Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1859-03-19

The cotton crop continues % SLOW NV ~
extraordinary increase in reeeire Ihssh9e-
ton Of the crop is as follows, eomParatvely'
for three years 49,
corros cnoP-srfr. I To rEn- "a.
ssst s.et t..... sies....slfT Pa5s in.sls
Rsosipl % pa ~~.-3PFsss % ss 119
sarey ..aI7lAp Les1a l@os
Errorts s2sa @e@
Hal.nos -ii7ssO wsa iEaso
rs o-aasumpsa taeesls. iss6 iolsa Rtsae
The crop is now very large, and should The
receipts continue AZ the sane rats a last yeafi
up 70 The close, the erep vii BE- !, 10000 alta.
Nauy dealers suppose, heWefer, that me re-
ceipts sfteT the next week win begin 70 de-
cliHe, az compared with last yeaf. Sueh views,
however, are mostly conjecture. The stock OF
cotton now on hand here Is very large, and as
the prices abroad are not favorable 70 its ship
ment hence, the burden Of holding is heeoming
more onerous, in face Of a little deaIer rates
for money.
At the present rates he quantity Of cotton.
now held here Is worth nearly ~sboIOuo,uuQs %
more than S20,000,0o0 IN excess Of last year.
This circumstahss-in connection with the war
rumors abroad, which should they end in an
explosion, may eurtaH the iemand for maten-
Al, in face Of large crop. In this YieVx, many
look for a break down In cotton favorable to
the manufacturers, whose wants are large.
Their operations are no doubt very fal, bot
their purchases have not hiherto been any
larger than al the same period in 1887, Wien
they held ample stocks Of material, and the
supply Of goods IN the country was very con
siderable. Last.year, an these were greatly
reduced, and if the manufacturers with more
promise Of trade, purchased more than last
year, il will be observed that they have done
nothing to compensate for the deficits Of last
year, fnasmuch as that they take only The cur
rent supplies Of ordinary years. A decline in
cotton at this iHneture W0nld operate in their
favor, and many Of them retard their purchases
at this moment in that view.
The hope Of ahY serious disturbance Of Eu-
ropean consumption, from political causes,
does not seem 70 be very well grounded, and in
he present aspect OF the commercial world
the great want is raw material. EFerywhere
the consumption Of goods is on the increase,
both from growth Of population and greater
ability to buy goods. A momentaTy check 10
consumption would not add 10 the supply Of
cotton, which, in thelong rus, is short. The
wants Of the public in the United States are
considerable, and 1t may Be inferred that the
most active operations Of the manufacturers
will not more thsh keep up Nih the current
demand for the present. The trade, which it
was supposed would be late, has somewhat IN
expsctedly come frun the South and Southwest
some two or three weeks earlier than had been
looked for, and has in some cases taken mer-
chants here By s~urTise with. fair demands.
Heretofore il has been the case that after a
year Of depression in the cOuon Business, the
quantity required BY spinners Sas been greater
than ever, showing a disposition 10 compen-
safe for the deficit Of the former ysaT. IaE
Thus the quantities reported as annually Ia
ken show the following results Id the year
1896, the amount taken was 1885, zoo bales, the
largest quantity ever before taken BY s~pinners.
The Revision Of the following year reduced it
to 100000 bales. In the hext year il rose 10
246,00 o bales, and increased year by year, until
it reach 297 600 bales in 1S4l. The reaction
Of that year reduced the quantity 70 POI 900
bales, or rather more than 10 per cent. In the
next year it rose to 325,000 bales; and so in
creased year by year TO 5O4,143 bales in 1850.
The reaction then reduced Il 10 3S6,427 bales in
1851. In 1852, it rose 10 5SS,322, or 5000
bales more than ever before. 10 1855, a reac-
ton reduced il to 81 900 bales. In the sue
ceeding il rose to Cts. us In 1857, when the
panic reduced it to $4,000 bales. Following
this experience, it may be supposed that if in
the year 1857 the spinners took--between Feb
ruaFy 10 and August 3l-26o, 900 bales, they
ought this year to take 100000 bales to the end
Of August; and should combination Of accu-
mulated stock, war rumors, and a tight money
market, cause a reaction in cotton, he spin
ners may seize the Upp~OrtPaity 70 replenish
stOcks.-U S. Economist