Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-23
city, to a prominent Front street house,
reports as follows regarding the outlook

reports as 1oiAoWs regarding the OUTLOOK
of the growing crops:
Two weeks ago we wrote you that
the prospect of corn and cotton was
better than at any period since the close
OF the war. Since then q great change
gloomy and cherries. Heavy cold rains
have fallen nearly every day. The cotton
is nearly eaten up by lice, while grass has
everywhere got the upper hand. Corn
has not been plOWed enough, and we rear
the Weld will be small. If we do not
rave a favorable season from this time
forward, we viii not raise q half OF the
crop we expected to. The same news
comes q us from other neighborhooos.
We recur to the subject of the manufae-
ture of cotton-seed oil and meal for the
purpose of presenting to our readers,
more in detail, the profits that are posi-
bile from the business. One o. OF cotton
seed, which here costs Sl3 delivered,
| Yields. in the process of manufacture, %
gallons of oil worth SOC per gallon net,
/ one-third of a ton of meal worth s., and
25 pounds of short staple cotton worth on.
an average l21Ee per pound, or s. 12H-in
ali, S23 62E; besides that the hulls Of the
seed are used for fuel, affOrding a saving
in tina respect which will bring the total
yield in money from a ton of manufac-
tured cotton seed fully up to the SIS we
quoted in the APPEAL of the 21st as the
money result of the process.
Society very justly excludes from So
cial recognition q class Of persons known.
as gamblers, and all merchants regard
with suspicion such memb0ss OF their
fraternity as in the least indulge in cards
or dice. How, then, they can tolerate a
class that is daily growing larger, and
therefore more potent for mischief, and
whose sole occupation it is to gamble in
the staples Of the country, passes our
comprehension. Gambling for money is
in no sense worse than gambling in cotton
or corn; indeed, we think, Of the two.
evils. it is the least. The money gambler
Injuries none but himself and such as ike
him believe in the ezcitements Of play
and nave faith in luck u your cotton
gambler interferes with the regular course
of trade; be anticipates or seeks to anti
eipats the growing crop. aud combines to
defraud the planter OF the legitimate re-
suits Of the law of supply and demand by
contracts to deliver cotton in September,
as has been reported from New York, at
I9Xc, in October at 19L9Is5sc, and in
November at lS%@lsc. This is a great
wrong, and q crying evil that should be
discouraged, and that she4ld by the sew
eral Chambers of Commerce bs sup
prezsed. In Chicago, this selling to de-
liver and selling short has been found a
fruitful source Of fraud IN tho grain mar
ket, ana has sent more useful members
Of society to the devil than have ever been
pronted one cent by it. Many QfthOse in
New York who have embarked in this
business, are without capital, and are
only known to speculative circles, where,
supported by kindred spirits, they in
dulge themselves iR what is as much
a pleasure aud Pastime to them ss throw
ing Of dice or shree-csrd monte Is TO the
honest, manly, straightforward gambler
who adyeFtisss his calling, and shoulders
all the pains and penalties inflicted upon
him by society. The merchants and
planters of the South should combine to.
in as far as in them lies, suppress a vice
that seriously threatens all the legitimate
laws and modes of trade.
In exchange there was sons offerings
of cotton bills, which were taken readily
al par. The demand was moderate at Lc.
premium, and s. per $1,000 between bank
ers.
The currency market grows more strin-
gent, and, while money is in sufficient sup
ply for the requirements of business, Dor
rONsrs experience difficulty unless sup
piled with ~undOubted securities. Bankers
favOr their customers at from 10 to u per |
cent. per annum on short-time paper, /
while street rates are IL to 2 per cent. Ear
Pa
There was nothing reported in gold to-
day. "NO sales was the answer to all
Inquiries. Dealers were willing to pay liz
for round lots, and a fraction less for
sums. The demand is very limi-
and brokers charge II2E to lI2A.
The New York market opened at lI2A, !
and closed at 1925.
Nothing was done in city bonds, though
here was some inquiry. A round lot
would command Soc, and single bonds
49c. to a traction over.
There was some Inquiry for Charleston
stock at 40c., but nome offered.
Jity scrip Is nominal at zoe. county scrip
A. -0c. to 72c., and Tennessee money-dull
At 6S97Oc. ne