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Annual Statement {by the Memphis, Tenn. Chamber
of Commerce} |
| {For the year ending August 31,
1861} |
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To Thomas W. Hunt, Esq., President of the Chamber
of Commerce
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Sir,
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The commercial year of 1860-'61 having reached its close,
it becomes my duty, as Secretary of this institution, to present
through you to its members and the public in general, a condensed
statement and digest of the business operations of the city during the
past twelve months, so far as they may have come under my observation.
*****
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The disastrous events -- in a commercial sense -- of the
past year have proven to us the incalculable advantages of our
railroads, which have preserved our prosperity in the midst of
political and financial convulsions that have overthrown the old
Republic, and given us, in the midst of these stirring scenes, a rich
return for all our past labors may well be asked, would be the
condition of Memphis now without her roads? Instead of the life and
active industry they now exhibit, in the very midst of war's alarums,
the deserted condition of our streets and thoroughfares would furnish
but a sorrowful counterpart of those of hundreds of Northern cities.
In contemplating our present happy condition, our people should be
deeply impressed with the obligations they are under to the
public-spirited and noble men whose genius and energy accomplished the
works that have conferred so many benefits upon the city. Over the
grave of "JONES" a monument should be reared that shall
carry his name to the latest posterity as the great and disinterested
benefactor of the city.
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As fortunate as we are, comparatively, in our commercial
affairs, how many additional advantages could we have secured to
ourselves, had we, a few years ago, put forth our strength and
completed our road to Little Rock and Fort Smith and built the
projected road to the Iron Mountain, and by it had, during the last
few months, open communication with St. Louis? The sacrifices we have
made this summer, for the want of the latter road, would have paid a
good share of its cost. If the Confederacy shall include Missouri,
that road will be hereafter a political and commercial necessity to
preserve our intercourse with a sister State, from the hostile
interruptions of the inveterate republicans of Illinois. When
hostilities shall cease, and re-established laws shall restore credit
and bring back the arts and pursuits of peace, the energies of the
people of Memphis should at once be directed to the construction of
all her projected railroads. The first built should be the Iron
Mountain Road; then a road direct to Jackson, Miss., on the cast the
Yazoo Valley: another direct to Vicksburg; the Little Rock Road should
be pushed on to Red River in the southwest, to connect with the Texas
roads and the western branch to Fort Smith and the rich prairie
country beyond. These great works done, Memphis might securely and
confidently await the development of the country beyond the
Mississippi to make her the great interior mart of the Southwest. Her
growth in population and in wealth would eclipse the past history of
St. Louis, which, henceforth cut off from her free-State trade, and as
a border city, must necessarily decline. While these great works are
being accomplished by combined public effort, our citizens should
individually improve the rich fields for private enterprise in the
various mechanical and manufacturing pursuits, which our political
separation from the North will open to them. Our success for the past
four months in the new branches of productive industry, teach us how
much we can do for ourselves when forced to be self-dependent. If the
people of Memphis will properly improve her advantages, the
independence Of the Confederacy and the emancipation of Southern
mechanical labor from its thraldom
to the North will make our city a hive of busy industry. Her close
proximity to and unrivalled facilities for the distribution of her
productions on the roads and rivers of which she is the focus, the
consummate skill of our mechanics and artisans, the large number of
manufacturing establishments already in successful operation, are
among the innumerable advantages which should speedily render her the
great cotton manufacturing depot and machine shop of the Mississippi
Valley, as well as the seat of large manufacturing concerns in every
branch of industry.
