Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1865-11-12
COMMERCIAL.
OFFICE MEMPHIS DAILY APPEAL,
November y, 1853. J
n.- sh v-a,a

Review of the Week.
Our last Weekly Review left the Cotton
market sim and depressed. Although the
monetary s~tringeney, which had kept the
market dull and depressed for three weeks,
vas, to some extent, relieved. stu, Cotton ex-
perienced no r~evivIng influence. Throughout
-heIast week, Notwithstanding a more plentEul
,upply OF currency, the st0gnancy continued,
md, until Friday, the price fell lower, day by
lay, in New York, and the Liverpool steamers
brought tiding Of further declines in England.
This persistent lowering Of price indicated the
existence OF causes Of decrease and more
money stringency, and anXioas inquiries were
made as TO the nature of that cause. The
hypothesis was started that the d" rings in New
York. taking the raising of the bank interest iu
England as a starting point, were operating for
fall, knowing from the low ock in England,
md the increased demand there for manufac-
ured goods, that Cotton was certain TO reach
4 high figure, tkey calculated that if they
sould, by the usual maneuvers or such organ
.zatious, depress the Southern markets, they
would obtain a large amount Of Cotton al &
.ow rate, obtain control Of the market, then
make princsly gains by selling ont at high
figures. This was, and is, 10 a great extent, the
opinion OF those who hold Cotton, and are in
-erested in sustaining the pricein the southern
arket The buyers, who are supposed TO be
iesirous OF seeking 10 lower the market, ac-
sount for the decline in another manner. They
rssert that Cotton had been going up from an
expectation in England that the amount Of
tocks in America would prove inadequate 10
heir wants; they therefore bought freely, and
prices rose. Finding that advancing prices
brought in large importation, and that the
amount OF Cotton in various parts OF the United
states was larger than they had estimated, a
revolution took place in the feeling Of the buy
rs and manufacturers. The anxiousness 10
to secure Cotton passed away, and, with a de-
.reasing demand, came the decline in price,
which has so much startled the holders and
thwarted their expectations. Whatever force
there may OF may not be In these representa-
lions, certain Il is that they are not, as yet,
accepted by the holders Of Cotton, who, not
withstanding the receipt Of intelligence Of one
decline after another, have retained the most
complete confidence that Cotton will rise from
the temporary depression 10 which 1t has been
subjected, and not only return to the rate Of
0a53 cents for Middling 10 Strict, which existed
when the revolution set IN. but go far beyond
those figures. To the time Of writing, they,
holding of the market, refused TO show a sam
| pie at the bid Of any figure with forty in il.
From the time cotton tel below 5tdo5 cent?,
the sales in this market have been small-Ouly
such lots being disposed Of as the necessities OF
owners or the amount Of advances made I'M
! perstfvc 20 dispose Of. On Friday, o rebound
took place in New York, and Cotton rose to
81 cents, with a good demand. This has forth
ned holders in their views. Until 50 cents can
be obtained for Good Middling, little Cotton
viii be sold here, unless very decided intelii-
gence OF a prospective continued low market
in England altogether destroy the strong con-
hdence that exists, and lead the holders 10 sub
nit 10 an inevitable reduction.
The receipts by river since the first of Octo-
Der have been weekly, as follows: October :.
l,4s2 18th, 2,93i 2lst, 1913; 2Sth, 1858, Novem-
Der 9Th, l-279 18th, LISP. The shipments during
the same season, exclusive Of Government
Cotton, were as fSaows October 7th, 1880
18th, 7,4ls 2lst, 7,IS6; 2sth, 1872 November 4th,
ana; nth, ASH