Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-02-16
Monetary and Commercial
Cotton Market.

The feeling in the market, this morning, Il
better--innuenced by favorable news from the
East. For several days past the river had well
nigh suspended operations, but this morning.
as the clouds have drifted away. we expect
some activity. Receipts yesterday, 1887 bales
exports, 81 bales.
Ordinary. Middling ....,.-27llf@29
Low M Sidhhca Good Midd's soSSS
In regard TO the vexed question Of the Amer
lean crop we take tho following sensible views
from a late circular Of Norton, Slaughter 4
Co.. sent Us by their esteemed correspondent.
C. NJ. Farmer. Esq; The very sanguins predic-
tons made by some parties that the crop would
not exceed one million Of bales, arc already
disproyed by actual receipts to date Of this
amount, while those eontending for not over
one and half millions bales as the maximum,
continue to reason that every possible necessity
having compelled hurried shipments. there
cannot DO over half million Of bales yet TO
como forward. We are. however. inclined TO
believe the crop will reach one and half mil
lions Of bales by the first Of April, and II so. IL
is safe to add 10000 bales more from April to
September, making u total Of 10000 bales.
We do not believe English manufacturers. in
the face Of average receipts for the next eight
weeks Of 10000 bales. will run up prices on
themselves above the average Of the past thirty
days. In fact, the condition Of trade at Man
chester is unfavorable for any such result. In
tho United States trade is greatly depressed
the supply Of goods large throughout the coun-
try-prices tending dOwnward-our merchants
discouraged. and for,boding i'll in the future
money becoming dearer by reason Of Govern
ment contraction Of four millions per month
and the disposition of capitalists 10 hoard be-
coming more manifest every day. because Of the
unsettled political condition of the country.
What is there, then, in the face of such facts.
TO warrant much higher prices for cotton. unless
a large advance in gold shall transpireY We
would not advise our friends. under all the cir
cumstanees, to accept the figures Of short
crop I" writers as facts. for every days observa-
ton proves that the " most reliable estimates
ESQ often quoted furnished on paper, work out
only deception and mistake. We would rather
advise the adoption Of conservative views, and
that holders Of cotton accept small profits,
rather than risk large losses. We do not pre-
dict that cotton will go to zoe. or below that
figure but our theory is. that at or about 35c,
there Is no great prospect of much advance,
and that prompt sales on strong and active
market will most likely result to the interest
of shippers. Our experience as factors. at any
rate, is overwhelmingly in favor of this course.
Receipts for January. 1867 "a, 4Sl bales sales
and re- sales for January. 1867, 81 $3.50 bales;
ports for January, 1867 1891 bales stocks in
New York, and on shipboard not cleared, esti-
mated at 1876. 600 bales stocks ID Liverpool,
10th ultimo. sol. $50 bales; of which were Ameri-
lean 1863, 800 bales total receipts, since lst Sep
| TENDER, 31s799 bales; total exports, since LIST
September, lSl, 900 bales; receipts at all Amer
lean ports, Since LIST September. as per tele-
graphic reports. ]. 100, 900 bales.