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The absence, heretofore, of any rigid system of
statistics as to the receipts of general articles into the city,
deprives us of the opportunity of instituting a comparison as to the
relative increase or decrease of importations during the past year, as
compared with former seasons. Enough is known, however, to warrant the
statement that, in many of the leading articles of produce and
merchandise, including pork and bacon, dry-goods, sugar, coffee and
molasses, tobacco, (leaf and manufactured) flour, corn, oats, hay,
potatoes, coal, drugs, live stock, whisky, leather, powder, ice,
cotton seed, and various manufactured articles, the year's receipts
have been the largest in the history of the city; while, on the other
hand, we find very few articles in which there has been a decrease --
cotton (in which the falling off in receipts is comparatively small)
being the only prominent article in which the reverse has been
observable. When it is recollected that during almost one-half of the
year we have been partially blockaded from our usual sources of supply
in various departments of merchandise, these facts are doubly
significant as indicating the rapid growth and expansion of our trade. |
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Operations of the Chamber |
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The attention of the Chamber was early in March directed
to alleged discriminations against the trade of Memphis, practiced by
the managers of the Mobile & Ohio Railroad. It was charged that an
unfair policy was pursued, tending to injure the trade of this city,
and in favor of Mobile, through a system of tariff charges which were
much higher on the northern end of the road, then terminating in
Corinth, than on the southern or Mobile end. A committee was appointed
to inquire into the matter, and after a lengthy, patient, and
impartial investigation, reported that the charges were in great part
sustained. The subsequent action of the officers of the road has, we
are pleased to state, been far less objectionable to Memphis people
and Memphis interests. |
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***** |
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Our Railroads |
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Memphis & Charleston Railroad -- This road was
originally projected as a great commercial artery between the Atlantic
ocean and the Mississippi river, but in the present disrupted state of
the country it has proven to be the strong arm of military defense,
serving not only to unite the Southern Confederacy with iron bonds,
but enabling the Government to unite its forces at any point desired,
either on the Atlantic coast or in the Mississippi valley. As will be
seen from tables and statements herewith presented, the road has
increased its receipts during the past twelve months $206,025 93, or
12 1/2 per cent. Under the circumstances surrounding the country, this
is most extraordinary. Its present enormous receipts of $1,841,122 60,
on a capital cost of $7,000,000, is ample evidence that the
stockholders made a wise investment; and the increase of the stock,
upon its completion, of 60 per cent. upon what each stockholder
actually paid in, together with the payment of 8 per cent. cash
dividends, annually, shows that it is one of the paying
institutions of the country, either in peace or war -- whether in the
old "Union" or in the Southern Confederacy. The stockholders
have reason to congratulate themselves upon the prosperous condition
of this great work -- the fine condition of the road's machinery, and
the quiet, systematic order that characterises its management. It is
purely a great Southern enterprise, built by Southern capital and
Southern men, and managed still by the same parties who built it,
never having materially changed its organization -- still
retaining its old Board of Directors and officers, or others who have
been promoted from the ranks of their operatives. |
Comparative
Statement of Receipts, Memphis & Charleston
Railroad, for past three years
RECEIPTS
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1859
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1860
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1861
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From Passengers
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$751,923,01
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$975,259,33
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$1,022,595,48
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" Freights. . . . .
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509,991,66
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582,553,26
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729,875,93
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" Mails. . . . .
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55,175,00
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55,176,00
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54,064,59
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"Ex. & rent
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13,722,73
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22,089,08
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34,576,61
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Total. . . . .
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$1,330,812,40
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$1,635,096,67
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$1,841,122,60
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Memphis & Ohio Railroad -- This road forms an important link in the chain of
railroads connecting Louisville, Memphis, and New Orleans, extending
from Memphis to Paris, Tennessee, a distance of 130 miles. The road
was completed 57 miles to Brownsville, in 1855; to Humboldt, 82 miles,
in April, 1859, and to Paris, the northern terminus, May 11, 1860. In
consequence of the Clarksville road not having been completed, direct
communication was not made with Louisville until April 15, 1861, on
which day the first through train left Memphis, and arrived in
Louisville in twenty hours. The time has since been reduced to
eighteen hours, and on the completion of the Tennessee River bridge,
we are assured it will be still further reduced. The distance from
Memphis to Louisville is -- Memphis & Ohio Road, 130 miles;
Memphis, Clarksville & Louisville Road, 83 miles, and Louisville
& Nashville Road, 167 miles -- total 380 miles. The short time
that has elapsed since the opening of this route, and the partial
prostration of trade in consequence of the war, precludes the
formation of a correct estimate of the immense business that will be
transacted by this road when peace shall again be restored. For the
present we can only refer to the movements of freight over the road,
as indicated by the statements elsewhere contained in this report.
