Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1866-05-12
REYtEW OF THE WEEK.

! C0TT0N-We are now in the second week IN
May, and still the long desired era of high
prices for cotton IL not reached. Unexpected
large receipts and great decline in the price Of
gold, for long time prevented any permanent
advance. and now we have another and an
altogether unexpected adverse influence still
further deferring tho period of high prices-the
apprehension Of war in Germany. This threat
ened catastrophe the occurrence of important
| commercial failures and the critical condition
of certain joint stock companies have so de-
ranged the money markets of Europe. that
British exporters have almost entirely sus-
pended operations. and the Liverpool market
has, in consequence, to a great degree lost its
frmness The British spinners-expectng lower
prices in consequence Of continued high re-
ceipts in this country-have stood out of the
market, awaiting cotton to touch bottom"
and are bare of sto,ks. Driven into the market
every now and then by the absolute need of
cotton TO carry on with, sales are run up and
prices advance-when they have obtained sufIi-
cient for present wants they retire, and the ad-
vance is lost again. This accounts for occasional
oscillations in the Liverpool market. Whenit
il known in England how rapidly receipts are
declining here, one important check to per-
manent advance will be removed; and ifpeace
should be preserved. another opposing influence
will have ceased TO exist While all this is
taking place. however. the season is passing.
and the dead time of the year is coming rapidly
upon US. The following is areview, day by day.
of last week 8 market.
FRIDAY. The previous days market showed
good inquiry. but holders would net sell at the
current rates and but small amount of business
was DONE at 2792Sc for middlings. Gold in
New York 275s; holders Of cotton anxious to
realize at 1894 On This day. again, buyers
and sellers were two cents apart, but holders
acceded little and there was an advance Of
one cent 80 cents was paid. in some instances,
for bright middings. New York dispatches
quoted cotton dull and nominal middlings
scarce. S3t9S4c." In our market middlings were
2sa29c. SATURDAY. In New York cotton was
in better demand. and firm at &c., gold III.
0urmerchants obtained 3Oc for middling readi-
ly. and tolerabie good days business was done.
Middling 1880. MoSoAT; News being re-
and an advance in Liverpool, holders asked SIC
for middling; still later English steamer re-
ported a decline, This stopped business and
the market closed dro9G1g The latest English
csding Monday. But a moderate business was
done in our market. Middling 3093lc. TUES
DAY. Market unsettled By the Liverpool de- |
cline, aud very small amount of business DONE |
at lower rates. In New York cotton was dull |
and nominal, 81 $780," In our market middlDg |
were 29@30c. WEDNESDAY. Again very dull |
market. buyers holding a; " Dull and d 1Omi.
our market holders asked 30c selling rates went
down. Middlng 25929c. THURSDAY. The day
was even duller than the previous one, buyers |
md SELLERS hpnq a n N heir. yiaWs The
New York dispatches again stated that mid
dlings are scarce there, The, noon dispatch
az the opening to 2sH at noon. The market
closed with a somewhat improved feeling.
Ordinary ..........-Z29231 Middhng ........,2e929
Good Ordinary .2i925 Strict Mid 'ng- ..3O9-
Low Middling-..26927 Good Middlng..-9-
RECEIPTS-The receipts by river for the
week ending May 10th were 1le bales, against
AS bales last week. The shipments were 1875
bales against 9l7 bales last week. Stock on
hand April Both, HAS bales,against 20 1877 bales
on March 3lst.