Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-01-28

These things, aud the animation caused b9
good business with spinners' orders, caused an
ticipations of a good week 20 come, and espe-
ciaily awoke a strong expectation that the next
European steamer would bring news OF an adj
vancIus market. The three first days passed by
duu and stagnant-on Thursday the news ar
rived. Il was not what had been looked for.
The change was not caused by a failure Of the
calculations OF those looking for higher prices
as far a. those calculations went-but BY thein-
PRODUCTION OF an entire new feature into the
business. which had changed its whole aspect
Instead Of an advance there was a decline ofSA
Of a penny 10 one penny, and this not because
Of imports increasing or stocks enlarging' but
for a reason which affected the Cotton market
though wholly outside Of Il. Capital has for
some time been abundant IN Europe and seek
ing Investment American Securities were found
to be the very things 10 invest in, and were get
ting into increased favor. This direction Of
English capital towards foreign funds was not
compatible with the views OF John Bulls guar
dams, or buIl-wardens, and to restrain the wan
derings Of British guineas, the Bank Of England
throwing aside her "a per cent precedents,
and Overlapping her 5 per cent. Iimit-boldly
raised the rate OF interest 70 sper cent. One OF
the effects OF this measure to depress American
Securities was to embarrass the buyers Of Cot
ton. If money Is "tight" for the purchase Of
bonds, Il Is no less SO for the acquisition OF Cot
ton. II the effect Of this shohld be to decrease
British Cotton imports and reduce stocks, Brit
ish mil-OwneIs win not be slow to raise a voice
that Bank and Ministry must listen 20. That
cry raised, the sluices opened, and the Gold
pent up by the 8 per cent. obstruction left I'M
obstructed and free Cotton must strongly feel
the effect. But when will this happy result be-
come a reality. VIII It come in time for the
Cotton grover and owner In the South TO bene-
Mt by It? To that question we have at present
no clue which win give an answer-we can only
walt and watch. The week closes dun and
heavy with nc bright hopes Of the week to
come. Holders show a determined attitude, but
circumstances appear to be too powerful for
them. The following is a review of the market
from day TO day
MoSDAY.-Saturdsy closed with quotations
4Ss44 cents Monday was an excessively duh
day. Al New York Cotton was quoted nominal
at Soc. Private news Of a fall OF 4 Of a penny
In England, and Bank OF England rates raised
to S per cent. Market closed heavy and declln-
ing at 42943%c.
TUEsDAT-DuIler even than the day before.
sales few aud small. Middling 42qf5c.
WEDNESDAf.-Quiet AID depressed, but a
little more sold. No one felt inclined to operate
to any extent until foreign news should come
to euiighten him as to prices. Cotton again
lower. Middling A55@i2zc.
THURsDAY-The lOoked for European news
arrived-Cotton in Liverpool 5<9l penny lower.
This put an entire stop TO business for the rest
OF the day, Middling Hlsg42He.
F~EIDAY.-The foreign news OF the previous
day destroyed all spirit aud duIlness was uni
versaL. Buyers showed no disposition TO oper-
ate, and holders rolled up their sam ples resolved
to do nothing this week at the low rates likely
10 be offered. New York dispatches quoted
" depressed and unsettled at $3.50" Middling
$50 Oc.
SArURDAY.-Some Of the buyers were ready
TO operate II they could find holders who held
their ideas of prices. They offered zoe for Mid
ding, holders asked 4ac. The consequence was
that the samples remained rolled up, and only
a little outside business was done. No dis
patches were in nom New York. Our quota
tons are merely nominal, as no regular market
existed. The following sales we're reported to
US: : at SIC, : at 3jc, at 3Jc, and Il at SSc, Re
packed; Il at Dc, = at Ale, and 81 at H14e, Mid
ding % at 42c, Strict Middling.