Each year's earnings of the road have evinced a decided increase over
the preceding year. In 1860 the receipts exhibited an increase over
1859 of 67 per cent; and in 1861 over 1860 of 20 per cent., of which
$59,061 was from passengers, $29,831 from freights, and $2,691 from
mails -- total increase $91,585. The total receipts of the past year
embraced $362,595 33; operating expenses same time, $190,754
78; leaving as net earnings, $171,840 55. The road, as we are
informed, has cost about $3,300,000, including buildings and
equipments. The financial condition of the road may be briefly stated:
Tennessee bonds, maturing in 1895, '96, '97, '98, and '99, $1,493,000;
Company 6 per cent. bonds, due in 1866, $97,000; Company income bonds,
10 per cent. due in 1870, $432,000 -- total funded debt, $2,022,00);
floating debt, $278,000 -- total liabilities, $2,300,000. It will thus
be seen that the cost of building and equipping the road exceeds the
total liabilities of the Company by $1 000,000. Annexed we give a |
Comparative Statement of
Receipts, Memphis & Ohio
Railroad, for past three years
RECEIPTS
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1859
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1860
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1861
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From Passengers. . . . .
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$71,574,65
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$130,285,90
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$189,347,55
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From Freight. . .
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76,976,85
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136,816,84
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166,647,78
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From Mail. . . . .
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1,273,40
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3,908,58
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6,600,00
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From Express. . . . .
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160,40
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.
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.
. . . .
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Total. . . . .
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$149,985,30
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$271,010,32
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$362,595,33
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Mississippi & Tennessee Railroad -- The completion of this important artery of
commerce and travel opens up direct railroad communication with
Grenada, Canton, Jackson and New Orleans, and reduces the time between
Memphis and the latter point to twenty three hours. Twenty miles of
the road on the southern end, from Oakland to Granada, were completed
on the 31 of July, and the first through train left this city on the
following day. The future prospects of the road are certainly of the
most flattering character. Passing through one of the richest
Cotton-growing regions of the South, and forming, as it does, an
important part of the great Northern and Southern line of travel, its
future operations can scarcely be otherwise than profitable to the
public and remunerative to stockholders and others interested. The
road is 99 miles in length, and is, for the most part, well built.
There are thirteen "Howe Truss" bridges, and seven wrought
iron, in spans of 25 and 30 feet, resting on solid and substantial
approaches. The pressure of the times has prevented the erection of
permanent depot buildings and machine shops at Memphis, which was
wisely deferred until the track should be completed; yet this company
does all its own repairs in temporary shops, attached to which is a
car manufactory, which is turning out all the cars required by the
road -- some of them the finest to be found in the country. The
business of the road during the past year, circumstances considered,
has been excellent, the amount of freight shipped from this city
especially showing a marked increase. The earnings of the road, in its
various departments, will be seen from the following: |
Comparative Statement of Receipts, Mississippi & Tennessee
Railroad, for past three years
RECEIPTS
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1859
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1860
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1861
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From Passengers. . . . .
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$66,636,41
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$74,528,06
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$78,055,62
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" Freight. . . . .
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104,704,76
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140,525,79
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134,650,60
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" Mail. . . . .
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747,33
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1,547,33
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5,737,50
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Exp's, rents, etc
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4,425,00
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4,425,00
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1,800,02
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Total. . . . .
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$176,513,50
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$221,026,18
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$220,333,74
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Memphis & Little Rock Railroad -- The prospects of this Road are of a very
flattering and gratifying character. Several months since the affairs
of the Company passed into the hands of a new administration, under
whose auspices the work of completion is being prosecuted with vigor.
From official sources we learn that track-laying is progressing on
both ends, that the grading is completed from Duvall's Bluff, on White
river, to Little Rock, and some 18 miles of track laid down since
April last, with the prospect of completion by the 1st November. Prior
to this date it is expected that the bridge crossing the St. Francis
will be completed, when we shall be in direct and uninterrupted
communication with Little Rock. The heaviest portion of the grading of
the intervening space of forty-five miles between Madison and Duvall's
Bluff, has been performed; the iron for the entire road purchased, and
sufficient amount delivered to complete the road from White river to
Little Rock, as well as some fifteen miles on the second or middle
division, leaving but thirty miles of iron for future delivery. |
Comparative Statement of Receipts, Memphis & Little Rock
Railroad, for past three years
RECEIPTS
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1859*
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1860
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1861
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From Passengers. . . . .
