Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-18

Is54-S5th I2l9'5-S5
fsal-5Sth HS.5'1sSS
I,aj-391h a.sIoss
57-J $1,000
I~5S-4lsu
Is,Y-I4d ~ 1890
ls1J-88d ~ @fo
The South now has less than two hum
ared thousand spindles, while the North
has 5.s4s,477. If the South could spin its
own cotton, or one-half Of it, and send II
abroad in the shape Of yarn, the above
proportion in spindles would soon be re-
yersed. The average crop is now worth
two hundred million dollars, and If hd@.
,f il were spun it would realize three
hundred million dollars, besides employ
ing thousands of operatives and inviting
large emigration.
Bv private advices we learn hat the
r prospect is, in many sections OF the
country, infinitely worse than has been
reput1d. The grass and lice are making
quick work Of what heavy storms of hail
nave left of cotton, and the planters are
al their Wits ends to know what 70 do.
And this ealamltOus state of things, we
are sorry to say, is o confined to our
own section. In the northwest the ab-
sence of the usual spring rains has very
much prejudieed the growing crops, and
we learn that a large breadth Of grain,
which was sound and promised well six
weeks ago, now looks light and thin, and
il is only in exceptional localities that
o is well up. Grass and clover are also
quite short. AdYices from the Pacific are
70 the same effect, and the press OF Cali
foruia and Oregon are already announcing
a short crop. From Europe the same I'M
satisfactory news reaches Us. We hear OF
damages TO the crops OF extensive dis
tricts, and it is expected that grain Will
be scarce and rule high. What is one mans
meat is another's poison. The heavy
rains, while they damaged the cotton, have,
10 some extent, been advantageous to the
rice planters Of Louisiana. The long
drouth had stunted the rice, and the
stage OF water in the rivers and bayOus
has been such that the fields in the upper
parishes could not be flooded. In these
latter localities the grass has got such a
start that a reduction OF fully fifty per
cent. in the yield is certain. In the lower
parishes, though they have been able 10
irrigate, yet the dry weather has damaged
the crop greatly. II is thought that Dot
oye sixty thousand barrels clean will be
made, against IOO, 600 last year.
Some days since two bills were intro
duced in our Legislature for the purpose
of repudisting the n hundred n thou
sand dollar bonds issued to the Mineral
Homo railroad and misapplied by that
corporation, and to prohibit the Comp
trolle- and Treasurer from voluntarily
paving the $50 one thousand dollar bonds
issued 10 George Nancy, in aid of the
Tennessee and Pacific railroad, between
the ID Of October and the It'll Of December,
1863. Both these bills AVE passed the
senate with amendments permitting the
roads 10 pay back such bonds TO the State.
We received to-day, per the Southern
Express Company, by way Of Louisville.
a COPY Of the New York Herald of the
l5.h. This paper started on its journey at
sam. on the morning OF its publication
and reached Memphis at noon on the 18th.
Can anything speak louder for the bene-
fetal workings of the express business2
We doubt il. FOrty-three hours from
Memphis to New York is quick travelling.
Light freichts received and forwarded at
chis rate OF speed must prove a great boon
10 The mercantile public.
our story OF the fellow who was some
years ago al ed and feathered for falsely
packing cotton, has attracted a great deai
OF attention and brought Others TO as.
Two OF these we will tell to-day. Many
years ago a South Carolina planter ship
ped a bale OF cotton to his Charleston
merchant, which bale found its way to an
English manufacturer, who returned 70
pounds Of stone which he took from the
heart oft. The Charleston merchant not
knowing what better to do awaited him
self Of an order from his planter for a
hogshead Of sugar into which the stone
was put in place Of SO much sweetness"
Imagine, if you can, the planters chagrin
when be found his 70 pounds Of rock re-
turned to him as sugar. Another story
is to the effect that a bale of cotton sold
this season as part of alot Of 200 bales, to
q merchant in a n~eighbOring town, was
held until il lost 100 pounds when it was
returned to the planter, who, besides re-
ceiving advice not to w~ater-pack any
more, was forced to pay all the freight and
warehouse charges. Thus the bitter will
sometimes get bit.
An ordinance, which on Wednesday
pas, ed both Boards of our city legislature,
aud hich proposes to equalize the privi-
lsge tax so As to do away with existing
determinations, has not yet and may not
receive the Mayors approval, not because
il is not right and just, but that additions
10 il NAV become necessary 50 as to pre-
vent Misunderstanding in the future.
The New York Herald thinks new Ten
nessee bonds a dangerous investment.
Here is what it says about them OF the
18th inst:
The new Tennessees continu Q to be the
fasture Of dealings in the Southern State
Eords Thev were active and strong up
al Inc close Of the last board, when they
touched 68Z. but fell OH to % in subse-
ouent street dealings. The ability Of the
clfuues who are reported 70 be operating
in these bonds to advance or lower the
price al will has been so slgnally demon
HtTdLeU IA inc movements VI HAg go ~
weeks that those who are not allied with
them are entirely at their mercy. What
ever the real value of the bonds as an IN
vestment or whatever their Inducements
as a speculative sale the public should
leave Them alone for the present.
In our last issue we called attention 10
the statement Of two Of our National
Banks, as appearing in our columns. By
an oversight the report OF the First Ma
rf,naI hank was omitted. We publish it,
however, in this issue.
The condition Of the money market is
about the same as yesterday. Exchange
is eaxv on all points and rates are steady
At par buying and = premium selling.
The demand for money continues active,
and good mercantile paper is taken at the
usual rates. The demand for money
reaches beyond the banks to the street,
where some No. l paper is offered at l%@
IL per month.
In stocks and bonds the market is quiet.
We learn Of nothing save a demand for
city bonds at 49c. A sale of 5000 was re-
ported to-day at a fraction over this hg-
ure. City scrip is quiet at 7097Sc buying
and selling. County warrants are selling
at 7OQ72c TO dealers, who in turn supply
the demand from taxpayers At 7Ag75c.
Tennessee money is steady at69972c buy
ing and selling.
Governments closed dull but steady in
tone:
Bonds OF @
$40 Bonds Of lS52...-~.---...ll2 O.
Maaa nmK0