Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-04
What a Number or the Leading Merchants
OF Memphis, Representing all the
Principal Branches Of the Whole.
sale Business
Have to say Touching the Present COndi-
tiOn and Prospects OF Trade-The
Country Merchants and Planters
Very Cautious
Buyers-The Latter Fast ApprOximating
the Condition When They Will Die.
tate Instead OF Being Dictated to
Generally Encouraging
Outlook.

ness season. The interviews develop the fact
that IL the country tributary to Memphls-In
Tennessee, Arkansas. Mississippi, Alabama
and Georgia. most satisfactory state OF bus
mess affairs prevails. The cheering prospect
adds new life to the business interests of
Memphis. The gentlemen interviewed are
well known business men, engaged IN various
kinds of trade. Our interviewer propouLded
but three questions, which embraced all that
is necessary to bring out a specific opinion as
to the outlook for 1878-79. The answers to
the questions propounded, while not categor-
ically in response, give clear and explicit
answer. Our reporter called on quite num-
Der of business men who were not at home,
much to our regret; but probably at a later
day we will make them call, and learn fur
Their as to their business " outlook " for the
coming season. the questions propounded
are as follows:
First-What is the present condition of
trade, and what is your information as to
growing crops?
Second-What is the financial condition of
planters and merchants residing in the coun-
try tributary to Memphis, and what is the ex-
tent of accommodation asked for by planters
and country merchants, compared with that
of last season?
Third-What Is the outlook for fall bust
ness and trade of the forthcoming season?
The responses to the above suggestive ques-
tons scan be found in what follows, which
q
ton of all classes of our business men:
HILL. FONTAINE & CO.
Mr. Jerome Hill, of Hlll Fontaine & Co.,
thinks, from what he has seen and can learn
of the condition of the country in the area of
the Memphis cotton district extending from
Stevenson, Alabama, to Fort Smith, Arkan-
sas, that the prospects are favorable. The
farmers are yearly improving their condition;
the present prices of cotton and relative low
values of all the necessaries OF life, the low
rates of interest On money, and the growing
tendency to economize, tends to place them in
the position they occupied previous to the
war-'the rulers of the land and should
they have no reverses, will soon dictate their
own terms. This would soon bring lands
upon the market at increased value, and their
general improvement would add much to the
prosperity and happiness of the people, Civ
ing new energy to all and employment to
those seeking labor. The merchants, fnan-
cially, are more independent than since the
war; are careful and satisfied with the past
years business. Upon the whole, the out
look is encouraging to the people of the
south, and from now on he thinks we have
good cause to look for better times.
s. MANSFIELD & CO.
Mr. Jake NJ Wood, of the above wholesale
drug-house, 301 Main street, on being inter-
viewed by our reporter. stated that the pros
pect of trade for the ensuing season was most
encouraging. The country druggists and
merchants with whom they deal exclusively
purchase lightly, and many of them purchase
for cash, who formerly purchased largely on
| a credit. Their business is an indication of
| the business feeling in the country. The
country merchants and druggists are solvent
and their credit good. The outlook from a
drug standpoint presents a most favorable
| appearance SO far.
b. LowENsTEIN & BROTHERS.
| Our reporter interviewed representative
| of the above house, wholesale and retail dry
goods and notions, 242 Main street, and
learned the following facts: Dry goods are
sold lower and cheaper than ever, a fact
which adds to the material wealth of the
| planter. The goods are sold from ten to
| twenty-five per cent. lower than last season.
| Country merchants are more careful in pur-
| chasing large stocks than heretofore. A
spirit of economy seems to prevail in the
country. The planter buys more closely and
less than usual, and many of them pay cash.
There seems to be spirit of saving abroad
in the land, with view to making money
this coming season.. The financial condition
Of the country merchant and planter was
never better, and the outlook for next season
presents most cheerful and inviting appear
ance. The bankrupt law extension does not
materially affect the dry goods business.
Those known to be good can always command
/
their own terms.
| MR.. j. T. PETIT,
president of the cotton exchange, and OF
the house of J. T. Petit & Co., cotton factors,
| etc., on the corner of Union and Front
streets, stated that the 'outlook" was prom
ising; merchants and planters were becom-
ing more economical; were living within
| themselves. More meat, wheat and corn
was raised this year in Mississippi, Tennes-
see, Arkansas and Alabama, than ever before.
This was caused by the low price of cotton
for several seasons past When cotton failed
to br1ug big price planters went to work
and raised breadstuffs and meat for home
consumption. II the planter does not make
| a little money this year he never will, should
the prospect continue as favorable as at pres
emit. In several localities in Mississippi and
Arkansas, along the rivers, planters COM
planned of the want of rains, while in other
localities not fifty miles from the former COM
plants came as to too much rain, and cry
for dry weather. Take it as a whole, the
prospect for trade next season was very good
I'M. HILL.
Our reporter visited the boot and shoe
house of Hill & Mitchell 32215 Main street
and interviewed Mr.. L. M. Hill. This gen.
tleman was of the opinion, which opinion
was based upon direct information, that the
growing crops, within radius of three hun
bred miles of Memphis, were most promising
He believed the present condition of trade K
be quite favorable, and would compare favor
ably with the trade of former years. As ;
general rule, the financial condition of tn.
planter and country merchant was better thai
formerly. This result was brought about b,
the condition of trade last season. The com
mission merchant then advanced literally
basing his loans upon the prospect of a goot
crop The crop, however, was short; conse
quently the planter and country merchan
| cd ind ta1 ~ no
chant. This caused a strlngency in the LOAF
market. All this was advantageous to tn
! planter. He could not go in debt to an
great extent, because his credit was limited
He had, therefore, to live within his income
/ and to-day he stands financially better thai
; he did last year. He created supplies Q
: bread and meat, which formerly he had
) purchase, and became to that extent self-sus
! tanning. The extent of accommodates
called for by planters and country merchant
A thus far, has been far below tina
called for heretofore. The outlook for ia
and next seasons business is most cheering
l and will remain so unless some unforesee
2 occurrence should take place-a destructio
l of the cotton crop for instance. Mr.. Hill wa
2 opposed to any bankrupt law, he regardin
t it as detrimental to public credit. No mar
t he asserted. within his knowledge had eve
? failed to succeed in effecting a fair compro
mise with his creditors. If they could M
e pay more than twenty five cents on the dolls
that amount was gladly accepted. Whe
: they went into bankruptcy the assets wei
r wasted and disappeared, and the creditor
got nothing. He did not understand no
J., this result was reached In the bankrupt
r court. He had always advised his creditor
q who stated their embarrassments, to effect
f compromise and not go into bankruptc
e The bankrupt law ought to have been n
e pealed at once; the extension of the tim
: of Its going into operation was disastrous
e public credit. There is plenty of money
It Memphis to be obtained on frst-class pap
e and at a low rate of interest, but second I
= other classes of paper stand no chance in Of
e tanning money except at ruinous rate
e interest.
q FARGASON & CO.
q Mr.. John T. Fargason, of Fargason & Co
:, grocers and cotton factors, 1863 Front stree
states that the business outlook Is prospe
, ous more 80 than in former years. III
!, growing crops in the country tributary
Memphis seem to be good, and a bett,