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$4,609,35
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$18,000,48
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$22,616
80
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Freights. . . . .
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1,124,21
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9,622,18
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13,132,89
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Mail. . . . .
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1,125,50
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4,798,34
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5,600,00
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Express. . . . .
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.
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107,40
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486,49
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Total . . . . .
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$6,858,66
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$32,528,40
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$41,836,18
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*Embracing a period of three months, during which
the road was in operation |
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***** |
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Corn |
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The crop of this important cereal in the Southern country
generally, for the year 1860, was a partial failure, owing to the dry
and unfavorable character of the weather during the early part of the
season, which prevented good stands and otherwise impeded the
prospects of the growing crop. The yield, therefore, being light, the
deficiency was necessarily made up from the northwestern States,
where, under more favorable circumstances, an abundant crop was
produced; hence we find that the amount of Corn received in this city
during the year, and disposed of by our merchants, exceeds by far the
operations of any previous year in our history. The market
opened on the first of September with a comparatively light stock on
hand, supplies having been pretty generally exhausted by the active
demand experienced during the two preceding months, and low water in
the upper Mississippi having in great part cut off our usual source of
supply. The sales of the early part of the month were chiefly from
levee, and at 55 @ 60c per bushel for Yellow and Mixed and 60 @ 62
1/2c for White. The market continued steady until the latter part of
the month, when stocks having been reduced to a very low point, prices
advanced 2 1/2 @ 3c and the month closed firm--the receipts having
comprised 16,970 bags. The market for October opened active and
buoyant, with more liberal receipts, and by the close of the first
week a further advance of 2 @ 3c per bushel had been established, lots
of Yellow and Mixed commanding 60 @ 65c and Prime White 67 1/2 @ 70c.
The market remained in this condition, with only slight fluctuation,
until about the 25th, when with improved navigation and heavy
receipts, holders yielded 2 @ 2 1/2c, and the market closed quiet at
60 @ 62 1/2c for Yellow and Mixed and 64 @ 65c for White. The business
of the mouth was chiefly for the supply of regions in North Alabama,
Georgia and the Carolinas, which had hitherto looked to other markets.
Month's receipts, 23,983 bags. |
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There was no change of consequence in the market until
the latter part of November, say the 20th, when the new crop beginning
to arrive very freely, and with large stocks of the old in dealers'
hands, prices began to droop and by the 25th were from 3 to 5c lower.
In addition to this, the country demand was less active and the market
for the month closed dull at 57 1/2 @ 60c for Yellow and Mixed, and 60
@ 62 1/2c for White (old crop). The new crop was neglected and dragged
heavily at 52 1/2 @ 55c. Month's receipts 34,221 bags. |
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Prices continued to tend downward and by the close of the
first week in December a further reduction to 58 @ 60c and from 55 to
57 1/2 c, and subsequently, on the following week, to 52 1/2 @ 55c for
Yellow, Mixed and White was submitted to by holders -- the receipts
having been largely in excess of the demand. No further change
occurred and the market for the month closed dull as above, with
receipts of 23,781 bags. |
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During the first half of January, the market was quiet,
but before the close of the third week, under the influence of
political causes, a lively demand sprang up, and prices soon rallied
to the extent of 2 @ 3c per bushel, which was maintained until the
close -- stocks in the meantime having been materially reduced, while
the receipts had fallen to 17,833 bags. This spur in the market, added
to a fine stage of water in all the upper rivers, induced heavy
