Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-02-09
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS, February s, 1871.

explain the diversion of trade from
the Mississippi river.
1t states that there were 1852 800
tons Of freight carried owe the road
during the year, equal to S95,S62, 1l2
tons for one mile. The receipts for
the transportation Of this amount
We're So. BPS, O27, or One and thirty
seven Cue-hundT6dths cents per ton.
From New York to Dubuque is
1000 miles. and TO Liverpool $500
miles, making the through distance
from the Mississippi via New York 10
LIVERPOOL 1900 miles. At the rate Of
Transportation on the Erie road it
would cost S13 20 10 move a ton Of
freight by RAFT from the Mississippi
river 10 New York. The present rate
Of transportation by sea Il SO 90 per
ton Tor every 1000 miles 10 remove
this ton Of freight from NeT York to
Liverpool would therefore cOst$u 20,
making the through cost slightly I'm
der 50.
From New Orleans to Dubuque is
1850 miles, and to Liverpool 1880. A
ton of produce shipped down the
river has TO move 704O miles 20 reach
Liverpool. Now the average cost of
river transportation in high water is
over 50 per ton for every 1000 miles,
and the ocean rate from this port 81
per ton for the same distance. The
cost Of moving this ton from Dubuque
down the river via New Orleans and
thence 10 LIVERPOOL would be SO IS;
nor does this estimate include
the insurance, which would be
more than double that by way of
New York, or the interest on the value
of the product during the additional
time required by this route.
These figures show that, while river
transportation may be nOminslly less
than half that by rail, it does not
necessarily command trade. The river
figure viii have TO be reduced more
than fifty per cent. 70 compete with
railroads running East.
A NEW LIFE INSURANCE DECISION.
A decision Of some importance 20
life Insurance companies was made at
Dubuque last Thursday. 1t was a
case 10 which g mother procured a
policy Of $3.50 for the benefit of her
infant daughter, and after making
Two quarterly payments, surrendered
the policy at the request Of the COM
pzuv. for reasons that we do not find
stated. In g few months 8fterWard,
the mother died, and suit for the
amount Of the policy was brought In
the Circuit Court, by the next friend
OF the surviving daughter. IL was
held by Judge Barker that the policy
Of insurance, when executed and de-
liv5red, created a valid contract be-
tween the plaintiff and the defendant,
which no person excepting one legally
Authorized to act for the plaintiff
could surrender or annUl as her act; ,
and that although the mother Of the
plaintiff obtained the pOEcyand made
payments on ii, she nevertheless had
no legal authority 20 surrender if for
any consideration paid her by the
company, being neither the natural I
nor appointed guardian Of the person
or estate Of the plaintiff. He also held
thai 70 ClaIm q forfeiture of the policy S
for the u1u-payment OF premiums, II S
would have 20 be shown that an agent
OF the company presented a receipt for 3
the premium 20 some person liable to
pay it, and that such person refused
or neglected TO do So. Under these
Instructions the jury found a veTict 3
for the plaintiff for the full amount Of =
the policy, with interest. We under :
stand that the case will be taken to =
the supreme Court. If affirmed, it
certainly establishes asOmeWhaJn novel :
precedent and is Of great importance :
10 life companies.
THE NEXT COTTON CROP.
Upon this subject their is much n
being said by the press both North F
sai South. The New Orleans Pea 4
asge. generally sensible and COnsery-
tive. SAYS. "Lhe losses sustained by Of
he south on the incoming crop Of 81
have induced a general belief u
has in 1871 q small crop viii be n
With cotton at present prices
here is little or no profit TO the ia
lie has l8b8rGd during the di
-s4r joy the public. The WUrldis ben n
ii I'd by cheap cotton, but he is not. U
{ is reduced TO a question Of profit or fo
Jss, and if there is a general belief b
throughout the Southern States that A
urrent prices are normal, and not ns
kelly % improve, less Gotten will be N
reduced, beyond a doubt. 1t is yet oe
90 early TO state with eXaCtness what
the intention Of planters. We land ~
% fact the whole country dOes) expect Isi
o see q great reduction in the cotton
cre8ge, Tut as faithful chrOniclers of ali
acts we must say that nothing has
ct trauspired 10 warrant the asser-
ion that such VIII really be the case.
rom all parts Of the South w hear Of 10
strong demand for labor. Planters
re securing all the available labor in do
heir respective districts. This shows u
bat the planters are far from being
iscOUraged, and that the whole la
force Of the South is likely to
e fully employed during the present
While many planters are ye
out for a reduction in wages, VI
theirs are paying last years rates. tet
.hese facts do not warrant the cOnclu-
on that a large cotton crop is in %
Anticipation. We can only infer that . ]
g much land as possible viii be Guilt "
ated, and that planters expect a do
lore prosperous year is in store for ]
lem. The land viii be put under
JttOu, corn, OF other staple, as the JoI
deems proper. Ia our State, a,l
.hich produces more cotton to the -
ere than any other, there VIII be a
-eat increase in the production of 8
.gar. The old sugar planters are in
their working force, and those z0g
no have hitherto cultivated cot I
% viii turn their attention to the "a
The New York Bulletin of 1eC
thursday responds to this in this 4
yle: 1.-THE Southern papers are bar
gain proiuse in their advice TO the {
TO grow less cotton and more PEI
ain. At present, we do not care to
the merits Of this counsel or 4
.e grounds on which il IS based. TOO
JuruHs published in the planting {
stricts ought 20 know something IA
,0ut the subject, and perhaps think 2 9
understand the question much
than editors who have never
en- a cotton plantation. We would, ne,
JWever, suggest 10 writers who ap- pir
so anxious to restrict the cotton a.
that they are doing their best to 1
feat the object they seek 10 accom- tE5.
.-h. If these COunsel5 have any ,
.-cf. the more the planters are urged ~
curtaI their cotton production, the +
ore they will each expect that the ity
Do will be- reduced; and, acting on "a.
at assumption, each one VIII plant on,
Jra than he otherwise would, hop =
2 thereby to realize higher prices on "a
.drgar crop. The editors thus defeat -
cir object. Would il not, therefore, Z
quite as well 10 leave planters TO IS
low the dictates of their own eX- bar
and common sense? which, : d
Ter all, are about as good guides as ~
Y counsel coming from ineXperi- 81 :
ced writers" Mn
FINANCIAL. &C
There was no new or interesting mn
ltures 20 mention ia local financial 10@