Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-02-03
COMMERCIAL.
Cotton.

Cotton.
There was some recovery yesterday from the
gloom and depression Of Thursdays market,
owing 10 news from Europe which our Cotton
dealers generally regarded as favorable in It's
tendency. Since the sailing OF the previous
steamer Cotton had continued 70 decline. going
down one half penny below last quotations.,
but this decline had been altogether recovered
and the market closed steady on the advance.
This appeared to show that the declining ten,
dency Of the market, indicated In the two OF
three last Liverpool sdvices, had reached its
Limit, and prices were taking a spring upward.
Another steamer must arrive, however, before
this can be known, but the news as II stood,
proved 10 De a stimulative. and there was some
Improvement IN price, amounting to about half
a CENT in consequence. The New York dis
patches scarcely supported the views generally
held here. The opening dispatch said: "GoId
40Zi Cotton dull and unchanged at 40 cents"
The noon dispatch reported Gold 40%; Cotton
steady at 40 cents" Cotton opened dull - and
closed steady" but without change Of price.
This was viewed as favorable, as far as 1t went.
The follcwingis summary Of the sales reported
20 us bales at 3sc, and 3 at s5%c Repacked, SC;
4 at &c, and . CSC Good Ordinary Il at sec, 4s at
40c, 9 at 4O4c, and rs at 4lc, Low MuddIing; 80 at
SIC, p at il54c, l3l at 42c, % at 42]4c, . at 42L, I8
at 4Sc, and p at 43%ceAiiddIng 50 at sc. and IS
at445ac, Strict Kidding; 2sat 5 c,Good Middling
We yesterday gave an analysis OF Lockhart &
Dempster's Liverpool Cotton Report OF January
g. We find that We are not alone in our esti-
mate Of its worth, and OF the vaIue-of Its state
mentS and opinions, and at the suggestion of
some OF our most experienced merchants we
add The following from that Report. as showing
the opinion entertained in England as 10 the
prospects OF The next crop, an opinion that viii
strongly affect the price Of Cotton now in the
market. " Il is ab~undantIy evident" saws the
Report, q" That under the most fortunate cir
cumstsnces our receipts from the Cotton grow
ing countries Of the world, setting aside Amer
lea, must fall very far short ofthe quantity re-
qulred." The Report then reviews the aspect
Of the labor supply question IN the Southern
States, and says: We are strongly Of opinion
that the next year s crsp Of Cotton In America
VIII be a very small exceptionally very little
more than viii be required for the wants OF the
States themselves. We think thiswiU be a very
great element Of strength for our market a few
months hence, coming, as the general convic-
ton Of IL probably will, about the same time as
the present years American supplies begin 10
fall OF, and our stock commences TO decrease
Il will be well for all interested in Cotton 10
watch narrowly the progress Of events in this
direction Referring 10 the state Of the Money
market, the Report says; " The year opens with
considerable apprebensi0ns on this head. The
Bank rate Of discount is already 5 Der cent.
The stock Of Bullion in the Bank is unusually
low. and a large and increasing home and for
slgn trade Is being carried on. All these facts
Induce c%autioa, and Il cannot De denied that a
certain amount Of Hne@siness az present per
vades the business community, although il is
everywhere admitted that the general trade Of
the country Is healthy and sound" In conclu-
sion the Report says: ave are Of opinion thai.
on the ground Of supply and demand, the mar
kst Occupies q strong position. Supplies during
the early part oftheyear viii probably De large
AMI the market for a time may DO over
weighted, but with the good demand which we
may reasonably expect from al parts Of the
world, any depression that may be caused Will
nrobably be Of but temporary duration. Later !
On ID the year, shspid the prospects OF Anen-
oan supply prove as unsatisfactory as they nov
promise 70 be, higher prices viii probably rule,
unless The course Of events is interfered with by
disturbances In the Money market"
on the last day OF January our reporter
counted the stock Of Cotton IN the city, II