shipments to this point during the first two weeks of February, by
which time the advance last referred to had been lost, the demand
momentarily checked, and the market pretty well glutted. Affairs moved
along in this wise until the close of the month, when, with a moderate
inquiry and ample stocks, we quoted yellow and mixed 56c. and white
58c. March opened with a good demand, but, with serious impediments to
transportation eastward by railroad, owing to an immense press of
through freight upon the Memphis & Charleston and Mobile &
Ohio roads, which in great measure prevented the usual local
accommodations. The receipts, too, opened briskly, and, as the sequel
proved, were by far the largest of any similar period of the season;
hence it was that immense stocks soon accumulated, and prices fell to
52 1/2 @ 55c., and finally, on the 29th, to 50 @ 52 1/2c. per bushel
-- the deliveries of the month having reached the large amount of
99,611 bags. |
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During the first two weeks of April with a continuance of
the unfavorable circumstances above referred to, holders conceded a
further reduction of 2 @ 2 1/2c., but on the l7th, with the war
proclamation of the Northern dictator to hand, and apprehensions of an
early stoppage of supplies from the north, added to a considerable
improvement in the St. Louis market, prices rallied to 55 @ 56 and 57
@ 60c. and by the close of the month to 60c. for yellow and mixed and
65c. for white. This excitement in the market proved of temporary
duration, and supplies continuing to pour in with increased vigor, a
reaction soon ensued, and by the 3d of May, the market was dull at a
decline of 5c. per bushel. Toward the middle of the month, however,
the long threatened blockade of the Northern government was placed in
operation, and, by the close of the mouth, prices had gradually
stiffened, until 65 @ 75c. were the ruling figures. Stocks were ample,
and prospects for the coming crops most encouraging. The tendency of
the market from June 1st to date has been uniformly downward; prices
in view of the reduced inquiry and the very favorable indications of a
large yield from the coming crop, gradually giving way until the
middle of August, when offerings were freely made at 45 @ 50c., in lots.
During the past two weeks, there has been some little demand, with
sales at 50 @ 52 1/2c. |
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Bacon, Pork and Lard |
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The course of the market for these articles,
during the last twelve months, will be briefly reviewed under one
heading. The commencement of the season, in September last, found very
light stocks on the market, with a good demand not only from the local
trade but from remote regions which had previously looked elsewhere
for supplies, but which having been brought into close connection with
Memphis through the medium of our various railways, were beginning to
test for themselves the superior advantages of our market. Mess Pork
opened at $22 per barrel, Lard at 15c; Shoulders at 11 1/4 @ 11 1/2c;
Clear Sides at 13 3/4 @ 14c, and Hams at 14 @ 15c. Early in September
the receipts from the upper country were more liberal and the supply
was largely in excess of the demand. This state of affairs continued
until about the 1st of January, prices in the meantime continuing
gradually to decline, and during the first week in that month the
market had reached the lowest points of the season, viz: Mess Pork
$17; Lard 9 1/2 @ 10 1/2c; Shoulders 7 1/2 @ 8c; Harris 10 @ 11, and
Clear and Rib Sides 10 @ 11c. The inquiry for Bacon, during the latter
part of January, was pretty generally superseded by Bulk Pork -- with
which the market was amply supplied at 7c, hog round -- thus
tending to a still further depression in the first named
article. The demand for dry salted meats continued to prevail during
the following four months, closing only with the season, about the
first of May, with by far the largest aggregated transactions ever
known in this market, vast quantities of the article having been taken
for shipment to the States of Georgia, Alabama, Mississippi, and the
Carolinas. A good inquiry was also expressed during this period for
all descriptions of Bacon, barrelled Pork and Lard, for the same
points, and this, taken in connection with the prospective stoppage of
future supplies from the North by virtue of the blockade, caused a
material advance in all these articles, Mess Pork, on the 1st of May,
commanding $22 @ 23 per barrel; Shoulders 10 @ 10 1/2c; Hams 12 @ 15c;
and Ribbed and Clear Sides 13 @ 15c. Bulk Pork also exhibited
considerable firmness at 10c for Sides; 8 @ 8 1/2c for shoulders; 9
1/2 @ 10c for Hams, and 9 1/4 @ 9 1/2c for hog round. The market
continued steadily to improve, and on the 20th of June a further
advance of $3 to $4 per barrel on Mess Pork, and of 2 @ 3c per pound
on all qualities of Clear and Joint Bacon had been established. |
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***** |
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