspect OF Affairs ON the continent
and disgusting rumOrs from the East, and
the encouraging account of the growing crop
OF cotton In America, have caused both buy
ers and sellers 70 have less belief In any Rd-
Vances being permanent Producers have
consequently shown more disposition to sell,
and are generally prepared to accept the
prices o~bLRinRble on Friday last, having
the attempt 70 establish the higher /
rates quoted on tuesday. Buyers, however,
been unwilling 70 operate, and have
Is arule, only purchased small lots, though
at prices somewhat below those current A
IRir number Of offers have been made. The
trades are still well engaged. The total bust
both in goods and yarns TO-dRy's market
opened very quietly, and closed without i'm
proVement; sJll, rather more business has
probably been transacted than on any day
previously during the week, owing 70 re-
duced prices having been accepted.
Bradford, september l.-Yarns-The i'm
proVement noticed on Monday In the export
yarn trade has subsidized, and to-day little 1 !
ever, ars still maxim speculative offers for
yarns, principally in super SOS of best and
second qualities; but, as a rule, the prices are
far too low 10 admit OF business. The home
trade continues Without change; the
placed consist chiefly Of cOlOred and
yarns, other sorts being but lit
tie in favor. Prices generally are unaltsred.
Pieces-We have no change 20 report in the
piece trade. The news AZ the end OF last
Eeek induced a somewhat better feeling; but
then the intelligence from France has
Induced caution, and buyers are again Oper-
with great ~rcumpection The Ameri-
cRn and home trades are the most active,
beth French and German houses being eX- !
quiet. AS a rule, the operations of :
Ouyen are confined to selections from stock !
Dr. orders OF small moment for immediate de- ;
livery. Prices are unaltered. !
SECURITIES. $
The following were the closing quotations OF :
southsrn Securities in the New York market :
Il the close OF Saturday last: z