Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-09
FINANCE AND TRADE.
OFFICE o THE DAILY AFPBAHf
MEMPHIS, August s, 1870.
Mrs n~EET

ANAAGMaAE
Generally those institutions were able tC
indulge their customers and extend paper
TO the beginning of the season, which il
locke forward to with some interest by
merchants who are full of "great expee-
~tations." In this we hope they will not
be disappointed. And they will
not. if the farmers whom they have
so generously carried but repay
their kindness by prompt returns
in cotton or ~groenbscks. The cotton mar
ket was very generally quiet during the
week. On Tuesday, We reported il
steady in Liverpool at 7S@Sd.; in New
York quiet but steady at 1880 here in
active at lSil@lskc, Iholders in many
cases getting an advance on the latter
figure. On Wednesday, Liverpool was
steady at Sd; New York, quiet, prices
nominal, Middling, l9Hc while here
there was a very dun market at lS15c for
Middliugs. On Thursday, Liverpool was
dull and unchanged al Sd; New York
dalI and tendency downward at l9Ac;
this market was dull and prices nominal,
Middling being quoted at 1s'4c. On FRI
day, Liverpool was reported steady at
77.d. for Uplands and large sales; New
York dull, with more sellers than
buyers-Uplands, 1850. This market
being dull, only 100 bales changing hands,
at lS6lSI<e for middlings. Liverpool, on
Saturday, was reported tending down
ward, Uplands, 79[d; New York dull and
unchanged, Uplands, l9H@l9ssc. Here
only $50 bales changed hands on a basis
Of IsaISI+c for Middlings. To-day there
was an Improvement in Liverpool and an
advance OF I'd; New York and our own
market failing to respond. On the con
trary, the day closed here on a very an
certain state OF things.
TIE FUTURE OF COTTON.
The Boston Journal OF the 29th inst.
contains an article under this heading,
remarkable considering the source) for
its clesrness, fairness and correctness II
is full of suggestion for the dealer and
the planter. The lesson it conveys is all
the stronger that its estimate Of an aver
age 3,5OO,eOO bale crop overshO0ts the
mark BY at least 900, 600 bales. If with a
crop at the former figures present prices
could be maintained, we may reasonably
suppose that a $4,000 90 bale crop Will
tend to advance the rates IN restore the
prices which ruled al the outset of last
season. The JonTHGl asks What are the
prospects OF the future?" and then an
swers:
The first fact that presents Itself is this,
that nearly all our crop has gone forward,
and although our excess of exports will
be eight hundred thousand bales, aud the
crop Of India, later b usual, has felt
the impnlse OF the Canal, the excess over
last year in visible supply is but two
hundred and seventy thousand bales.
Our last crop began to reach the mills OF
Europe about the LIST of NOyember, and
now, by the Isl Of July, in tWO-thirds Of
q wear, two-thirds of our excess of eX-
ports Of cotton has been absorbed. For
four months to come very few bales an
reach Europe from our planters, and we
may well anticipate that in those four
months, the remaining third Of the year,
most Of tbs other third Of the excess from
America viii be absorbed by consump-
ton.
How is it with India? In ordinary
wears the shipping season there COM
nsnces in February, and the new India
cotton begins K reach Europe in June,
and continues to flow in until December;
but this yesr, although the crop is late. it
has been &C 7eleraUed 10y the ship canal.
The effect Of the canal has been felt, and
we may well anticipate that for the last
half OF the year the arrivals from India
will be higher han last year, and that the
stocks of Europe will gradually decline.
The India crop Of the present year has not
been q large one; the official reports Of the
-.sH8-.-u~ - Id. F,rHha v.aaF nZar uhou~
q elimination in revenue from cotton, and
letters from Bombay estimate the def
cheney in India at three hundred and sew
enty thousand bales.
The average return Of cotton in India is
but sixty-nine pounds to the acre. The
rise Of prices during war gave it an
artificial stimulant. but the fall in this
country in 1865 checked production in
India. The decline Of our cotton in Liv-
erpOOl below nine pence brings down
most of the varieties of India cotton
below seven pence, and the inevitable
effect OF this must be a reduction in the
shipments from India. For at seven
pence in London, or at five pence in the
interior Of Indis, other prOducts-jute and
se5ds-pay better than cotton. They
yield more than seven dollars per acre.
In July and August the land Of India is
prepared for cotton. Telegraphic wires
reach from London to Bombay, and If
India cotton stands at six to seven pence
in London through August, we may well
anticipate a further check TO the cotton Of
India, now the chief rival Of the United
States. Should this be so, it will open a
wider field and bstter prices for the cotton
ofAmerica.
This brings US TO the growing crop OF
the United States. There can be no doubt
that our planters, elated by the results of
last year, ave planted an area sufficient,
with q season like the last, aided by the
fertiI zers they have used, TO give them a
return Of three and three-fOurths millions
Of bales, and if India were TO do like
wise, the combined effects of the two
movements would doubtless overstock
the world with cotton and bring down
prices. An excess in this country of four
hundred thousand bales beyond the esti-
mates Of the spring has doubtless low
cred prices six or eight cents a pound and
prevented the recovery that might well
have been anticipated if peace had con-
tinued.
This year the season has been good, but
last year was remarkable, and it would be
expecting too much TO anticipated year as
good in all particulars as the last, and
were it to come il would be difficult 70
find a force sufficient to gather the cotton,
for the cotton last year could not a
been gathered without an
EEdeDls II Il ADE EdAE ~ dlllClDdAt lgI Lub
present year more than three and a half
million bales-Our average before the
wsr-and if India does not increase her
supplies Il will all be wanted at fair prices,
and if India shows any deficiency and
some deficiency may be eXpected-there
must be a quick demand for nj cotton,
for we must enter upon the Q cotton
year with falling stocks and a large con-
sumption; for England has been exporting
more cotton cloth than she over did before.
The South has doubtless committed a
grave error the present year in abandon
ing its corn and grain for cotton. It
should rave contenJed Itself with adding
five per cent. to its cotton fields. Europe
and America will yearly absorb an in
crease Of five or six per cent. in cotton,
without a diminution Of price, but a little
more, a small excess beyond actual wants,
breaks down prices.
Three millions Of bales at one hundred
dollars a bale, are worth more han five
millions a. sixty dollars, for there is a
saving in bales, freight and LABOR, as well
A. a difference in price. and the policy OF
the South should be 70 diversity its pro-
ducts.
IL is too early vet 10 predict the effects
OF the Prussian war on cotton. IL may
terminals before November. It's present
effects are depressing, but the low price
will stimulate consumption, and 70 some
extent counteract the depressing effects
Of war, and fortunately our last crop has
been mostly sold before the French move
ment.
OvER-IssUE oP RAILROAD sToCE.
The New York Tribune of the 9Th inst.
says: There were Tumors In Baltimore
Yesterday OF an oYer-issue Of the stock Of
the Northwestern Virginia railroad com
pzny, commonly known as the Par
kersburg branch Of the Baltimore
and Ohio railroad, which is leased and
worked by the latter company. The over
issue is stated in the morning papers to
amount to $500, OOO, made by the Secretary
OF the company, John l.. Crawford, who
has resigned his Office. The amount at
which the OYer-issue is ike is q sUppo-
sitiOn merely, as no statement has been
-nnaa LIZ NJ EnrA and fha hi-rnnlnra