Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-09-01

more. The prospect At present Is certaib
Is better for the seller Of cotton than II
was at this time last year"
The above will answer for Memphis and
its vicinity. barring the slight difference
in rates that always exist, and proves what
the APPEAL has cOntended for during inc
progress OF the growing season, that q
combination of fOrtuitOus circumstances
have oonspired again to embsrass the
Of the staple in the Southern
States.
TraIe.-
The fan trade opens under auspices
more favorable 20 farmers than for msny
years past. The great staple of this mar
ket, cotton, was selling at this date last
year At 19%a20c. Now 1t Is quoted (mid-
dlings) at ISkaIsHe, holders demanding
I9e. The market is now one cent lower
than at the same date last year; q every
other commodity and all that Is con-
stunned by planters has fallen in an inhn-
iteiy greater rstlO. Bacon, at this date
last year, clear sides, was sold at l9aleLc;
now st SZsSHc. shoulders were sold
last year at 1910; now, at 6Zs6Zc. LARD
lest year at Jhis time sold at l9alshc,
now, a. IOLaI0Zc. Bagging, now worth
I942lLc, commanded 30sS2c st this date
in 1870. Corn, on the LIST of Septembe-,
1870, was selling ss S5s90c and now at 6Ss
65c. In lS70-l, corn meal was selling at
"a 5Oz5. per Dbl; nov IL is worth - 50.
In this districE, corn is abundant for local
consumption, and Arkansas will export
corn. Sugar ranges ct l4sl6c, and tie
. of the crop in Louisiana u
Cuba indicate an advance IN prices. Flour
is twenty per cent lower than last yeEr.
Begging and ties are nominal and prices
are lower than 3 year ego and the supply
in excess of present demands. The
stocks of groceries accumulated IN this
city are larger, il is estimated, by one
fifth thar ~ the beginning OF the last
commercial year. Flour is sold here At
s.. Louis prices. and coffee at New York
rates. There was never before so extern
sivs q supply of boots q shoes, in which
Memphis has never been sxcelled Mer-
chants bfiuterior towns buy almost uni
formly for cash, and can find no reason in
the present condition of a grocery, EJos
and shoe and dry goods markets for visit
ing remOter cities. The wholesale trade
of Memphis therefore grows with great
rapidity. Il viii IS seen that freight
charges to Western cities, because of COM
petition between several routes, are grad
uaIiy lessened, and during the ensuing
winIer cotton BUYERS will be gathered
here from sti Eastern and European Cit
les. Already there are Indications OF q
most active fall trade. Tn season will
probably be late, but most prosperous. In
the first place there are all the elements of
prosperity. The harvest is abundant, and
there viii be : very large supply Of bread
stuffs for expectation after supply
ing the home demand. The condi-
ton of the European markets is
such as to secure q ready sale
for all the produce that We have the
| means for transporting. Indeed, the want
of transportation facilities is the great
deficiency Of the times. The European
demand and the American supply OF
~breadstuffs are apparently only limited
by this want. So FAR TsilrUsd and steam
boat extension has proved unable 70 Keep
DISCO with the rapid growth of this valley
which produces IN excess OF the require-
/ meuts Of the community.
The movements of currency show that
bankers are making sotive p-Jps- stlonG
| for the removal of the incoming crop to
Eastern snd EaroDesu cities. Reports OF
| the condition Of New York banks for the
past week tell US that loans have increased
| enormously and deposits have decreased
81 OCG. 900. showing an almost unprece-
| dented drain upon Wall street, whSc
| flows lust now into the Golfers OF Southern
/ bankers. to be used in Jehsif of Southern
/ merchants ard cotton growers. Every
/ commercial fact affecting the fortunes OF
this CITY is indicative of amost prosper
/ ous business season. The only depressing
| incidents Of our present condition may "a
Justly sscribed to he tariff system n to
| laws affecting tbs currency. The next, is
/ known as the presidential year, when
business is never active, and perhaps, in
anticipation Of this condition Of facts, 1t
/ has been found that the preceding year is
prsternaturally active. The credit of our
| banks and mercantile houses was never
80 So stsutial and unquestioned, and the
trade Of this city with this and adjacent
States promises 20 be both more extern
sive snd mora profitable than in any pre-
csding year in u commercial history.
Our Banks
The following shows the capital, cireu-
Iation and average deposits Of our banks: