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

FINANCE And TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS. Sepiember 26, 1870.

OFFICE OF THE DAIIY APPEAL,l
MEMPHIS, September =, lSO. -
tt4A - TIE wEIK % rA
That has passed has been characterized By all
the features of a first week OF the season. In
every department Of trade there mas been IN
usual activity. Cotton has come in at the rate
of nearly 200 bales per day, and planters have
been free purchaser at current rates. We are
prontng 10 some extent " the misfOrtunes Of
our neighbors Of New orleans and Mobile.
The presences OF the yellow fever in those
cities operates to prevent planters, usually
tributary to them, from purchasing o rtrading
with either. Memphis is therefore resorted to.
We would not he surprised, If the dreaded
seourge should continue and we sincerely
hope it will not, TO decimate the populations
LOT Mobile and New Orleans, If unr trade b.
comes quadrupIed. Il is known abroad that
Memphis occupies n position second 10 none IN.
the country for health. that We are seldom al
hicted with e~pIdemics, and that people mom
the country can visits Us al all seasons with
almost certain immunity from disease. This
fact Is operating and VIII operate TO make
for as an increased trado@ TRADE much.
of which we may retain if We are bat
sharp and shrewd enough, and make accept
able bargains Tor those who deal win us we
know. and our mar6etfates viii BEAR as out,
that We can sell to-day As cheaply and as sails
factouily as any city in the country. We are
-ea rd1,orf with every marke. in the world, and
feel all the efectS that before the daysoi tele-
graphy told ius-tantaneously only upon the
centars which commercially controlled the
world. our merchants are comIelled to buy,
as those Of st. Louis, Louisville, Chicago ana
emn with a view to such fluctuations as
are inevitably attendant upon theldwsof SUP
pIy and demand. The difference. therefore, in
our rates are those only OF freights between
Memphis and the general market fora particu-
lar commodity. At present il viii be found
that Dry Goods, Boots and shoes and whole
sale Millinery are firm, following upon "a he
mHud that reminds one very much Of the Old
anti baYnn days when prudence and economy
were characteristics both of buyers and sellers
Bagging. rope and wine are firm FOR thesaine
reason; while provisions, feed and Kindred
stun is shrinking because Of a falling OF IN
demand that bespeaks the fact thatto a greater
extent than ever our people have this year
raised these prime articles OF necessity Tor
themselves. Cotton also istending downward.
But il does not surprise Us. II always tum-
bles atthe beginning OF the season. This we
moved. at least 50 far as the last three years
are concerned, in our article in Thursdays AP-
PEAL. This decline does not appearto be regu-
lated by the supply or receipts dor those OF TINS
vear as compared with the same time last are
much less. but by an arbitrary law that can
not be controlled. That the staple viii con-
tinue 10 tumble until il reaches a price the
eaivalent IN greenbacks of that which was
paid for it in gold before the war, we do mol
believe. We learn from many pals OF the
surrounding country that the crop viii not
average what four weeks ago was expected
In many places il has grown 70 stalk, and in
- .,1- tho lnv-ar hollis have Dnpngi
with promise. But should the cropnow-be being
industriously gathered be equal to that Of last
wear an Increased demand from home manu-
facturers, together with an increased demand
bv the peoples now engaged in war when the
war is over, through foreign manufacturer
may he expected TO maintain prices within AT
beast the current rates here for M~iddling-6c.
We may be mistaken, but Judging by the CON
tracts of the cotton gamblers of New YORK.
wherein they propose to pay l6l2c for Low
MfddHng Uplands, deliverable IN January
next, we are not Ear wrong. 1t r. true bheSe
fellows were recently so far mistaken as 20 be
badly bitten in Augustsnd the present month.
But making an allowances, they are not far
out Of the way. While their prices are not TO
lie relied upon as an absolute certainty, they
are always near enough 10 indicate the prob
ability OF the future IN any event we adSise
our country friends to send their cotton into
Memphis and avail themselyes Of present
prices. Producers never lose anything by
awaiting themselves OF a fair market and rea-
sousble rates. That class have no business to
take the chances or indulge in speculation
They should, therefore, take what oilers. I'M
less they are out OF debt, lowe no man any
thing but kindness" and have reason to be-
lieve the market price of their commodities
will advance. In such a case our planters
o." " - s..+faaa. d, HaNIfnr their enffUrr
Otherwise not. Where they owe they should
make haste to pay. The merchants and banks
of Memphis who have carried them during a
tryingsummer commercially Speallng) should
be. as promptly reimbursed as they can pick
the cotton to do So. We advise that course ms
honest an The plauteT ami but simple justice
20 our merchants and banks. Our money
market is very stringent and we need what is
due US by the country. We need TO sustain
our credit, as essential to the welfare OF the
country as 10 the city. Bring in your cotton,
Messieurs OF the country, bring inyour cotton,
And this brings us 10 a review OF the cotton
marketIast week. on Tuesday Liverpool was
unchanged in price, New York declined 20,
this market was steady NJ the prices Of the
day before, DO balcs changing hands ON a basis
orIVL Tor MiddIug ON Wednesday cotton
was reported quiet in Liverpool and prices I'M
changei: in New YORK there Was a decline
with "a view to the establishment of an export
marlin. In this market there was but little
Offering and but li1le done, and a decline was
established. prices OF Middling ruling al 1870
y. On Thursday Liverpool was dull and
lower and New York quiet and weak. Sales
Of 30 bales were made here al l6k. On Friday
the market was dan and there was a further
decline. In New York the decline was C.
Here 20 bales We're disposed Of ON a basis or
lGaIG4 for Middling On SATURDAY but little
Offered, and very little was done. only n few
bales changed hands al Ice for abiding, hold
ers being unwilling 20 sell at these rates. Cot
ton was qniet and weak IN New York and duh
in Liverpool To-day Monday the closing
day Of the week. the market is irregular, price
wax, with an active demand for Middlings at
yeduCed rates.
o-UTsTANDISG GUREEECy. ga
From The official records of the treasury De
partmept it appears that, on closing the books
on saturday, the following Efndsand amounts
of United states.currenc were outstanding at
that date:
limited states notes. old isSue.--.-S lU3,y1l o.
United States issue of lss-.-----~. Sygt - ~
one year 5 per cent. notes--.--. l92S1 70
Two years per cent. muteS..--.--- b',l1- ~
Two years per cent coupon notes 800 tl
Compound Interest notes.--. 2lz,,lu0 ~
Fractional currency, INST issue $1,000 J.
Fractional currency, second issue 3,Z3,lgl IS
fractional currency, third issue BOlblS ~
Fractional currency, fourth issue A-elO,bll %
Not' "'fA' -
MEMPHIS NANCE
We find the following in the Baltimore Sun
of the22d. What is said therein as to the hnnn-
eial~ condition and prospects Of Memphis We
indorse correct. Wehope Messrs johnson and
Prescott viii be successful;
For the purpose OF awaiting of the advan-