Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-09-01
THE TRADE AND BUSINESS OUTLOOK
OF MEMPHIS.

The notable feature OF the cotton re-
port Of Memphis for 1867 up to date is
8 falling of OF about $4,000 bales since
the LIST of September last year. This is
not a discouraging fact when the causes
are understood. 1t is not an indication
that other markets have encroaehed on
the Memphis district Or that Memphis IS
losing ground. The actual cause was a
heavy frost on the nights Of the I'd and
lOsh of October last year, whereby the
cotton crop was damaged 264 per cent.
On the night of the 10th ice formed a
quarter of an inch thick. Up to the I'd
Of October the prospect had been highly
encouraging, Taking the damage as a
basis of estimate the falling off in re-
ceipts should have been l27, 900 bales Of
cotton. That it was only 81, 900 has been
owing to the energy and enterprise Of
our merchants in reaching out for new
trade.
The character Of the crop is unusual
in some respects. In consequences Of
the early frost last year there has been
an unusual quantity Of stained cotton.
No crop, however, was ever saved in bet
ter condition. As a result the proper
ton Of low grades has been remarkably
small in comparison with other years.
The total value Of the crop has been
greater than usual. Notwithstanding
the difference in prices since 1876, the
average valuation per bale has been only
about 81 so less than the year before.
Cotton has been worth on an average
$52.l4 per bale this year against about
$50 last year. The total valuation Of the
crop this year amounts lie round numbers
to 800, 5000.
The excellent character Of the staple
and its exceptionally good condition
accounts for the eager competition
of export buyers, which has been
a feature Of the market all the
past year. 1t is safe to say that
prices have been remunerative 10 plant.
ers and to shippers, and that cotton will
pay at present prices under the improved
condition Of labor and the more eeonomi
cal methods Of living gradually adopted
by all classes. Memphis has presented in
ducements to planters second to no mar
ket in the country. In fact there has
scarcely been a day when there was a
shipping margin between Memphis and
New York, while during a greater por
ton of the season Memphis quotations
have been equal to if not above New Or
leans. To illustrate: for the last six weeks
cotton has sold in Memphis from one.
eighth to one-fourth of q cent above New
Orleans, and quotations closed yesterday
one-eighth Of a cent in favor of this
market. The average weight per bale
has been four hundred and seventy -four
pounds, or eleven pounds less than last
season. The number Of bales actually
sold here was 394.5 25 bales, as some
was resold. When it is considered that
the planters have raised more wheat,
corn, oats, rye, barley, millet, fruit and
live stock Of all kinds this year than
ever before, it is evident that the coun.
try around Memphis is gaining rapidly
on the high road to independence and
prosperity. The people have learned
re importance Of raising their own
bread and meat at home. The cotton
raised now is more money in their
pockets at lie than at l5c under the
old system Of buying everything from
up the river. Crops have been fine in
all directions, and the people are easier
thar any time since the war, although
money is scarce. What money they
have will buy more Of the necessities
and comforts Of life per dollar than any
time since 1860. This is an encouraging
view which most people begin to under.
stand and act upon in their business cal.
culations and transactions. The fall
trade promises to be very satisfactory
The credit system has been in a great
measure abolished, and we begin to
realize highly beneficial. r%esults. Our
merchants sell only for cash or on short
time to reliable and prompt customers,
and can therefore afford to sell on a
very small margin. The whole system
Of business is undergoing o gradual rev
olution which will rebound to our
common progress aud prosperity. While
contraction Of currency and shrinkage
of values 60 on there will be a
keen necessity for economy and thrift,
such as the French practiced 80 we'll
just after their disastrous war. But to
this state Of affairs we have adapted our
selves with remarkable facility, without
impairing our energies or capacities for
enjoyment and effort. We are not ex.
emp: from the general depression that
affects the whole country, but Memphis
and the surrounding country is bet.
ter off has most sections east Of
the Mississippi river. Municipal
II. !
debt is a heavy burden. 1t vas in.
Cured at a time of fictitious prosperity
and wild speculation, and is a standing
warning against going in debt, or issuing
bonds for any purpose. Bonded debts
are the curse and bane Of nearly all
cities in the Union. Happily for us
ours, under awise and equitable policy,
will soon be reduced by one.balf, when
with careful management we can begin
to pay as we go and live within our
means.
Memphis is growing fast enough. The
city is large enough for the present cap.
ital and business, but as the country
around Is settled and developed and new
lines Of communication, such as the
road to Texas by way of Devalls Bluff
and Texarkana and the various projected
narrow-gauge railroads are opened up,