Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-10-08
DAILY COTTON REPORT sWEEK
IN COMMERCIAL REVIEW.
THURSDAY EVENING, Oct. 9, =

Nha A1NNAA WIN we @ up
ply TO meet the demand. Prices
have ranged even higher than yes
lerdsy, 14K cents having been paid
Tor Q class Of cotton, which could
have been procured easily twenty
fOur hours ago at 4 cent less. In
deed the market to-day may be
characterized as having been excit-
ed. New Orleans, New York and
Liverpool have remained unchang-
cd, and still our Vicksburg quota
tiOns have advanced q cent. We
notice sales Of four lists on Null
berry street as follows: ono at
13 9.l0c. ; one at Is l1-16C. ; another
at 14L<, aud one of 45 bales at IA.
The sales In New Orleans on the
4th, were the largest Of the season
and marked by buoyant prices. Low
middliDg, good ordinary, were the
grades principally in demand,
northern buyers having abandoned
the market to orders from Liver
pool. In spite of the declinein gold
and foreign exchange, quotations
were handsomely maintained, and
at the close showed an advance Of
" cent.
We sum up our local sales for the
day l25 bales at the following quo.
tations:
Middling. ........... l4N@
Low Middling .....:... l31 @l4
Good Ordinary l2%@l3
Ordinary l0%@
Low ordinary nominal.
The course of the last week has
been much more favorable to hold
ere, the cotton market having re-
acted at oil the principal points,
with q material advance In quota
tons. Liverpool has been slow to
respond TO the general reaction,
owing, We presume to the fact that
the English crop estimates as still
very high. The weather continues
fine through the entire cotton grow
ing section, and with efficient labor
tho crop would doubtless reach,
II not exceed the figures of last
year.
With the advance In cotton, there
should be Q coincident feeling Of
encouragement In the planter. It
should be q stimulus to renewed
exertiOns, and every laborer should
be pushed to the last extremity to
get the crop out.
In this connection We take the
liberty Of repeating what we said
in substance In this mornings is.
sue. The planter who sends his
cotton to market in small lots week
by week, necessarily gets the aver
age Of prices, whilst he who holds
for higher figures, abandons the po-
sition Of a producer, and becomes
nothing more nor less than q specu-
laior. Cotton at best is q very pre-
carious commodity to handle.
Theorists may conjecture and argue
upon the principles which control
lie course, but we have yet to see
one wise enough to mark II out
with a semblance of accuracy. The
capriciousness with which Il falls
and rises in price, astounds and
baggars the most formidable array
of statistics we can produce. The
planter should market his crop as It
Is made, and he will thereby secure
the most satisfactory aud safest
prices for his product.
The receipts in New Orleans are
still $4,000 less than last year, and
the stock on hand short 1850
bales. This Is presumed to be
mainly attributable to the excellent
picking season, in consequence OF
which planters have thought best
not 10 take their hands from the
field for the purposes Of ginning
aud bsiling. This to q great extent
is no doubt the case, in the mean
time however, the merchant groans
over the startling record Of bills
payable.
The money market there has con-
tinued to increase In stringency
since our last report. The Banks
refuse oil applications for discount,
and the circumstances must be very
urgent under which even q renewal
can be obtained. Undoubted 30
day paper with city acceptance,
and doubly secured by the best col
lateral, is almost beyond negotia-
ton, and money lie worth whatever
the lender pleases TO ask for It.
The only relief to be obtained Is
from cotton receipts, and not until
they r much larger will be able
to report an easy money market.
The same condition Of things exists
In New Orleans. The best com.
mercial paper, with two city names,
and without other collateral, can
be had on the street at from 2@2k
per month. Mortgage paper ruling
at l0H @l2 per annum, on the most
ellBlOle CITY properly
Mi. Boutwell's sale of Gold, and
purchase Of Bonds, have depressed
gold, and advanced the rates for
Government Securities. Southern
Bonds, State and Railroad, are
flrmer in New York, with an up
ward tendency. Gold closes in
New Orleans to-day at 1l2k.
AS indicated, by an extract copied
last week, from q st. Louis Cir
cular, mess pork has declined again
in the West having been sold in
st. Louis for S24.
The best commentary we can
make on this branch Of trade will
be to copy again from the excellent
circular Of Messrs. Kercheval u
Son, st. Louis.
"Within the past few daysa more
confident feeling has been mani
tested, and as this Is strengthened
by the growing scarcity Of food in
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